"24 March 2010" Archive

Initial Public offer – Issues, Pricing and Capital Market

Issue Price - Final Price at which Equity Shares are issued and allotted in terms of the Red Herring Prospectus. Issue Price is decided by the Company in consultation with the Book Running Lead Manager on the Pricing Date....

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Posted Under: SEBI |

Budget 2010 provided Special Incentive to Hotel Industry U/s. 35AD of Income Tax Act, 1961

The Finance Act, 2009 inserted Section 35AD to allow deduction of capital expenditure (other than land, goodwill and financial instrument) incurred by the assessee engaged in the business of setting up and operating cold chain facility, warehousing facility for agriculture produce and laying and operating a cross-country natural gas or cr...

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Posted Under: SEBI |

Amendment to VAT act by ordinance is Legal

In a significant development, Speaker of Maharashtra Assembly Mr Dilip Walse-Patil allowed the government to table an ordinance seeking to amend the Value Added Tax Bill. On March 18, when the bill was first presented, the Opposition protested the move saying that the government did not have a right as the proviso, which empowered the gov...

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Posted Under: SEBI |

Government may soon ban FDI in cigarette manufacturing and allied products

01/01/1970

The commerce and industry ministry has recommended a ban on foreign direct investment in cigarette manufacturing and allied products involving tobacco, an official said. “We have sent the note to ban FDI in cigarette manufacturing and allied products to the Cabinet and it is expected to be taken up soon,” the official said....

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Posted Under: SEBI |

No TDS on discount on sale of SIM card by telecom companies to prepaid distributors

TELECOM giant Vodafone has told the Delhi high court that the discount offered by it to the prepaid distributors is not commission and hence the company is not liable to deduct tax at source on the sale of talk time by the company. It has challenged revenue department’s demand of about Rs 5 crore alleging non-deduction of tax at source ...

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Posted Under: SEBI |

High Court stays requirement of Furnishing PAN with Form 15G for claiming exemption from tax deduction at source

The Madras High Court has stayed the operation of an Income Tax Act provision, which requires debenture-holders to furnish the Permanent Account Number along with Form 15G to claim exemption from tax deduction at source. Justice KN Basha granted the interim relief to PS Kamala, saying the condition was contrary to the relevant provisions ...

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Posted Under: SEBI |

Final result of Tax Assistant ( Income Tax & Central Excise) Examination 2009 announced

The Staff Section Commission has announced the final result of Tax Assistant (Income Tax & Central Excise) Examination 2009 held on 13th December, 2009 except Andhra Pradesh and one centre in Allahabad (UP) and Tax Assistant (Income Tax & Central Excise) where re-examination-2009, was held on 7th February, 2010. (840 candidates have been ...

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Posted Under: SEBI |

Queries and answers on statutory bank Audit

The file attached below contains some of the queries raised by the members in relation to the audits of banks and bank branches for the year ended 31.March 2008. The queries were responded by an expert panel comprising senior members from the profession. The responses given by them represent the personal vies of the concerned expert(s)....

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Posted Under: SEBI |

Compilation of Suggested Answers Professional Competence Course (PCC) – Paper 1: Advanced Accounting

Compilation of Suggested Answers is a subject-wise compilation of answers to questions set in the Institute’s examinations over a number of years. The compilation in the subject of “Advanced Accounting” covers a period of three years – May, 2007 to November, 2009 and contains compilation of suggested answers of six examinations....

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Posted Under: SEBI | ,

Empanelment with Delhi Pollution Control Committee for Accounting Services

Proposals are invited by Delhi Pollution Control Committee for Accounting Services. Scope of work: Writing of Accounts Books on day to day basis.The approximate annual expenditure of Delhi Pollution Control Committee for the year 2007-08 and 2008-09 is Rs. 4.32 and 7.01 Crore respectively....

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Posted Under: SEBI |

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