The Indian accounting sector regulator wants the government to bring in a provision to bar tainted firms from taking up any new assignments for a specific period. The move by the Institute of Chartered Accountants of India (ICAI) is the latest in its undeclared but continuing tiff with the Big Four foreign accounting and audit firms that has escalated after the Satyam fraud.
In July, 2009, a total of 129 un-banked blocks were identified in the country. As a result of the concerted efforts made by the Government, Reserve Bank of India (RBI) and the Banks in providing banking facilities in the un-banked blocks, the number of such blocks has come down to 93 in February, 2010.
NOTIFICATION No. 35/2010-CUSTOMS-M/s. Kodak (China PR) Graphic Communications Company Ltd., (Producer / Exporter from China PR) has requested for review in terms of rule 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 in respect of exports made by them, and the designated authority, vide new shipper review notification No. 15/13/2009-DGAD dated the 8th January, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 8th January, 2010, has recommended provisional assessment of all exports of the subject goods made by the said M/s. Kodak (China PR) Graphic Communications Company Ltd., (Producer / Exporter from China PR) till the completion of the review;
Please refer to the Reserve Bank’s Press Release 2009-10/1263 dated March 19, 2010, in terms of which the fixed repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points from 4.75 per cent to 5.0 per cent with immediate effect.
In exercise of the powers conferred by sub-rule (2) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number 14/2002-Central Excise (N.T.), dated the 8th March, 2002, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section(i), vide number G.S.R. 182(E), dated the 8th March, 2002, namely,-
The renting of immovable property for commercial/business purpose was brought under service tax net in 2007. However, as has been the case with almost all the services the drafting of the provisions was not free from confusion. As per the definition it appeared that the services provided in relation to renting of immovable property was leviable to tax. However, the Government has embraced the interpretation and provided that renting of immovable property per se is leviable to service tax.
NC Notification No. 1/2009-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table
Attention is invited to Government of India, Ministry of Finance (Department of Revenue), Notification No. 21/2002-Customs dated 01.03 2002 and Notification No. 33/2010-Customs dated 12.03.2010. As per these, import of four items viz., (1) Skimmed and whole milk powder, milk food for babies etc. (0402.10 or 0402.21) and White Butter, Butter oil, Anhydrous Milk Fat (0405) (2) Maize (corn): other (1005.90) (3) Crude sunflower seed or safflower oil or fractions thereof (1512.11) and (4) Refined rape, colza or mustard oil, other (1514.19 or 1514.99) is allowed in a financial year, up to quantities as well as such concessional rates of customs duty as indicated below:
Government of Maharashtra has raised the rate of tax under Schedule ‘C’ of Maharashtra Value Added Tax Act, 2002 from 4 per cent to 5% on goods other than declared goods with effect from 1st April 2010. A notification to this effect has been issued as referred above. While issuing the notification, an inadvertent error had crept in, leading to inference that some fabrics & sugar would become taxable from 1st April 2010.
The Geneva-based International Air Transport Association (IATA) has written to the Finance Minister, Mr Pranab Mukherjee, calling for a relook at the Budget 2010-11 proposal to levy a service tax on domestic and international air transport.
