Laws and rules relating to Indirect Taxes have been evolving on account of development in business models, economic growth of the country, global developments, and technological advances and also with reforms in this field of taxation especially, in the area of service tax.
In what would be good news for many firms, a scheme is being prepared to avoid criminal prosecution for delay in filing one’s balance-sheet with the Registrar of Companies (RoC).The Union ministry of corporate affairs is working on a scheme of compounding, which also modifies the existing charges in this regard for regularising the delay, beside the proposed avoidance of criminal prosecution. It is likely to be rolled out in September and is being discussed with the various regulators.
As per the Instructions received from our Professional Development Committee at Head Office in Delhi, we are constrained to withdraw all our nominees from the Audit Allotment Committees appointed at the level of local District Deputy Registrars, as the consultative process is not satisfactory in its entirety as per circular dt. 27.01.2010, in spite of our earlier representative in the matter.
Wellington: New Zealand may have 30,000 chartered accountants, but a large number of accountancy firms are outsourcing their work to India. At least two New Zealand accountancy firms, including Polson Higgs, have been progressively outsourcing back-office accounting to India, taking advantage of cheaper labour and different time zones.
Chartered accountants, the nuts-and-bolts professionals in the world of finance, are scoring brownie points over suave MBA finance graduates as India Inc gets increasingly risk-averse in a post-slowdown environment. Companies are focusing more on risk-compliance than pursuing ambitious targets as they recover from an 18-month economic downturn, paving the way for recruitment of more CAs, perceived to have core competence in financial matters.
Reserve Bank of India on Monday allowed foreign institutional investors to offer domestic and foreign government securities as collateral to stock exchanges for cash segment transactions. According to market regulator Securities and Exchange Board of India’s regulations, FIIs are required to post collaterals for their transactions in the cash segment of the market.
SEBI chairman C B Bhave, and IRDA chief J Harinarayan had separate meetings with finance secretary Ashok Chawla on Monday over the ongoing tussle between the two regulators over equity-linked insurance schemes. The differences between the two regulators over administration of the unit-linked insurance products (ULIPs) are likely to be resolved by this evening, IRDA chief Harinarayan indicated after his meeting with Chawla.
Ministry of defence plans to oppose a proposal from the ministry of commerce and industry to allow foreign defence corporations to establish fully-owned defence units in India. The new Consolidated Foreign Direct Investment Policy, effective from April 1, limits FDI in defence units to 26 per cent. But the Department of Industrial Policy & Promotion of the commerce ministry is in favour of raising this limit.
A senior official in the finance ministry said the Central Board of Direct Taxes addressed the nine areas of concern in the Code identified by Finance Minister Pranab Mukherjee. Besides, many other parts would be changed to take care of the concerns of various stakeholders.
New Delhi, the 13th April, 2010- Notification No. 18 / 2010-Central Excise (N.T.).G.S.R. (E).- In exercise of the powers conferred by sub-sections (2) and (3) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010, namely :-
