The disbursement of reallocation amount to 12.75 lac investors from the amount disgorged in the matter of IPO irregularities commenced today. The first set of cheques were handed over by Shri Pranab Mukherjee, Hon’ble Finance Minister of India at a function held on SEBI Foundation Day atNew Delhi today in the presence of Shri Salman Khursheed, Minister of State (Independent Charge), Ministry of Corporate Affairs.
The Institute of Cost and Works Accountants of India (ICWAI) and Central Board of Excise & Customs have signed a Memorandum of Understanding (MOU) on 13th April, 2010 to set up ACES Certified Filing Centres (CFCs) across the country. These CFCs can be set up and operated by the Members of ICWAI, who have valid certificate of practice issued by the ICWAI.
It has been represented before us by various organizations of the refund claiming dealers that there are huge amounts of refunds generated every year and the same dealers who claim refunds in one year have to pay dues the very next year. Sometimes it is difficult for the dealers to pay dues into the government treasury when they themselves are eligible for refund. So, they have requested to either grant the refund at the earliest or allow the dealers to carry forward the refund to the next financial year.
A day after the finance ministry brokered a truce between two financial sector regulators, SEBI today said any new ULIP scheme launched after April 9, 2010 by insurance companies will remain covered by its earlier ban order.
Industry body Assocham today suggested that Indian companies’ earning from overseas firms, in which they hold over 10 per cent stake, should be exempted from income tax. The move, the chamber said, would help Indian entrepreneurs bring back their foreign exchange income earned outside India and invest it domestically.
Britain’s Labour party has promised to make it more difficult for Indian and other foreign companies to take over British firms by requiring two-thirds of shareholders at the target company to approve a change of ownership, up from the current 50.1 per cent. Releasing the manifesto, Prime Minister Gordon Brown promised a ‘national renewal’, and insisted that Labour was in ‘the future business’.
The Central Government have approved notification of the following areas as ‘specified territory’ for the purpose of Explanation 2 to Section 90 of the Income Tax Act 1961 – (i) Bermuda, (ii) British Virgin Islands, (iii) Cayman Islands, (iv) Gibraltar, (all British Overseas Territories); (v) Guernsey, (vi) Isle of Man, (vii) Jersey, (all British Crown Dependencies); (viii) Netherlands Antilles (an Autonomous Part of the Kingdom of Netherlands); and (ix) Macau (a Special Administrative Region of the People’s Republic of China).
The Institute of Chartered Accountants of India (ICAI has signed a Memorandum of Understanding (MOU) with the Central Board of Excise and Customs (CBEC). Giving this information here today the President of ICAI, Shri Amarjit Chopra, said that under it the practicing members of ICAI will provide facility of e-filing of returns and documents to Central Excise and Service Tax assessees through Certified Facilitation Centres (CFCs).
Some of the members have expressed the concern that their matters especially regulatory affairs like Form 2, Form 6, Form 18 etc., are not expeditiously disposed off thereby causing avoidable inconvenience/hardship.
Chartered Accountants in practice for one year or more may become Certified Facilitation Centre (CFC) for providing facilities to Central Excise and Service Tax assessees to file returns and other documents electronically under Automation of Central Excise and Service Tax (ACES) Project of the CBEC.
