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Archive: 08 June 2010

Posts in 08 June 2010

Corporate affair ministry will initiate talks with commerce ministry and RBI to allow global audit firms

June 8, 2010 183 Views 0 comment Print

The corporate affairs ministry will initiate talks with the commerce ministry and RBI to allow global audit firms like KPMG, Deloitte, Ernst & Young and PriceWaterhouseCoopers to open shops in the country. “This matter is not for us alone (to decide), it is a matter which involves the RBI as also the commerce ministry

Anil Ambani withdraws Rs. 10,000 crore defamation suit against Mukesh Ambani

June 8, 2010 321 Views 0 comment Print

In the spirit of truce arrived at with his elder brother, Anil Ambani on Tuesday dropped a Rs 10,000 crore (Rs 100-billion) defamation suit against Mukesh Ambani in the Bombay high court. “Yes, we have withdrawn the suit claiming Rs 10,000 crore as damages”, a Anil Dhirubhai Ambani Group spokesman told PTI.

New 25% public holding norms to hit pricing of large issues

June 8, 2010 249 Views 0 comment Print

The changes in the Securities Contracts (Regulation) Rules will not only create a huge supply of fresh papers in the current fiscal but will also impact the pricing of the large public issues such as Coal India and BSNL. The amendments will also bring the Indian promoters of insurance joint ventures legally at par with their foreign counterpart,

ICAI denied news report giving the impression that ICAI mooted proposal to open doors for MNC audit firms to operate in India

June 8, 2010 381 Views 0 comment Print

The Institute’s attention was drawn to certain news reports giving the impression that the Institute has mooted a proposal to open doors for MNC audit firms to operate in India.Consequent upon the Satyam scandal coming to light, the Council of ICAI had constituted a High Powered Committee to look into the matter.

Amendment of SION A-1667

June 8, 2010 888 Views 0 comment Print

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.II), 2009-2014, as amended from time to time, amendments/corrections are made against SION entry at A-1667 as mentioned in ANNEXURE “A” to this Public Notice.

Public Notice No. 73/2009-14, Dated: 08.06.2010

June 8, 2010 364 Views 0 comment Print

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures, Vol.I, 2009-2014, as amended from time to time.

Write-off of bad debt in books of account under section 36(1)(vii)

June 8, 2010 10168 Views 0 comment Print

Recently the Apex Court has rendered two very significant judgements in relation of the write-off of bad debt in the books of account of an assessee for the purpose of deduction thereof, under the provisions of section 36(1)(vii) of the Income-Tax Act, 1961 (the Act), r.w.s.36(2) of the Act. The aforesaid judgements are as follows : (i) T.R.F. Ltd. Vs. CIT [2010] 323 ITR 397 (SC), and

FM to inaugurate CCITs' and DGITs annual meet tomorrow

June 8, 2010 252 Views 0 comment Print

THE FM is going to inaugurate the 26th Annual Conference of Chief Commissioners and Directors General of Income Tax, here tomorrow i.e, 9th June, 2010. The Minister of State for Finance (Revenue), Shri S. S. Palanimanickam, will deliver the valedictory address on 10th June in the two-day conference.

Summary/Analysis of recent CBDT amendment of rules relating to TDS/TCS Applicable from 01.04.2010

June 8, 2010 7379 Views 0 comment Print

The Central Board of Direct Taxes (CBDT) had recently notified Rules 30, 31, 31A, 31AA, 37A, 37CA and 37D (Rules) pertaining to tax deducted/collected at source (TDS/TCS) in February 2010. The above notification validated the procedural compliances made during financial year (FY) 2009-10 for the period when the implementation of a new proposed TDS/TCS compliance procedure was kept in abeyance.

Amendments to Payment of Gratuity Act- Accounting implications

June 8, 2010 5365 Views 0 comment Print

In India, the Payment of Gratuity Act, 1972 (Act) requires entities with ten or more employees to pay gratuity benefit to their employees at the time of termination of employment. The act also provides that if an entity is covered under the act because its number of employees exceeded ten on a particular day, it will continue to be covered under the act even if its number of employees fall below ten subsequently.

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June 2010