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Archive: 07 August 2010

Posts in 07 August 2010

GST: FM says don’t want to be super FM, request to talk

August 7, 2010 427 Views 0 comment Print

“I have no intention of becoming the Super Finance Minister to interfere with the State GST…They (states) will have their rights as I shall have my right,” he said while replying to the discussion on the supplementary demand for grants.

Result analysis of CA PE-II, PCE and IPCE Held in May-2010

August 7, 2010 736 Views 0 comment Print

The results of the Chartered Accountants Professional Education Examination-II (PEE-II), Professional Competence (PCE) and Integrated Professional Competence Examinations (IPCE) held in May 2010 were declared recently.

Draft Point of Taxation (for Services Provided or Received in India) Rules, 2010

August 7, 2010 865 Views 0 comment Print

The purpose of these rules is to introduce clarity and certainty in the matter of levy and collection of Service Tax particularly in situations of change of rate of service tax or imposition of service tax on new services. At present there is lack of clarity as to the date from which the changed rate or a new levy of service tax become payable and tax payers as well as tax officials face uncertainty in this regard as the provisions are not explicit.

Requirements for becoming a Chartered Accountant

August 7, 2010 3900 Views 0 comment Print

Enroll with the ICAI for Common Proficiency Test (CPT) after passing class 10th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto.

No legislation to recover non-performing assets: Govt

August 7, 2010 570 Views 0 comment Print

Noting that public disclosure of names of bank loan defaulters could harm investors’ interests, Government today ruled out a legislation to recover non-performing assets. “Government’s interest is to reduce NPAs and recover outstanding loans from big, medium and small defaulters,” Finance Minister Pranab Mukherjee said in the Lok Sabha.

States say petroleum items to remain outside the ambit of GST

August 7, 2010 1003 Views 0 comment Print

In yet another blow to the Centre’s plans on the proposed GST, the states today categorically stated that petroleum products will be out of the proposed indirect tax regime, even as the Centre pressed for the same saying such a move can check wild volatility in fuel prices.

Sebi asks companies to report promoters holding in depository receipts (DRs)

August 7, 2010 609 Views 0 comment Print

The Securities and Exchange Board of India (Sebi) today asked companies to categorically state whether shares of the custodians, against which depository receipts (DRs) are issued, belong to the promoter or non-promoter entity, a move that will have repercussion for the 25 per cent public holding norms issued recently.

Mutual funds transferring redemption proceeds to non-resident investors are agents of non resident investors: ITAT Mumbai

August 7, 2010 708 Views 0 comment Print

Mutual funds will have to be careful while transferring redemption proceeds to non-resident investors, as they (mutual funds) could be categorised as “agents” by the tax department. This could have implications for the fund houses, as they will have to bear responsibilities such as payment of advance tax, and compliance with other provisions of the I-T Act.

Companies going public will have to file shareholding details one day prior to listing

August 7, 2010 843 Views 0 comment Print

Companies will now have to provide more disclosures about their shareholding pattern to the stock exchanges, with the Securities and Exchange Board of India introducing some new rules in addition to the existing ones. The decision was taken at the regulator’s board meet on Wednesday.

ICAI in fight with ICWAI, Opposing change of name by it

August 7, 2010 15673 Views 108 comments Print

Trouble seems to be brewing between the apex accounting body of chartered accountants, the Indian Chartered Accountants Institute (ICAI) and the Institute of Costs and Works accountants of India (ICWAI). The ICAI has declared an open war against the proposal of name change of ICWAI to Institute of Costs and Management Accountants of India (ICMAI).

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