"18 August 2010" Archive

ICAI to seek oversight of audit firms

Accounting profession watchdog Institute of Chartered Accountants of India (ICAI) will seek an amendment to the Chartered Accountants Act to expand its regulatory powers to cover audit firms. Currently, the institute has powers to regulate only its members — chartered accountants — but does not have a specific mandate under law to ov...

Posted Under: CA, CS, CMA | ,

SEBI circular on Review of norms for investment and disclosure by Mutual Funds in derivatives

Circular No. Cir/ IMD/ DF/ 11/ 2010 18/08/2010

The cumulative gross exposure through equity, debt and derivative positions should not exceed 100% of the net assets of the scheme. Mutual Funds shall not write options or purchase instruments with embedded written options.The total exposure related to option premium paid must not exceed 20% of the net assets of the scheme....

Easy Exit Scheme Affidavits, Board Reolution and Statement of Account in Excel Word Format

1. Download Affidavit (to be given individually by director(s)) (As per annexure A of the Easy Exit Scheme 2010). 2. Download Indemnity bond (to be given individually or collectively by director(s) (As per annexure B of the Easy Exit Scheme 2010)...

Posted Under: CA, CS, CMA |

I-T department claims jurisdiction to levy tax on acquisition of Hutch-Essar by Vodafone

The Indian Income Tax department on Monday told the division bench of the Bombay High Court that it has the jurisdiction to levy tax on the $11-billion acquisition of Indian telecom major Hutch-Essar by Vodafone. The division bench has been hearing a petition filed by Vodafone against the Income tax department...

Posted Under: CA, CS, CMA |

Short passwords not secure, Longer passwords are better

The availability of password-cracking tools based on increasingly powerful graphics processors means that even carefully chosen short passwords are liable to crack under a brute-force attack. A password of less than seven characters will soon be "hopelessly inadequate" even if it contains symbols as well as alphanumerical characters, acco...

Posted Under: CA, CS, CMA |

Taxability of activity of re-rubberizing of rollers/spindles for use in printing – Prima facie no case for full waiver of pre-deposit

M/s Neodam Rubber Products Pvt. Ltd. Vs Commissioner Of Central Excise (CESTAT Bangalore)

On a careful consideration of the case records and the submission made by both sides, we find that the appellants have not made out a prima facie case for complete waiver of the dues adjudged against them. The impugned order sustained demand of service tax of Rs 7,67,673/, applicable interest, penalty @ 200/- per day or @ 2% of the tax co...

Supreme Court admits excise department's plea against Hindustan Coca-Cola Beverages

The Supreme Court on Monday admitted the excise department's plea alleging that Hindustan Coca-Cola Beverages (HCCBL) was liable to pay duty on water treated and purified by the company for supply to vendors for producing aerated beverages. ...

Posted Under: CA, CS, CMA |

Rs. 786.27 Crore Seized During Search and Seizure Operations in 2009-10

Government of India has taken several punitive and deterrent steps to unearth black money. These include scrutiny of returns, surveys, search and seizure action, imposition of penalty and launching of prosecution in appropriate cases....

Posted Under: CA, CS, CMA |

HC grants interim stay on Service Tax levy on buildings under construction

The Maharashtra Chamber of Housing Industry (MCHI) has said it is hopeful of an early decision on the service tax issue. The second hearing of the High Court writ petition filed by MCHI challenging Service Tax levy on buildings under construction has been deferred to September 8, 2010. It's a revenue related matter so we are hoping that e...

Posted Under: CA, CS, CMA |

NFCG invites proposals for accreditation / financial grant for the year 2010-11

National Foundation for Corporate Governance (NFCG) has been established by the Ministry of Corporate Affairs in partnership with CII, ICSI, ICAI, ICWAI and NSE to function as the National Apex platform for promotion of good Corporate Governance (CG) practices in India...

Posted Under: CA, CS, CMA |

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