"10 September 2010" Archive

India’s External Debt – A Status Report 2009-10

NA (10/09/2010)

The Department of Economic Affairs, Ministry of Finance is coming out with the sixteenth edition of the annual publication titled ‘India’s External Debt: A Status Report 2009-10’ that analyses India’s latest external debt position (at end-March 2010) based on the data released at end-June 2010 by the Reserve Bank of India....

Read More

Utilization of ‘Investor Education and Protection Fund’ for providing Immediate relief to small Investors Suggested

Apart from a number of specific suggestions made by the Ministry of Corporate Affairs for strengthening Investor Protection, the Standing Committee of Parliament, which thoroughly examined The Companies Bill, 2009, has desired that the proposed Inves...

Read More
Posted Under: Finance |

Brack Obama Says no Tax break to companies outsourcing work to other countries, Kamal says outsourcing by US not a favou

Amid indications that outsourcing could become a hot issue in the November polls, President Barack Obama has made his stand on the issue clear, saying that tax breaks should go to companies that create jobs in the US and not overseas. Obama comments ...

Read More
Posted Under: Finance |

DTC proposes to tax loan waiver

Corporates going in for debt restructuring may face rough weather on the income-tax front when the Direct Taxes Code (DTC) comes into play from April 1, 2012. This is because the DTC provides that loans waived by lenders will be treated as income in ...

Read More
Posted Under: Finance |

Government plans to convert accounting standards body into an independent regulatory entity

The government plans to redefine the functions of the National Advisory Committee on Accounting Standards (Nacas) to convert it into an independent regulatory entity to monitor the quality of audit undertaken across the corporate sector in the countr...

Read More
Posted Under: Finance |

ICAI changes examination timing of Examination to be held in November 2010

Change of Examination Timings for November-2010 Examinations Students appearing in the next Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final Examinations of the Institute to be held from 8th November-2010 to 22nd November-2010 may kindly note that the Examination Timings are from 0...

Read More
Posted Under: Finance |

Mumbai High Court dismisses Vodafone plea against Income tax Department on Hutch deal

The Bombay High Court on Wednesday dismissed Vodafone International's plea challenging the I-T Department Rs. 12,000 crore demand in tax and penalty on USD 11 billion takeover of Hutchison Telecom. This judgement could impact foreign companies buying...

Read More
Posted Under: Finance |

Service Tax on Software – Tax on goods versus tax on service – constitutional validity – legislative competence of the central government

Info tech Software Dealers Association Vs Union of India and others (Madras High Court)

In a recent decision, Honourable Madras High Court has upheld the legislative competence of levy of service tax on software services by the central government ...

Read More

Cross Boarder transactions are subject to tax in India – HC in Vodafone

The Bombay High Court has dismissed a petition filed by Vodafone International Holdings against the tax department, saying the transaction is chargeable to income tax and the department has the jurisdiction over cross-border mergers since the assets lies in India....

Read More
Posted Under: Finance |

Draft Scheme of "On Site Audit”- In the Context Of Post Clearance Audit (PCA) For Imports

F.No.450/1/2010-Dir. (Cus) (10/09/2010)

CBEC solicits views, comments and suggestions on the draft Scheme of ‘On Site Post Clearance Audit (PCA)’ in Customs from the trade and industry associations, departmental officers and others. The views, comments and suggestions to the draft Scheme ...

Read More