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Archive: 22 November 2010

Posts in 22 November 2010

Draft Scheme of on Site Audit in context of Post Clearance Audit (PCA) for Imports

November 22, 2010 285 Views 0 comment Print

INTRODUCTION: “A good beginning makes a good end”. Hope this comes true for the draft scheme of “On site audit”. Export-Import is an important determinant of growth of a country. A strict policy regarding the import-export may become an obstacle in

Indian power Sector

November 22, 2010 273 Views 0 comment Print

Power Conference 2010 held in Hyderabad, Andhra Pradesh. The conference was organized by Confederation of Indian Industry and was attended by over 200 delegates from various central and state utilities like NTPC, NHPC, PGCIL, KPTCL and UGVCL along wi

Gold and its New Relatives

November 22, 2010 252 Views 0 comment Print

Three thousand year old traditional colors of hoarding stores of wealth that are physical, portable and easily devisable are hard to break. This report is not a speculative figure or number guessing. It brings you the fundamental reasons behind the f

Result of Online CPT Examination held in October, 2010

November 22, 2010 327 Views 0 comment Print

The result of online CPT examination held in the month of October, 2010 is likely to be declared on 30th November, 2010. The result can be viewed at www.icai.org

Increase in allowance exemption limit for employee working in any transport system

November 22, 2010 868 Views 0 comment Print

Notification No. 85/2010-Income Tax Exemption Limit in respect of employee working in any transport system:- From 01.09.2008- Any Allowance granted to an employee working in any transport system for meeting his personal expenditure during his duty performed in the course of running of such transport from one place to another place, provided that such employee is not in receipt of daily allowance – up to 70% of allowance, maximum of Rs. 10,000 p.m.

Tax Return Preparer (First Amendment) Scheme, 2010 – Amendment in paragraphs 2 and 11

November 22, 2010 427 Views 0 comment Print

Notification No. 84/2010-Income Tax In exercise of the powers conferred by sub-section (1) of section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby amends the Tax Return Preparer Scheme, 2006, published vide notification number S.O. 2039(E) dated the 28th November, 2006

Law of Arbitration in relation to a proceeding under section 397/398 of Companies Act, 1956?

November 22, 2010 718 Views 0 comment Print

Alternative Dispute Resolution Mechanism (ADR) is encouraged in view of the fact that there exists an unreasonable delay in the Courts. Among the other modes of Alternative Dispute Resolution (ADR), dispute resolution through Arbitration in accordance with the provisions of Arbitration and Conciliation Act, 1996 is being encouraged now. I am of the opinion that the Arbitration Mechanism is better suited for resolving corporate disputes and where there exists a consensus on “Arbitrator” and the procedure to be followed.

Constitutional Validity and retrospective levy of service tax on renting of immovable property upheld -Punjab and Haryana High Court

November 22, 2010 1149 Views 0 comment Print

Hon’ble Punjab & Haryana High Court in its decision dated 22 November 2010 on the issue of constitutional validity of the levy of service tax on renting of immovable property and the validity of the retrospective amendment to the definition of ‘renting of immovable property’ under Finance Act, 1994 ruled in favor of the Revenue.

Government may cancel 38 telecoms licences as recommended by TRAI

November 22, 2010 222 Views 0 comment Print

Late on Thursday, a source with direct knowledge of the matter said the Telecom Regulatory Authority of India recommended to the government that it cancel 38 telecoms licences because the operators did not meet rollout requirements. While shares in R

SEBI to reduce time for initial public offering process from 12 days to a week

November 22, 2010 204 Views 0 comment Print

SEBI is looking at reducing the time for initial public offering process from 12 days to a week, said Mr C.B. Bhave, Chairman of the regulator.This means, retail investors who apply for an issue through ASBA (application supported by blocked amount),

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