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Archive: 03 December 2010

Posts in 03 December 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6312 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19338 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Views Solicited on SEBI’s Committee Report on Review of Ownership and Governance of Market Infrastructure Institutions

December 3, 2010 363 Views 0 comment Print

The Securities and Exchange Board of India (SEBI) constituted a Committee under the Chairmanship of Dr. Bimal Jalan, (Former Governor, Reserve Bank of India) to examine issues arising from the ownership and governance of Market Infrastructure Institu

RBI Governor Pitches for streamlining banking regulations as some provisions are confusing

December 3, 2010 198 Views 0 comment Print

Reserve bank governor D Subbarao today pitched for streamlining banking regulations, saying some were “confusing” even though they served the banking system well. On the existing arrays of laws in the banking sector, he favoured a single legislation

Indian banks well capitalised and can comfortably adjust to Basel III norms

December 3, 2010 240 Views 0 comment Print

The Reserve Bank of India (RBI) Governor Duvvuri Subbarao said on Friday Indian banks were well capitalised and can comfortably adjust to Basel III norms. He also said that there was a strong case to review and recast banking legislation.

Unique Identification Authority to become a statutory body

December 3, 2010 525 Views 0 comment Print

A bill seeking to grant statutory powers and status to Nandan Nilekani-headed national body for issue of identification numbers to all citizens was introduced in the Rajya Sabha today. The National Identification Authority of India (NIAI), constitute

Service Tax – CENVAT Credit – ‘Rent-a-cab’ service utilized for transportation of food articles from centralized canteen to current factory premises

December 3, 2010 432 Views 0 comment Print

‘Rent-a-cab’ services utilized by the appellants for transportation of food articles from centralized canteen to appellant’s current factory premises needs to be gone into in detail, which can be done only at the time of final disposal of the appeal. On a specific query from the bench, the authorized representative submits that the amount involved is approximately Rs.8,000/-.

Easy Exit Scheme, 2011

December 3, 2010 540 Views 0 comment Print

It has been observed that certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Companies

Can Income taxes be any different under Indian Accounting Standard from Indian GAAP?

December 3, 2010 1559 Views 0 comment Print

Convergence with IFRS is expected to give rise to significant income-tax issues in addition to financial reporting and other business issues. Consequently, it is vital that the tax workstream of any convergence project remains integrated with the fin

If foundational facts could not be established by way of writ petition, the taxpayer should be relegated to adopt proceedings before various Income-ta

December 3, 2010 399 Views 0 comment Print

Supreme Court directs that since, foundational facts could not be established by way of writ petition, the taxpayer should be relegated to adopt proceedings before various Income-tax authorities. Thus, the Supreme Court has confirmed the decision of the Punjab and Haryana High Court allowing Assessing Officer / Transfer Pricing Officer to continue with the reassessment proceedings. The Hon’ble Supreme Court (Supreme Court in the context of Transfer Pricing Provisions of Section 92 to 92F of the Income Tax Act, 1961 (the Act), has directed Assessing Officer (AO)/ Transfer Pricing Officer (TPO) to expeditiously hear and dispose of pending proceedings and to decide independently on the merits of case, uninfluenced by the observations of the Punjab and Haryana High Court (High Court). The Apex Court has further ruled if the taxpayer is aggrieved by the order passed by AO/ TPO, it will have to exhaust the statutory remedy of appeal provided under the Act.

Prohibition on export of Pulses – Exemption for export of 60 MTs of pulses to the Republic of Maldives

December 3, 2010 208 Views 0 comment Print

The export of pulses had been prohibited vide Notification No. 15(RE-2006)/2004-09 dated 27.06.2006 which had initially been imposed for a period of 6 months and is presently extended till 31.03.2011 vide Notification No. 35 /2009-14 dated 30.03.2010.

Agriculture sector not to follow IFRS

December 3, 2010 270 Views 0 comment Print

The agriculture sector will not follow the International Financial Reporting System (IFRS) like other financial sectors of the country. The decision was taken by the Institute of Charted Accountants of India (ICAI), which drafts the accounting standa

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