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Archive: 11 December 2010

Posts in 11 December 2010

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1179 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7698 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.

CAG to set up international centre for environmental audit

December 11, 2010 354 Views 0 comment Print

CAG is planning to set up an international centre for environmental audit and sustainable development at Kant Kalwar village, 35 kms from Jaipur. The centre, which is coming up after International Organisation of Supreme Audit Institutions (INTOSAI) chose India for imparting environmental and sustainable development audit, will be the second CAG international institute for imparting training to international auditors.

Software Maintenance in the nature of upgradation or enhancement classifiable under ‘Information Technology Software’

December 11, 2010 564 Views 0 comment Print

SAP India Pvt. Ltd., the Appellants, entered into end-user license agreements with clients for maintenance of information technology software already installed in the computer systems and made operational. Show cause notice (SCN) was issued alleging

Non-Banking Financial Companies (NBFC) to finalize its balance sheet within 3 months from end of the financial year

December 11, 2010 2751 Views 0 comment Print

RBI has amended the Non-Banking Financial (Deposit Accepting) Companies Prudential Norms Directions, 2007 and Non-Banking Financial (Non-Deposit Accepting) Companies Prudential Norms Directions, 2007 requiring every NBFCs to finalize its balance shee

No remission of liability on settlement of deferred sales tax liability at net present value

December 11, 2010 961 Views 0 comment Print

A recent decision of the Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal (Tribunal) [AIT-2010-503-ITAT] in the case of Sulzer India Ltd. (Taxpayer) on the issue of whether settlement of deferred sales tax liability, under an option made available by the statutory authority to pay the net present value (NPV)

Easy Exit Scheme, 2011 – One more Opportunity to Defunct Companies

December 11, 2010 400 Views 0 comment Print

Ministry of Corporate Affairs (MCA), Government of India had introduced Easy Exit Scheme, 2010 under the Companies Act, 1956 (the Act) to provide a fast track exit for defunct companies to get their names struck off from the records of the Register of Companies.

Tribunal rules that maintenance of software would be liable to service tax only from 16 May 2008

December 11, 2010 246 Views 0 comment Print

SAP India Pvt. Ltd. (Appellant) is engaged in the provision of consultancy, licensing and maintenance or ERP software. The Commissioner, Service Tax had confirmed service tax demand of INR 20 crores on the Appellant under maintenance and repair’ service during the period July 2004 and January 2006. In addition to the service tax demand, the Commissioner had also confirmed interest and penalties against the Appellant.

ICWAI President's Message of December 2010

December 11, 2010 369 Views 0 comment Print

I am happy to share with the members that Mr.Chandra Wadhwa, Past President of ICWAI made a presentation on the Role of Cost Auditors and maintenance of Cost Accounting Records in the regime of proposed Companies Bill, 2009. This seminar was attended

India as Next Favourite Destination for FDI

December 11, 2010 258 Views 0 comment Print

India is projected to become the second most attractive destination for FDI in 2010-12, as per UNCTAD’s World Investment Report, 2010. The projection made in the report is based on the survey conducted among Trans National Corporations (TNCs). Countr

Convergence of Indian Accounting Standards with IFRS

December 11, 2010 432 Views 0 comment Print

As a part of the G-20 commitment made in September, 2009, India which is a Member Country, inter-alia, agreed on redoubling the efforts to achieve a single set of high quality, global accounting standards within the context of their independent stand

Rajasthan VAT Return e-filing – Dealers having Turnover more than Rs.50 Lacs in the F.Y.2009-10 are liable to file VAT return electronically

December 11, 2010 1067 Views 0 comment Print

F16(375)TAX/VAT/CCT/06/1710 In exercise of the powers conferred by the sub-rule (7) of rule 19 of the Rajasthan Value Added Tax Rules, 2006, and in suppression of Notification No.16(375)Tax/VAT/CCT/06/179 dated 29.06.2010. I, Niranjan Arya, Commissioner, Commercial Taxes, Rajasthan, hereby specify the following class of registered dealers for the purpose of said sub-rule, with immediate effect. namely:

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