In a setback to foreign carrier companies, the Bombay high court has ruled that delayed payment of foreign travel tax (FTT) could attract penalty under the provision of the Finance Act, 1979. Rejecting the plea of petitioners Malaysian Airlines, Saudi Arabian Airlines, North West Airlines and Kenya Airlines
The annual Membership and Certificate of Practice fees (if member holds certificate of practice) became due and payable on 1st April, 2010. Circulars advising members to pay the membership/certificate of practice fee were sent to individual members in the month of April, 2010 and published in May, 2010 issue of the Journal.
We are glad to inform that the Council at its 297th meeting held in August, 2010 decided to simplify eligibility requirement s for Final Examination to mitigate the hardship being faced by the students of various streams i.e. Intermediate/ PE -II /PCC /IPCC students and passed the resolution under Regulation 205 of the Chartered Accountants Regulations, 1988
In view of the discontinuation of Professional Education (Examination-II), all students of erstwhile Intermediate/ Professional Education (Course-II) shall have to switchover to Integrated Professional Competence Course (IPCC) to continue their chartered accountancy course. As per the eligibility requirements of the Integrated Professional Competence Examination (IPCE), a student is admitted to the said examination on fulfilling following eligibility criteria:
Accordingly, PE-II students who shifted to PCC or to PCC and then to IPCC or to IPCC shall be allowed to take the Final examination during the last 12 months of their prescribed period of articled training. Students, who remained in PE-II stream and passed examination will continue to undergo 3 years articled training and will be eligible to appear in the Final examination during the last 12 months of their articled training.
The Reserve Bank is constantly watching monetary expansion. To improve the supply position, import doors are kept open and as and when some steps are called for, we will be in a position to take them,” he said in an interview to private news channel.
The matter has been examined. Underwriting service is taxable by virtue of section 65 (105) (z) of the Finance Act, 1994. In the definition of taxable service, two technical terms are mentioned, namely underwriting and underwriter. The term underwriting [section 65 (117) of the Finance Act, 1994] has the meaning assigned to it in clause (g) of rule 2 of the Securities and Exchange Board of India (Underwriters) Rules, 1993, which reads as follow
The Government has said that it proposes to modernize corporate Governance through simpler, accountability obligated, transparent and democratic company law. Stating this intention of the Government in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, enumerated the steps taken in this regard and said that the Companies Bill, 2009, has already been introduced in the Lok Sabha.
The Finance Ministry said on Tuesday that the Direct Taxes Code (DTC) proposes to substitute the currently available profit-linked incentives with investment-linked deductions for specified sectors including developers of Special Economic Zones (SEZ).
In terms of ‘Repo in Corporate Debt Securities (Reserve Bank) Directions, 2010’ dated January 08, 2010 issued by Internal Debt Management Department (IDMD) of RBI, NBFCs registered with RBI (other than Govt companies as defined in Section 617 of the Companies Act, 1956) are eligible to participate in repo transactions in corporate debt securities. IDMD has also issued revised guidelines on uniform accounting for repo / reverse repo transactions on March 23, 2010.
