In yet another blow to the Centre’s plans on the proposed GST, the states today categorically stated that petroleum products will be out of the proposed indirect tax regime, even as the Centre pressed for the same saying such a move can check wild volatility in fuel prices.
The Securities and Exchange Board of India (Sebi) today asked companies to categorically state whether shares of the custodians, against which depository receipts (DRs) are issued, belong to the promoter or non-promoter entity, a move that will have repercussion for the 25 per cent public holding norms issued recently.
Mutual funds will have to be careful while transferring redemption proceeds to non-resident investors, as they (mutual funds) could be categorised as “agents” by the tax department. This could have implications for the fund houses, as they will have to bear responsibilities such as payment of advance tax, and compliance with other provisions of the I-T Act.
Companies will now have to provide more disclosures about their shareholding pattern to the stock exchanges, with the Securities and Exchange Board of India introducing some new rules in addition to the existing ones. The decision was taken at the regulator’s board meet on Wednesday.
Trouble seems to be brewing between the apex accounting body of chartered accountants, the Indian Chartered Accountants Institute (ICAI) and the Institute of Costs and Works accountants of India (ICWAI). The ICAI has declared an open war against the proposal of name change of ICWAI to Institute of Costs and Management Accountants of India (ICMAI).
There are many sections under the Punjab VAT Act where the word Designated officers is used. Many powers under the Punjab VAT Act 2005 like of assessments, levying penalties etc. have been conferred on the Designated Officers. These Designated officers are appointed and conferred powers under section 3 of Punjab VAT Act 2005.
The Finance Ministry today said that it too is verifying the documents to check financial irregularities in award of works related to the Commonwealth Games.
The Maharashtra Government has decided to impose an environment tax on 15 lakh private vehicles registered in the State which are more that 15 years old and six lakh goods and transport vehicles that are more than eight years old.
The Students who wish to apply for Verification of their answer books for the Chartered Accountants Examination held in May, 2010, CPT held on June 20, 2010 and CPT Online held on July 24-25, 2010 are requested to note and follow the procedure as detailed below:
This is to bring to the notice of all students pursuing CPT course that the Study Material on General Economics was revised in February 2010. In view of the fact that the revision of the study material is a continuous process, it is expected that students keep themselves updated about the latest development.
