Property buyers in Mumbai and the rest of Maharashtra will now have to spend more, as the state government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1. This would be in addition to a 5 per cent stamp duty, 2.38 per cent service tax and 1 per cent local self-government tax in certain districts.
Indian Companies may not get any tax sops for spending more as part of their corporate social responsibility (CSR) initiatives, an official in the government said on Thursday. The ministry of corporate affairs is unlikely to recommend any tax concessions for adoption of CSR initiatives for India Inc.
The two schemes recently launched by the Ministry of Corporate Affairs, viz., ‘Company Law Settlement Scheme, 2010’ (CLSS 2010) and ‘Easy Exit Scheme, 2010’ (EES 2010) are drawing positive response from the corporate sector. The two Schemes were launched on 30.5.2010 and will be available till 31.08.2010. An electronic workflow has been established in the system to process the cases received under the two Schemes in a time bound manner.
Shri Salman Khurshid, Minister of Corporate Affairs, today launched the Kanada version of the Investor Education and Protection Fund Website at Bangalore. He also released Beginner’s Guide on Capital Markets in Kanada language at a function organized by Associated Chambers of Commerce and Industry (ASSOCHAM) in partnership with the Institute of Cost and Works Accountants of India (ICWAI), the MCX Stock Exchange and the Karnataka Federation of Chamber of Commerce and Industry (KFCCI) as part of India Investor Week (IIW) 2010.
Mumbai Congress chief Kripashankar Singh continues to be in the dock. Income-tax department and the anti-corruption bureau of Maharashtra on Thursday informed Bombay High Court that the probe into allegations of accumulation of unaccounted wealth by former state minister and MLA Kripashanker Singh and his family members is still on.
The employees of the Income-Tax Department plan to boycott all search and seizure operations as well as survey operations from July 20 to secure their charter of demands, said Mr Ashok B. Salunkhe, All-India Secretary General of the Income Tax Employees Federation.
The Comptroller and Auditor General of India has asked the state government to take speedy and effective action for realising Rs 10,221 crore of unrealised revenue from various departments. The report of the Comptroller and Auditor General of India (revenue receipts) for the year that ended 31 March 2009, which was tabled in the assembly on Thursday,
Mr Justice D. D. Sinha of the Bombay High Court, one of the judges on the Division Bench hearing audit firm Price Waterhouse’s petition against Securities and Exchange Board of India, recused himself from hearing the case on Friday, without assigning any reason.
Business valuation is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used by financial market participants to determine the price they are willing to pay or receive to consummate a sale of a business. In addition to estimating the selling price of a business, the same valuation tools are often used by business appraisers to resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among business assets, establish a formula for estimating the value of partners’ ownership interest for buy-sell agreements, and many other business and legal purposes.
And who better than we professionals have powers as well as sense of such big responsibility therewith? Many professionals prove this by excelling in the various fields of accounting and auditing. The Institute of Chartered Accountants of India is always full of activities for developing the nature of work pattern & services provided by the professionals. One of these responsibilities, which the auditor is expected to fulfill, is ‘Audit Planning and Audit Documentation’.
