Generally, small businesses face a daunting task in respect of starting and running their business due to various reasons like lack of availability of credit, trained manpower, and access to technology. In order to reduce their administrative burden and compliance costs, there is a special provision under the Income Tax Act, 1961, which help them meet their income-tax compliance under the presumptive taxation regime.
The Centre is finally set to overhaul the over 100-year-old Indian Stamps Act to bring in more consistency among the states in the way the stamps and registration duties are charged by them, besides rationalising rates and curbing evasion. By the move, the Centre intends to re-assert its constitutional right to determine the nature of the levy which is in the concurrent list, but the proceeds of which have conventionally been devolved almost entirely to states.
The Institute of Company Secretaries of India (ICSI) has suggested the Ministry of Corporate affairs to include about 10 secretarial standards in the Companies Bill 2009. The Bill already includes suggestions pertaining to general and board meetings of companies, said Vinayak S Khanvalkar, president, ICSI, at an interactive session here today.
List of cases as on 5th May, 2010 where (I) members of the Institute had been found guilty by the Council of the Institute under Section 21 read with Section 22 of the Chartered Accountants Act, 1949 (pre-amended) and the same had also been confirmed by the High Courts concerned and (II) members who had been found guilty and accordingly references made to the High Courts concerned for confirmation but the same are yet to be confirmed by the Courts.
Haryana government would explore the possibility of providing land to the Institute of Chartered Accountants of India (ICAI) for setting up of its training centres to impart training in accounts to officials of the state government.
Institute of Chartered Accountants of India (ICAI) is seeking more power for its financial reporting review board (FRRB), which will enable it to bring to book the auditor and the firm for flouting accounting principles. The central council of ICAI will meet on May 13 to take a final call on the issue.
In what could be a severe blow to Anil Ambani group seeking cheap gas from elder brother Mukesh- led RIL, the Supreme Court on Friday ruled that government has the last word on pricing and utilisation of national asset.
The next Eligibility Test for ISA PQC is scheduled to be held on Saturday the 08th May, 2010 from 08.00 a.m. to 12.00 p.m. A detailed notification giving list of centers would be hosted on Committee Portal at http://cit.icai.org by 15th April, 2010.
Reserve Bank has extended the scheme for providing concessional credit to exporters for two more months till June 30, as they are still to fully recover from the demand slowdown overseas. The facility for concessional export credit at 2.5 per cent lower than Benchmark Primary Lending Rate (BPLR) was to expire on April 30.
The ministry of corporate affairs has upped its ante to weed out defunct companies. Firms that are no longer in operation but are still on the rolls of the registrar of companies (RoC) are identified as defunct. The plan is to come out with an amnesty scheme under which firms that have failed to file their annual returns and balance sheets with the RoC for the last two years will be allowed to do so and carry on with their business.
