”We are considering having pre-merger consultations clause for vetting mergers under sections 5 and 6 of the Competition Act,” said CCI chairman Dhanendra Kumar at the Indo-US Economic Summit held in the capital. The provision of pre-merger consultations will allay fears of the corporates that the CCI’s approval process, which can be as long as 210 days, could delay strategic investments and M&As.
The Central Board of Excise and Customs (CBEC) has directed its field formations to expedite “non-duty-related measures” for augmenting revenue. To this effect, CBEC members held meetings last week. Officials said the priority was revenue maximisation to take care of the fiscal deficit. While duty cuts have dampened indirect tax collection, the emphasis is now on non-duty measures like arrears and duty from existing goods.
Peer Review Board was established by the Council of the Institute in March 2002 to conduct the system of PR. As you must be aware, it has been made mandatory for the auditors of the listed company to undergo PR on/before 31st March 2009. If they fail to do so, their reappointment is made invalid. Earlier, only Bank audit units were covered under PR. It is mandatory for all the practice units who are auditing listed companies and also Bank branches.
The first seminar on Design Clinic Scheme for Design Expertise, a component of National Manufacturing Competitiveness Programme was held here today. It is a unique and ambitious design intervention scheme for the country’s large micro, small and medium scale enterprises, which combines design awareness programmes and project based design assistance.
Transfer pricing is a major international tax compliance issue as multinational entities tend to set transfer pricing on cross-border transactions to reduce taxable profits. Being organized by CBDT and OECD from 17th to 19th February 2010, the seminar is a part of capacity building of transfer pricing resources in India and aims to discuss various important issues of transfer pricing like intangibles, cost sharing arrangement, etc.
Shri Salman Khirshid, Minister for Corporate Affairs, has reiterated the idea of making Corporate Social Responsibility (CSR) quantifiable and urged corporates to debate the possibility of establishing a CSR exchange to deal in CSR credits. Launching the FICCI-Aditya Birla CSR Centre for Excellence here today at Federation House, Shri Khurshid said that through the CSR exchange mechanism, companies would be able to trade in CSR credits, akin to trading in carbon credits. He said that we would be doing justice to the next generation by trading in CSR credits if we are able to find a way of quantifying CSR.
Section 154 of the Income Tax Act, 1961 provides that any mistake apparent from the record can be rectified by the assessing authority within expiry of four years from the end of the financial year in which the order sought to be amended was passed.
The Mandap Keeper Service was brought into the service tax scope from 1-7-1997.The service of Mandap keeper has also raised many issues. The main issue arises when the food is also provided along with the services of Mandap Keeper. One of the options is to take abatement and pay the service tax.
Income Tax Order No. 2/FT&TR/2010 In partial Modification of order No. 1/FT&TR/2010, dated 10th Feb., 2010 and in supersession of order No. 173/2009, dated 30th November, 2009 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Director of Income-tax as Members of DRP at the places given below with immediate effect and until further orders.
The CBDT and OECD are jointly holding an International seminar on transfer pricing at Vigyan Bhawan, New Delhi, India from 17th to 19th February 2010. Shri Pranab Mukherjee, Finance Minister of India, will inaugurate the seminar. Shri. S.S. Palanimanickam Minister of state for Finance (Revenue); Shri. Sunil Mitra, Secretary (Revenue); Shri. S.S.N. Moorthy, Chairman CBDT; Mrs. Caroline Silberztein, Head of transfer pricing unit OECD;
