Two weeks after it sought applications for granting the ‘Maharatna’ status along with greater autonomy for CPSUs, the Department of Public Enterprises has not received any response from the administrative ministries. “We are awaiting response from the ministries concerned.
The long-awaited reform of India’s indirect taxes system is set to get a fillip , with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be levied on all companies and traders with annual turnover of Rs 10 lakh and above, this would provide a tax base of 40-45 lakh assessees and ensure that neither the Centre nor states suffer any revenue loss.
The country’s apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings (PSUs), the CAG said that with high inflation leading to audit cost escalation and increased compliance burden on auditors, it was “prudent’’ that the fees paid to auditors should be raised.
The prohibition imposed by this Notification on export of wheat shall not be applicable to export of 50,000 MT of wheat to Nepal through Food Corporation of India. The above mentioned quantity shall be exported by Food Corporation of India out of the Central Pool stock. Wheat may be exported at economic cost.
The high court had said that the provision of Section 25B of the Income Tax Act is clarificatory in nature and should be given retrospective effect. The apex court, however, said, such findings of the high court was uncalled for after hearing the plea of Dowager Maharani Residential Accommodation Welfare Amenities Trust.
Export-Import Bank of India (Exim Bank) has concluded an agreement dated December 7, 2009 with the Bank for Development and Foreign Economic Affairs (Vnesheconombank), Russia, making available to the latter, a Line of Credit (LOC) of USD 100 million (USD one hundred million) for financing exports of equipment, technology or any goods and services from India.
The rules to enable this provision have been notified only now in December, 2009. This implies that every employer will have to rework the taxable salary for its employees for the months for which salary has already been paid (April to November) and consequent increase, if any, in the tax to be deducted at source will have to be recovered and paid immediately to avoid interest payments.
Eligibility to appear in the May, 2010 and onwards Integrated Professional Competence Examination (IPCE): An Important Announcement for Students of Erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) who have mean while converted to Integrated Professional Competence Course (IPCC) – relaxation of nine months study course period to appear in the Integrated Professional Competence Course (IPCC) examination to be held in May, 2010 and onwards.
On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of Rs 1,000 crore will prepare and present financial statements using Indian Accounting Standards converged with IFRS.
Did the restructuring of bad loans done by the Reserve Bank of India a year ago help small and medium enterprises recover and also curtail the build-up of bank’s bad loans, or did it just delay the recognition of bad loans?
