Similarly Post Qualification Courses in Management Accountancy Course (MAC Part-I), Corporate Management Course (CMC –Part-I), Tax Management Course (TMC – Part-I), Insurance and Risk Management (IRM) and International Trade Laws and World Trade Organisation (ITL&WTO) exanimations will also be held on the dates given below at the following centers (centers in India only) in terms of provisions as contained in Schedule “C”, “D” ,”E”, “G” and “H” of the Chartered Accountants Regulations, 1988 respectively, provided that sufficient number of candidates offer themselves to appear from each centre.
No.13-CA (EXAM)/CPT/June/2010: – In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test ( Paper- Pencil Mode) will be held on Sunday, the 20th JUNE 2010 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.
The process of purchase of land, conversion thereof and sale, compel us to come to the conclusion that the * purchase of land, in itself, was with an intention to sell at a profit in the form of an ‘adventure in the nature of trade’ and hence though it is an isolated’ transaction the income thereon can still be considered as business income.
Ahead of the Reserve Bank’s quarterly monetary policy, RBI is likely to signal interest rate hikes to suck out liquidity from the market and check prices from spiraling further. Reserve Bank may also raise the amount banks need to park with the apex bank (CRR) by up to 50 basis points. Reserve Bank could raise the short-term borrowing (reverse repo) rate by 25 basis points. Reserve bank is likely to hike cash reverse ratio by up to 50 basis points.
In a bid to allay the Indian government’s fears about round tripping, the Financial Services Commission of Mauritius has imposed a stringent set of conditions on Mauritius-based companies investing in India. THE Financial Sevices Commission of Mauritius has imposed a stringent set of conditions on Mauritius-based companies investing in India in a bid to allay fears about round-tripping of funds. The Mauritian government has also warned that licences of entities investing in India would be revoked if they source funds from India.
To prevent misuse of class action suits, the new Companies Act may specify a minimum number of shareholders or creditors of companies for exercising the right to file such cases, the Corporate Affairs Minister, Mr Salman Khurshid, has said. This is a major change from the current position on class action suits as mentioned in the Companies Bill, 2009, which is now before the Parliamentary Standing Committee on Finance.
The ministry of company affairs said that it was yet to receive a detailed report from the Institute of Chartered Accountants of India on the audit and accounting major PricewaterhouseCoopers, which was involved in an accounting goof-up in the Rs 10,000-crore (Rs 100-billion) Satyam scandal.
The Central Board of Direct Taxes (CBDT) is in a fix over the application of one safe harbour rate to all sectors. A committee, formed last month to frame safe harbour rules as announced in the 2009-10 Budget to minimise transfer pricing disputes, has estimated that there is a huge difference in the margins of companies which would come under the ambit of safe harbour.
In order to make exports of services from India internationally competitive, the Government of India has zero rated such exports. Consequently, the services exporting community is entitled to obtain refunds of input tax credits or utilise such credits to offset domestic output service taxes. The IT and the ITES industry is a key part of the service exporting community and was expected to be a major beneficiary of such refunds in terms of being competitive in the global marketplace.
Bank Accounts, Beneficiaries and Some Scamsters Involved in Income tax Refund Fraud in Mumbai Identified. The Central Board of Direct Taxes (CBDT) has stated that an officer in the Income Tax department, Mumbai noticed on or about 12th January, 2010 that refunds had been issued from his jurisdiction without his knowledge or approval of his higher authorities. The officer immediately brought the matter to the notice of his superior officers.
