CENVAT Credit Rules, 2004 permit taking of credit of inputs and input services which are used for providing output services or output goods. In order to zero-rate the exports, Rule 5 of CENVAT Credit Rules, 2004 provides that such accumulated credit can be refunded to the exporter subject to stipulated conditions. Notification No. 5/2006-CE (NT) dated 14.03.2006 provides the conditions, safeguards and limitations for obtaining refund of such credit.
Result of the Assessment Test held on Saturday 19th December 2009 for the Certificate Course on International Taxation in Mumbai (First Batch) and Hyderabad (Second Batch) – (19-01-2010) * Result – Mumbai (First Batch) * Result – Hyderabad (Second Batch)
Announcement on – Requirement to include the registration number of the firm as allotted by ICAI, in the audit reports signed by members of the ICAI – (19-01-2010). ANNOUNCEMENT FOR THE ATTENTION OF THE MEMBERS. The Council of the Institute of Chartered Accountants of India (ICAI), at its 292nd meeting held on January 13, 2010 has decided to require the members of the Institute of Chartered Accountants of India to:
Notification F. No. 275/192/2009-IT(B)-Income Tax Section 192 of the Income-tax Act, 1961 – Deduction of tax at source – Salary – Income-tax deduction from salaries during the financial year 2009-10 – Corrigendum to Circular No. 1/2010, dated 11-1-2010
Amends Notification No. 189/2009- Customs (N.T) dated 31.12.2009 vide which the Customs Tariff (Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India) Rules, 2009 were notified.
The market regulator SEBI on Monday asked mutual fund companies to make all the disclosures about market risks involved in the products more prominent in their communication. “To make these statements more prominent, it is advised that the disclosures as stated in the clauses 10, 13 and 14 of schedule VI of SEBI (Mutual Funds) Regulations of 1996 on Advertisement Code shall be printed in bold,” the regulator said in a circular here today.
Mutual fund distributors are set to approach the capital market regulator, the Securities and Exchange Board of India (Sebi), seeking a central bureau of registry for all ‘know your client’ (KYC) documentation. The distributors will also lobby for an electronic or digital KYC till a comprehensive system is put in place. They maintain that this would bring down the volume of paper in the system that would otherwise be generated if the distributors were to send a copy of all supporting documents to AMCs with retrospective effect.
Eighteen months after introducing India’s volatility index, or VIX, market regulator Sebi has begun its groundwork to introduce derivatives contracts, with the index as the underlying. VIX is a measure of traders’ near-term expectations of implied volatility, or IV, based on the 50 stock options prices on the Nifty index. The regulator is believed to be talking to market participants about the possibility of introducing futures and options that traders can use to bet on the direction of the VIX.
One of the most favoured duty reimbursement schemes among exporters — the Duty Entitlement Passbook (DEPB) scheme — is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one of the best incentive schemes by exporters.
Changes in regulations like the International Financial Reporting Standards (IFRS), Goods and Services Tax (GST), Direct Taxes Code and the new Companies Act are likely to spur business for consulting and audit firms.
