"13 January 2011" Archive

ICAI press release on International Conference 2010-11

Our sincere thanks to Shri Pranab Mukherjee, Hon’ble Finance Minister of India for Inaugurating the International Conference, Guests of Honour, Shri Salman Khurshid, Hon’ble Union Minister of State (I/C) for Corporate Affairs, CA. K. Rahman Khan, Hon...

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Posted Under: CA, CS, CMA |

Recognition of Chartered Accountancy Qualification by National Law School of India University (NLSIU), Bangalore for reg

We are pleased to inform you that the National Law School of India University (NLSIU), Bangalore has recognized Chartered Accountancy qualification as eligibility to pursue their Doctoral programme (PhD). ...

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Posted Under: CA, CS, CMA |

SEBI – Format for application to SEBI for opening of wholly owned subsidiaries or entering into joint ventures in other

SEBI - Format for application to SEBI for opening of wholly owned subsidiaries or entering into joint ventures in other countries (Applicable for Stock Brokers, Bankers to an Issue, Merchant Bankers, Registrar to an Issue and Share Transfer Agents, ...

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Constitution of Approval Committee for such SEZ notified during 2006 to 2008 without simultaneously notifying constitution of Approval Committee and deemed status of Inland Container Depot for SEZs

NOTIFICATION NO. S.O. 3042(E) (24/12/2010)

Section 13 of the Special Economic Zones Act, 2005 – Constitution of Approval Committee for such SEZ notified during 2006 to 2008 without simultaneously notifying constitution of Approval Committee and deemed status of Inland Container Depot for SEZs NOTIFICATION NO. S.O. 3042(E), DATED 24-12-2010 Whereas, the Central Government, in...

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Raise IT exemption limit to Rs 3 lakh in 2011-12- Trade Unions

Amid skyrocketing prices, central trade unions are all set to press the Finance Ministry for raising income tax exemption limit to Rs 3 lakh from existing Rs 1.6 lakh in the 2011-12 Budget, in their meeting scheduled for tomorrow. Besides this, the unions would ask to universalise and strengthen public distribution system and rationalise ...

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Posted Under: CA, CS, CMA |

A Snapshot of CBI’s Performance For 2010

During the year 2010, Central Bureau of Investigation has registered 1009 cases, disposed off 1163 cases and concluded the trial of 744 cases with conviction rate of 71%. The conviction rate has increased from 65% to 71% during this year. In the begi...

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Posted Under: CA, CS, CMA |

Input Service Credit – The Epicentre of Controversy

Service tax was introduced by Finance Act 1994 and since then it has been mired with so much controversy/litigation that the Apex Court, in the case of MARUTI SUZUKI LTD. 2009 (240) E.L.T. 641 (S.C.), observed that on account of repeated amendment...

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Posted Under: CA, CS, CMA |

Appeal–Only when substantial question of law involved–When finding of fact would give rise to question of law

Vijay Kumar Talwar Vs Commissioner Of Income Tax (Supreme Court of India)

The conclusion of the Tribunal to the effect that the assessee has failed to prove the source of the cash credits cannot be said to be perverse, giving rise to a substantial question of law. The Tribunal being a final fact finding authority, in the absence of demonstrated perversity in its finding, interference therewith by this Court is ...

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Citi fraud- Puri's remand further extended till Jan 14

A local court today extended police remand of Shivraj Puri, the main accused in the alleged Rs 400 crore Citibank fraud, by 2 more days till January 14 as police is yet to recover iPad considered to be vital evidence. The Chief Judicial Magistrate D ...

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Posted Under: CA, CS, CMA |

FM may not cut taxes; continue with stimulus

Finance Minister Pranab Mukherjee is not in a mood to cut taxes but may continue with stimulus in the budget for 2011-12, feel industry representatives who met him for Pre-Budget interactions. Finance Minister is not in a mood to cut taxes because ...

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Posted Under: CA, CS, CMA |

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