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Archive: 20 June 2011

Posts in 20 June 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6354 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19380 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

New CAG norms for govt accounting to be unveiled on Tuesday

June 20, 2011 477 Views 0 comment Print

The CAG guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled on Tuesday. In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational guidelines suggest shifting from the present cash-based accounting system to an accrual basis of accounting.

Denial of Interest on service tax refund specious – Bombay high court

June 20, 2011 483 Views 0 comment Print

Shroff United Chemicals Limited. versus The Union of India – The Bombay high court last week described the denial of interest on refund of service tax by the deputy commissioner as ‘specious’ in the case, Shroff United Chemicals Ltd vs Union of India. It asked the revenue authorities to pay interest for the delayed refund. The firm, in anticipation of import of intellectual property services, had obtained service tax registration.

Direct tax collections crosses Rs one trillion in Q1

June 20, 2011 426 Views 0 comment Print

Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in April-June 2009, showing consistent increase in revenue generation.

FM to Address State Finance Ministers on Reforms in Financial Reporting

June 20, 2011 342 Views 0 comment Print

The Union Finance Minister Shri Pranab Mukherjee will inaugurate a national conference of the State Finance Ministers here tomorrow. The day-long conference, which includes participation from all stakeholders from Union and State Governments, aims to trigger discussions on operational guidelines for conceptualizing ‘General Purpose Financial Reporting’ under accrual based accounting system. Secretaries to the Government of India, State Finance Secretaries, Financial Advisors from key ministries and State Accountant Generals will participate.

SEBI – Periodical Report – Grant of prior approval to Depository Participants

June 20, 2011 307 Views 0 comment Print

CIRCULAR NO. MIRSD/9/2011, Henceforth, the Depositories shall submit a periodical report to SEBI regarding the following changes, as per the format and in accordance with the guidelines given at Annexure A: a. Amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force;b. Change in Director, including managing director/whole-time director;c. Change in shareholding not resulting in change in control; d. Any other purpose as may be considered appropriate by the Depositories.

SEBI – Periodical Report- Grant of prior approval to Bankers to an Issue

June 20, 2011 583 Views 0 comment Print

CIRCULAR NO. MIRSD/11/2011, The requirement of taking prior approval by the Bankers to an Issue from SEBI for change in status or constitution has been dispensed with. However, the Bankers to an Issue would be required to take prior approval from SEBI for change in control. Pursuant to the aforesaid notification, commencing from the quarter ended June 30, 2011, all Bankers to an Issue shall report the following change(s) to SEBI in the quarterly reports submitted in accordance with the SEBI Circular No. MIRSD/DPS-2/BTI/Circular No. 15/2008, dated May 6, 2008.

SEBI – Periodical Report- Grant of prior approval to Debenture Trustees

June 20, 2011 457 Views 0 comment Print

CIRCULAR NO. MIRSD/10/2011, With the said amendment, the requirement of taking prior approval by the Debenture Trustees from SEBI for change in status or constitution has been dispensed with. However, the Debenture Trustees are required to take prior approval from SEBI for change in control. Pursuant to the aforesaid notification, commencing from the quarter ended June 30, 2011, all Debenture Trustees shall report the following change(s) to SEBI in the quarterly reports submitted in accordance with SEBI Circular No. MIRSD/DPS-2/DT/Cir. -14/2008, dated May 6, 2008.

Clarification on Circular No.33/2011, Dated 01.06.2011

June 20, 2011 370 Views 0 comment Print

Clarification on Circular No. 33/2011 dated 01.06.2011 with regard to compliance of provisions of the Companies Act, 1956 and Rules made there under.

MVAT – Amendment to VAT Notification dated 5-11-2009 – Refund to Diplomatic Authorities

June 20, 2011 1430 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the Government Notification, Finance Department, No.VAT-1509/CR-89/Taxation-1, dated the 5th November 2009, as follows, namely : —

Shri P. Vijaya Bhaskar and Shri B. Mahapatra take charge as New EDs at RBI

June 20, 2011 567 Views 0 comment Print

Shri P. Vijaya Bhaskar assumed charge as Executive Director of the Reserve Bank of India on June 13, 2011. As Executive Director, Shri Bhaskar will look after Central Security Cell, Department of Banking Supervision and Department of Non-Banking Supervision. Prior to his appointment as Executive Director, Shri Bhaskar was the Regional Director of Karnataka.

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