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Archive: July, 2011

Posts in July, 2011

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

May 15, 2024 6435 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.

Penalty should not be imposed for if Assessee Paid service tax along with interest and late fee deposited before issue of Show Cause Notice

July 31, 2011 2243 Views 0 comment Print

Saraswati Engineering Vs CCCES (Cestat) – If the assessee has discharged the service tax liability on his own ascertainment or on the basis of ascertainment by the Central Excise officers and inform the Central Excise officer of payment of such service tax then, no notice under sub-section (1) in respect of the amount so paid shall be served.

GOvernment investigating details of assets and payments received by Indian citizens in several countries

July 30, 2011 847 Views 0 comment Print

Details of assets and payments received by Indian citizens in several countries have ‘started flowing in’ and are being investigated, Finance Minister Pranab Mukherjee disclosed on Saturday. Information about wealth stashed away in Swiss banks by Indians is expected by the government before the end of the year, he indicated after pointing out that India had signed a Double Taxation Avoidance Treaty with Switzerland.

CBI books Air India former GM in Rs 1.4 Cr fraud case

July 30, 2011 801 Views 0 comment Print

The Central Bureau of Investigation has registered a case against the then General Manager, In Flight Service Department, Air India Ltd, Sahar NIPT, Mumbai and a Mumbai based multimedia private firm for cheating Air India Ltd. to the tune of around Rs. 1.4 crore for supply of short video programmes to the air crafts operated by Air India Ltd. Air India Ltd had appointed Mumbai-based Multimedia Pvt. Ltd. firm to supply short Video Programmes for screening in its flights.

MCA releases XBRL Validation Tool

July 30, 2011 2280 Views 0 comment Print

This XBRL validation tool is meant for the IT vendors / IT departments to test the XBRL instance document generated from their respective products / tools. Please note that this is a Beta version and any feedback / suggestion w.r.t. the same should be posted on the Post Your Query link available on XBRL page on MCA portal or should be emailed at xbrl.technical@mca.gov.in

Govt. releases draft of National Land Acquisition and Rehabilitation and Resettlement Bill, 2011

July 30, 2011 6834 Views 0 comment Print

This Bill may be called the Land Acquisition Rehabilitation and Resettlement Bill 2011. It extends to the whole of India except the state of Jammu and Kashmir. (3) It shall come into force on such date as the date notified by the Government in the Official Gazette which shall not be more than three months from the passage of the Bill by both houses of Parliament;

Initiatives Taken by The Institute of Chartered Accountants of India (ICAI)

July 30, 2011 13460 Views 0 comment Print

A Press Conference was organized by The Institute of Chartered Accountants of India (ICAI) here today by CA.G.Ramaswamy, President, ICAI. He updated the media on some of the recent initiatives taken by the Institute. Following is the Press note issued on this occasion:

Ministry of Corporate Affairs Releases Draft of 'National Competition Policy for India' for comments

July 30, 2011 7012 Views 0 comment Print

Competition, Competition Law, and Competition Policy What is competition? Competition refers to a situation in a market place in which firms/ entities or sellers independently strive for the patronage of buyers in order to achieve a particular business objective, such as profits, sales, market share etc. By responding to demand for goods and services with lower prices and higher quality, competing businesses are pressured to reduce costs, innovate in processes and products, invest in technology and better managerial practices and increase productivity. This process leads to achievement of static, dynamic as also resource/allocative efficiencies, sustainable economic growth, development, and poverty alleviation.

ICAI hosted Multipurpose Empanelment Form (MEF) 2011-12, Last Date for Application is 27th August, 2011

July 30, 2011 9439 Views 0 comment Print

1. Last date for submission of applications on the website www.meficai.org is 27th August, 2011.(5.30 PM.) 2. Members are advised to fill MEF well in advance to avoid last minute rush and technical problems. 3. The information filled in by the applicant in MEF can be edited/modified any number of times before online submission of MEF. 4. All correspondence, acknowledgement, discrepancy letters, etc. will preferably be through e-mail only. Please fill up e-mail id correctly and ensure that it is active.

Regarding exemption to specific goods when imported into India from Japan – Notification No. 69/2011-Customs

July 29, 2011 3942 Views 0 comment Print

Notification No. 69/2011-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description as specified in column (3) of the Table appended hereto and falling under the Chapter, Heading, Sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in the corresponding entry in column (2) of the said Table, when imported into India from Japan, from so much of the duty of customs leviable thereon as is in excess of the amount calculated at the rate specified in the corresponding entry in column (4) of the aforesaid Table:

SEBI Board meeting – Proposed New Takeover Code

July 29, 2011 5889 Views 0 comment Print

The Board considered the Report of the Takeover Regulations Advisory Committee (TRAC) and accepted most of the recommendations of TRAC. Major among them include the following: (a) Initial trigger threshold increased to 25 % from the existing 15%. (b) There shall be no separate provision for non-compete fees and all shareholders shall be given exit at the same price.

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