These rules may be called the Competition Commission of India (Form and Time of Preparation of Annual Report) Amendment Rules, 2011. They shall come into force from the date of their publication in the Official Gazette.
Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions. Senior advocate Harish Salve appearing for Vodadfone submitted before the apex court that under the present Income Tax Act, overseas transactions between two foreign companies cannot be taxed and it could be done by only by bringing a new law by Parliament.
All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at it’s 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and apply only in case of attest function.
In the current era of the Indian Growth story, the need for delivering the results faster, smarter and wider have never been felt so much. This council will focus on deliverables within specific time frame to address the requirements of Students, Members in Employment and in Practice, Brand Enhancement through National and International Tie-ups, Government interface, streamlining the Institute Infrastructure with increased Employee involvement to meet the targets. In particular, the focus would be on: Improvement of entry standards into the profession. Improvement in the quality of professionals to match best global standards. Course Structure to be updated continuously in line with other National and International Professional Bodies.
Sub: Inclusion of ICD Merripalem Guntur District, (AP) as a Port of Registration under Para 4.19 of HBP v.1
ICSI is pleased to inform that the Ministry of Corporate Affairs vide its General Circular No. 58/2011 dated 01.08.2011 has now modified clause (c) of General Circular no. 54/2011 dated 26.07.2011 providing that in each case the Official Liquidator will file an application praying to the Court to direct the management of the company to submit following information duly verified by a Company Secretary in Practice besides other professionals:
Complainant is free to file fresh complaints on the Ministry’s website – www.mca.gov.in/MCA21/, in respect of the unresolved complaints filed earlier on the website- www.investorhelpline.in. Further, the members of the public are informed that henceforth they may file their grievances online on the Ministry’s website – www.mca.gov.in/MCA21/. The filing of the grievances on this website does not require any registration. The user would be required to file his/her grievance through an e-form, which would capture his/her relevant details.
In continuation of Institute’s Announcement dated June 23, 2011 on Institute’s website and in the Chartered Accountants Students Journal (July, 2011 issue) regarding Period of Validation of Registration in Chartered Accountancy Course, it is informed that the referred announcement is put on hold till further clarification/ announcement in the matter.
Honda Siel Power Products Ltd Vs DCIT (Supreme Court) – Failure on the part of the AO to apply section 14A of the Act when he passed the original assessment order had prima facie resulted in escapement of income. The object and purpose of the proviso to section 14A of the Act is to bar reassessment/ rectification of past cases which have attained finality and not an original assessment on the basis of retrospective amendment in the statute book.
Empowered Committee of State Finance Ministers on GST, under its new chief Sushil Modi, will meet on August 19 to discuss various issues related with the roll out of the ambitious indirect tax regime.
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