Cost Accounting Standards Board, the standard-setting body of the Institute, has approved the release of Exposure Draft of Cost Accounting Standard – 14 on Pollution Control Cost (CAS – 14). The proposed standard may be modified in light of comments received before being issued as a standard in final form.
The Institute has already issued Three Frequently Asked Questions providing clarifications on questions raised by members and Industry in connection with the Companies (Cost Accounting Records) Rules 2011 and Companies (Cost Audit Report) Rules 2011. Some of the clarifications issued in the first two FAQs have undergone changes in view of the Master Circular No. 2/2011 dated 11th November 2011, General Circular Nos. 67/2011 and 68/2011 dated 30th November 2011.
The union government was asked today by the Delhi High Court to explain its stand on a plea challenging a statutory regulation limiting the number of short messages ( SMs) sent through a SIM a day to a maximum of 200. A bench of Acting Chief Justice A K Sikri and Justice Rajiv Sahai Endlaw issued notices to the Ministry of Telecommunication and Telecom Regulatory Authority of India (TRAI) seeking their replies to the plea seeking the quashing of the curbs on sending more than 200 SMSs per SIM in a day.
Union Finance Minister, Shri Pranab Mukherjee has said that it is desirable to have a periodic international dialogue on economic concerns that affects lives in all our countries. He was inaugurating the 4th International Tax Dialogue Global Conference on “Tax and Inequality”. Shri Mukherjee said that the present phase of globalization has brought us closer to each other, than any point in the history of human civilization. Our opportunities are getting increasingly tied together and so are solutions to many of our common problems, he said. The Finance Minister said that the multifaceted integration of societies has created a collective destiny, unifying many of our development concerns.
Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. The proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to come into force from the next financial year, he said while addressing an international conference on Tax and Equality’.
In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 (43 of 1961) the Central Government has authorised Power Finance Corporation Ltd. to issue during the FY 2011-12, Tax Free Secured Redeemable Non-Convertible Bonds of face value of Rs. 1,000 each aggregating upto Rs 5,000 crores. The income by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act.
NJP Surya Cold Storage Pvt Ltd. Vs ITO (ITAT Hyderabad)- In this case, it is on record that in earlier years, returns were non est. returns and the interest claimed cannot be considered as allowed to the assessee in the earlier years. This being so, interest waived in the present assessment year cannot be considered as income of the assessee. Reliance placed by the assessee in the case of Rayala Corporation (P) Limited vs. ACIT cited supra supports our view on this issue. In view of the above, we allow the ground raised by the assessee.
eference is invited to the Authority’s Circular Ref: IRDA/CAD/GDL/AGN/016/02/ 2011 dated 151h February, 2011 wherein, interalia, all Non Life Insurers are directed to lay down Minimum Business Requirements for Individual Agents. The said provision of Minimum Business Requirements is now being extended to all Corporate Agents engaged with Non Life Insurance Companies for soliciting the Insurance Business. Accordingly, all Non Life Insurers are directed to lay down the Minimum Business Requirements for Corporate Agents and monitor the performance of Corporate Agents in this regard as often as it is required.
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/11/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 30th NOVEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1 ITR-1 14,85,923 33,83,904 127.73% 2 ITR-2 5,91,305 11,08,047 87.39% 3 ITR-3 1,52,845 2,43,307 59.19% 4 ITR-4 […]
In a developing nation’s economy, it’s the small and micro enterprises which play a vital role. If India has to have a growth rate of 8-10 percent for the next couple of decades, it needs a strong micro and small sector and micro entrepreneurs need to be nurtured. They not only give employment to a large number of people but also support bigger industries by supplying raw material, basic goods, finished parts and components, etc.
