"06 January 2012" Archive

All about ISO 9000

The ISO 9000 family of standards relates to quality management systems and is designed to help organizations ensure they meet the needs of customers and other stakeholders (Poksinska et al, 2002 ). The standards are published by ISO, the International Organization for Standardization, and available through National standards bodies. ISO ...

Posted Under: Finance |

Empanelment with CAG for audit of Public Sector Undertakings/Statutory Corporations for the year 2012-2013

Chartered Accountant firms in the country with at least one full time FCA (Partner/Sole Proprietor) as on 1st January 2012 can apply for empanelment with the office of the CAG of India for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2012-2013. The term full time for partner/sole proprietor /CA emp...

Posted Under: Finance |

If refrence to BIFR was rejected in previous years on merits then fresh references in subsequent years should not be mechanically entertained

Alcatel-Lucent India Ltd. Vs Usha India Ltd. (Delhi High Court)

Present case appears to be one where prima facie the provisions of Section 22 of the SICA are taken undue advantage of. Therefore, at least in those cases where the reference was rejected in previous years on merits by the BIFR, guidelines can be issued to ensure that fresh references in subsequent years should not be mechanically enterta...

NSDL announces Concessional rate for volume based PAN verification

Charges - Details The registered entities will have to pay a basic charge of 1,000 p.m. per user ID for the service. This basic charge will be paid in advance for 12 months at the time of registration. All registered users (except software based users) will have access to screen based query with a restriction of 750 PANs per ...

Posted Under: Finance |

Depreciation should be reduced from the income for determining percentage of funds which had to be applied for the purposes of the Trust

Asstt. Director of Income Tax (E) Vs International Goudiya Vedanta Trust (ITAT Delhi)

ADIT (E) Vs International Goudiya Vedanta Trust (ITAT Delhi)- The Hon’ble Punjab & Haryana High Court in the case of CIT vs Tiny Tots Education Society (supra) has held that the income of the assessee, being exempt, the assessee was only claiming that depreciation should be reduced from the income for determining percentage of funds wh...

Pre-paid users can get itemised bill by paying Rs 50 – Trai

In an effort to protect the interests of pre-paid mobile services users, telecom regulator Trai today said they can now get an itemised bill from service providers on request and at a price not exceeding Rs 50. The consumer can also get details of his tariff plan, available balance in his account and details of any value-added service ac...

Posted Under: Finance |

Govt to notify 100% FDI in single-brand retail soon

The government says it will soon notify 100 per cent foreign direct investment in single-brand retail. Secretary in the Department of Industrial Policy and Promotion (DIPP) P K Chaudhery said this in response of a question about issuance of notification of 100 per cent FDI in single-brand retail....

Posted Under: Finance |

FMs speech at International Conference organised by ICAI

Union Finance Minister, Shri Pranab Mukherjee's speech at Chennai Trade Centre "The global financial crisis and the current international economic environment has brought into focus significant challenges for governments across the world. India has also been impacted and continues to face challenges on several fronts. Yet, I would say tha...

Posted Under: Finance |

Input services used in trading activity & in production of non-excisable goods not eligible for Cenvat Credit

Loreal India (P.) Ltd. Vs Commissioner of Central Excise, Pune (CESTAT Mumbai)

First issue involved in the appeal is whether the Cenvat credit available on raw materials and services used for non-excisable goods is admissible to the appellants. Under the Cenvat Credit Rules, input means all goods used in or in relation to the manufacture of final products whether directly or indirectly and whether contained in the f...

ICAI Invites to Participate in the Activities of the Internal Audit Standards Board on January 08, 2012

As you are aware, the Institute of Chartered Accountants of India is the regulator of chartered accountancy profession in India, having been set up by the Parliament under the Chartered Accountants Act, 1949. The Internal Audit Standards Board of the Institute of Chartered Accountants of India was constituted in 2004 to reinforce the prim...

Posted Under: Finance |

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