Very rarely moments come into the life of a professional body, where a call is taken on the way forward, so as to realise its true potential. Such a moment came in December 2011, when emotions ran high amongst us, as to what will finally emerge through the churning process that happened in the Parliament-the highest legislature of the country, which passed the Cost and Works Accountants (Amendment) Bill 2011. As all of you are aware, the Rajya Sabha passed the bill on 12th December 2011 with some amendments. The LokSabha passed it without further amendments to the bill that was passed in RajyaSabha. While this entire episode had our profession in the centre of the arena fighting a battle, but the happenings on the sidelines by unaffected parties, turned the tables against our just demand for decades. The details of the bill passed by RajyaSabha is available at http://164.100.24.219/BillsTexts/RSBillTexts/PassedRajyaSabha/cost%20work.pdf
ACIT Vs. Afghan Crane Crusher (ITAT Delhi)- Upon assessee’s appeal Ld. Commissioner of Income Tax (Appeals) noted that the aforesaid loans were duly recorded in the books of accounts and confirmations of loans were also filed before the Assessing Officer wherein the depositors accepted to have made interest free loans to the assessee. Ld. Commissioner of Income Tax (Appeals) further observed that the unsecured loans have been raised by the assessee from relatives and friends in the financial year 2004- 05 for obtaining credit limit from banks and the impugned sums do not represent trading liability for invoking provisions of section 41(1) of the Act. In view of the above facts Ld. Commissioner of Income Tax (Appeals) held that the Assessing Officer was legally and factually incorrect in invoking provisions of section 41(1) of the Act and made disallowance of Rs. 13,80,000/-.
The following additional methods viz. Institutional Placement Programme (IPP) and Offer for Sale of Shares through the stock exchange for the purpose of compliance with SCRR requirements are being introduced. The broad features of the same are as under:
As part of efforts to fight black money, the government has decided to double the strength of the crucial foreign tax division in Finance Ministry which handles classified tax related information between India, tax haven nations and other countries.
Please refer to circular UBD.BPD. (PCB). Cir. No. 24 /12.05.001/2010-11 dated November 16, 2010 in terms of which all licensed UCBs, other than those under all inclusive Directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS), were permitted to open Current Account and Subsidiary General Ledger Account with the Reserve Bank and take up membership of the Indian Financial Network (INFINET).
The Union Budget will be presented after the completion of elections in five states, but the government has not yet decided the final date of presentation, Finance Minister Pranab Mukherjee said today.
Concerned over the declining growth, Reserve Bank Governor D Subbarao has indicated that the central bank could reverse the tight monetary stance adopted by it since March 2010 to tame inflation.
Toll-free Helpline Service for Investors Securities and Exchange Board of India (SEBI) has launched a toll free helpline service number 1800 22 7575 for investors on December 30, 2011. The service will be available to investors from all over India and will be in 14 languages. At present the available languages are English, Hindi, Marathi, Gujarati, Tamil, Bengali, Malayalam, Telugu, Urdu, Oriya and Punjabi. The service in Kannada, Assamese and Kashmiri will be commenced shortly. The toll free helpline service will be available on all working days during Monday to Friday from 9:30 a.m to 5:30 p.m.
As Asset Liability Management plays a vital role in the sound management of the insurance business, Authority vide its Circular No: IRDA/ACT/CIR/MISC/081/05/2010, May 13, 2010, has mandated all the non-life insurers to provide the details of ALM activities undertaken by them Section-11 on ‘Investments and ALM’ of Financial Condition Report (FCR) and also discussed the framework of ALM in its guidelines on Corporate Governance. On thorough examination of the details of ALM activities submitted by the non-life insurers in the FCR for the year ended March 31, 2010, it appeared that these details are incomplete and inconsistent. As the mandate by the Authority was very broad, each insurer had adopted their own measures in reporting such details in FCR. In this regard, the following framework shall be put in place by the insurers.
order No. IRDA/Nl/ORD/MPL/004/01/2012, dated 3-1-2012 In order to ensure that the setting up of declined risk insurance pool and matters connected to its operations, the Authority constitutes the Operational Committee with following members to oversee a smooth transition to the new system, operates in an efficient & effective manner, protect the interests of the policyholder address issues that may arise during the course of its functioning:
