"03 March 2012" Archive

State Govt wants CST rate to be hiked to 4%

States have asked centre for adequate compensation for their revenue loss due reduction in the Central Sales Tax -CST. Otherwise, the levy should be increased to the earlier rate of 4 per cent. Empowered Committee of the State Finance Minister in New Delhi also finalised a negative list of 35 services, which will notbe taxed under propose...

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Constitution of a Committee to formulate Policy Document on Corporate Governance

General Circular No. 03/2012 (03/03/2012)

Concerns relating to the quality of corporate governance system and the need to maintain its integrity and public accountability have resulted in a number of public interventions all over the world including the well known Cadbury Code (1992) and the Sarbanes-Oxley Act (2002) of the UK and US respectively. In India, too, a few elements o...

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Panel suggest increase in exemption limit to 3 lakh and in 80C deduction to 2.50 lakh

A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh rupees from the present 1.8 lakhs. It has also suggested hiking of deduction on savings to 2.5 lakh rupees....

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Access details of your ITR on Mobile

The new software, which allows taxpayers to access details of his ITR on smart phone, is being developed with the help of TCS. The new service will be part of the upgraded online return filing portal which will be launched in the next couple of months. The department already hosts services like viewing of tax credits, Annual Information ...

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Institute of Cost Accountants of India enters MOU with FCI – Students will be able to undergo Practical Training

The Institute of Cost Accountants of India and Food Corporation of India (FCI) (Government of India Undertaking) have signed an MOU on 28th February'2012. As per this MOU the intermediate passed students of the Institute will be able to undergo Practical Training with FCI....

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CWA – Exposure Draft of Guidance Note on Maintenance of Cost Accounting Records for comments

The Technical Cell of National Task Force constituted by the Institute has approved the release of the Exposure Draft of Guidance Note on Maintenance of Cost Accounting Records. The proposed Guidance Note may be modified in light of comments/ suggestions received before being issued as Guidance Note in the final form....

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Request for Expression of Interest (EoI) for Cost Audit and Energy Audit of Co Operative Sugar Factories in Maharashtra

Cost Audit & Energy Audit for all Co operative Sugar Factories have been made mandatory vides Government of Maharashtra Order No. SGY2011/C.R.359/14-S dated. 8th December 2011. Expression of Interest (EoI) is invited from the interested Firm /Partners/ Cost Accountant for Cost Audit and Firm/Partners/ Energy Auditors for Energy Audit for ...

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LIC Jeevan Vriddhi – New Single Premium Plan

LIC’s Jeevan Vriddhi is a single premium plan wherein the risk cover is a multiple of premium chosen by you. On maturity this plan offers a Guaranteed Maturity Sum Assured and Loyalty Addition, if any....

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CMA – President Communique, March, 2012

1st February 2012, will be written in letters of gold in the annals of the Institute history, as it is the effective date from which the notification passed by the parliament for the change of name of the Institute to The Institute of Cost Accountants of India and to use the designated letters ACMA and FCMA came into effect. Immediately f...

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CBEC Invites suggestions regards rising litigation with the taxpayer

Rising litigation with taxpayers is matter of serious concern for the Government. A need for reducing the litigation has been emphasized by the Finance Minister on various occasions. As per the directions of the Finance Minister, a Standing Committee has been constituted in the Central Board of Excise and Customs to identify systemic caus...

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