ICAI has been working on development of ICAI Vision 2030 along with strategic priorities to draw upon its strategic action plan for next 3 years. For this purpose, the draft Vision 2030, Mission Statement & Strategic priorities has been unveiled at the International Conference on “ Accountancy Profession : Leveraging Emerging Challenges for Inclusive Growth” held on 6th- 8th January, 2012 at Chennai Trade Centre, Chennai.
Notification No 94 (RE – 2010)/2009-2014 In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government makes the following amendment in Notification No 86(RE – 2010)/2009-2014 dated 28.11.2011 read with Notification No 75(RE – 2010)/2009-2014 dated 20.09.2011 immediate effect.
Circular no. IRDA/AGTS/CIR/GLD/017/01/2012, A. As per clause 3 (b) of the guidelines only entities registered as Company under the Companies Act, 1956 and Societies and Trusts registered under Societies Registration Act shall be eligible to apply for accreditation as ATIs. The following is added in the above clause:
High Court was not justified in observing that since the been levied only against the owner of the vehicle and not against the person in-charge of the vehicle and, therefore, the judgment of the High Court cannot be sustained. ACTO Vs. Romesh Power Products P. Ltd. (Supreme Court)
ORDER NO 1 /2012 – Service Tax -In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 6th January 2012 to 20th January 2012.
Retirement fund body EPFO may lower the interest rate on deposits to 8.6 per cent for over 4.7 crore subscribers for 2011-12 to match it with the rate of public provident fund (PPF) scheme. The Employees’ Provident Fund Organisation (EPFO) had provided 9.5 per cent interest rate to its subscribers for 2010-11 after it found Rs 1,731 crore surplus in its books of account.
The Indian economy is on a robust growth trajectory and the best way to be a part of Indias growth story is to invest in its lifeline – its infrastructure. L&T Infrastructure Finance Company Ltd. has played an important role in financing projects, funded through long term investment instruments for Infrastructure development and construction across the country. L&T Infra to bring to you, for the second year running, the Long term Infrastructure Bonds. These tax-saving bonds let you invest indirectly on a long term basis, in infrastructure projects across the country and aid in the growth of India
Radials International Vs. ACIT (ITAT Delhi)- The assessee had made investment under PMS. The profit has not arisen directly from the deposits made, but from the securities purchased from such deposits, which were traded by the portfolio manager on behalf of the assessee. The quantity of share traded is huge as is evident from the list appended with the assessment order. The shares have been traded frequently with a motive to maximize profit and not with a view to hold them as investment. The volume of the transaction is very high. All these facts indicate that the portfolio manager had in fact done trading on behalf of the assessee.
CIT v. ASK Bros. Family Trust -(Karnataka High Court) – It is clear from the above said clauses that the intention of the parties while entering into the agreement dt. 1.4.1994 was only to grant license to the respondent and it cannot be said to be a lease deed. Further, having regard to the nature of consideration to be paid by the licensee as per clause 3 referred to above and the schedule mentioned in the agreement,
Department of Industrial Policy and Promotion Ministry of Commerce and Industry notified the decision to allow 100 per cent FDI in Single brand retail today via Press Note No.1 (2012 Series). The Union Minister for Commerce Industry and Textiles said Cabinet took the conscious decision to liberalise policy for FDI in single brand retail. FDI in single brand has led to emergence of some global majors in Indian market
