"August, 2013" Archive

No Proposal to convert Idle Gold into Bullion: RBI clarifies

There have been some news stories in the media in the last couple of days about the Reserve Bank of India discussing/considering various options of converting idle gold, including that available with temple trusts, into bullion. The Reserve Bank clarifies that no such proposal is under its consideration at this juncture. Alpana Killawala ...

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Posted Under: Corporate Law |

ST-3 Filing Due Date for Oct 12 to Mar 13 extended to 10th September, 2013

Order No: 4/2013-Service Tax (30/08/2013)

CBEC extends the date of submission of the Form ST-3 for the period from 1st October 2012 to 31st March 2013, from 31st August, 2013 to 10th September, 2013 vide Order No. 4/2013-ST. Extension of time has been made due to difficulties faced by some assessees in uploading the offline utilities....

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No need to Panic on Rupee and Economic Front : ICAI President

ICAI President’s Message – September 2013 – (30-08-2013) Dear Friends, I sincerely express our gratitude to everybody who has helped in shaping the journey of the accountancy profession of India in the past. I would extend my deep appreciation to all of them for their sheer sense of wisdom and keenness to guide our profe...

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Posted Under: Corporate Law |

ICSI – Clarification on applicability of the Companies Bill, 2012

The Companies Bill, 2012 is not applicable for the December 2013 session of examination. The syllabus for the exams would be based on the Companies Act, 1956. The highlights and important provisions of the Companies Bill, 2012 may be asked in the question papers....

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Posted Under: Corporate Law |

Too early to comment on Success of VCES : Govt.

Voluntary Compliance Encouragement Scheme for Service Tax DefaultersThe Service Tax Voluntary Compliance Encouragement Scheme (VCES) has been brought into effect from 10.05.2013 to encourage voluntary compliance and broaden the service tax base by waiver of interest, penalty and any other consequences to a stop filer, non-filer or non-reg...

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Posted Under: Corporate Law |

PM’s statement on the current economic situation in the country

The movement of the exchange rate of the Indian Rupee recently has been a matter of concern. The Rupee has depreciated sharply against the dollar since the last week of May. There are concerns, and justifiably so, of the impact this would have on our economy....

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Posted Under: Corporate Law |

Iteration for calculating utility cost

How to calculate cost per unit of cost object in a situation of reciprocal consumption of resources between each others. For example in a chemical manufacturing unit various types of utilities are required....

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Posted Under: Corporate Law |

Transfer pricing adjustments of more then 70K crore in F.Y. 2012-13

Tax Evasion by Foreign Companies Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international transactions undertaken are analysed every year in accordanc...

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Posted Under: Corporate Law |

Online Monitoring of Evasion of Taxes

Under the provisions of the Prevention of Money Laundering Act, 2002 and the rules framed there under, it is the responsibility of the banks and other financial institutions to detect suspicious transactions and report such transactions to the Financial Intelligence Unit-India (FIU-IND) under the Ministry of Finance. FIU-IND is responsibl...

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Posted Under: Corporate Law |

Notification No. 93/2013 – Customs (N.T.), New Delhi, 30th August, 2013

Notification No. 93/2013-Customs (N.T.) (30/08/2013)

in exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs...

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