Empanelment of Statutory Auditors: We recently held an emergent meeting to deliberate upon the proposal of the RBI Working Group on Revision in the Norms for Empanelment of Statutory Auditors and other issues relating to appointment of Statutory Auditors in Public Sector Banks. This was followed with a discussion in the Council. Based on the deliberations, we have prepared a detailed representation and submitted it to the Reserve Bank of India. Subsequently, I also submitted a summarised version of the representation to Shri D. K. Mittal, Secretary, Department of Financial Services, Ministry of Finance.
These are exciting yet challenging times for Indian chartered accountants. The year 2012 will be an eventful year for Indian accountancy profession if both external and internal developments are any indication. World economy is in turmoil and is casting its shadow on India, thereby putting the role of CAs in sharp focus. The resilient Indian economy will surely withstand any trouble.
In exercise of the powers conferred by clause (a) of sub-section (4) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mat. IX of 2005) and in supersession of the Government Notification, Finance Department, No.VAT.1506/CR-135-A/ Taxation-1, dated the 30th November 2006, the Government of Maharashtra hereby, with effect from 1st March 2012, exempts from payment of tax in excess of five per cent of the turnover of sales, of motor spirits and petroleum products made by any of the oil companies mentioned in column (2) of the Schedule appended herewith, subject to the conditions and restrictions specified in column (3) of the said schedule, to any other oil company mentioned in the said list, namely :—
Circular No. Cir/IMD/DF/7/2012 , Dated- February 28, 2012 It is hereby clarified that the due diligence of distributors is solely the responsibility of mutual funds/AMCs. This responsibility shall not be delegated to any agency. However, mutual funds/AMCs may take assistance of an agency of repute while carrying out due diligence process of distributors.
Amendments to SEBI (Mutual Funds) Regulations, 1996 1. Please find enclosed a copy of the gazette notification No. LAD-NRO/GN/201 1-12/38/4290 dated February 21, 2012 pertaining to Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2012 for your information and implementation.
A student who wishes to obtain certified copies of his/her answer books of any subject(s) of a particular examination shall apply on the prescribed application form together with (a) requisite fee; and (b) self-attested photocopy of his/her Admit Card (Roll No.) or Student Identity Card so as to reach the Institute within 45 days from the date of declaration of the result.
Keeping in mind the fact that obstacles were put in assessees getting the benefit, the Legislature introduced the definition of built-up area in sub-section (14)(a) of section 80-IB. From a reading of the definition of built-up area, the intention is clear. In calculating the built-up area it is only the inner measurements of the residential unit on the floor level, which has to be taken into consideration. If there are any projections and balconies and if it exclusively belongs to the residential units, then that also has to be taken into consideration for deciding the built-up area.
Basic Customs Duty of 2% on import of cut & polished diamonds has been imposed by the Department of Revenue with effect from 16.1.2012 vide Notification No.01/2012. Such duty will not be applicable on re-import of cut & polished diamonds (each of 0.25 carat or more) sent for certification/ grading abroad to the above laboratories. (Earlier also similar provision existed in FTP which was deleted after the Basic Customs Duty on cut and polished diamonds was brought down to zero.)
Eastron Overseas Inc., Mataji Enterprises & M/s. Celestial Enterprises by bill of entries dated 12.12.2011, 14.12.2011 and 7.12.2011 had asked the Commissioner of Customs at ICD, Tughlakabad, New Delhi to permit and allow import into India of the Data Graphic Display Tubes, which have been imported from Malaysia. It was claimed that these goods could be imported under the open general license.
Notification No. 12/2012-Income Tax In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (Act 12 of 2003), in respect of the specified income arising to the said
