May 4, 2010- In view of the disruption in local train traffic due to the strike call of Railway Motor – men, and in order to avoid hardship to the candidates appearing in CA exams at different Centres in Mumbai city and its suburbs, it has been decided to allow extension of time for late entry to CA examinations upto 3.00 p.m. (instead of 2.30 p.m.) in respect of the Exam Centres located in Mumbai and its suburbs.
The Government has said that the Institute of Chartered Accountants of India (ICAI) is the Regulator for Chartered Accountancy profession in India and it is collecting information whether top multi-national firms have flouted norms to provide services in the country. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that as far as the functioning of multinational accounting firms is concerned the Ministry has collected the following information from the relevant Central Govt. Departments:
Serious Fraud Investigation Office (SFIO), functioning under the Ministry of Corporate Affairs, has handled 61 cases for investigation during 2004-05 to 2008-09. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that SFIO has filed prosecutions in the matter of 32 companies against 632 accused (which includes individuals as well as companies) during the last five financial years. He said that as the SFIO is an investigating agency and not a revenue earning organization, hence the benefits on account of an investigating agency cannot be quantified in terms of revenue.
Export of the item produced from Animal By-Products to EU is allowed subject to the following conditions: (i) A ‘Shipment Clearance Certificate’ is to be issued consignment-wise by the CAPEXIL indicating details of the name and address of the exporter, address of the registered plant, IEC No. of the exporter, plant approval number, nature of export product, quantity, invoice number and date, port of loading (Name of the port) and destination.
RBI has asked finance companies to obtain a no-objection certificate from it before investing overseas, it said on Monday. The company will also have to clearly mention the activities that will be done by the overseas entity while making an application to RBI.
Matter likely to be litigated, with officials agreeing the law was unclear in the earlier editions of the IPL. The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League (IPL) cricket tournament to make them comply with its service tax payment demands.
Citizens aggrieved by the orders of income tax assessing officers may soon find earlier resolution of their appeals before the Commissioners of Income Tax (CsIT), the first appellate authority for such disputes. The department of revenue has constituted a committee to monitor the huge number of cases locked in such appeals and suggest a plan for 2010-11 to increase their disposal.
The finance ministry plans to exempt large unlisted companies from the proposed 25% minimum public holding norm to ensure that it does not discourage them from going public.
As per Rule 4 (7) of the CENVAT Credit Rules, 2004, the CENVAT credit on input services is available only on or after the day on which payment of the value of input service and service tax is made. The section 67 (4) of the Finance Act, 1994, provides that gross amount charged includes payment made by issue of credit / debit notes or by entries in the books of account, where the transaction is with any associated enterprise.
The assessee, an exporter, claimed deduction u/s 80HHC on account of foreign exchange fluctuation and interest in the EEFC account on the ground that it was part of business income and arose from exports. The AO & CIT (A) rejected the claim though the Tribunal allowed it.
