Following the Prime Minister’s reported call to his Cabinet colleagues to stay away from any business interest, Corporate Affairs Minister Salman Khurshid today suggested that ministers could hand over their businesses to a trust, as is being practised in the US.
Big corporations will now find it difficult to defer their advance tax payments. In a bid to meet its revenue collection targets, the Central Board of Direct Taxes (CBDT) has decided to monitor advance tax payments by top companies and persuade them not to defer such payment as self-assessment tax for the next financial year.
Eastern India Regional Council of the Institute of Cost & Works Accountants of India is organizing the “Regional Students Conference” at ITC Fortune, Kolkata on 14th February, 2010. The theme of the Conference is “India redefined…. CMAs with the difference”.
The ‘Shield Panel’, a sub-committee of the Research Committee of the Institute, conducts the competition for the ‘ICAI Awards for Excellence in Financial Reporting’ annually, with a view to promote better standards in the presentation of information in the financial statements. The Panel evaluates the Annual Reports and other documents pertaining to the participant organisations.
The next Chartered Accountants Examinations of the Institute will be held from 4th to 17th May, 2010. The sale of Examination Application forms for IPCE, PE-II, PCE and Final Examinations would commence from 08th February, 2010. The last date for sale and receipt of filled in application is 26th February, 2010 (without late fee) and 5th March, 2010 (with late fee of Rs. 500/- ).
The Sale of Examination Application Forms for Chartered Accountants Professional Education – II, Professional Competence Course (PCE), Integrated Professional Competence Course (IPCE) and Final Examinations and also for the Management Accountancy Course (MAC Part – I ),Corporate Management Course (CMC Part – I), Tax Management Course (TMC Part – I), Insurance and Risk Management Course (IRM) and international Trade Laws and World Trade Organization (ITL&WTO)
The Supreme Court has held principles of natural justice is a Constitutional requirement that has to be observed by government while taking disciplinary action against him or her. The apex court said the inquiry officer must act as a quasi-judicial authority and not as a representative of government while inquiry into the charges of misconduct against them.
The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of one year where the assessing officer in repudiation of the block return filed by the assessee proceeds for an inquiry.
Export-Import Bank of India (Exim Bank) has concluded an Agreement dated October 12, 2009 with the Government of the Republic of Mali making available to the latter, a Line of Credit (LOC) of USD 36 million (USD thirty six million) for financing eligible goods, machinery, equipment and services including consultancy services from India for the purpose of completion of Mali-Ivory Coast Interconnection Link for integrating the national power grids between Ivory Coast and the Republic of Mali.
Please refer to paragraph 2.3 of our Master Circular RPCD. CO. RRB. No. BL. BC.8/03.05.90-A/2009-10 (RBI/2009-10/41) dated July 1, 2009 in terms of which amalgamated RRBs having 75 or more branches will be allowed to open one Regional Office (RO) for every 50 branches, and RRBs, which had not undergone amalgamation (stand alone) and having 50 or more branches, are allowed to open one RO for every 25 branches.
