On 22 January 2010, the Ministry of Corporate Affairs (MCA) issued a press release setting out the roadmap for International Financial Reporting Standards (IFRS) convergence in India. The roadmap requires IFRS to be made applicable in a phased manner. This is an historic step that will elevate Indian entities and their finance and accounting professionals to much greater heights. The publication of the roadmap was eagerly awaited by those who have been saying that the convergence to IFRS in India is a matter of when and how” and not “if.”
Please find enclosed a copy of the corrigendum received from Government of India (Ministry of External Affairs) as forwarded by the Chairman of UN Security Council’s 1267 Committee regarding a technical error in the Arabic script of one of names referred to in the note dated January 19, 2010 {Al-Qaida in the Arabian Peninsula ( AQAP) (QE.A.129.10)} for information and necessary action.
As per the extant policy, eligible borrowers in the telecommunication sector are permitted to avail of ECB for the purpose of payment for spectrum allocation, under the automatic route. Keeping in view the large outlay of funds required to be paid directly to the Government within a limited period of time, it has been decided to make a one-time relaxation in the end-use conditions of the ECB policy.
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in the Schedule 2 (Export Policy) of ITC(HS) Classifications of Export and Import items as amended, from time to time :
If you thought getting income tax details of a third person would be an easy task following the recent order of Central Information Commission (CIC), then you are mistaken. In a case filed by Delhi-based chartered accountant R.K. Gupta, the CIC had on December 14 ordered the Income Tax (I-T) Department (Delhi) to allow him inspection of records and give information regarding tax details of Escorts Limited and Dr Naresh Trehan. The commission had asked the I-T department to give these details to Gupta before January 15.
ATM transactions may have become free for customers, but banks now have to pay Re 1 for every ATM transaction that is routed through the National Financial Switch — the backbone of ATM networks in the country. The charge has been introduced after RBI transferred ownership of NFS from its technology arm IDRBT to the newly-formed National Payments Corporation.
The Finance Ministry has overhauled its Income Tax intelligence wing in order to speed up investigation of high value cases of Rs 10 lakhs and above and stop new methods of tax evasion. Commissioners of Income Tax (CITs) of the Central Information Branch (CIB) will now report to the intelligence wing headquartered in the national capital.
Income tax evaders are being pushed into an increasingly tight corner – the I-T department is planning restructuring that will help assessing officers spend more time on an assessee than they do now. Currently in Mumbai, an assessing officer, the individual who actually detects tax evasion after going through the assessee’s files, scrutinises an average of 400 cases a year.
The Bombay High Court has disposed of Golden Tobacco Company’s appeal against a judgment of the Company Law Board (CLB) on January 19, 2009, which stayed resolutions passed by the company’s board. The court on Friday asked the CLB to pass a judgment on the matter by February 2. The Golden Tobacco board had sought to sell or jointly develop some of its land banks in Mumbai, Hyderabad and Guntur.
The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many corporate assessees had already paid the first instalment under the belief that the Finance Bill has yet to be accorded consent by the President and is not final. The advance tax in respect of FBT which was payable for the quarter ending 30th of June, 2009 by 15th of July, 2009 was paid erroneously by many of them.
