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CBDT issues clarification on procedure for remittances abroad by diplomatic missions

December 2, 2009 1517 Views 0 comment Print

The Government has clarified that while remitting consular receipts abroad, diplomatic missions in India will be required to submit only a self certified undertaking in Form No 15CA to the remitter bank and they are not required to obtain a certificate from an accountant / certificate of Assessing officer in Form 15CB. A circular No.9 of 2009 to this effect was issued by Central Board of Direct Taxes, here today.

Safeguard the Constitution and its values – Mukul Wasnik

December 2, 2009 540 Views 0 comment Print

“The vision and values of the Constitution are facing challenges. It is up to us to safeguard the Constitution and its values from such challenges. As has been said the Constitution has not failed us. We have to ensure that we do not fail the Constitution”, said Shri Mukul Wasnik, the Minister for Social Justice and Empowerment while welcoming Shri K. G. Balakrishnan, Chief Justice, who delivered the Ambedkar Memorial lecture on ‘Constitutional Values and the Promotion of Labour Welfare’, here today.

ICAI president message on Environment Audit, Social Audit, KYC norms, GST, Corporate Forum, ICAI Elections, etc.

December 2, 2009 1047 Views 0 comment Print

The ‘green shoots’ of economic revival are now truly maturing – at least from the Indian perspective – and are showing fruits of the labours of the government and regulators. Recovery is gaining in strength across the globe albeit at a slow pace while in India the stimulus packages are cranking the economic engine.

IASB Exposure Draft of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters

December 2, 2009 687 Views 0 comment Print

The International Accounting Standards Board (IASB) has issued Exposure Draft of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters: Proposed amendment to IFRS 1 so as to amend Appendix E of IFRS 1 to include transition provisions for first-time adopters consistent with the transition provisions in paragraph 44G of IFRS 7 Financial Instruments: Disclosures.

ICAI changed examination center in Mumbai for CPT exam to be held in December 2009

December 2, 2009 1135 Views 0 comment Print

This is to inform that due to unavoidable circumstances the Examination Centre for Common Proficiency Test –December-2009 is changed in respect of candidates who have been allotted Roll Nos.: 114112 to 114311 at H & GHM Institute of Management , Smt. CHM College Campus , Opp. Ulhas Nagar Railway Station , Ulhasnagar , Mumbai-421003 to:

17 FDI proposal worth Rs. 4500 crore cleared by Govt.

December 2, 2009 943 Views 0 comment Print

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on November 20, 2009, Government has approved 17 Proposals of Foreign Direct Investment amounting to Rs. 4551.05 Crore approximately, the largest chunk of which is likely to be invested by a Russian government agency in telecom company Sistema Shyam.

RBI circular on Credit Information Companies (Regulation) Act, 2005

December 1, 2009 2692 Views 0 comment Print

As you are aware, the Credit Information Companies (Regulation) Act, 2005 has been operationalised with effect from December 14, 2006. In terms of Section 15(1) of the Act, every credit institution has to become member of at least one credit information company within a period of three months from commencement of the Act or any extended time allowed by the Reserve Bank on application.

Public Notice No. 21/2009-14, Dated: 01.12.2009

December 1, 2009 5635 Views 0 comment Print

Dye is extracted from the leather using dichloromethane and methanol (1: 1) mixture. The cut pieces of leathers are heated in a water bath with the solvent mixture for few miniutes.Theextracted dye is kept as a spot on the TLC paper and the strip is kept in the eluting solvent such that the dye spot lies above the solvent level. The presence of the dye is confirmed by its movement to a considerable distance and from the formation of a dye curve or peak on the TLC paper.

CBDT’s clarification on instructions on Stay of Demand

December 1, 2009 25002 Views 0 comment Print

Letter [F.No. 404/10/2009-ITCC], dated 1-12-2009 Many queries have been received regarding the applicability of Instruction number 95 dated 21.8.1969 vis-à-vis Instruction number 1914 dated 2.12.1993. Many assesses are taking the plea that Instruction No. 1914 does not supercede Instruction No. 95 dated 21.8.1969. 2. Instruction No. 95 dated 22.8.1969 was an assurance given by the […]

Determination of nature of fees received by a foreign company from its Indian branch

December 1, 2009 1447 Views 0 comment Print

The undisputed fact which is confirmed by the learned counsel for the assessee, Shri Porus Kaka is that, no e-mail, correspondence, bill or any other documents or evidence pertaining to the impugned assessment year 2003-04 has been furnished or filed before the assessing officer during the assessment proceedings despite requests to do so. Shri Porus Kaka on this undisputed fact wants us to rely on the copy of the e-mail correspondence of 27-10-1997 of one Ms. Sonali Surajhita. For ready reference, the copy of the e-mail which is so heavily relied upon by Shri Porus Kaka is extracted hereinbelow:

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