Less than a week after third-quarter GDP estimates showed a lower-than-expected 5.3 per cent growth rate, the Reserve Bank of India on Wednesday surprised the market and sent fresh signals to banks to lower lending and deposit rates by pruning the repo rate and the reverse repo rate by 50 basis points each. The repo […]
The Tamil Nadu government cannot claim precedence over properties of a sales tax defaulter who has secured bank finance unless the Sales Tax Act had a specific Provision creating first charge (first call on Property) in favour of the government, the Madurai bench of the Madras High Court ruled on Monday. Justice Chitra Venkataraman, allowing a writ petition by the Tamil Nadu Mercantile Bank
The Supreme Court on Monday asked the telecom majors Bharti Airtel and Hathway and Datacom Pvt Ltd to move appropriate authority to decide whether transactions related to providing broadband services to subscribers can be treated as “sale of light energy” for levying sales tax. A bench headed by Justice Mr S H Kapadia while setting aside the Karnataka High Court order asked the companies
A Birth Certificate is the most important identity document that makes it possible for anyone in possession of it to benefit from a gamut of services offered by the Indian Government to its citizens. It becomes necessary to obtain a Birth Certificate because it serves to establish the date and fact of one’s birth for […]
It’s a measure of efficiency & governance : Kunal Banerjee President, ICWAI Corporate governance has taken centre-stage in all business models since the Enron debacle. But recent happenings have shown that a governance structure should also support an organisation’s efforts to improve performance. There is a need to move from compliance governance to business governance. […]
In recovering debts or enforcing security interests, the State’s right to sales tax dues, etc will have priority over claims of banks, financial institutions and secured creditors, the Supreme Court has ruled. A bench comprising Justices B N Agarwal, G S Singhvi and Aftab Alam
The ministry of company affairs has begun a comprehensive review of the legal provisions and regulations governing chartered accountants following the Satyam accounting fraud that covers, among other issues, the operation of surrogate firms in India by large foreign audit firms. Sources close to the development said a notification to this effect will be released […]
Dear CA Pariwar, I feel privileged to assume the highest office as the 57th President of one of the largest bodies of accountants in the world. I thank the Council Members for bestowing this honour on me and for reposing their trust in me. This post has been held by many distinguished and able luminaries […]
The income-tax department is expected to fall short of its targeted collections from tax deduction at source (TDS) by 10% in 2008-09. Against a target of Rs 47,000 crore, TDS collections are expected to be around Rs 42,000 crore. To make good the shortfall, the department has carried out surveys to identify corporates that have […]
Exporters are especially hit by recessionary conditions globally. RBI has taken the following measures to ease credit norms during last few months:- (i) Enhancing the period of pre-shipment and post-shipment Rupee Export Credit by 90 days each; (ii) Extending the applicability of prescribed interest rate as applicable to post-shipment rupee export credit to overdue bills […]
