Goods and Service tax (GST) is the most talked about topic in the field of indirect taxation today in India. Everybody is keenly waiting for the proposed GST draft which will replace the existing system of VAT in India. The central government wants the GST to be implemented in India by 1st April, 2011. Although there are and will be been many hurdles which are to be crossed before GST is implemented in India.
Suggestions/views invited from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010). Suggestions/views invited from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010)
In a move to facilitate the students, the Board of Studies has compiled the comments of the examiners on all the subjects of the Final (Old) Course and Final (New) Course examinations held in May, 2010. The group-wise general comments of the examiners on the performance of the students have been summarised, which are followed by the question-wise specific comments on the mistakes committed by the students in different subjects.
Shri Anand Sharma, Minister of Commerce and Industry while announcing the annual supplement 2010-11 to the Foreign Trade Policy 2009-14 stated that, “We are on course to achieve the export target of US$ 200 billion in the fiscal year 2010-11 and over the remaining 3 years of Policy, we should be able to come back on the high export growth trajectory of 25% per annum and by 2014, we expect to double India’s exports of goods and services.” Following are the Highlights of the Annual Supplement.
How about your fixed deposits being flexible? Soon this could be possible, as the country’s biggest bank SBI is all set to offer floating interest rates on term deposits. The floating rate term deposit product will offer no guarantee on returns, as the interest will change with the revision of base rates.
SEBI has, on 19 July 2010, released the report of Takeover Regulations Advisory Committee (TRAC) constituted under the Chairmanship of Mr. C. Achuthan on the proposed changes to the existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. TRAC has given their recommendations and also issued a draft of proposed takeover regulations which would replace the existing takeover regulations. The report is open for public comments upto 31 August 2010.
A case was made for giving relaxation to companies, which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and companies which do not carry on any other financial activity i.e. Core Investment Companies (CICs), from the regulatory provisions applicable to Non-Banking Financial Companies (NBFCs).
“Too many cooks spoil the broth” perhaps this would have been in the thoughts of Group on Implementation of GST while analyzing the organizational structure for GST. This group is a committee constituted by the Government that has been framed to analyze all the aspects which will be affected by implementation of GST. On 12.07.2010, the Group has given their report. In this article, we are discussing the administrative changes proposed by the Group under GST regime.
I am very happy to read the judgment of Hon’ble Apex Court dated 13th August, 2010, in CONTEMPT PETITION (CRL.) NO.9 OF 2009 in CONTEMPT PETITION (CRL.) NO.15 OF 1997 between Indirect Tax Practitioners Association and R.K.Jain.
Key features and notification of IFCI Infrastructure Tax Saving Bonds u/s 80CCF is given below. 1. This bonds will be called “Long Term Infrastructure Bond”. 2. Application can be by individual or HUF only but not by minor through Gurdians. 3. An Individual or HUF can invest Rs. 20000/- in a Financial year to avail deduction under section 80CCF. 4. Rs. 20000/- limit is in addition to 100000/- limit of section 80C, 80CCC, 80CCD 5. Tenure of the Bonds will be 10 Years.
