The accounting regulator, Institute of Chartered Accountants of India, will soon recommend to the Ministry of Corporate Affairs that auditors be asked to provide more information such as the revenue model, the break-even period and the cost benefit arising out of a particular funding pattern in the Companies Auditors’ Report Order (CARO).
The expert group constituted by the Ministry of Corporate Affairs has specifically highlighted the need to develop cost accounting standards on the basis of generally accepted cost accounting principles. The cost accounting standards board is working to address the issue.
As per the extant External Commercial Borrowing (ECB) policy, Infrastructure Finance Companies (IFCs) i.e. Non-Banking Finance Companies (NBFCs) categorized as IFCs by the Reserve Bank were permitted to avail of ECBs for on-lending to infrastructure sector under approval route subject to satisfaction of prescribed conditions.
The Inland Revenue (now HMRC) in the United Kingdom (UK) in the Gaines-Cooper case has clarified the rules in respect of determining tax residency in the UK. The Decision-The case was not about the residence status of the taxpayers as such, but rather an application for judicial review on the basis HMRC had, in effect, “moved the goalposts” in the middle of the game by changing the rules for determining a tax payer’s residence status.
The Finance Bill, 2010 (the Bill) was presented by the Finance Minister (FM) before the Lok Sabha ( The lower house of Parliament of India ) with certain amendments. This Flash News gives a snapshot of the key amendments to the Bill as passed by the Lok Sabha. The Bill including these amendments will become law only after they are passed by the Rajya Sabha (The upper house of Parliament of India ) and thereafter receive the assent of the President of India.
It was realised that defining goods (and even artificially) would solve problems. It did. But now the trend has become too often to give artificial definition by incorporating deeming clause through the word ‘includes’. The concept of ‘manufacture’ which is fundamental in central excise is inclusive. Section 2(f) of the Excise Act says manufacture includes any process, – (i), (ii), (iii). In Chapter 39 for plastics in the sub-heading note-2 plasticiser includes secondary plasticiser. There are umpteen such inclusive definitions in excise.
The law on nomination of shares held in companies has taken a new meaning with perhaps the first interpretation of the provisions governing nomination in the Companies Act, 1956 by the Bombay high court. Interpreting Section 109A of the Companies Act, the court has ruled that the rights of a nominee to shares of a company would override the rights of heirs to whom property may be bequeathed.
Thus if a person wants to file an appeal under Punjab VAT Act 2005 for which he is required to deposit 25% of additional demand u/s 62(5) as a pre condition for hearing of appeal, he can adjust such 25% of demand from the excess ITC if available and produce a certificate to that effect from the ETO cum Designated officer before the appellant authority to satisfy the conditions of section 62(5) of PVAT Act 2005.
In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Tax Laws (Levy and Amendment) Act, 2010 (Mah. Act No. XII of 2010), is hereby published under the authority of the Governor.
Generally, small businesses face a daunting task in respect of starting and running their business due to various reasons like lack of availability of credit, trained manpower, and access to technology. In order to reduce their administrative burden and compliance costs, there is a special provision under the Income Tax Act, 1961, which help them meet their income-tax compliance under the presumptive taxation regime.
