The central council of accounting regulator Institute of Chartered Accountants of India (ICAI) met on March 13 to consider a second report submitted by its high power committee on Satyam. The committee, set up in the aftermath of Satyam audit failure, has come down heavily on the functioning of Big 4 firms – Deloitte, PwC, KPMG and Ernst and Young.
Turning the table on the Big Four audit firms about their India plans, corporate affairs minister Salman Khurshid has asked them to spell out unambiguously if they intend to start full-fledged operations in India, and be fully accountable for their operations in the country if permits are given.
Section 62(5) of the PVAT Act 2005 provides for the precondition of deposit of 25% of total amount of tax, penalty and interest, if any before entertaining any appeal. Such condition was also imposed even on those appellant whose entire goods are detained by the department u/s 51 even if the value of such detained goods exceed the total amount of tax, penalty, interest. In such cases it results in burdening the assessee with another liability.
These persons are required to furnish within prescribed time certificates for tax deduction to payees and also to file returns with tax authorities. In case of defaults or non-compliance with the provisions, huge burdens of penalty are laid and/or substantial mandatory interest is levied over the shoulders of the deductor. These persons are also liable to be prosecuted in criminal courts and or imprisonment for failure to deduct or deposit the tax so deducted at source.
The matches between two countries have fuelled the fire and as a result every one is on the sidelines to watch out the final over of the match. I am not neither making a live telecast nor writing up a report on any final cricket match to be held between two countries. I am talking about the battle between economies firing up the stadium of currency.
At present the entry 45 in Schedule-A provides NIL % of MVAT in respect of items covered under “The Additional Duties of Excise (Goods of Special Importance) Act, 1957. Fabric, being a tariff item is covered under Chapter 50 to Chapter 60 of the Central Excise Tariff Act and thus enjoys the exemption from MVAT from the whole of the VAT. The entry 45 reads as under:
Placement document is to be as per the requirements of Chapter VIII of ICDR with a disclaimer in bold capital letters that “the placement is meant only for QIBs on a private placement basis and is not an offer to the public or to any other class of investors.”
The initial public offer guidelines for the insurance sector is likely to announced next month, the Insurance Regulatory & Development Authority (Irda) said on Monday. “The guidelines could take a month time and Sebi will take the final call,” Irda chairman J Harinarayan said.
The Securities and Exchange Board of India (SEBI) has never been armed with stronger draconian powers over the fate of Indian citizens. A recent opinion of the Supreme Court has held SEBI to be a social welfare organisation, and its powers under Sections 11(4) and 11B of the SEBI Act, 1992 (the Act) as not being “penal” in nature. Consequently, SEBI can issue directions to any person using these powers, even in relation to matters that occurred when these powers did not exist in the Act.
If your bank rejects any of your currency notes in the Rs 1,000 or Rs 500 denomination on the suspicion of it being fake, you have a right to fight. The problem of fake notes in circulation has assumed serious proportions across the country, particularly in Hyderabad.
