Working Party No. 6 of the OECD Committee on Fiscal Affairs has released a discussion draft on safe harbours as part of its project to improve the administrative aspects of transfer pricing. This project started with a survey of the transfer pricing simplification measures in existence in OECD and non-OECD countries and led WP6 to review the current guidance on safe harbours in Chapter IV of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (TPG).
In view of the fact that The Madhavpura Mercantile Co-operative Bank Ltd, Ahmedabad (Gujarat) [the co-operative bank] had ceased to be solvent, all efforts to revive it in close consultation with the Government of India had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) passed an order cancelling the banking licence issued to the co-operative bank with effect from the close of business on June 04, 2012. The Central Registrar of Co-operative Societies, New Delhi (CRCS) has also been requested to issue an order for winding up the co-operative bank and appoint a liquidator.
The role that the chartered accountants are expected to play by way of audit/ certification of financial/ non financial information under various laws and regulations is only an indicator of the trust that the Government and the society places in us to take our country forward on the road of development. Given this, it is imperative that the quality of the work that we do as auditors is such that it upholds the trust reposed in our Profession and justifies the respect that it commands.
Close on the heels of railways increasing parcel rates by 25 per cent, the freight charges will go up by about 3.6 per cent from July 1 with imposition of service tax. The government had given service tax exemption on goods carried by railways till June 30, 2012. From July 1 using railways to transport goods will come under service tax net.
M/s. Coal India Limited invites expression of interest for appointment/empanelment of Cost Audit Firms for compliance of Companies (Cost Accounting Record) Rules 2011 for the year 2011-12 and cost audit for the year 2012-13 for its standalone segment.
The Committee on Public Finance & Government Accounting, a non-standing committee of Institute of Chartered Accountants of India, has been constituted in the year of 2008 with the objective to review, analyze, recommend and suggest measures to the Local, State & Central Government, PSUs and other organisations in policy assessment, planning and execution in public finance, reforms in Government accounting system and maximizing public fund’s utility to augment and vitalize economic growth for end beneficiaries.
All concerned may please note that the CS Foundation Programme Examination in “Elements of Business Laws and Management” paper, which was originally scheduled on 5th June, 2012 and postponed for administrative reasons beyond our control, will now be held on Saturday, the 16th June, 2012 (repeat 16th June, 2012) from 9.00 AM to 12.00 Noon.
The National Voluntary Guidelines (NVG) on Social, Economic and Environmental Responsibilities of Business were released by the Ministry on 8th July, 2011. Subsequently, a Committee was constituted for formulating a reporting framework in an electronic format (on MCA-21 platform) for disclosure of information in terms of the NVG. The format suggested by the Committee for reporting of CSR activities as per the NVG was submitted to the Ministry recently. It is placed for information of all stakeholders for wider dissemination. Feedback, if any, may be sent by 20th July, 2012 at anil.prashar@mca.gov.in or navneet. its94@gmail .com.
Central Govt exempts vide notification No. 14/2012-ST, Dated 17-3-2012 Taxable service involving import of technology, from so much of service tax, as is equivalent to the extent of amount of cess payable on the said transfer of technology under the provisions of section 3 of the Research and Development Cess Act, 1986 w.e.f. 01.07.2012.
The Central Board of Direct Taxes (CBDT) has launched an internal inquiry into the recent arrest of four senior income tax officials by the CBI in a graft case. The report of the inquiry, to be conducted by a chief commissioner-rank officer, will soon be submitted to the CBDT top brass.
