As part of intensifying the surveillance against illegal activities, the Excise Department will have a new range in Ernakulam district. The proposal for this has been approved by the Excise department and the new range will come up soon. Ernakulam district with its wide area and high density of population has always been a hot spot for the trade of illicit liquor and ganja sale. Currently, there are 12 Excise ranges in the district. To put tab on the active illegal trade, the Deputy Commissioner had sent a proposal for a new range which was approved by the authorities recently. The new range will be set up in Nedumbassery under the Ernakulam Deputy Excise Commissioner. Ernakulam district comes under the Central Excise zone.
Whether a student of Professional competence Course can apply for conversion to Integrated Professional Competence Course? Ans. Yes. A student of PCC can apply for conversion to IPCC in the prescribed form [can be downloaded from http://220.227.161.86/14650IPCC_Converson_Form.pdf] alongwith prescribed fee [both groups Rs. 6000/- and group I Rs. 5000/-]. Students can obtain the prospectus of IPCC for Rs. 100/- from any nearest Branch office of the Institute.
News from unconfirmed sources said that CBEC is to issue in day or two a notification extending the due date for filing of ST-3 return from 25.10.2011 to 26.12.2011 to enable assessees to comply with new system of online filing.
The following achievements are noteworthy: a) Huge network of amended DTAA (81) and TIEA with tax havens (4) has been created. b) Specific requests in 333 cases (220 by Foreign Tax Division of CBDT and 113 by FIU) have been made by Indian authorities for obtaining information from foreign jurisdictions. c) Over 9900 pieces of Information obtained (9743 information by Foreign Tax Division of CBDT and 177 information by FIU) regarding suspicious transactions by Indian citizens from several countries have been obtained which are now under different stages of processing and investigation.
In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In other words, it is not so much high volatility, which is the ‘effect’, that should be a cause for concern as persistent and excessively low volatility, which is the ‘cause’, and was the hallmark of the pre-crisis period. In particular, it is very instructive to look at the readings on parameters such as (i) TED Spread (3M LIBOR – 3M Treasury Bill), (ii) 3M LIBOR – 3M OIS, (iii) 3M LIBOR – Effective Fed Funds Rate, (iv) VIX Index and (v) CDX Crossover index. Pre-crisis these were about 48 bps, 12 bps, 27 bps, 24% and 154, respectively.
The Supreme Court on Tuesday sought explanation from the Uttar Pradesh government for granting tax exemption to the company organising Formula 1 event in Greater Noida. A bench headed by Justice D K Jain also issued notice to Jaypee Group, organiser of the sporting event, and asked them to file their response by Friday on why the event was given exemption from entertainment tax.
Information given to Income Tax authorities by assesses does not come under fiduciary relationship and cannot be denied to an RTI applicant on that ground, the Central Information Commission has held. The transparency panel while hearing the plea of Rakesh Kumar Gupta, who had sought to know about estimated tax evasion figure, rejected the contention of Income Tax department that the information is held in fiduciary relationship.
Companies wanting to migrate to international auditing norms, the International Financial reporting Standard (IFRS), may be spared from maintaining two books of accounts — one under the Companies Act and the other for taxation purposes, if a Finance Ministry proposal gets implemented. The proposal, which was floated in a Discussion Paper on Tax Accounting Standards (TAS) issued by the ministry today, aims at ‘reducing the complinace burden on businesses’.
As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act, 1956. It has been brought to the Institutes’ notice that during October, 2011, filing of Balance Sheet and Annual Return is less as compared to last year during the same time. You are therefore kindly requested to motivate the corporates to file their Balance Sheet and Annual Return as early preferably well before the festival time of Diwali to avoid last minute rush and system congestion in MCA21.
The globalisation and the emerging scenario of the corporate world require specialized professionals who can provide service with excellence, professionalism & objectivity to deal with various aspects of the corporate affairs. Technicalities of Corporate laws, accounting and auditing have undergone and are undergoing important changes. Members and other stakeholders need guidance on various areas of corporate laws and practice.
