The Central Government today released the fifth report, pertaining to the quarter April-June 2011 on Public Debt Management. Since September 2010, Department of Economic Affairs, Ministry of Finance has been bringing out a quarterly report on debt management.
Ministry of Corporate Affairs vide notification number 430 dated 3rd June 2011 has issued The Companies (Cost Audit Report) Rules 2011. Every cost auditor has to submit the Cost Audit Report as per these rules from 1st April 2012 irrespective of the financial year of the company to which it relates. The report is to be submitted in 3 forms: Form I relates to General Information of the company Form II relates to form of Cost Audit Report Form III relates to Performance Appraisal Report
GFT has notified all the conditions approved by EGOM and it was decided to first call for intent to export through e-mail for shortlisting of the successful allottees by applying a cut whenever the quantity of 10 lakh MTs is exhausted on a first come first served basis. A wait list of applicants will also be maintained in case any of the successful allottee is not able to produce complete documents or obtain Registration Certificate. In the second stage the applicants were required to submit all the prescribed documents to the concerned Regional Authorities/DGFT (HQ) for scrutiny and issue of Registration Certificate enabling them to export the rice. The DGFT vide Trade Notice dated 27-07-2011 notified allocation of quantities of export of rice to various exporters numbering 82 and a waiting list of 30 applicants. However, Hon’ble High Court of Delhi in its interim order passed on 27-07-2011 in W.P. No. 5237/2011 filed by Kannu Aditya(India) Ltd. has directed that no allotment shall be made till the next date of hearing.
Hon’ble Members are aware that after extensive consultations and discussions, including deliberations in a Joint Drafting Committee and a meeting of all political parties represented in Parliament, the Government has introduced a Bill in the Lok Sabha on the setting up of Lok Pal. The Bill has been referred to the Standing Committee concerned. Notwithstanding the introduction of the Bill, Shri Anna Hazare and his supporters have persisted with their demand that the Jan Lok Pal Bill drafted by Shri Anna Hazare should be introduced in Parliament and that the Jan Lok Pal Bill should be the Bill that must be passed by Parliament. In support of this demand, Shri Anna Hazare had announced some time ago that he would undertake an indefinite fast beginning August 16, 2011.
During the past few days, I had extensive deliberations and meaningful discussions in the Board with my colleagues in the CBDT on the way forward. The mandate before us is for a substantive improvement in all areas of common concern coupled with use of technology and innovation to boost revenue resources and to take the department forward towards the realization of our Vision Statement. Our Revenue Collection target for the present fiscal stands at over Rs. 5.32 lakh crores which has been increased by 10% by the Hon’ble FM. I would like to call upon every member of the Aayakar Parivar to take on the call of duty and put in their best efforts for the attainment of the revised target. I know it is difficult, however nothing is impossible and I am confident that the officers will rise to the occasion.
In a significant order, the Bombay high court has set aside a decision of the Maharashtra government refusing to offer job on compassionate ground to a daughter of an employee, who died in harness. The state argued that a Government Resolution allowed only unmarried daughters, wife and son of a deceased government servant to get employment. However, the family of the deceased argued that the daughter was unmarried at the time of applying for job but got married later.
The Supreme Court on Tuesday decided to hear the Centre’s plea seeking recall of its order for setting up a Special Investigation Team (SIT) comprising its retired judges to take over the probe into all black money cases. A three-judge bench headed by Justice Altamas Kabir posted the recall application of the Centre for Wednesday for hearing.
In a first for any taxation department, the Union Finance Minister Shri Pranab Mukherjee has given his go-ahead to an ‘Environment Strategy’ for the Central Board of Excise and Customs (CBEC) that would change the way business is done by the Customs, Central Excise and Service Tax officials.
India is also moving towards this revolution. The Ministry of Corporate Affairs vide General Circular No.37/2011 dated June 7,2011, has made it mandatory for all the companies listed in India and their subsidiaries, all companies having a paid up capital of 5 Crore and above and all companies having turnover of 100 Crore and above to file their Balance Sheets and Profit and loss Account along with Director’s and Auditor’s Report for the year 2010-11 onwards by using XBRL taxonomy.XBRL refers to Extensible Business Reporting Language for generating, aggregating and analyzing business and financial data.
A member designated In-charge of an office of a chartered accountant in practice or a firm of such chartered accountants should be associated with the concerned chartered accountant/firm of chartered accountants as a partner or as a paid assistant, and that if such a member was a paid assistant, she/he should be in whole time employment. Such an association shall be deemed to exist if such a partner/paid assistant resides in the place where the Office is situated for a period of not less than 182 days in a year or if he attends that office for a period of not less than 182 days in a year
