The Institute is pleased to inform you that Ministry of Corporate Affairs decided to utilize the services of Certified Filing Centers (CFC) for enabling companies to file their financial statement in XBRL from FY 2010-11 onwards. CFC would also be required to assist companies in XBRL filing of the financial statements as well as provide training and technical support to stakeholders.
The Reserve Bank’s Annual Policy Statement of May 3, 2011 highlighted several risk factors to the growth-inflation outlook. Many of these risks have materialised. On the global front, the sovereign debt problems that have beset the euro area over the past year now threaten larger economies in the region. In the US, concerns over a sovereign default loom over financial markets, with potentially disruptive consequences for global capital flows. Japan is dealing with the challenges of recovering from the impact of the tsunami amidst deeper recessionary tendencies.
PRESIDENT Shri M. Gopalakrishnan , has been elected as President of The Institute of Cost and Works Accountants of India, for the year 2011-12 VICE PRESIDENT Shri Rakesh Singh, has been elected as Vice President of The Institute of Cost and Works Accountants of India, for the year 2011-12
The Central Council of the Institute has approved the release of Exposure Draft of Generally Accepted Cost Accounting Principles (GACAP) Document as recommended by the Cost Accounting Standards Board (CASB), the standard-setting body of the Institute on July 21, 2011. The proposed document may be modified in light of comments received before being issued in the final form.
ICAI intends to draw a Panel from amongst its Members for acting as Observer at the examination centres in various cities during the CA Examinations to be held from 1st – 17th November, 2011 and the Common Proficiency Test (Paper-Pencil Mode) proposed to be held on 18th December, 2011.
Those who wish to form a LLP should apply for DIN (http://www.mca.gov.in/MCA21/Din.html). Once DIN is obtained, user can link DIN & DSC in the DSC association page. If a person already has a DIN, the same can be used for forming LLP.
The finance ministry has been working on a negative list of services even as it prepares for a transition to the proposed Goods and Services Tax (GST). The list is now ready and the ministry plans to post the details on its website for seeking public comments. Officials said that all other services, except those specified in the negative list, will be taxed at the normal service tax rate. The Centre has short-listed about 19 services, including interest paid on deposits by banks, dividend paid by companies on shares, transport of passengers in public transport, and funeral and burial agencies, which will be exempt from paying tax. At present, the Centre imposes a 10 per cent tax on 119 services.
The Cabinet today approved the proposal for moving an official Amendment to the Constitution (One hundred and Tenth Amendment) Bill, 2009 for enhancing reservation for women in Panchayats at all tiers from 1/3rd to at least 50%. The Constitution (One hundred and Tenth Amendment) Bill, 2009 was introduced in the Lok Sabha on 26.11.2009. The official Amendment proposes to add word ‘rural’ before the word ‘population’ as and where the same occur in 1st Proviso of Clause (2) (iii) of the Constitution (One hundred and Tenth Amendment) Bill, 2009. This Provision will apply to the total number of seats filled by direct election, offices of Chairpersons and seats and offices of Chairpersons reserved for Scheduled Castes and Scheduled Tribes.
Union Home Minister Shri P. Chidambaram released the book on Disaster Management in India prepared by Disaster Management Division in the Ministry of Home Affairs, here today. Speaking on the occasion, Shri Chidambaram urged the stakeholders to come together by contributing their knowledge and experience in mitigating disaster in the country. He said that disaster management must become part of the general administration at the district level and first and second response at the ground level in States must be prepared. The Home Minister expressed the hope that the Book will be useful in disseminating knowledge on disasters and disaster management in the country.
Paper 8: Indirect Tax Laws (Final Course), Paper 5: Taxation (PCC) and Paper 4: Taxation (IPCC) – Point of Taxation (POT) Rules, 2011 have been notified vide Notification No. 18/2011 ST dated 01.03.2011. These rules have become effective from 01.04.2011 and further amendments have been made in these rules vide Notification No. 25/2011 ST dated 31.03.2011 and Notification No. 28/2011 ST dated 01.04.2011.
