Budget to help broad based rebound in agriculture and continued momentum in Manufacturing Sector. CS Anil Murarka, President, ICSI. Budget reflects financial translation of the policy initiatives of the government towards inclusive growth. CS N K Jain, Secretary & CEO, ICSI
In accordance with the decision of the Council and the suggestions of NACAS, the Indian Accounting Standard on Agriculture is being redrafted. We decided to make amendment in existing AS 11 on the lines of Indian Accounting Standard (Ind AS 21), ‘The Effects of Changes in Foreign Exchange Rates’ to provide an option to defer the exchange differences arising on translation of long-term foreign currency items and recognise the same in profit or loss over the life of such items instead of its immediate recognition, to be followed by the companies after paragraph 46 of AS 11 ceases to be effective, i.e., from 1st April, 2011. It is a matter of immense satisfaction to share that we have completed the task of formulating Indian Accounting Standards converged with IFRS which were submitted and cleared by National Advisory Committee on Accounting Standards (NACAS) for recommendation thereof to the Ministry of Corporate Affairs (MCA) for the purpose of their notification. We have been able to fulfil the commitment that we had made to the Ministry and have been able to adhere to the stipulated timeline.
The existing provisions contained in the proviso to section 245C(1) allow an application to be made before the Settlement Commission if,—(i) the proceedings have been initiated against the applicant under section 153A or under section 153C as a result of search or a requisition of books of account, as the case may be, and the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees;
The Delhi Police, in compliance of the directions of Hon’ble Delhi High Court in Writ Petition (Crl.) No. 468/2010 “Court on Its Own Motion Versus State” dated 06.12.2010, has implemented the system of uploading and viewing the FIRs registered in Delhi on its website www.delhipolice.nic.in in within 24 hours of registration except the FIRs declared sensitive by the Addl. CP/DCP of the district concerned.
The Government has decided to get a fresh study conducted on unaccounted income/ wealth both inside and outside the country brining out the nature of activities engendering money laundering and its ramifications on national security. The proposal was approved by the Government in January, 2011. The study will be conducted by three national institutes with inputs from various ministries/ departments. The institutes have been finalized and the study will be assigned to them after making necessary provisions. The institutes will be given a time frame of eighteen months to complete the study.
Indian Economy on Higher Growth Path; Resilient to Both External and Domestic Shocks:FM. Increase in International Crude Oil and Other Commodity Prices is a Matter of Concern. Emphasizes Need to Step up Investment in Agriculture Sector Both by Private and Public Sector to Achieve 4% Growth. Calls for Increase in Private Sector Savings . Infrastructure Financing a Big Challenge and Requires Innovative ideas and New Models . Manufacturing Sector Productivity Needs to be Increased . Finance Minister addresses 83rd AGM of FICCI
The WPI inflation in mineral oils increased to 16.7 per cent in January 2011 from 7.9 per cent in the corresponding period last year. This is mainly because of the rise in crude oil prices (Brent) in international market, which rose to US $96 per barrel in January 2011 from US $77 per barrel in January 2010 and US $45 per barrel in January 2009. The weighted contribution to overall inflation of mineral oils (weight 9.36%) was 19.7 per cent in January 2011 compared to 9 per cent in January last year.
Finance Minister Pranab Mukherjee today said the Government proposes to introduce the Constitution Amendment Bill in the current session to pave the way for introduction of the long-awaited Goods and Services Tax (GST) regime. “I propose to introduce the constitution amendment bill in this session of Parliament,” Mukherjee said in his Budget speech 2011-12.
The Companies Bill 2009, which seeks to replace a half-a-century-old Act, will be presented in Parliament in the ongoing Budget session, Finance Minister Pranab Mukherjee today said. The new Companies Bill, which was tabled in the backdrop of the Rs 14,000 crore Satyam fraud, promises greater shareholder democracy and stricter corporate governance norms.
The government today proposed to levy Minimum Alternate Tax (MAT) of 18.5 per cent on the book profits of Special Economic Zone developers and units, which was termed as a ‘setback’ by the players. Both the developers as well as units in the tax free enclaves were earlier exempted from MAT under Section 115 JB of the Income Tax Act.
