Two weeks after it sought applications for granting the ‘Maharatna’ status along with greater autonomy for CPSUs, the Department of Public Enterprises has not received any response from the administrative ministries. “We are awaiting response from the ministries concerned.
The long-awaited reform of India’s indirect taxes system is set to get a fillip , with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be levied on all companies and traders with annual turnover of Rs 10 lakh and above, this would provide a tax base of 40-45 lakh assessees and ensure that neither the Centre nor states suffer any revenue loss.
The country’s apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings (PSUs), the CAG said that with high inflation leading to audit cost escalation and increased compliance burden on auditors, it was “prudent’’ that the fees paid to auditors should be raised.
Eligibility to appear in the May, 2010 and onwards Integrated Professional Competence Examination (IPCE): An Important Announcement for Students of Erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) who have mean while converted to Integrated Professional Competence Course (IPCC) – relaxation of nine months study course period to appear in the Integrated Professional Competence Course (IPCC) examination to be held in May, 2010 and onwards.
On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of Rs 1,000 crore will prepare and present financial statements using Indian Accounting Standards converged with IFRS.
Did the restructuring of bad loans done by the Reserve Bank of India a year ago help small and medium enterprises recover and also curtail the build-up of bank’s bad loans, or did it just delay the recognition of bad loans?
The Union Cabinet today approved a proposal from the Ministry of Human Resource Development to amend the National Council for Teacher Education Act, 1993 to clarify its applicability to matters relating to norms for minimum qualification for appointment of school teachers and clarify its applicability to schools and school teachers.
The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries, CNBC-TV18 reports quoting government sources.
The Supreme Court (SC) on Wednesday dismissed the Income Tax department’s plea alleging that former Nasscom chief Kiran S Karnik had evaded tax to the tune of Rs 3.71 crore in 2002-03 when he was heading Discovery Networks.The I-T department challenged a Gujarat High Court judgement that had dismissed its appeal holding that Karnik could not be held guilty of even deemed concealment.
Expressing satisfaction at the 7.2 per cent growth estimates for this fiscal, the Planning Commission on Monday pitched for phased withdrawal of stimulus in the forthcoming budget to be unveiled by Finance Minister Pranab Mukherjee on February 26.
