The International Accounting Standards Board (IASB) has issued Exposure Draft on Measurement of Liabilities in IAS 37: Proposed amendments to IAS 37 with the following objectives: * To align the criteria in IAS 37 for recognising a liability with those in other IFRSs. * To eliminate some differences between IAS 37 and US generally accepted accounting principles (GAAP)—in particular, differences in the time at which entities recognise costs of restructuring their businesses.
Through the Notification No. G.S.R.6(E) dated 6th January, 2010, the Central Government in exercise of powers conferred by sub-section (1) of section 67 of Limited Liability Partnership Act 2008 (6 of 2009), made applicable the provisions of sections 441, 443, 445, 446, 448, 450, 451, 453, 454, 455, 456, 457, 458, 458A, 460, 463, 464, 465, 466, 467, 468, 471, 474, 476, 477, 478, 479, 481, 482, 483, 484, 486, 487, 488, 494, 497, 511, 511A, 512, 514, 515, 517, 518, 519, 528, 529, 529A, 530, 531, 531A, 532, 533, 534, 535, 536, 537, 538, 539, 540, 541, 542, 543, 544, 545, 546, 547, 548, 549, 550, 551, 552, 553, 554, 555, 556, 558, 559, 560 and 584 of the Companies Act, 1956 to a limited liability partnership, except where the context otherwise requires, with certain modifications.
Assignee of a policy holder would be liable for deficiency in service if an insurance policy lapsed as a result of non-payment of premium in time, the National Consumer Commission has held. The apex consumer body held the Employment Provident Fund Commissioner (EPFC) responsible for deficient service for failing to deposit the premium of a policy holder to the LIC in time, which led to repudiation of claim by the company.
Lenders are likely to ask RBI to lower interest rate on savings accounts to enable them to comply with the new directive requiring interest rates on these accounts to be calculated on daily balances. Interest rates on savings accounts are determined by the regulator are presently fixed at 3.5%.
Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special audit of the tax returns filed by the IT firm. In its petition, Oracle India, a subsidiary of global IT firm Oracle Inc, requested the court to stay the direction passed by the Income Tax Department which had on December 29, 2009, ordered it to do a special audit of the tax returns filed by the firm for financial year 2006-07.
Individuals as well as corporates may have fewer occasions to meet the taxmen in future. The Central Board of Direct Taxes (CBDT) is thinking of putting in place a system in which taxpayers do not meet the assessing officer or any tax official for routine assessments. In the system being envisaged by the country’s tax regime, the tax payer would not know who his assessing officer is. Assessments will be centralised at one place where a set of officers will supervise the assessments. Each officer will be specialising in certain segment of the assessment process, such as giving credit, refunds, etc.
In one of the largest seizures of cash in an income-tax raid on an individual, the department on Tuesday recovered Rs 7.5 crore from the premises of a reputed nutritionist based in Vile Parle. Nutritionist Sarita Davare is known to have helped several high-profile Bollywood personalities , including Farah Khan, Sonu Niigaam and Hariharan, shed extra pounds in just one sitting.
No, this isn’t an ungrammatical anti-BCCI tirade from a rival cricket organisation. It is, rather, what the income-tax department has to say about the BCCI in its assessment order dated December 30 last year while disallowing tax exemptions for the organisation. The exemptions were earlier being granted on the grounds that promoting cricket was a “charitable” activity.
Taking a strict view of frivolous petitions that flood the courts, the Bombay high court in an unprecedented move has ordered a city-based organisation, the Bhrastachar Nirmoolan Sanghatana , to pay Rs 40 lakh as legal costs after dismissing its public interest litigations against a super-luxury tower on Peddar Road
Repos in corporate debt securities will be for a minimum period of one day and a maximum period of one year, the RBI said in a release adding that only listed corporate debt securities which are rated AA or above by the rating agencies can be used for repo.
