ICAI
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| The Sale of CA Examination Application Forms to be held in May, 2010 will be available from 8th February, 2010. Forms for the below CA Examination to be held in May, 2010 scheduled to be made available for Sale at Regional Offices and Branches of the Institute from 5th February, 2010 will now be available from 8th February, 2010 against the payment of Rs.100- per application form for both Students Examination Form as well as for Members Examination Form. |
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| The ‘Shield Panel’, a sub-committee of the Research Committee of the Institute, conducts the competition for the ‘ICAI Awards for Excellence in Financial Reporting’ annually, with a view to promote better standards in the presentation of information in the financial statements. The Panel evaluates the Annual Reports and other documents pertaining to the participant organisations. The Panel, in deciding awards, inter alia, considers compliance with Accounting Standards, statutory and … |
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| The apex council of the Institute of Chartered Accountants of India (ICAI) found two chartered accountants guilty for professional misconduct in the Global Trust Bank (GTB) collapse case and have recommended that their names should be struck off the members roll for differing periods. Members P Rama Krishna and Manish Agarwal have been found guilty of professional misconduct and have been barred for five and three years, respectively. |
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| As part of its quality service to the Chartered Accountants in Service Industry, The Committee for Members in Industry of ICAI has started a single window help desk for the Chartered Accountants with respect to all services related to their membership in ICAI. These services would cover appropriate assistance on the following: |
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| In the PEE- II Shri Avinash Karwa of Solan ( H.P.) topped by scoring 64.5%. Shri Nafih Omer of Dubai ( UAE ) came second. Rupali Gupta of Jaipur topped the PCE scoring 76 %, whereas Kumari Lakshami Niranjani G. of Coimbatore came second with 74.5 %. In the IPCE Amita Maheshwari of Jodhpur was first by scoring an impressive 77 %. Second place was achieved by Bhumika Rajiv Shah |
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Income Tax
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| Issue of s. 143 (2) notice is mandatory for block assessment proceedings. Disclosed items cannot be assessed in block assessment. Circulars are binding on the revenue. Chapter XIV-B provides that where a search us 132 is conducted, the AO shall determine the undisclosed income for the block period. S. 158 BC(b) provides that in making the block assessment the provisions of s. 143 (2) shall “so far as may be, apply”. |
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| Big corporations will now find it difficult to defer their advance tax payments. In a bid to meet its revenue collection targets, the Central Board of Direct Taxes (CBDT) has decided to monitor advance tax payments by top companies and persuade them not to defer such payment as self-assessment tax for the next financial year. CBDT convened a meeting of chief commissioners of income-tax today to discuss strategies for achieving the revenue collection target budgeted |
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| BJP Rajya Sabha leader Arun Jaitley says the direct tax code increases the tax liability of the middle-class. The Finance Minister, he added, assured that the tax proposal would be implemented post discussion. The 256 page draft, which will replace India’s antiquated Income Tax Act of 1961, hopes to create a modern progressive regime of taxation. It is likely to become law only in 2011 and is currently open to public scrutiny and comment. |
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| The Bombay High Court has recently admitted a writ petition that challenges an Income-Tax rule allowing the taxation of expenditure incurred on earning tax-free income like dividends and long-term capital gains. The writ petition was filed by Technocraft Industries India, a Mumbai-based exporter, along with Indian Exporters’ Grievance Forum, a body under FIEO. The final hearing of the matter is slated for February 15. |
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| In case of Interest on borrowed capital and Interest-free advances to sister concerns, before disallowing deduction of interest amount pertaining to the interest-free loan advanced to the sister concerns or its directors, it is incumbent on the authorities to record a finding as to whether there was commercial expediency in making such advance CIT v. Marudhar Chemicals and Pharmaceuticals (P) Ltd |
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| The CBDT recently framed a scheme for ensuring quality tax assessments by its officers across India. The CBDT had issued instructions to the range heads to monitor the quality of the tax assessments falling under their jurisdiction, there was no comprehensive plan in place for improving and monitoring the overall quality of tax assessments. |
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| The assessee, an Indian company, advanced interest-free loans to its 100% foreign subsidiaries. The subsidiaries used those funds to make investments in other step-down subsidiaries. On the question whether notional interest on the said loans could be assessed in the hands of the assessee under the transfer pricing provisions of Chapter X, the assessee argued that the said “loans” were in fact “quasi-equity” and made out of commercial expediency. It was also argued that notional income could… |
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| This is good news for multi-national companies (MNCs) operating in India. Over 1,600 such companies, who were asked to pay additional corporate taxes on account of their overseas transactions, now, have the option to appeal before the conventional forum of Commissioner (Appeal) as well as Dispute Resolution Panel (DRP) for redressal of their grievances. An appeal before the commissioner (Appeal) may take a year or two for a decision. |
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| Taxpayers can now adjust the advance FBT paid for the current fiscal against income tax or claim refund as the FBT is no longer in force. The FBT–the tax on the added benefits or perks given by the employer to the employee — was abolished by Finance Minister Pranab Mukherjee in the the Finance Act 2009 with effect from assessment year 2010-11. The tax was introduced in 2005. |
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Corporate Law
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| Former RBI governor Bimal Jalan is set to head an expert committee being constituted by stock market regulator SEBI for drafting rules for new corporate governance and the ownership structure of stock exchanges. The committee, consisting of experts who are not directly connected to the capital market, will take a comprehensive look at the governance issues of stock exchanges against the backdrop of the transformation of stock exchanges into profit organisations. |
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RBI
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| NEFT uses the Public Key Infrastructure (PKI) technology to assure end-to-end security and the Indian Financial Network (INFINET) to connect bank branches for electronic transfer of funds. With a view to further strengthen the NEFT system in terms of availability, convenience, efficiency and speed, the following refinements to process-flow and enhancements to operational features are being introduced |
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| The RBI vide circular no. DNBS (PD).CC. No 167 03.10.01 2009-10 has specified that Non-Banking Financial Companies have to submit a certificate from Statutory Auditors on half yearly basis i.e. year ending on September and March certifying compliance with the existing terms and conditions of FDI and has to submit to the Regional office within one month from the close of the half year to which the certificate pertains. |
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Indirect Taxes
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| It is provided that if the periodicity determined by the department and peridiocity at which the dealer has filed returns is different, then the said dealer shall file revised returns by 31st Jan ’10. If the dealer files the revised returns by 31st Jan ’10, then such dealer shall not be subjected to the penalty under section 29(8) of MVAT Act, 2002. It is provided that the date of filing revised returns for the purpose mentioned above is extended from 31st Jan ’10 to 15th Mar ’10. |
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| Facing competition from industries located in Himachal Pradesh, where special incentives are offered to them, Mohali businessmen are feeling the pinch as after power cuts, now increased VAT rate will cause further business loss to around 12,00 units located here. The state government has decided to increase VAT from existing 4% to 5% on scheduled-B goods. Though a delegation had met the chief minister on the issue, no final word has come from him. |
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Service Tax
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| With the government’s fiscal deficit ballooning, there are chances of service tax rate being restored to 12 per cent in the upcoming Budget, official sources said. The government had last year cut down service tax rate from 12 to 10 per cent as part fiscal stimulus measures to help the economy tide over the then slowdown. |
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General
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| The ministry of corporate affairs has asked the Institute of Company Secretaries of India (ICSI) to suggest changes to make the Limited Liability Partnership (LLP) model more suitable for the small and medium sector enterprises in the country. The government wants the SME sector to convert from the traditional business form to a LLP structure, which has several advantages such as limited liability for partners apart from lesser compliance costs. |
