ICAI |
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Advisory for Multipurpose Empanelment Form |
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| Multipurpose Empanelment Form (MEF) for the year 2010-11 is available online 1) Last date for submission of applications is 15th June, 2010. 2) The information filled in by the applicant in MEF can be editedmodified before submission of MEF. 3) The Institute will randomly call 10% of applicants financial documents 4) Complaint filing Mechanism 5) A hard copy of the Declaration duly signed must be sent to ICAI | |
Multipurpose Empanelment Form (MEF) 2010-11 |
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| Multipurpose Empanelment Form for the year 2010-11 is an on line application instead of offline application. Members can fill up the application form directly in the site itself and Upload it. Members can view the Application and can edit the Application in different stages. To fill the Online Application Click Here | |
De-recognition of full articleship period |
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| The articleship training is the backbone of Chartered Accountancy course as it gives an opportunity to the articled assistants to acquire on-the-job work experience of a professional nature, inculcate a disciplined attitude for hard work, develops necessary skills in applying theoretical knowledge to practical situation. In this regard, the Council of the Institute has been taking different initiatives from time to time to streamline and sustain the efforts of the Institute in providing… | |
Special Placement Programme for Experienced and Fresh Chartered Accountants |
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| 22nd – 26th June, 2010 As a measure to develop employment opportunities for Chartered Accountants, Committee for Members in Industry (CMII) of ICAI has been successfully organizing placement programmes twice a year for Newly Qualified Chartered Accountants, wherein prospective employers and new members interact and explore the possibility of taking up employment careers in various organisations. | |
ICAI President Amarjit Chopra’s Message for May 2010 |
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| It was a moment of pride for the profession, when the ICAI past-President CA. T. N. Manoharan was conferred with the ‘Padma Shri’ at the hands of Hon’ble President of India Smt. Pratibha Devisingh Patil on April 7, 2010, in ‘Trade and Industry’ category. It was highly satisfying, inspiring and encouraging to see the contributions of one of our professional bretheren being recognised at the highest echelon of Indian polity. While we have already felicitated him, we congratulate CA. Manoharan for… | |
Amarjit Chopra: Talks with foreign institutes to make global jumps easier for CA’s |
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| India chartered accountants eyeing work opportunities abroad will soon be spoilt for choice, with their nodal agency, the ICAI, negotiating with its counterparts in Canada, Singapore and Ireland to allow the professionals to take up assignments in these countries. ICAI is in talks with the Canadian Institute of Chartered Accountants, Institute of Certified Public Accountants of Singapore and the Institute of Certified Public Accountants in Ireland, besides the American Institute of Certified… | |
Functioning of Multi-National Accounting Firms |
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| The Government has said that ICAI is the Regulator for Chartered Accountancy profession in India and it is collecting information whether top multi-national firms have flouted norms to provide services in the country. Shri Salman Khurshid told the House that as far as the functioning of multinational accounting firms is concerned the Ministry has collected the following information from the relevant Central Govt. Departments: | |
Income Tax |
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EEFC Ac foreign exchange fluctuation and interest not eligible us 80HHC |
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| The assessee, an exporter, claimed deduction us 80HHC on account of foreign exchange fluctuation and interest in the EEFC account on the ground that it was part of business income and arose from exports. The AO & CIT (A) rejected the claim though the Tribunal allowed it. On appeal by the Revenue, HELD reversing the Tribunal | |
Rs 400 cr as TDS from IPL-III |
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| The Income Tax department probing alleged financial irregularities in the IPL has collected TDS of nearly Rs 4 billion (Rs 400 crore) from the third edition of the T20 tournament. The department has accrued the amount as Tax Deducted at Source from the remuneration paid to players, umpires, coaches, commentators and from payment of overseas publicity rights. | |
Withholding Tax Law clarified |
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| Chapter XVII-B of the Income-tax Act provides for deduction of tax at source on payments made by any assessee. These provisions are also applicable in case of payment made to non-residents. Section 195 casts an obligation on the person responsible for payment to non-resident to deduct tax at source at the time of payment or at the time of credit of the sum to the account of the non-resident. | |
Liability to withhold tax would arise only if taxable in India: Delhi HC |
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| The Delhi High Court has ruled that any liability to withhold tax would arise only if payments to overseas entities is liable to be taxed in India. The ruling was on whether it should have deducted tax while making payment to an overseas entity. The tax department disallowed the expenditure under Section 40 a (ia) of Income-Tax Act. The ITAT also decided in favour of the tax officer. | |
Time limit for Sec 263 begins from date of original order |
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| The s. 263 notice was time-barred if reckoned from the date of the assessment order but was within time if reckoned from the reassessment order. The revenue urged that the time limit should be reckoned from the date of the reassessment order on the basis of it was held that the reassessment order “made a fresh assessment of the entire income of the assessee” and “the original order stood effaced by the reassessment order“. HELD rejecting the plea of the department: | |
“New Form Saral-II” is it really different from the erstwhile Form ITR-1? |
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| CBDT has come out with a new income-tax Form — Saral-II — which aims to make the process of tax return filing easier for individual taxpayers. The Form is to be used for filing I-T return for the F.Y 2009-10 (A.Y. 2010-11). The key features of Saral-II are that it is to be used by individual taxpayers having Salary Pension income, income from one House Property or income from Other Sources. | |
Sec 10B: Speculation business cannot be considered as business of undertaking |
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| For purpose of computing deduction us 10B, speculation business cannot be considered as business of undertaking Where business of the undertaking was to manufacture and export readymade garments, the CIT (A) was not justified in holding that profit from forward contract is to be included in the profit of the business of the undertaking for the purposes of computing deduction under section 10B. | |
Indian Tax Sops |
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| The revenue foregone due to tax incentives in 2009-10 is estimated at Rs 5,40,269 crore. A bane of the Indian tax system is that it is extremely complicated and this is due to burdening the tax policy with several objectives. Although many countries’ tax policy is used as an instrument to accelerate investment, encourage savings, increase exports and pursue some other objectives, Indian’s obsession is perhaps unique. | |
Company Law |
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Large Co’s fail to file Documents with ROC |
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| Balance sheets and Annual Returns are required to be filed with the Registrar of Companies by all the companies registered under the Companies Act, 1956. The MCA , informed that the Annual Returns and Balance Sheets for the year 2009-10 are not yet due for filing. However, the details of companies which have not filed balance sheets and annual returns for the last three years, as per records available, are as under: | |
Company’s Liquidation Process |
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| The Government has said that according to a recent study, it takes an average of about 10 years to complete a company liquidation process in India. Giving this information in reply to a question in the Rajya Sabha, the Minister for Corporate Affairs, Shri Salman Khurshid told the House that the Companies Bill, 2009, which seeks to replace the existing Companies Act, 1956 provides for summary winding up proceedings in case of companies having assets of book value not exceeding one crore… | |
FEMA |
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Increase in release of Foreign Exchange for Visits Abroad |
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| A.P. (DIR Series) Circular No. 50 A.P. (FL Series) Circular No. 7 Attention of Authorised Persons in foreign exchange is invited to A.P.(DIR Series) Circular No. 19 dated October 30, 2000 and A.P. (DIR Series) Circular No.11 [A.P. (F.L. Series) Circular No.1] dated November 13, 2001, in terms of which Authorised Dealers and Full Fledged Money Changers are permitted to sell foreign exchange in the form of foreign currency notes and coins, up to USD 2,000 or its equivalent. | |
ECB annual cap raised from $35 to $40 billion for 2010-11 |
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| Indian firms can borrow up to $40 billion this year from overseas markets, with the government moving in to ensure easy availability of funds for the rapidly recovering economy. The high level co-ordination committee on external commercial borrowings decided in principle to raise the annual indicative ceiling to $40 billion for 2010-11 from $35 billion last year, a government official said. | |
Service Tax |
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Service Tax notices challenged by IPL sponsors |
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| The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League (IPL) cricket tournament to make them comply with its service tax payment demands. Companies which sponsored IPL in its first season have contested their liability to pay service tax in reply to showcause notices. | |
SEBI |
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SEBI: CRA’s should ensure full compliance with guidelines by 30th June |
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| The market regulator Sebi asked credit rating agencies (CRAs) to disclose their methodologies and fees charged from the companies they rate, a move that will promote greater transparency. The disclosure guidelines, issued by Sebi against the backdrop of the recent global financial meltdown, require CRAs to frame policies and a code of conduct to deal with the issues related to conflict of interest between their analysts and entities being rated. | |
Indirect Tax |
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DRI unearths biggest customs duty evasion of Rs 1,450 crore |
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| The Bangalore zonal unit of the Directorate of Revenue Intelligence (DRI) has unearthed the biggest customs duty evasion by any company in India, of the order of Rs 1,450 crore. Hewlett Packard India Sales Pvt Ltd (HPISPL) has been slapped a show cause notice for this. DRI Additional Director General R Venkataraman told that HPISPL had undervalued imported products and spares like computers, laptops, notebooks , desktops, spares etc. supplied by its overseas HP entities. | |
RBI |
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RBI seeks explanation on Derivative transactions from some Banks |
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| The government today said RBI is seeking explanations from some foreign and domestic banks where violations had been observed with respect to derivative transactions at the time of the global financial crisis. Deviations from the Foreign Exchange Management Act provisions or regulatory guidelines were observed in the annual financial inspection 2007 and 2008 and scrutiny reports of these banks. | |
General |
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SC issues notice to Centre, IRDA over Ulips issue |
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| The Supreme Court on Friday issued notices to the Centre, the insurance regulator and insurance companies seeking their response on allegations that some insurers mis-represented features of the popular unit-linked insurance plans. The SC action follows market regulator SEBI plea seeking transfer of all public interest litigations on Ulips in various courts across the country to the SC. | |
Bill to hike gratuity ceiling to Rs 10 lakh passed in Lok Sabha |
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| ——- | A bill to raise the ceiling of gratuity for employees to Rs 10 lakh from Rs 3.5 lakh was passed by the Lok Sabha without discussion today. The House, which witnessed an opposition furor over the 2G spectrum “scam” and reports about alleged involvement of a central minister in an illegal arms deal, also adopted the Employees’ State Insurance (Amendment) Bill 2009 without any debate. |
