Archive for the Business & Economy Category
Posted on March 6, 2011 with No Comments
In order to save revenue on account of companies converting to LLP’s to take benefits of tax exemptions and to rationalize taxation of LLP’s with companies, this Union Budget has proposed to introduce a new Chapter XII-BA under the Income Tax Act 1961 which provides for levy of Alternate Minimum Tax @ 18.5% on the adjusted total income of Limited Liability Partnerships. The effective rate of AMT after taking in account education cess will be 19.05%. Read More »
Posted on March 6, 2011 with No Comments
Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of theusinesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by India, the process of convergence of Indian Read More »
Posted on February 11, 2011 with No Comments
What could outright revolutionize the TMT bar industry, Mahalaxmi Vinimay, a Rs 500 crore, TMT bar and Ferro Alloys manufacturers is all set to launch for the first time ever in India, stainless TMT bar in various thickness and sizes in West Bengal and Bihar.No company currently manufacturers stainless steel steel TMT Bars and the housing and construction sector relies entirely on TMT Bars made of iron which is plagued by the problems of rust and breakage. Read More »
Posted on January 29, 2011 with No Comments
As part of our commitment to provide a high level of customer service, we would like to give you a 30-day advance notice on changes to our user agreement for India.
With effect from 1 March 2011, you are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by online payment gateways (”RBI Guidelines”). Read More »
Posted on January 1, 2011 with No Comments
The Central Government, Ministry of Finance has notified on December 20, 2010 to call in from circulation the coins of denomination of 25 paise and below, issued from time to time, with effect from June 30, 2011. From this date, these coins shall cease to be a legal tender for payment as well as on account. The procedure for call in shall be notified separately by the Reserve Bank of India. The notification was issued in exercise of the powers conferred by sub-section 15A of the Coinage Act, 1906 (3 of 1906).
Posted on July 31, 2010 with No Comments
The SAD-BJP led government in Punjab has raised the ceiling of value added tax (VAT) it can levy on petrol by two per cent to 32 per cent even as the two parties are fiercely protesting against inflation in the Parliament.
The decision to raise the cap on petrol VAT was taken at a meeting of the state cabinet presided over by Chief Minister Parkash Singh Badal here yesterday.
The SAD-BJP government has raised the cap by two per cent, even as the two parties have been protesting in the Parliament against the Centre’s move, to raise fuel prices and high inflation that has been in the double digits for the past few months.
The present rate of VAT on petrol is 27.5 per cent, with the upper cap being at 30 per cent, which has now been hiked by two per cent.
Posted on March 22, 2010 with No Comments
Bank branch Audit is one of the more important assignments carried out by the Small & Medium Practicing Firms. The focus is on delivery of quality audit amidst time constraints. This poses a challenge for the Practicing unit - to be updated on the various circulars pronounced by RBI, adapt to technological changes in the Banks, train the team and maintain documentation as required under SAP, amongst others. Read More »
Posted on March 10, 2010 with No Comments
The Finance Bill proposes to amend the provisions of section 271B of the Act, raising the amount of maximum penalty leviable from Rs.1 Lakh to Rs.1,50,000. penalty for default in getting the accounts audited under section 44AB shall be ½ % of the total sales turnover or gross receipts subject to maximum of Rs. 1,50,000.
Posted on March 10, 2010 with No Comments
The Finance Bill proposes to amend section 260A(2) to empower the High Court to admit an appeal after the expiry of a period of 120 days if it is satisfied that there was a sufficient cause for not filing the appeal in time.
This amendment is proposed to be st retrospective from 1 October 1998. A similar amendment is being made in section 256(2A) to admit a reference beyond the period of six months on being satisfied about the
Salient features of the Finance Bill, 2010 by Ved Jain reasons for delay. This amendment is being made retrospectively, w.e.f., 1st June 1981. A corresponding amendment has been proposed in the Wealth Tax Act also.
Posted on March 10, 2010 with No Comments
In view of delay in setting up the Central Processing Centre the period for setting up of this centre under section 143(1B) & under section 115WE is being extended from 31st March 2010 to 31st March 2011. This amendment is also being made retrospectively from 1st April 2010.