digest from www.indiancaonline.com
Madhyanchal Vidyut Vitran Nigam Limited
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Description :Bill printing and accounting work of certain specified
categories of electricity consumers of MVVNL through computers.
Last Date :17/01/2008
Address :Chief Engineer (Technical), Madhyanchal Vidyut Vitran Nigam
Limited, 4A Gokhle Marg, Lucknow.
Phone :0522- 2287747
http://www.indiancaonline.com/
By djain128, Section Empanelment Notices
Posted on Thu Dec 27, 2007 at 06:02:10 AM EST
State Council Of Educational Research And Training
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Description :Registered Chartered accountants for Audit of SCERT (HQ)
and DIETS.
Last Date :08/01/2008
Address :Director, State Council Of Educational Research And Training,
Varun Marg, Defence Colony, New Delhi- 110024
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By djain128, Section Empanelment Notices
Posted on Thu Dec 27, 2007 at 06:01:57 AM EST
http://www.indiancaonline.com/
Greater Ludhiana Area Development Authority
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Greater Ludhiana Area Development Authority
Description :Required Tax Consultant in Glada for Tax Consultancy from
the experienced Chartered accountants.
Last Date :29/12/2007
Address :Addl. Chief Administrator, Greater Ludhiana Area Development
Authority, Rajguru Nagar, Ferozepur Road, Ludhiana.
Phone :0161- 2460894, 2460924
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By djain128, Section Empanelment Notices
Posted on Thu Dec 27, 2007 at 06:00:59 AM EST
http://www.indiancaonline.com/
Remove ATM Transaction Fee: Reserve Bank of India (RBI)
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ATM users now have a reason to cheer. From April 1, 2009, they may not
have to pay service charge for using any ATM if a proposal by the
Reserve Bank goes through.
The central bank today proposed that banks should not levy more than
Rs 20 on ATM transactions by customers of other financial institutions
starting March 31, 2008, and eventually eliminate the fee by the end
of next fiscal.
The RBI, in its draft notification, has also prohibited banks from
charging any fee from customers for using ATMs of other banks for
services like balance inquiry.
Presently, banks charge up to Rs 57 per transaction from customers who
use ATMs of other banks for cash withdrawal and balance inquiry, the
RBI said in its draft approach paper on `Fair pricing and enhanced
access of bank ATMs'.
While prohibiting the banks from further increasing the ATM charges,
the draft paper said that they would have to reduce the transaction
fee to Rs 20 per transaction by March 31, 2008.
Also, the banks would be required to do away with charges for use of
ATMs of other banks with effect from April 1, 2009, the draft added.
The central bank has invited comments from interested stakeholders by
January 31 on its draft paper, which seeks to establish a fair and
transparent framework for levy of service charges for bank ATMs. --
PTI
Comments >> [edit]
By Sumit Kumar, Section Banking & RBI
Posted on Wed Dec 26, 2007 at 01:02:51 AM EST
http://www.indiancaonline.com/
Investing In Real Estate Mutual Funds Soon, SEBI To Come Out With
Guidelines In A Month Realty
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Investing in real estate mutua1 funds (REMFs) could soon become a
reality Almost 18 months after the Securities and Exchange Board of
India (SEBI) allowed the launch of REMFs, the market regulator now
hopes to put out the final guidelines for these funds within a month.
The launch of REMFs has been stalled due to the absence of a proper
valuation mechanism for investments in unlisted real estate entities
and accounting norms to be followed for such funds.
The regulator has been working on the issue with the Institute of
Chartered Accountants of India (ICAI) and the Association of Mutual
Funds in India (AMFI). A SEBI official said: "We have decided to use
professional realty valuers for valuing investments in unlisted
entities. The idea is that if private equity funds can invest in
unlisted realty entities and have proper valuations so can mutual
funds. We are finalising the guidelines."
REMFs, or mutual funds that pool public money to invest in real estate
assets and companies, are allowed to park their money in mortgage-
backed securities, equity, bonds and debentures of listed or unlisted
real estate companies.
Click on "Full Story" for more...
(351 words in story) Full Story [edit]
By Sumit Kumar, Section SEBI & Share Market
Posted on Sat Dec 22, 2007 at 01:52:07 AM EST
http://www.indiancaonline.com/
Mission Directorate NRHM
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Description :Expression of interest for empanelment of internal
auditor.
Last Date :22/12/2007
Address :Mission Directorate NRHM, Department Of Health And Family
Welfare, Govt. of Orissa Unit-6, Behind Capital Hospital, Bhubaneswar
-751001, Orissa.
Phone :0674- 2392479 / 80 / 88
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By djain128, Section Empanelment Notices
Posted on Fri Dec 21, 2007 at 07:07:06 AM EST
http://www.indiancaonline.com/
IT industry lobbies for extended tax holiday
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The Indian IT industry has put in a strong demand for the extension of
tax holidays under the Software Technology Parks of India (STPI)
scheme, among other things, in its list of requests to the finance
ministry. The recommendations have been made by industry body National
Association of Software and Service Companies (Nasscom) as part of its
pre-budget demands. Under the STPI scheme, which was introduced in
1999, firms get tax holiday on profit from exports. The scheme ends
March 2009.
Comments >> [edit]
By djain128, Section Taxation - Income Tax
Posted on Fri Dec 21, 2007 at 07:02:18 AM EST
http://www.indiancaonline.com/
No tax deduction on disability pension to Armed Forces: Govt
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The government on Thursday said that there will be no deduction of
income tax on payment of disability pension to the beneficiaries from
the Armed Forces. "Banks have been advised to issue suitable
instructions to all their pension disbursing branches that income tax
should not be deducted from the disability pension paid to the
pensioners of the Armed Forces," a Finance Ministry statement issued
here said.
Comments >> [edit]
By djain128, Section Taxation - Income Tax
Posted on Fri Dec 21, 2007 at 07:01:11 AM EST
http://www.indiancaonline.com/
No tax deduction on disability pension to Armed Forces: Govt
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The government on Thursday said that there will be no deduction of
income tax on payment of disability pension to the beneficiaries from
the Armed Forces. "Banks have been advised to issue suitable
instructions to all their pension disbursing branches that income tax
should not be deducted from the disability pension paid to the
pensioners of the Armed Forces," a Finance Ministry statement issued
here said.
Comments >> [edit]
By djain128, Section Taxation - Income Tax
Posted on Fri Dec 21, 2007 at 07:00:52 AM EST
http://www.indiancaonline.com/
Tax Rates For IT Hardware May Be Reset
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Govt may lower levels from 16-34% at present to the Asean rates of
5-7%; policy may be in place in the next fiscal
In an attempt to make India, which is one of the world's preferred
destinations for software and back-office work, a regional--if not
global--hub for hardware manufacturing, the Union government is
readying a policy that could see total tax on hardware coming down
from the current 16-34% to 5-7%.
"The hardware industry in India is still at the assembling stage and
we do not have a brand. We are working on a scheme that will bring
companies relief in taxes, such as excise duty and value-added tax
(VAT), and also create the right infrastructure, similar to the
special economic zones, that will have clusters of hardware
manufacturing," said a senior official in the ministry of
communications and information technology (IT), who preferred not to
be identified because the policy is still being given final touches.
At an industry event here in October, Dell Inc. chairman and chief
executive Michael Dell said he saw an opportunity for Indian IT
hardware manufacturing to become part of the global supply chain if it
moved to a more competitive tariff regime (in relation with comparable
economies).
Talk of the new hardware policy comes less than a year after India
unveiled a package of capital and tax incentives designed to attract
billions of dollars of investment into semiconductor fabrication in
the country. The new hardware policy aims to bring down the total
incidence of tax to levels comparable to locations in Asean
(Association of Southeast Asian Nations) countries, harmonize tax
stru-
cture, encourage research and development work and the filing, and
provide financial support to electronics start-ups.
The policy, which is likely to be ready within the next two months,
will take effect from the next fiscal year.
The official said the idea behind a hardware manufacturing policy was
to help Indian firms be involved "right from the design of a product
to patenting it to production and finally marketing it. Most of the
design work done in India is (currently) going abroad".
Click on "Full Story" for more...
(825 words in story) Full Story [edit]
By Sumit Kumar, Section News
Posted on Thu Dec 20, 2007 at 04:44:58 AM EST
http://www.indiancaonline.com/
Sebi Launches New Certification Programme For Intermediaries
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The stock market regulator, Securities and Exchange Board of India
(Sebi), has initiated a certification programme for all market
intermediaries.
Under this programme, people associated with stock markets in any way,
will have to obtain a qualifying certificate from the regulator.
The National Institute of Securities Market (NISM), a trust formed by
Sebi, is tasked with the certification programme. The process and
scope of the certification has been spelt out in the new set of
regulations, termed as Certification of Associated Persons in the
Securities Markets Regulations 2007.
The power and functions of NISM have also been laid down.
"It's one more signal to potential investors that the people whom they
deal with have appropriate knowledge, certain minimum level of
education and behavioural standards to do the job," said Sebi chairman
M. Damodaran.
The certification programme hopes to cover stock broking firms, stock
dealers, foreign institutional investors, mutual fund managers,
portfolio managers, and those who are involved with the distribution
or marketing of equity-related products. As of now, only stock dealers
and brokers undergo a certification programme, designed by the
exchanges--the National Stock Exchange (NSE) and the Bombay Stock
Exchange (BSE).
Clicko n "Full Story" For more...
(454 words in story) Full Story [edit]
By Sumit Kumar, Section SEBI & Share Market
Posted on Thu Dec 20, 2007 at 04:38:51 AM EST
http://www.indiancaonline.com/
Charitable Purpose
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Samaj Kalyan Parishad Vs. ITO 12/01/2007
[2007] 291 ITR (AT) 1(Delhi)[SB]
Decision:
Held by the Hon`ble Bench that the fact is that the society is engaged
in an object of public utility and is not covered by the provision of
section 13(1)(bb),thus the trust shall be entitled to exemption u/s 11
as the profit from the business is solely applied for the charitable
purpose of the trust.
Comments >> [edit]
By djain128, Section Case Laws
Posted on Wed Dec 19, 2007 at 06:19:09 PM EST
http://www.indiancaonline.com/
Net-of-tax salary for expatriates in India
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In a recent decision, the special bench of the Delhi Income-Tax
Appellate Tribunal has ruled that tax paid by the employer on behalf
of the employee is a "perquisite" and is not subject to multiple
grossing up while computing the taxable income of the employee.
This is a welcome ruling as far as those who employ expatriates on
net-
of-tax salary arrangements. Section 10(10CC) introduced by the Finance
Act 2002 provides that notwithstanding Section 200 of the Companies
Act, 1956, tax paid by the employer on behalf of the employee on the
perquisites, not provided for by way of monetary payment, shall not be
included in the taxable income of the employee.
source: economictimes.indiatimes.com
(704 words in story) Full Story [edit]
By djain128, Section Taxation - Income Tax
Posted on Wed Dec 19, 2007 at 06:17:08 PM EST
http://www.indiancaonline.com/
date: Tue, 1 Jan 2008 17:55:25 -0800 (PST)
author: djain128
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