FAQ on Service provided by Directors to Company

Validity of E-trip in Punjab Posted: 20 Aug 2012 08:16 PM PDT Excise and Taxation Department, Punjab has made it mandatory to furnish information regarding intra-state movement of goods (within Punjab) by all persons making sales of Rs. 3 Lakh or above in a single transaction except in the case of Iron and Steel where this threshold shall be Rs. 2 Lakh... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI exempts certain category of students from CPT Examination Posted: 20 Aug 2012 06:54 PM PDT The following categories of students shall be exempted from passing the Common Proficiency Test (CPT):- (A) Graduates or Post Graduates in Commerce having secured in aggregate a minimum of 55% of the total marks or its equivalent grade in the examination conducted by any recognised University... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FAQ on Service provided by Directors to Company Posted: 20 Aug 2012 03:06 AM PDT The CBEC has issued Notification No. 45/2012-ST dated 7-8-2012, amending the Notification No. 30/2012-ST dated 20-6-2012 and expanded the scope of reverse charge mechanism. With effect from 7-8-2012, services provided by the director to the company will be covered under the reverse charge mechanism. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Primary Market Investments to Get a Boost Posted: 19 Aug 2012 09:20 PM PDT New investment in equity shares of companies which comes through primary market is almost nil for last few two years or so. As such while the investors are deprived from investing in primary market, corporate also loose the opportunity to tap the market through public offerings. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Prior period Expenses not allowable Posted: 19 Aug 2012 09:10 PM PDT Ground No. 3 relates to disallowance of prior period expenses amounting to Rs. 2,33,864/-. The Ld. Counsel for the assessee submitted that expenses of petty nature have been written off during the year, details of which have been furnished during the course of assessment proceedings. The Ld. DR... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Issue of COP as per revised format under amended Cost and Works Regulations, 1959 Posted: 19 Aug 2012 09:05 PM PDT Certificate of Practice of the members who have paid the prescribed fees and submitted the prescribed form for renewal of Certificate of Practice for 2012-2013 within due date but not having requisite CEP credit hours, shall be renewed upto 31st March, 2013 without creating a precedence and their... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Approval of govt for increase in remuneration to Non-Whole Time Directors due to service tax component Posted: 19 Aug 2012 07:24 PM PDT Applicability of Service Tax on Commission Payable to Non-Whole Time Directors of a Company Under Section 309 (4) of the Companies Act, 1956- Approval of Central Government Under Section 309/310 of the Companies Act [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Training for Fresh Batch of TRPs to begin Soon Posted: 19 Aug 2012 07:18 PM PDT The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country. The TRPs are authorized to prepare Income Tax Returns for individual and HUF taxpayers. The Tax Return Preparer Scheme (see www. trpscheme.com) ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Steps taken to improve Mumbai Local Train Services Posted: 19 Aug 2012 07:15 PM PDT To give relief to daily commuters, the following steps have been taken to improve the suburban services in Mumbai area: 128 AC/DC Electrical Multiple Unit (EMU) rakes with new state-of-the-art technology having improved ventilation system, better seating arrangement and aesthetics have already been... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Steps taken for expeditious issuance of passports & reasons for delay Posted: 19 Aug 2012 07:11 PM PDT there are delays in issuance of passport. The reasons for delay normally are as under: (i) increase in demand for passport; (ii) delays in receipt of police verification reports within the stipulated time of 21 days; (iii) receipt of incomplete police reports due to submission of incomplete... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Open Source Software in place of micro software for Computers Posted: 19 Aug 2012 07:05 PM PDT Government has not issued directive for use of Open Source Software (OSS) in computers in place of micro software across the country. National Informatics Centre, NIC has implemented OSS in many central and state government departments. NIC has also established Open Technology Centre (OTC)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] India Reduces Safta Sensitive List for NLDCs by 264 Tariff Lines Posted: 19 Aug 2012 06:10 PM PDT The Cabinet yesterday approved Reduction of 30% (264 tariff lines,) from the SAFTA Sensitive list for Non Least Developed Countries (NLDCs) allowing the peak tariff rates to reduce to 5% within three years, as per agreed SAFTA process of tariff liberalization. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer pricing – Computation of ALP – Permissible Price variance for A.Y. 2012-13 Posted: 19 Aug 2012 11:53 AM PDT Notification No. 31/2012 Central Government hereby notifies that where the variation between the arm's length price determined under section 92C and the price at which the international transaction has actually been undertaken does not exceed five per cent of the latter, the price at which the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Report on Measures to Tackle Black Money in India & Abroad Posted: 19 Aug 2012 11:39 AM PDT Twin issues of corruption and black money have attracted unprecedented public attention in the past few months in India. Political debates in Parliament and outside, media news and campaigns, public demonstrations, dharnas and fasts, Hon'ble Supreme Court's attention and observations, and the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Company employee holding upto 0.50% shareholding in company covered under the category of persons not having any interest in the capital of the company Posted: 17 Aug 2012 09:19 PM PDT It is hereby clarified that any employee of a company holding shares of the company up to 0.5% of paid up share capital thereof under any scheme formulated for allotment of shares to such employees including under Employees' Stock Option Plan or by way of qualification shares are also covered under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Clarification on Applicability of AS-11 & AS-16 to Companies Posted: 17 Aug 2012 09:15 PM PDT Circular No. 25/2012, dated 9-8-2012 The Ministry has received several representations from industry associations that para 6 of Accounting Standard-11 and para 4(e) of AS-16 are posing problems in proper implementation of para 46A of notification 914(E) dated 29-12-2011. In order to resolve the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Constitution of a Committee for redressal of the demands/issues raised by ITGOA and ITEF Posted: 15 Aug 2012 09:52 PM PDT Representations have been received that quarterly review meetings taken by Chairman with the representatives of ITGOA and ITEF are not always held in time with the result that issues raised by the Association are not reviewed/ resolved in time bound manner. It has, therefore been decided with the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI – Development of a long term policy including financial inclusion & tax issues for mutual funds Posted: 15 Aug 2012 09:33 PM PDT SEBI Board took note of the lack of penetration of mutual fund products, inadequate distribution network, need for greater alignment of the interest of various stakeholders, regulation of distributors and issues concerning investor protection, and has approved some immediate steps as given below... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Manner of Dealing with Audit Reports filed by Listed companies Posted: 15 Aug 2012 09:24 PM PDT . SEBI, in its continuous endeavor to enhance the quality of financial reporting being done by listed companies, has now decided to put in place a system to monitor the audit qualifications contained in the audit report accompanying the audited annual financial statements submitted by listed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI – Business Responsibility Reports – Amendment in Listing Agreement Posted: 14 Aug 2012 09:30 PM PDT At a time and age when enterprises are increasingly seen as critical components of the social system, they are accountable not merely to their shareholders from a revenue and profitability perspective but also to the larger society which is also its stakeholder. Hence, adoption of responsible... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]