Updates from F4F

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• Confirmation of Particulars for Compilation of Firms Data
• Brownfield Power Projects to get Customs Duty Cut
• Indian Surety for Loan by Foreign arm will attract Tax here
• Incidence of MAT on Infra Firms to be Eased
• Industry starts Pre-Budget Consultations with FinMin
• Withdrawal of CST Concession of 2% to SSI's
• Constitution Amendment in GST likely after Budget
• Govt to re-write Corporate Governance Rules Tighten Norms for CA's
• India urged US SEC not to Impose Fine on Satyam
• Advance Tax Growth Data offers hopes to Revenue Department
• States to Meet Discuss fine Contours of GST
• CAG ready to Commence Audit of RIL's Gas field from Dec 14, 2009
• Govt. soon to decide on Sops for the Labour Intensive Export Sectors
• Extension of Date for Completion of CPE Hours for the Calendar year 2009
• Even Capital Profits have to be added to "Book Profits" for Sec. 115JB
• RBI Reference Rate for US $ and Euro – 15th December 2009
• RBI Reference Rate for US $ and Euro – 14th December 2009

Confirmation of Particulars for Compilation of Firms Data Posted: To, All firms of Chartered Accountants Sub: I. Confirmation of particulars for compilation of firm's data as on 1st January, 2010 II. Information for Firm Constitution Certificate The Institute compiles data of firms as on 1st January every year based on the particulars as provided by the firms duly confirmed/updated/modified. The exercise for compilation of ... (This is a just a summary, read the full article at www.forum4finance.com)

Brownfield Power Projects to get Customs Duty Cut Posted: A Union finance ministry notification has extended the basic customs duty concession applicable on equipment for entirely new ('greenfield') power projects to expansion ('brownfield') of existing units, too. Issued on December 11, it says the basic customs duty of 2.5 per cent would now be applicable on brownfield expansion of existing ... (This is a just a summary, read the full article at www.forum4finance.com)

Indian Surety for Loan by Foreign arm will attract Tax here Posted: An Indian company that provides a bank guarantee (BG) against a loan taken by a subsidiary abroad will now have to pay tax here for standing guarantee for its associate, irrespective of whether or not it has received a commission from the latter for the BG. Seven companies which have provided ... (This is a just a summary, read the full article at www.forum4finance.com)

Incidence of MAT on Infra Firms to be Eased Posted: The government is likely to ease the incidence of minimum alternate tax, or MAT, on infrastructure companies. The department of revenue plans to change the proposed direct tax code to exempt these companies from MAT for the first few years since they execute projects with long gestation periods. The code, in ... (This is a just a summary, read the full article at www.forum4finance.com)

Industry starts Pre-Budget Consultations with FinMin Posted: Industry lobbies have begun pre-budget consultations with the Union finance ministry for 2010-11. Representatives of the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI) met revenue secretary P V Bhide to discuss the coming budget. The CII delegation comprised Arun Bharat Ram, managing ... (This is a just a summary, read the full article at www.forum4finance.com)

Withdrawal of CST Concession of 2% to SSI's Posted: The Orissa government has decided to withdraw 2 percent concession in Central Sales Tax (CST) given to the small scale industries (SSIs) in the state. A proposal moved by the state finance department in this regard was approved in the state cabinet meeting today. The cabinet also approved another proposal for extension ... (This is a just a summary, read the full article at www.forum4finance.com)

Constitution Amendment in GST likely after Budget Posted: In spite of the optimism shown by Asim Dasgupta, chairman of the empowered committee of state finance ministers, the much-anticipated goods and services tax (GST) is unlikely to be introduced on April 1, 2010. The process of Constitutional amendment to bring the new indirect tax legislation may take another five ... (This is a just a summary, read the full article at www.forum4finance.com)

Govt to re-write Corporate Governance Rules Tighten Norms for CA's Posted: The mammoth fraud at IT major Satyam, involving over Rs 14,000 crore as per CBI, proved to be the most brazen swindling act, forcing the government to re-write corporate governance rules during 2009 and tighten the norms for chartered accountants. While the investigating agencies had a tough time going through voluminous ... (This is a just a summary, read the full article at www.forum4finance.com)

India urged US SEC not to Impose Fine on Satyam Posted: India has urged the US Securities Exchange Commission (SEC) not to impose fine on Satyam, now Mahindra Satyam, in view of irregularities as the company was also listed there. "We have urged the SEC that there should be no penalties imposed on Satyam as it will ultimately fall on the shareholders," ... (This is a just a summary, read the full article at www.forum4finance.com)

Advance Tax Growth Data offers hopes to Revenue Department Posted: Manufacturing and pharmaceutical companies, along with some of the local financial institutions, seem to have emerged stronger from the downturn than foreign banks, if advance tax numbers for the quarter-ended December that have trickled in so far are any indication. An uptick in tax numbers during the third-quarter of a ... (This is a just a summary, read the full article at www.forum4finance.com)

States to Meet Discuss fine Contours of GST Posted: States will meet tomorrow to discuss the fine contours of the Goods and Services Tax (GST) as the scheduled date for its introduction draws closer. The new tax regime that will do away with most of the indirect tax levies like excise and service tax at the Centre and Octroi and ... (This is a just a summary, read the full article at www.forum4finance.com)

CAG ready to Commence Audit of RIL's Gas field from Dec 14, 2009 Posted: "Comptroller and Auditor General (CAG) would be in a position to commence the audit in respect of the KG-D6 block from December 14, 2009," Minister of State for Petroleum and Natural Gas Jitin Prasada said in a written reply to a query in the Rajya Sabha here. Besides RIL's KG-D6 block, ... (This is a just a summary, read the full article at www.forum4finance.com)

Govt. soon to decide on Sops for the Labour Intensive Export Sectors Posted: The government today said it will soon decide on sops for the labour intensive export sectors, like engineering goods and textiles, hurt by the global slowdown, after completing an ongoing performance review. "Sectoral reviews are on and they should be completed soon," Sharma told reporters on the sidelines of the ... (This is a just a summary, read the full article at www.forum4finance.com)

Extension of Date for Completion of CPE Hours for the Calendar year 2009 Posted: Announcement regarding extension of date for completion of the mandated CPE hours requirements for the calendar year 2009 in respect of structured learning, for members holding certificate of practice: It is hereby announced that the date for completion of the mandated CPE hours requirements for the calendar year 2009 in respect ... (This is a just a summary, read the full article at www.forum4finance.com)

Even Capital Profits have to be added to "Book Profits" for Sec. 115JB Posted: DCIT vs. Bombay Diamond Co. (ITAT Mumbai) The assessee earned a capital profit of Rs. 10.38 crores on sale of rights to immovable property. The said profit was directly credited to the capital reserves in the balance sheet instead of being routed through the Profit loss account. The accounts of the ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI Reference Rate for US $ and Euro – 15th December 2009 Posted: The Reserve Bank of India's Reference Rate on December 15, 2009 for the US dollar is Rs. 46.64 for Euro is Rs. 68.26 The corresponding rates for the previous day (December 14, 2009) were Rs. 46.66 and Rs. 68.46 respectively. (This is a just a summary, read the full article at www.forum4finance.com)

RBI Reference Rate for US $ and Euro – 14th December 2009 Posted: The Reserve Bank of India's Reference Rate on December 14, 2009 for the US dollar is Rs. 46.66 for Euro is Rs. 68.46 The corresponding rates for the previous day (December 11, 2009) were Rs. 46.52 and Rs. 68.55 respectively. (This is a just a summary, read the full article at www.forum4finance.com)

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