Archive for
October, 2009
By admin at 7 October, 2009, 8:16 am
The Government is planning to strengthen the National Advisory Committee on Accounting Standards (NACAS), a move that will make the Institute of Chartered Accountants of India (ICAI) report to NACAS. For this, it will hand over the supervisory role of both accounting and auditing standards to NACAS. NACAS was constituted in 2001 to examine only ICAI’s accounting standards for companies in the country, but not for [...]
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By admin at 7 October, 2009, 7:31 am
Anticipating an adverse impact of the new Direct Tax Code, life insurance companies have demand amendments in the proposed code. The draft code had recommended a maturity tax on all life insurance products, if the term was less than 20 years and the premium exceeded 5 per cent of the sum assured. At present, there is no tax if the sum assured is five times the premium on all maturities.
In a presentation to the [...]
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By admin at 1 October, 2009, 2:32 pm
Businesses will benefit from using the Unique Identification Number that the Unique Identification Authority of India (UIDAI) hopes to issue to all residents of India, the Chairman of the Authority, Mr Nandan Nilekani, said on Wednesday. For example, a telecom company could save costs of verification of the identity of each new mobile subscriber, Mr Nilekani said. Another example: the State governments typically sp [...]
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