Earlier Posts

RBI liberalises NPA norms

January 27, 2009
Further liberalising the prudential norms for the treatment of non-performing assets in the context of ongoing slowdown in the Indian economy, the Reserve Bank of India on Friday said all accounts which were standard accounts on September 1, 2008 would be treated as standard accounts on restructuring provided the restructuring
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MNC liaison offices may get tax breather

January 27, 2009
A ruling that the liaison office of home furnishing multinational Ikea is not liable to pay income tax in India could set an important precedent and benefit for foreign retailers, which have set up similar operations to oversee sourcing of goods from India. In a recent decision, the Authority for
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Creative accounting helps cos cover up forex losses

January 27, 2009
Companies are getting creative in using the Company Act and Accounting Standards to avoid the impact of foreign currency loan on their profit & loss statement owing to currency fluctuations. Companies with foreign currency borrowings have now adopted various accounting tactics to ensure that their quarterly performance remains intact in
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Exporters can get service tax refunds in a month

December 16, 2008
Exporters can now get their service tax refunds much faster thanks to simpler norms. The Central Board of Excise and Customs (CBEC) has further relaxed the procedures for refund of tax paid on specified services used for export of goods. The board has directed its field officials to pay refund
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NASSCOM award for Gujarat VAT e-governance project

December 16, 2008
The Gujarat government has got NASSCOM award for best e-governance in Value Added Tax(VAT) system. Under this system the government has introduced e-filing of returns, e-payment, e-registration and e-refund besides other facilities. The award has been given for “ Best IT adoption through e-governance
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