Sudha Sharma appointed as Member of CBDT Rupee hits a high of 48.73 against Dollar Excise Officers caught burning official files in midight in Aligarh after Income Tax raids on Ponty Chadha SC cancels 122 licences issued by A Raja during his tenure as Telecom Minister Laxman Das is Officiating Chairman of CBDT Tariff Value for import of gold is 556 & for silver 1067 & for Brass Scrap 4078 & for poppy seeds 2205-Customs Non-Tariff Notification No. 10 Fused Silica is classifiable under Tariff Item 32074000-Customs Circular No.3 Additional Commisssioner of Income Tax HA Siddiqui sentenced to 4 years imprisonment for accepting bribe of Rs 1 Lakh by CBI Court in Delhi Exchange Rate for imported goods is Rs 50.20 Per US Dollar & Rs 66 per EURO-Exchange Rate for export goods is Rs 49.40 per US Dollar & Rs 64.40 per EURO HC upholds levy of service tax on booking of flats-The explanation which was inserted by the Finance Act of 2010 clearly brings within the fold of taxable service a construction service provided by the builder to a buyer where there is an intended sale between the parties whether before, during or after construction Authority for Advance Ruling rules super concentrates shall be classified as products of the chemical industry under heading 3824 90 90 of Customs Tariff Anti dumping duty imposed on import of Morpholine from China European Union & USA Anti dumping duty imposed on import of Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber in all its forms from Refund of Anti-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012 notified-Customs Non-Tariff Notification No.5 Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Amendment Rules, 2012-Customs Non-Tariff Notification No.6 Safeguard duty at the rate of 10% ad valorem notified on import of Phthalic anhydride, falling under tariff item 2917 35 00-Customs SG Notification No.1 Customs duty on import of Gold, Silver, Cut & Polished Diamonds hiked Customs duty to be charged at the rate of 2 per cent of Tariff Value on gold and 6 per cent of Tariff Value on silver Tariff Value for import of gold & silver notified-Customs Non-Tariff Notification No.3 Anti-dumping duty on imports ofSilk fabrics 20-100 gms per metre, falling under heading 5007 originating in, or exported from, China-CustomsTariff Notification No. 2 Anti-dumping duty imposed on imports of Nylon Filament Yarn, falling under Chapter 54 ,originating in, or exported from, China, Chinese Taipei, Malaysia, Thailand and Korea RP-Customs TariffNotification No.3 Anti-dumping duty imposed on import of Phosphoric Acid of allgrades and all concentrations (excluding Agriculture/Fertilizer Grade) ,falling under tariff item 28092010, originating in, or exported from, Israel and Taiwan-Customs Tariff Notification No.4 Anti-dumping duty on imports of Cellophane Transparent Film , falling under Chapter 39 , originating in, or exported from, China-Customs TariffNotification No.5 Anti-dumping duty onimports of Saccharin, falling under Chapters 29, 30, 33 and 38 ,originating in, or exported from, China-Customs Tariff Notification No.7 Special Bench of ITAT rules the appellant is not entitled to set off carry forward business loss against the long term capital gain arising on sale of land used for the purpose business ITAT rules Long Term and Short Term gains / losses on sale of equity shares under Portfolio Management Scheme is business income and not Capital Gains HC rules the opinion of the AO may have been legally erroneous but this cannot be a ground for initiation of re-assessment proceedings Anti-dumping duty on ‘Caustic Soda’, originating in, or exported from, Saudi Arabia, Iran, Japan, USA & France-Customs Tariff Notification No.1 Cost Accountants can issue Certificates for the purpose of refund of 4% CVD-Customs Circular No.1 Customs duty on import from ASEAN nations lowered- Customs Tariff Notification No.127 deeper tariff cut on import from Malaysia notified- Customs Tariff Notification No.128 deeper tariff cuts on import from Korea notified- Customs Tariff Notification No.123 deeper tariff cuts on import from Srilanka & Pakistan under SAFTA notified- Customs Tariff Notification No.125 Schedule of Rates for Service Tax Refund to Exporters notified in supersession of Notification No.17/2009-Service Tax Notification No. 52 Customs duty on import of several products from specified countries lowered-Customs Tariff Notification No.113 Anti-dumping duty on ‘Sodium Hydrosulphite (SHS)’, falling under headings 2831 and 2832 , originating in, or exported from, China PR- Customs Tariff Notification No.111 CBEC specifies documents required for Registration of ServiceTax Customs duty on import of 532 Products from Singapore lowered-many products exempted from duty-Customs Tariff Notification No. 106 Government allows Rebate of excise duty on export of goods to Nepal under ARE-1 Procedure w.e.f. 1st March 2012-Central Excise Non-Tariff Notification No.24
The Man Who Saw Tomorrow
AIT News Network MUMBAI. You need to have vision like Ashok Wadhwa to make money. Ashok Wadhwa Founder and Managing Partner of RSM Ambit, known as Big Five Auditing and Tax Advisory Firm, is all set to be richer by over Rs 100 Crore according to market grapevine after selling Tax Advisory Practice of the Firm founded by him to Price Waterhouse Coopers for an undisclosed amount the details of which are yet to be announced. Role Model of Consultants Ashok Wadhwa was one of the first CAs to join Arthur Anderson in Mumbai in 1989 where he headed its Tax Advisory Practice till 1996 when he resigned as Managing Partner of Arthur Anderson to found his dream Company Ambit Corporate Finance.
When Ashok Wadhwa moved from Anderson ; the team and clients of Anderson also moved with him. Due to his aggressive hiring strategy; several Top Tax Experts and Consultants moved from other Big 4 Companies to RSM which gradually came to be known as the biggest poacher of the field and even several Partners of Big 4 moved to RSM when they were offered the Pay Packages which they could not resist. And when the Experts moved, clients also moved to RSM with them though the strategy was not always successful as in many cases RSM played blind on Experts offering them Packages of even upto Rs 2 Crore Per Annum having an eye on the clients of Big 4 who may be moving with them but even if 5 Accounts of Big 4 moved to RSM; it was considered a Positive step. Recently a Tax Partner of Big 4 was hired for Rs 1 Crore but he failed to move with the clients as the Company could not encash his movement by a planned strategy.
The merger of PWC and RSM has changed the equation in Tax Advisory Field and KPMG & Deloitte have to remain confined to Third and Fourth place in the Advisory Field after aggressive acquisition of Ambit RSM’s Practice by the dark horse PWC. Though PWC has not been aggressive in hiring Senior Tax Experts as it could not poach the Experts due to its lower Packages; its dependence on Junior Experts was proving to be a drawback in desired growth of its Tax Advisory Practice in India and it was losing potential clients to its competitors in global bidding. But now with vision of Visionary Ashok Wadhwa ; PWC may also go for a shift in its hiring strategy.
The merger of PWC and Ambit RSM may also take a toll on the Pay Packages of RSM Partners and Managers who are getting much more than their PWC counterparts. There are many Partners who are getting almost double of what their counterparts in PWC may be taking. Post merger; their packages may be clipped and renegotiated to be in tune with PWC Packages. Though there is not going to be any lay offs ; the role assigned to existing Ambit RSM Consultants may depend on the strategy of PWC.
After merger of Arthur Anderson and Ernst & Young; Ernst & Young People called the shot and Big 3 of Anderson floated their own outfit. After merger of Ambit RSM with PWC; PWC people are naturally going to call the shot. Those who were just Managers in PWC and are now Director in RSM may not be comfortable in merged entity and may look for other options if they are asked to compromise with their Position, Role and Packages.
