Business Daily from THE HINDU group of publications
Saturday, Dec 06, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Saturday, Dec 06, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Opinion
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Books Charity check Accounting Standards (AS) apply in respect of commercial, industrial, or business activity of any enterprise, irrespective of whether it is profit-oriented or is established for charitable or religious purposes, states Guidance Note on Audit of Public Charitable Institutions under the Income-Tax Act, 1961 of the Institute of Chartered Accountants of India ( www.icai.org ). “Even if a very small portion of the activities of an institution is considered to be commercial, industrial, or business in nature, then it cannot claim exemption from the application of AS. The AS would apply to all its activities including those which are not commercial, industrial, or business in nature.” Essential read for practising professionals. Revenue for the grassrootsA notable feature having a bearing on the effective functioning of the Panchayati Raj institutions has been the availability of adequate financial resources to carry out the developmental functions since the enactment of the Seventy-third Amendment Act, observe Bidyut Chakrabarty and Rajendra Kumar Pandey in Indian Government and Politics ( www.sagepublications.com ). Ordinarily, the panchayat bodies manage their resources from government grants and loans, proceeds from taxes levied by way of fees and miscellaneous charges, in addition to the public contributions and income from property and certain investments, the authors explain. Post 1993, however, “the financial viability of these bodies appears to have been streamlined with the constitution of a Finance Commission in every State once in five years.” Development literature of significance. Eco-friendly taxesMost of the West European countries have a registration tax, which generally decreases with the age of the car, and so is not in line with the environmental objective, informs Will You Handle the Curve? from PricewaterhouseCoopers ( www.pwc.com ). The ‘Global Automotive Perspectives 2008’ publication recommends the abolition of registration taxes because these could discourage consumers from buying new(er) cars; also, linking the registration taxes to CO{-2} emissions would be socially unacceptable. “Annual circulation taxes today are mostly linked to horsepower, weight, and cubic centimetres of the engine, which indirectly correlate with fuel consumption.” Useful navigational tool for those in the industry. D. MURALI More Stories on : Books
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