Exchange Rate for imported goods is Rs 74.03 Per Pound Sterling and Rs 51.22 Per Yen-Exchange Rate for export is Rs 72.45 Per Pound Sterling and Rs 49.94 Per Yen-Customs Non-Tariff Notification No.128 Sensex slips further and closes at 8773 100 per cent EOUs allowed to export non-basmati rice-DGFT Notification No.59 Customs duty of 5 per cent imposed on import of Pig Iron, spiegeleisen, semi-finished products, flat products & long products Import of Crude Soyabean Oil subjected to 20 per cent customs duty- no change in import duty on refined soyabean oil-Customs Tariff Notification No.122 Time-limit for filing refund of service tax extended to 6 months-Service Tax Notification No.32 Rahul Bajaj asks Industry to prepare for the worst Tariff Value for import of Brass Scrap is 3525 and for poppy seeds 5206-Customs Non-Tariff Notification No. 127 CBEC clarifies the entire amount of duty paid by the manufacturer, as shown in the invoice would be available as credit irrespective of the fact that subsequent to clearance of the goods, the price is reduced by way of discount or otherwise-Central Excise Circular No.877 Mandavariya (Kishangarh), District Ajmer notified for Unloading of imported goods and loading of export goods-Customs Non-Tariff Notification No.117 SC Ruling-the entitlement of benefit in terms of Section 32AB, Section 80HH and Section 80I of the Income Tax Act- conversion of Jumbo rolls of photographic films into small flats and rolls in the desired sizes amounted to manufacture/production-AIT-2008-413-SC SC Ruling-Whether any "gift" arose in terms of Section 2(xii) of the Gift-tax Act, 1958 on the allotment of rights issue by the appellant company to its shareholders vide Board's Resolution- Whether there was any element of "gift" as defined under Section 2(xii) in the appellant issuing Bonus shares in the ratio of 1:23-AIT-2008-412-SC DEPB benefit allowed on export of cement and steel-DGFT PN 108 exports of cement in all types and forms and primary steel products eligible for export incentives under Focus Market Scheme-DGFT Notification No.58 Import of Marble Tiles-DGFT Notification No.57 Clarification on setting up Duty Free Shops approved by FIPB-Customs Circular No.19 HC Ruling-Income Tax-"reserves" arising out of the acquisition of the business of Tata Cellular Limited could never have the character of "income" in the hands of the petitioners-pre-requisite condition contained in proviso to section 147 to enable the re-assessment to be opened after period of 4 years have elapsed have not been met-AIT-2008-410-HC HC Ruling-Central Excise- valuation of the goods for the purpose of excise duty and whether excise duty was chargeable under Section 4 or Section 4A of the Central Excise Act 1944-while construing rule 3, who are excluded are only the institutional or industrial consumers as explained in Rule 2A and the industrial or institutional consumers in terms of the proviso to rule 2(p) for the purpose of chapter-II are the same-If the person who purchase the prepacked commodity not directly from the manufacturer or packers, they are consumers and the declaration will be of no effect-AIT-2008-408-HC Government considering imposition of import duty on steel Bad News for Consulting Engineers- whether turnkey contract can be vivisected?- The conclusion in Daelim case on the point, prima facie, being not in accordance with law, matter goes to Larger Bench-AIT-2008-405-CESTAT Larger Bench of CESTAT rules Credit is admissible on an input service relating to the business-AIT-2008-407-CESTAT credit of the service tax paid on the outdoor catering (canteen) service is admissible as input service under Rule 2(l) of the Cenvat Credit Rules, 2004-AIT-2008-406-CESTAT The payment for use of "services for MTNL/other companies via the interconnect/port/access/toll by the assessee would not fall within the purview of payments as provided for under section 194J of the Act, so as to be eligible for tax deduction at source-The interconnect charges/port access charges cannot be regarded as fees for technical services-AIT-2008-404-HC Computation of Value under Section 14 for Levy of Export Duty - Customs Circular No. 18 Advance Ruling- Whether the service fee paid by the applicant to Intertek Testing Management Limited UK under Global Management Service Agreement is taxable as "Royalties & Fee for Technical Services" as per the provisions of Article 13 of DTAA between India & UK? Whether the applicant is required to deduct tax at source on the service fee paid to Intertek Testing Management Limited, UK, at the rate of 10% plus applicable surcharge and cess as per the provisions of section 115A(1)(b)(BB) of the Income-tax Act-AIT-2008-401-AAR Larger Bench of SC Ruling-whether the revenue can be precluded from filing an appeal even though in respect of some other years involving identical dispute no appeal is filed -AIT-2008-403-SC SC Ruling-whether transfer of Banking Undertaking gave rise to taxable capital gains under Section 45 of the 1961 Act-it was not possible to compute capital gains and, therefore, the said amount of Rs. 10.20 cr. was not taxable under Section 45 of Income Tax Act-AIT-2008-400-SC Export duty of 8 per cent notified in place of earlier rate of Rs. 200 per tonne on export of iron ore fines-Customs Tariff Notification No.121 Pan Masala Packing Machines (Capacity Determination And Collection of Duty) Second Amendment Rules, 2008-Central Excise Non-Tariff Notification No.45 SC rules Ethylene and propylene manufactured by the assessee and used in its factory in the further manufacture of the same goods would be entitled to the benefit of exemption contained in notification no.217/86-AIT-2008-398-SC New DEPB Rates on export of all products notified–DGFT PN 102 service tax paid under Section 66A is available as 'input credit' under Cenvat Credit Rules, 2004 provided the said services are used as input services by the manufacturer or producer of final products or a provider of output taxable service-Service Tax Trade Notice No.43/2008 Anti-dumping duty imposed on import of cable ties from China & Taiwan-Customs Tariff Notification No.118 Definitive Anti-dumping duty imposed on import of Phenol from Singapore, South Africa & European Union-Customs Tariff Notification No.114 High-tech products entitled to benefits under High-Tech Products Export Promotion Scheme –DGFT PN 101

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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.