Monday, February 2, 2009
INTERNATIONAL AFTER GOOGLE EARTH COMES GOOGLE OCEAN Paris The Economic Times
The search engine Google launched a new service on Monday to allow Internet users to explore the depths of the world's oceans from the comfort of their homes on dry land. The "Ocean in Google Earth" feature will allow users to "dive beneath the water surface, explore 3D underwater terrain and browse ocean-related content contributed by marine scientists," a Google statement said. "Google Earth is equipping itself with a new dimension: depth," Jean-Francois Wassong, an engineer at Google France, told a news conference. Nearly four years after Google Earth enabled users to zoom in to view streets, and later explore galaxies in the sky, the latest version of the software allows virtual travellers to dart across miles of unchartered territory underwater. "Oceans cover more than 70 percent of the planet's surface but only a little bit has been explored," said Florence Diss, head of Google's geographical partnerships, referring to findings that humans have examined just five percent of world's seas. By allowing users to explore underwater volcanoes, hunt for whales and learn more about shipwrecks, Google says "Ocean in Google Earth" offers a platform for everyday Internet browsers to link up with the scientific community. The feature includes 20 different layers of content contributed by leading ocean explorers, scientists and researchers, such as photos and videos of "hot spots" around the world and information on marine protected areas. It also has an animal tracking device in which users can follow animals that have been tagged by satellite. Diss said the decision to expand Google Earth to cover the world's oceans "is not about making money". But she would not reveal the project's cost. Since its launch in June 2005, Google Earth has been downloaded more than 400 million times. The free software gives Internet users access to satellite images and maps around the world.
RESULTS MINDTECK NET UP AT RS 1.83 CRORE Bangalore The Hindu Business Line Deccan
Herald IT services company Mindteck (India) Ltd reported a net profit of Rs 1.83 crore for the December quarter, compared with Rs 0.88 crore in the year-ago period. Revenue increased to Rs 68.70 crore, compared with Rs 23.59 crore in the corresponding quarter last year. The consolidated results include those of Mindteck India Ltd and its wholly owned subsidiaries Mindteck Inc, Mindteck UK Ltd, Mindteck Middle East Ltd Soc, Mindteck Software Malaysia Sbn Bhd, and Mindteck Singapor e Pte Ltd. .
E-GOVERNANCE ALL STATE STAFF TO GET E-MAIL IDS SOON T. Ramachandran, Kochi The Hindu
The full-fledged process of providing official e-mail ids to all State government employees will be formally launched in a few days, as the setting up, configuring and testing of the hardware and software have almost been completed at the State Data Centre in Thiruvananthapuram. A group from the Centre for the Development of Imaging Technology (C-DIT), led by P.G. Gigy, team leader, Open Source Technology team, is executing the project. The ground has been prepared for the rollout in phases, following its formal launch, probably by Chief Minister V.S. Achuthanandan. In the first phase, the e-mail ids will be provided only to the departments that request these, but ultimately all 4.5 lakh or so employees can have one. Right now, e-mail ids have been allotted only to nearly 400 employees in the Secretariat.
HARDWARE HP UNVEILS TABLE-TOP DESKTOP Bangalore Deccan Herald HP
on Monday, launched another product in the desktop market — the Compaq Presario CQ 2000 series, a eco-friendly machine, priced at Rs 18,990 plus taxes. The CQ 2000 is a space-saving device designed for modern households, the company said. The PC can doubles up as a music system and DVD player on which one can watch movies, play games. Further, the CQ 2000 comes with the Compaq My Bhasha software, a communication enabler providing vernacular interface. The CQ 2000 is light in weight with a 6-in-1 digital media reader and USB drives as also energy efficient and is certified so. SONY LAUNCHES 80 GB PS-3 IN INDIA Mumbai Mirror Indian gamers, it's time to rejoice for now Sony has now come up with a pleasant surprise package. Sony has launched PlayStation 3 with 80GB storage and also bundled a copy of Resistance 2 with the Dual Shock 3 controller. The entire package of 80GB PS3, Resistance 2 and Dual Shock 3 controller is priced at Rs 25,990. This new bundle will help you save some quick bucks, as Resistance 2 copy sells for Rs 3499 and Dual Shock 3 controller is priced at Rs 2,990. Sony does not bundle any of this with their 40GB PS 3 version.
CBEC ALLOWS COS TO CARRY FORWARD CENVAT CREDIT
A Central Board of Excise & Customs (CBEC) circular that clears the air on utilisation of central value-added tax (Cenvat) credit is expected to lead to saving of crores of rupees by Indian companies. This clarification could not have come at a better time, as most companies are reeling under the pressure of recession.
Cenvat is a tax on value addition of goods and services. By allowing an input tax to be set off against output liability in respect of taxable goods and services, Cenvat credit seeks to do away with the cascading effects of tax on end-users of goods or services.
For example, if a service provider has paid tax on inputs, he can claim the credit of such input service tax paid and use such credit to offset the final service tax liability on the output or final service that he provides to the end-user, and thereby, reduce the tax burden on the customer.
The recent circular observed that many taxpayers had accumulated Cenvat credit balance as on April 1, 2008. The matter to be considered was whether this credit balance should be allowed to be utilised for the payment of service tax after April 1, 2008.
"As no lapsing provision was incorporated and the existing Rule 6 (3) of the Cenvat Credit Rules does not explicitly bar the utilisation of the accumulated credit, the department should not deny the utilisation of such accumulated Cenvat credit by the taxpayer after April 1, 2008. Further, it must be kept in mind that taking of credit and its utilisation is a substantive right of a taxpayer under the value-added taxation scheme. Therefore, in the absence of a clear legal prohibition, the right cannot be denied," said the circular.
Prior to April 2008, a taxpayer was allowed to utilise credit only to the extent of 20 percent of the amount of service tax payable on taxable output service. After utilising credit equivalent to 20 percent of the output tax liability, the balance could be carried forward to the next month.
What this meant was that prior to April 1, 2008, there was no restriction in taking Cenvat credit, but only on utilisation (20 percent) of such credit at a given point of time, and also, there was no provision for the periodic lapse of balance credit (carry-forward balance).
However, after April 1, 2008, there was ambiguity on the use of carry-forward balance and many companies did not utilise the credit to offset the output tax liability despite having accumulated balances.
The CBEC circular not only does away with the ambiguity by making it clear that companies can use the accumulated balance completely, but the government also, through an amendment to the rules, did away with the earlier restriction on utilisation of credit to set off the output tax liability. Now, companies can utilise 100 percent of the carry-forward balance of accumulated Cenvat credit as on April 1, 2008, to claim credit on service tax.
"This is the correct interpretation of the law, and the industry is very appreciative about the approach of CBEC in clarifying such ambiguous situations at a time when the industries need it most," said Sachin Menon, executive director and head of indirect tax (western region), PricewaterhouseCoopers.
Cenvat is a tax on value addition of goods and services. By allowing an input tax to be set off against output liability in respect of taxable goods and services, Cenvat credit seeks to do away with the cascading effects of tax on end-users of goods or services.
For example, if a service provider has paid tax on inputs, he can claim the credit of such input service tax paid and use such credit to offset the final service tax liability on the output or final service that he provides to the end-user, and thereby, reduce the tax burden on the customer.
The recent circular observed that many taxpayers had accumulated Cenvat credit balance as on April 1, 2008. The matter to be considered was whether this credit balance should be allowed to be utilised for the payment of service tax after April 1, 2008.
"As no lapsing provision was incorporated and the existing Rule 6 (3) of the Cenvat Credit Rules does not explicitly bar the utilisation of the accumulated credit, the department should not deny the utilisation of such accumulated Cenvat credit by the taxpayer after April 1, 2008. Further, it must be kept in mind that taking of credit and its utilisation is a substantive right of a taxpayer under the value-added taxation scheme. Therefore, in the absence of a clear legal prohibition, the right cannot be denied," said the circular.
Prior to April 2008, a taxpayer was allowed to utilise credit only to the extent of 20 percent of the amount of service tax payable on taxable output service. After utilising credit equivalent to 20 percent of the output tax liability, the balance could be carried forward to the next month.
What this meant was that prior to April 1, 2008, there was no restriction in taking Cenvat credit, but only on utilisation (20 percent) of such credit at a given point of time, and also, there was no provision for the periodic lapse of balance credit (carry-forward balance).
However, after April 1, 2008, there was ambiguity on the use of carry-forward balance and many companies did not utilise the credit to offset the output tax liability despite having accumulated balances.
The CBEC circular not only does away with the ambiguity by making it clear that companies can use the accumulated balance completely, but the government also, through an amendment to the rules, did away with the earlier restriction on utilisation of credit to set off the output tax liability. Now, companies can utilise 100 percent of the carry-forward balance of accumulated Cenvat credit as on April 1, 2008, to claim credit on service tax.
"This is the correct interpretation of the law, and the industry is very appreciative about the approach of CBEC in clarifying such ambiguous situations at a time when the industries need it most," said Sachin Menon, executive director and head of indirect tax (western region), PricewaterhouseCoopers.
GOVT ORDERS INSPECTION OF BOOKS OF SIX STATE RUN COMPANIES, EDUCOMP
Corporate affairs minister Prem Chand Gupta has asked the registrars of companies (RoCs) to inspect the books of accounts of six state-run companies and private sector education software maker Educomp Solutions. The ministry is also planning to order inspections of several other private sector companies where statutory auditors are not satisfied with the way companies have maintained their books.
The financial statements of state run companies Hindustan Copper Ltd, Bengal Chemicals and Pharmaceuticals Ltd, Bihar State Tourism Development Corporation Ltd, Bihar Rajya Pul Nirman Nigam Ltd, Central Coalfield Ltd and Bharat Coking Coal Ltd would be inspected.
"PSUs being public companies, it is important for them to prove to the public and the stake holders that they work transparently. We have received complaints that these companies were not filing their balance sheet, profit and loss account and annual returns for the last several years. We have decided that their accounts should be looked into", Gupta said.
Public limited companies are a class of companies that have to follow higher disclosure and compliance standards than private limited companies. Private limited companies have to convert themselves to public limited companies if they want to get listed. This classification is different from public sector and private sector companies, based on whether the major shareholder is government or private.
The ministry has also ordered an inspection into the books of account of education software maker Educomp, based on media reports that its profits were inflated and that promoters had made big profits by trading their own shares and diverting funds to unlisted subsidiaries. Inspection of the books of many private sector companies are also on the cards, said an official in the ministry, who asked not to be named. Inspection of the books of accounts of more companies will be ordered under section 209A of the Companies Act in cases where statutory documents are not filed on time and in cases where the statutory auditors, who sign the books of companies, give a qualified opinion. "A decision to inspect the books of many such companies is in the process", the official added. An auditor gives a qualified opinion of the audited company's financial statements if he is not satisfied with the explanations given by the company on questionable book entries
Thanks For Information: New Delhi The Economic Times The Hindu Business Line The Times of India
The financial statements of state run companies Hindustan Copper Ltd, Bengal Chemicals and Pharmaceuticals Ltd, Bihar State Tourism Development Corporation Ltd, Bihar Rajya Pul Nirman Nigam Ltd, Central Coalfield Ltd and Bharat Coking Coal Ltd would be inspected.
"PSUs being public companies, it is important for them to prove to the public and the stake holders that they work transparently. We have received complaints that these companies were not filing their balance sheet, profit and loss account and annual returns for the last several years. We have decided that their accounts should be looked into", Gupta said.
Public limited companies are a class of companies that have to follow higher disclosure and compliance standards than private limited companies. Private limited companies have to convert themselves to public limited companies if they want to get listed. This classification is different from public sector and private sector companies, based on whether the major shareholder is government or private.
The ministry has also ordered an inspection into the books of account of education software maker Educomp, based on media reports that its profits were inflated and that promoters had made big profits by trading their own shares and diverting funds to unlisted subsidiaries. Inspection of the books of many private sector companies are also on the cards, said an official in the ministry, who asked not to be named. Inspection of the books of accounts of more companies will be ordered under section 209A of the Companies Act in cases where statutory documents are not filed on time and in cases where the statutory auditors, who sign the books of companies, give a qualified opinion. "A decision to inspect the books of many such companies is in the process", the official added. An auditor gives a qualified opinion of the audited company's financial statements if he is not satisfied with the explanations given by the company on questionable book entries
Thanks For Information: New Delhi The Economic Times The Hindu Business Line The Times of India
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