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Bharti Airtel has won a major relief from the Delhi bench of the Income tax Appellate Tribunal (ITAT), which ordered deletion of Rs 5,739 crore from the company's taxable income. The ITAT also held that corporate guarantees given to banks on behalf of group companies are not an international transa...

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Category : Income Tax | Comments : 0 | Hits : 582

The Central Board of Excise and Customs (CBEC) has denied the report that the Customs, Excise Duty and Service Tax refunds/drawbacks are being held-up by the Department. This was mentioned in a certain section of media attributing to a statement by President, Federation of India Export Organisa...

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Category : Service Tax | Comments : 0 | Hits : 418

Chartered Accountant Prateek Sen who has worked for an Indian firm for two years, is set to shift to Dubai at four times what he has been getting here.    “I would be a fool not to take up the job,” says the 28-year-old, eager to cross the Arabian Sea for what is clearly a tr...

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Category : ICAI | Comments : 1 | Hits : 2522

Accounting regulator ICAI will assist Election Commission in ensuring that "sound accounting principles" are followed in the financial statements of political parties to make election funding more transparent.  The Institute of Chartered Accountants of India had provided as...

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Category : ICAI | Comments : 0 | Hits : 567

After a 54% jump in transfer pricing (TP) adjustments to R70,000 crore last year, additions to the income of companies conducting international transactions has dropped by over 14% to R60,000 crore in FY14.   A financial ministry official told FE that data collated after the completion of the...

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Category : Income Tax | Comments : 0 | Hits : 420

The Union Cabinet may consider re-promulgating the SEBI ordinance next week. However, since the model code of conduct for the general elections is in force, this can happen only after the Election Commission’s (EC) approval.   Securities-related offences   Once approved, the ordi...

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Category : SEBI | Comments : 0 | Hits : 282

Three audit firms — Mukesh Shah & Co, S V Ghatalia & Associates and Deloitte, Haskins & Sells — are facing criminal action for alleged lapses at the now-defunct National Spot Exchange Ltd (NSEL) and its parent Financial Technologies (India) Ltd.   Mukesh Shah &...

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Category : Auditing | Comments : 0 | Hits : 871

After Sahara and Saradha, more disasters may be waiting to happen in the money market. With over Rs 30,000 crore of public money parked in various Ponzi schemes and non-banking finance companies (NBFCs), the Reserve Bank of India (RBI) is probing existence of companies not regist...

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Category : RBI | Comments : 0 | Hits : 633

The professional course of Company Secretary (CS) is set for a major revision by December-end to bring it in line with the slew of amendments effected by the central government to the Companies Act, 2013."We are waiting for the government to notify the rules for the amended Companies Act (notified i...

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Category : Students Zone | Comments : 0 | Hits : 616

The Election Commission has convened a meeting of account auditors of all political parties tomorrow to discuss transparency guidelines norms and filing of financial statements by them after completion of Lok Sabha polls as part of efforts to to curb use of black money. The EC has roped in the Inst...

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Category : Auditing | Comments : 0 | Hits : 427

India could look at adopting international accounting standards IFRS in the long term based on how the converged norms work out, according to ICAI. Rather than adopt the International Financial Reporting Standards (IFRS), India at present is only looking to converge with this set of ...

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Category : Income Tax | Comments : 0 | Hits : 469

A Chartered Accountant Rajiv Jain , who along with four others arrested for allegedly trying to get favourable order from the Board for Industrial and Financial Reconstruction (BIFR), was sent to a day's police custody by a Delhicourt.  The court, however, sent accused Arun H Jain, Managi...

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Category : ICAI | Comments : 0 | Hits : 2611

The Reserve Bank of India (RBI) is expected to issue a few new banking licences in the next few weeks after getting a go ahead from the Election Commission (EC) as the code of conduct for polls is in place. "My sense is, if all goes well we should be able to do it in a few weeks...

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Category : Banking | Comments : 0 | Hits : 447

The Serious Fraud Investigation Office (SFIO)'s complaint regarding the Reebok India fraud, filed to a Gurgaon court last week, has indicted the parent company, Germany-basedAdidas Group, on lapses in corporate governance practices and internal controls at its Indian subsidiary. The ...

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Category : Auditing | Comments : 0 | Hits : 657

The Institute of Company Secretaries of India will introduce Open Book Examination (OBE) for five elective subjects in Module III on a trial basis, its President R Sridharan said here today. He said the OBE for subjects like Banking, Insurance, Intellectual Property Rights, International Busine...

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Category : Students Zone | Comments : 0 | Hits : 579

Seeking to check gold smuggling by courier, the government today tightened baggage rules requiring inbound Indian passengers to provide details like source of funds for importing the metal as well as their air tickets.  According to a Revenue Department circular, the baggage receipt issued by ...

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Category : Custom | Comments : 0 | Hits : 594

With the Model Code of Conduct for general polls in force, the Corporate Affairs Ministry will intimate the Election Commission before notifying rules for the remaining provisions of the new companies law. The Ministry is in the process of finalising the rules for various provisions of Companie...

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Category : Corporate Law | Comments : 0 | Hits : 340

Finance Bill 2014  got the assent of President on 04th March 2014 and become THE FINANCE ACT, 2014 (NO. 11 OF 2014). The bill was alreadyapproved by the both the house of Parliament i.e. Lok Sabha and Rajya Sabha.   Download attached Finance Bill 2014 as approved by P...

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Category : Income Tax | Comments : 0 | Hits : 579

  Seeking to curb dilution of standards, the Institute of Chartered Accounts of India (ICAI) has decided to get tough with the pattern and valuation of the Chartered Accountancy exams.   The decision is apparent in the recently-released CA final exams, where successful c...

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Category : Students Zone | Comments : 1 | Hits : 4585

The Reserve Bank is likely to issue a few bank licences notwithstanding the model code of conduct which came into force from today, Finance Minister P Chidambaram said. "What the code of conduct has got to do with this (bank licence process). The government and regulators are discharging their norm...

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Category : Banking | Comments : 0 | Hits : 412

Worried over a further rise in bad loans, especially among large companies, Finance Minister P. Chidambaram, on Wednesday, exhorted public sector banks to effectively deal with non-performing assets (NPAs), their biggest challenge.   Addressing a press conference here after reviewing the perf...

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Category : Banking | Comments : 0 | Hits : 265

The countdown for the 2014 Lok Sabha elections has begun. The polls will be held between April 7 and May 12 in nine phases, said the Elections Commission on Wednesday. The counting of votes will be held on May 16. This is the first time that voting will take place in nine phases in the country. &nb...

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Category : Income Tax | Comments : 0 | Hits : 538

The corporate affairs ministry has sought clarifications from the law ministry and regulators, Securities and Exchange Board of India (Sebi) and Forward markets Commission (FMC), to finalise action against “gross violations” by Financial Technologies India Ltd (FTIL) and relate...

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Category : Corporate Law | Comments : 0 | Hits : 263

Various decisions taken by the Government of India on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned by the Government through its Office Memorandum dated 11th November, 2011.   &nb...

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Category : Finance | Comments : 0 | Hits : 588

The Council of the Institute (ICSI) at its 220th meeting held on 20.12.2013 has revised and fixed separately the minimum amount of stipend payable to CS Executive Pass students and CS Professional Pass students as under:   Trainer Executive Pass Rs./per month Professional Pa...

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Category : Students Zone | Comments : 0 | Hits : 3510

Aspiring chartered accountants will soon get their lessons through the DTH platform, with Institute of Chartered Accountants of India (ICAI) entering into an agreement with the HRD Ministry to make this possible.  ICAI will be utilising DTH education channels of the Ministr...

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Category : Students Zone | Comments : 0 | Hits : 870

The Supreme Court on Monday asked Nokia India Pvt Ltd to come up with a concrete proposal to settle its tax row with the income tax department.   A bench, headed by justice A R Dave, decided to hear the matter on March 11 after Nokia's counsel submitted there was a need for an early...

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Category : Income Tax | Comments : 0 | Hits : 350

The Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. The central bank has asked banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public.   The RBI clarified that the public can con...

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Category : Banking | Comments : 0 | Hits : 661

Now you no longer have to dial 139 or visit the rail website to check the status of your waitlisted ticket as the railways will now send booking status messages to passengers on mobile phones, if the tickets get confirmed before the journey.   “For the last 10 days the trial was going o...

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Category : General | Comments : 0 | Hits : 431

Playing the governance and transparency card, the Company Secretaries Institute has urged the Corporate Affairs Ministry to revisit the proposed criteria for mandatory secretarial audit in companies.   The new company law has stipulated secretarial audit for certain companies including listed...

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Category : Auditing | Comments : 0 | Hits : 638