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In a landmark judgement that could cleanse Parliament and Assemblies of criminals, the Supreme Court today struck down a provision in the electoral law that protects a convicted lawmaker from disqualification on the ground of pendency of appeal in higher courts. "The o...

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Category : General | Comments : 0 | Hits : 339

The result of the Chartered Accountants Final Examination held in May, 2013 and CommonProficiency Test (CPT) held in June, 2013 are likely to be declared on Tuesday, the 16th July, 2013around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% andabove marks and up...

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Category : Students Zone | Comments : 0 | Hits : 966

Download Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961- Revised 2013 Edition issue by ICAI. Click on the attached file.   or   CLICK HERE   Source : ICAI...

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Category : Income Tax | Comments : 0 | Hits : 5212

9th July, 2013 IMPORTANT ANNOUNCEMENT The result of the Information Systems Audit [ISA] Assessment Test held on 22nd June, 2013 is likely to be declared on 16th July, 2013 around 2.00 PM at the Institute’s office at New Delhi.The result of the above Assessment Test will be av...

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Category : ICAI | Comments : 0 | Hits : 343

Tightening their noose on loan defaulters, banks have decided to 'name and shame' the guarantors of such borrowers as well by publishing their photographs and other details in newspapers and at notice boards of bank branches and community centres. Banks, mostly public sector lenders, began publishi...

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Category : Banking | Comments : 0 | Hits : 407

A local court awarded life imprisonment to four convicts for the murder of a chartered accountant six years ago on Monday, three days after they were held guilty. The court also slapped a fine of Rs 30,000 each on Kanav Arora, Ashwinder Singh, both residents of Sector 21, Mandeep Sin...

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Category : ICAI | Comments : 0 | Hits : 894

The Reserve Bank of India on Monday eased rules for non-bank asset finance companies to raise debt overseas by allowing the lenders to raise such funds through the automatic route as against the approval route earlier, in a step aimed at improving dollar supply amid a weakening rupee.   N...

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Category : RBI | Comments : 0 | Hits : 190

The Indian rupee breached the 61 mark against the U.S. dollar for the first time ever on Monday, surpassing the previous record low of 60.76 hit on June 26. The partially convertible rupee traded at 61.19 as of 10.02 a.m. against Friday's close of 60.23. The Reserve Bank of India was spotted sellin...

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Category : International Business | Comments : 0 | Hits : 336

Taxpayers having grievances regarding their I-T refunds and tax computations will now get a unique acknowledgement number with an assurance that their complaint will be resolved within two months time.   The newly introduced number will not cause confusion and will be different from the exist...

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Category : Income Tax | Comments : 0 | Hits : 534

A bank manager and two others have been arrested for allegedly demanding a bribe of Rs 7,000 from a farmer, police said today.   Manager of Allahabad Bank, Auradeeh Branch, Ramesh Verma, a peon and a facilitator were arrested by a CBI team yesterday during a raid for demanding Rs 7000 as brib...

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Category : Banking | Comments : 0 | Hits : 572

No. 13-CA (EXAM)/N/2013: In pursuance of Regulation 22 of the CharteredAccountants Regulations, 1988, the Council of the Institute of CharteredAccountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below at the...

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Category : Students Zone | Comments : 0 | Hits : 1603

5h July, 2013 – No.13-CA (EXAM)/CPT/December/2013: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to  notify that the Common Proficiency Test will be held on Sunday...

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Category : Students Zone | Comments : 0 | Hits : 294

Revenue Secretary Sumit Bose today said concerns of the industry relating to Service Tax Voluntary Compliance Encouragement Scheme (VCES) 2013 will be duly addressed and the necessary clarification, wherever required, will be issued at the earliest. Bose was addressing the repre...

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Category : Service Tax | Comments : 0 | Hits : 383

As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI h...

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Category : Income Tax | Comments : 0 | Hits : 1773

No employee, as a matter of right, can seek the benefits of voluntary retirement scheme (VRS) and the decision-taking power lies only with the employer firm, the Supreme Court has held."A voluntary retirement scheme introduced by a company, does not entitle an employee as a matter of right...

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Category : Income Tax | Comments : 0 | Hits : 259

The Government on Thursday released a revised online form to make provident fund transfers easier.   The revised form, released by Labour & Employment Minister Sis Ram Ola, can be presented after verification, either through the present employer or previous employer. Earlier, the form cou...

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Category : General | Comments : 0 | Hits : 576

As part of its drive against fake Permanent Account Number, the Income-Tax Department is considering making proof of date-of-birth mandatory for issuance of PAN card.   “The Department might ask for proof of date-of-birth for issuing a PAN card. Ration cards and rent receipts might no l...

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Category : Income Tax | Comments : 1 | Hits : 987

The Kerala High Court on Wednesday held that the Centre’s decision to impose service tax on food and beverages supplied by air-conditioned restaurants with licences to serve alcoholic beverages in the 2011-12 budget was beyond the legislative competence of Parliament.   Justice A.M. Sha...

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Category : Service Tax | Comments : 1 | Hits : 872

The top 30 bad loans in each commercial bank are responsible for almost half of the gross non performing accounts (NPA) in the Indian banking system. The worst affected are foreign banks in the country where the top 30 non-performing loans account for 84% of the gross NPAs as on March 2013...

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Category : Banking | Comments : 0 | Hits : 639

The Supreme Court on Tuesday rejected pleas of Price Waterhouse auditors Srinivas Talluri and Subramani Gopalakrishnan, accused in the Rs 14,000-crore Satyam scam, to defer inquiry proceedings initiated by Sebi against them.   The auditors had approached the apex court seeking deferment of th...

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Category : Auditing | Comments : 0 | Hits : 1076

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meetingheld on June 14, 2013, the Government of India has approved eight (8) Proposals of Foreign DirectInvestment amounting to Rs. 1311.54 ...

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Category : Finance | Comments : 0 | Hits : 275

Until a couple of years ago Vinod Jain, a familiar name in the chartered accountants community, worked out of a small office in Nehru Place, a congested commercial complex in South Delhi, now known more for assembled computers and pirated software. But, that was when the INMACS office...

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Category : ICAI | Comments : 0 | Hits : 1982

The Central Government has decided to exempt the services on which service tax is leviable under section 66B of the said Act, received by a unit located in a Special Economic Zone (hereinafter referred to as SEZ Unit) or Developer of SEZ ( hereinafter referred to as the Developer) and used for the a...

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Category : Service Tax | Comments : 0 | Hits : 349

With 26 public and private sector companies applying for banklicences, Finance Minister P Chidambaramhas said that there was no ceiling on the number of entities which can be permitted to operate a bank. "I don't think there is a ceiling. I don't think there is a number...

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Category : Banking | Comments : 0 | Hits : 360

In a landmark late night journey into a new era of space application, India today successfully launched its first dedicated navigation satellite using the Polar Satellite Launch Vehicle which blasted off from the Satish Dhawan Space Centre here.Precisely at 11.41 pm, India's workhorse PSLV...

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Category : General | Comments : 0 | Hits : 275

New Income Tax Return Forms A.Y. 2010-11 A.Y. 2011-12 A.Y. 2012-13 A.Y. 2013-14 ITR - 1 SARAL - II (ITR-1) English   Instructions Hindi  Instructions ITR-1 SAHAJ Indian Individual Income tax ReturnEnglish Hindi  Print Specifica...

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Category : Income Tax | Comments : 0 | Hits : 889

The Institute of Chartered Accountants of India (ICAI), India’s premier & world second largest accounting body, celebrated its 65th Foundation Day today. A function was organized at Vigyan Bhawan, New Delhi on July 1, 2013.    Union Minister of State(I/C), Shri Sachin Pilot was...

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Category : ICAI | Comments : 0 | Hits : 447

The Reserve Bank of India has received 26 applications for new banking licences until Monday, the deadline for making a pitch, with a mix of big corporate houses led by the Tatas, the Aditya Birla group, the Rahul Bajaj group, Videocon, the Anil Ambani group and Larsen & Toubro in the race to se...

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Category : RBI | Comments : 0 | Hits : 752

Calling for a need to have 'corporate democracy' in the country, capital market regulator Sebi today said it is not fair for top executives to get high compensations at companies that are not performing well.At the same time, Sebi has ruled out any 'disruptive' regulations to force anythin...

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Category : SEBI | Comments : 0 | Hits : 211

Key features of FVU 2.134 is as follows:   1. Addition of filler fields in:   - Deductor details (BH record)- Challan details (CD record)- Deductee details (DD record)- Salary details (SD record). Applicable in case of 24Q, Q4.   2. Quarterly TDS/TCS statement (regular ...

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Category : Income Tax | Comments : 0 | Hits : 473