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Mahindra Satyam (erstwhile Satyam Computer Services Ltd), which merged into Tech Mahindra last month, will become history in the records of BSE and National Stock Exchange (NSE) as trading of the company's scrip is likely to end from July 4.   "Trading of Satyam (stocks) will end on July 3 an...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 448

1st JULY 1949 HISTORY OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA The Companies Act, 1913 passed in pre-independent India prescribed the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to acquire a restricted ...

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Category : ICAI | Comments : 0 | Hits : 1303

Gujarat Chief Minister Narendra Modi called upon the chartered accountants to make Indian social and economic conditions stronger with the help of their professional skill. He also asked them to free India from the malaise of black money.   Inaugurating the Chartered Accountants Students Nati...

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Category : ICAI | Comments : 0 | Hits : 1781

In a breather to the IT industry, the Income Tax Department today announced withdrawal of a controversial circular and modification of another one relating to taxation of R&D centres, which play a key role in software development. While the circular relating to adoption ...

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Category : Income Tax | Comments : 0 | Hits : 532

Justice P Sathasivam will replace Altamas Kabir as the new chief justice of India when the latter steps down on July 19, 2013. A formal notification to this effect is expected anytime soon from Rashtrapati Bhavan.Sathasivam, who was elevated to the top court on August 21, 2007, w...

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Category : General | Comments : 0 | Hits : 195

Indian Railways on Friday launched SMS-based ticketing system to tackle the rush at the booking counters.  Indian Railways Catering and Tourism Corporation (IRCTC) launched the ticket booking which can be done through non-internet based mobile. Government is hoping that this new system will h...

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Category : General | Comments : 0 | Hits : 1344

The Madras High Court has upheld the levy of service tax on income generated from temporary transfer of rights to use cinematographic films. This means that service tax has to be paid for distribution of films and selling of rights to television. Such “temporary transfer” or permission t...

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Category : Service Tax | Comments : 0 | Hits : 393

The Reserve Bank of India (RBI) has proposed tough norms for banks involved in wealth and portfolio management services (W/PMS), mandating them to segregate sales and advisory activity, and threatened to bar them from money markets for violation of guidelines. It plans to put a blanket ban on t...

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Category : Banking | Comments : 0 | Hits : 165

Two regional bodies within Institute ofChartered Accountants of India (ICAI), the apex body of chartered accountants supposed to enforce transparency in financial world, have shown themselves wary of similar transparency. They steered clear of a proposal to impose a disclosure norm for their el...

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Category : ICAI | Comments : 1 | Hits : 766

The Reserve Bank of India (RBI), in its financial stability report has raised concern about the conduct of banks while distributinginsurance products. RBI said in some cases, it was observed banks did not have a clear segregation of duties of marketing personnel from other branch...

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Category : RBI | Comments : 0 | Hits : 210

Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said."The I-T department has started follow up of around 12 lakh asses...

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Category : Income Tax | Comments : 1 | Hits : 610

ICAI celebrates its Foundation Day as the Chartered Accountants’ Day on 1st July every year. This year, the Chartered Accountants’ Day Celebrations of the ICAI will be held at 4.00 P.M. on 1st July, 2013 in the `Plenary Hall’, Vigyan Bhawan, New Delhi. H...

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Category : ICAI | Comments : 1 | Hits : 955

Income Tax Department has releasedIncome Tax Return (ITR )  5  as Applicable for Partnership Firms, AOPs, LLPs and BOIs for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website  https://incometaxindiaefili...

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Category : Income Tax | Comments : 0 | Hits : 555

Sebi's formal recognition on June 25 to a separate class of investors—angel investor funds— resolves to a certain extent the problem of "angel tax". However, if a high networth angel individual invests at a premium in a startup, this tax issue continues to exist.   The Finance...

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Category : SEBI | Comments : 0 | Hits : 184

Amid declining value of rupee, the Reserve Bank today relaxed ECB norms and allowed companies to use the overseas debt to pay for import of services, technical know-how and licence fee as part of capital goods imports. Currently, eligible entities can raise ECB (external commercial borrowing) ...

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Category : SEBI | Comments : 0 | Hits : 244

Is an ice-cream a product or a service? Well, you are in for a surprise if you think that it's a product. The tax authorities feel that the ice-cream served by the likes ofAmul, Vadilal, Kwality Walls, Baskin Robbins and a host of others retail vends or parlours constitute a ...

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Category : Service Tax | Comments : 0 | Hits : 1126

Chartered accountant Arun Anandagiri has sought an injunction (compulsory relief) on the annual general meeting of the Western India Regional Council (WIRC) of Institute of Chartered Accountants of India (ICAI) scheduled to take place in Mumbai on Thursday. Anandgiri has fi...

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Category : ICAI | Comments : 0 | Hits : 485

Capital market regulator Sebi has tightened rules for share buybacks by mandating companies to purchase at least 50% of the offer size, failing which they will have to forfeit 2.5% of the total amount earmarked. The Sebi board which met on Tuesday cleared the new b...

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Category : Corporate Law | Comments : 0 | Hits : 511

Beginning 1st July, 2013, Customs clearance of all export goods will take place on 24x7 basis from four major Air Cargo Complexes/airports i.e., Bangalore, Chennai, Delhi and Mumbai. Thus, all exports including those made under export incentives scheme as well as duty drawback scheme will now be abl...

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Category : Custom | Comments : 0 | Hits : 228

Software company Mahindra Satyam became a part of history after it was formally merged with its parent Tech Mahindra on Tuesday to create the country's fifth largest software services firm. The board of Tech Mahindra and Mahindra Satyam had approved the merger on March 21, 2012....

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Category : General | Comments : 0 | Hits : 415

Your taxes are dear to the income tax department, but your returns are even dearer, so the department has ensured that they are kept in world-class safe keeping. Iron Mountain, the safe-keeper of the wills of Princess Diana, Charles Darwin, Bill Gates' Corbis photographic collect...

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Category : Income Tax | Comments : 0 | Hits : 440

Flying in from all corners of the country, braving monsoon rains and traffic jams in Mumbai, the HR chiefs and CEOs of leading companies queued up at a suburban hotel last Friday, with one question in mind: How had they fared in the coveted list- India's Best Companies To Work For.   Give...

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Category : General | Comments : 0 | Hits : 330

A total of 138 members of Pakistan's new National Assembly, including four federal ministers, have either paid no income tax in 2012 or do not figure in official records of tax-payers, according to a media report today.  The figure accounts for almost 42.59 per cent of the 324 n...

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Category : International Business | Comments : 0 | Hits : 176

Logged on to www.incometaxindia.gov.in, (you can also log on to incometaxindiaefiling.gov.in) and began by downloading the form. This is where you stumble on the first hurdle. Which form to download – ITR-1 Sahaj or ITR-2? The journey of demystification of filing of income tax return (ITR) thu...

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Category : Income Tax | Comments : 0 | Hits : 1326

BSNL on Sunday started helpline to track pilgrims that went missing in flash floods and landslides in Uttrakhand. BSNL will help the relatives of the victims of Uttrakhand’s natural calamity to track the last mobile phone location of the missing pilgrims. The relatives of the missing pilgrim...

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Category : General | Comments : 0 | Hits : 345

Government is considering making it mandatory for companies paying advance tax of over Rs 10 crore annually to register with the LTU (Large Taxpayers Unit), a move likely to augment and streamline tax collection.   A four-member committee has been set up to look into the various aspects of LT...

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Category : Income Tax | Comments : 0 | Hits : 442

India has been put on a list of HIGH-RISK Asian and African countries whose citizens would be required to deposit a £3,000 cash bond when they apply for a British visa.   The money would be forfeited if they overstay.   Controversially, the move is targeted only at people from no...

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Category : General | Comments : 0 | Hits : 398

In a startling revelation, the Central Board of Direct Taxes ( CBDT) has reported that 97 per cent of Income Tax demand arrears, quantified over Rs 4.66 lakh crore, is "difficult" to be recovered.  The total arrears amount to be recovered, stuck because of a variety of reasons l...

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Category : Income Tax | Comments : 0 | Hits : 256

At a time when almost every prominent politician has expressed concern over the devastating floods in Uttarakhand and other parts of north India, Congress vice president Rahul Gandhi’s absence and complete silence over the tragedy has led to sharp criticism.  The social networking websit...

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Category : General | Comments : 0 | Hits : 245

Starting June 21, you can pay your passport processing fees online and book an appointment with the passport office. In a major step that would reduce absenteeism of around 20% passport applicants per day, who take appointment but do not turn up and prevent alleged block booking ofappoi...

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Category : General | Comments : 0 | Hits : 1480