Archive for April, 2010

The Government has informed the Parliament that the Institute of Chartered Accountants of India (ICAI) in terms of Section 17(2) of the Chartered Accountants Act, 1949 constituted a fact finding Committee called High Powered Committee to look into the entire gamut of financial reporting, Full Article

Parts, components and assemblies of goods falling under tariff item 8426 41 00, headings 8427, 8429 and sub-heading 8430 10 Full Article

In this connection, we advise that apart from Credit Information Bureau of India Ltd., (existing credit information company in operation since January 2001) DBOD has recently issued certificate of registration to Experian Credit Information Company of India Pvt. Ltd. and Equifax Credit Information Services Pvt. Ltd. on February 17, 2010 and March 26, 2010 respectively to commence the business of credit information. The addresses and other details of the companies are giv.. Full Article

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.26/2010-CUSTOMS (N.T.), dated the 29th March, 2010 vide number S.O.704(E), dated the 29th March, 2010,except as respects things done or omitted to be done Full Article

India chartered accountants eyeing work opportunities abroad will soon be spoilt for choice, with their nodal agency, the Institute of Chartered Accountants of India, negotiating with its counterparts in Canada, Singapore and Ireland to allow the professionals to take up assignments in these countries. Full Article

To strengthen corporate governance practices, the Institute of Company Secretaries of India will soon come out with a new secretarial standard asking a director of a company to disclose his transactions with other entity in which he has financial interest. Full Article

Home minister P Chidambaram clarified in Parliament on Thursday that government agencies were fully authorised to tap the phones of suspected tax evaders. Chidambaram said the Central Board for Direct Taxes (CBDT) and other enforcement agencies were empowered to intercept phones to detect cases of tax evasion. However, he admitted that the present regime of phone-tapping needed more safeguards to prevent misuse. Full Article

Government on 28.04.2010 introduced in the Rajya Sabha three bills to enable CAs, Company Secretaries and Cost Accountants to form limited liability partnership firms in line with global practices. Full Article