Archive for July, 2010

A Sebi panel has suggested tax parity be introduced for shareholders who tender their shares in open offer and those who sell through the stock market. According to the Sebi Takeover Advisory Committee, the open offer only provides an opportunity to investors to exit the company and hence need not be treated as off-market transaction. Full Article

With July 31 just a couple of weeks away, it’s time to get papers in order to file your taxes. The traditional method has been to hire a chartered accountant who does the needful. But now, with the advent of tax portals, even tax filing can be done at your convenience from your office or home. But there are some basic things you have to keep in mind to ensure a safe and easy e-filing exercise. Full Article

The results of the Chartered Accountants Final Examination held in May-2010 were declared recently.The details of percentage of candidates passed in the above said examinations are given below:CHARTERED ACCOUNTANTS FINAL EXAMINATION (Existing Course) HELD IN MAY-2010 Full Article

“It’s a girl!” is the scream that gets stuck in your throat after a glance at the Chartered Accountancy final examination results, released by the Institute of Chartered Accountants of India (ICAI) on Monday. Sanjhi Agrawal, first ranker in the ICAI’s PE-II (Professional Examination-II) and Delhi University’s 2008 BCom (Hons) gold-medallist who studied in SRCC, would probably just shrug and smile. Full Article

The Central Board of Direct Taxes (CBDT) has constituted a three-member committee to inquire into income tax loss to Mumbai caused due to non-transmission of important information on unaccounted income to field officials concerned. The Central Information Branch (CIB) of I-T department in Mumbai had collected the information which could not be disseminated to the assessing officers for action, as they were locked up in the faulty computer system of the department. Full Article

It has been stated in said circular that when departmental auditors do Special or Test Audit they are reporting the misutilisation and misappropriation of funds of Co-operative Societies. However, Statutory Audit report does not reflect misutilisation and misappropriation of funds of the same year. Full Article

On the question whether an Assessee is entitled to adjust the actual cost of imported assets acquired in foreign currency on account of fluctuation in the rate of exchange at each balance-sheet date, pending actual payment of the varied liability with reference to unamended Section 43A of the Act, in Woodward's case (supra), the Court observed thus: Full Article

The Takeover Regulations Advisory Committee constituted under the Chairmanship of Shri. C. Achuthan submitted its report to SEBI Chairman Shri. C. B. Bhave today. Considering the substantive changes recommended upon review of the existing law governing substantial acquisition of shares and takeovers, the Committee has comprehensively re-written the regulations. The draft Regulations form an integral part of the report. Full Article