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	<title>TaxGuru &#187; Audit</title>
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	<link>http://taxguru.in</link>
	<description>Complete Tax Solution</description>
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		<title>Related Party Transactions &amp; Legal Provisions</title>
		<link>http://taxguru.in/company-law/article-on-related-party-transactions-legal-provisions.html</link>
		<comments>http://taxguru.in/company-law/article-on-related-party-transactions-legal-provisions.html#comments</comments>
		<pubDate>Thu, 26 Apr 2012 03:55:06 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICAI]]></category>
		<category><![CDATA[tax]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=1381</guid>
		<description><![CDATA[In this article an attempt has been made to make a analysis of provisions under different laws relating to Related Party Transactions.  An awareness of various provisions is very much required so as to take adequate care while entering into related party transaction and disclosing the same in the Financial Statements.]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/article-on-related-party-transactions-legal-provisions.html/feed/</wfw:commentRss>
		<slash:comments>8</slash:comments>
		</item>
		<item>
		<title>Statutory Bank Audit &#8211; Charge 12.36% Service tax</title>
		<link>http://taxguru.in/service-tax/statutory-bank-auditors-charge-1236-service-tax-audit-fees.html</link>
		<comments>http://taxguru.in/service-tax/statutory-bank-auditors-charge-1236-service-tax-audit-fees.html#comments</comments>
		<pubDate>Sat, 31 Mar 2012 01:08:16 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Service Tax]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[Empanelment]]></category>
		<category><![CDATA[point of taxation rules]]></category>
		<category><![CDATA[tax rates]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=49203</guid>
		<description><![CDATA[The Bank audit could have commenced in March 2012, however the completion of the services would be in April/ May 2012. Since the completion of service is important, as per the Point of Taxation Rules {POTR} the rate of service tax would be: Basic- 12% EC- 0.24 SHEC- 0.12- Total 12.36%.]]></description>
		<wfw:commentRss>http://taxguru.in/service-tax/statutory-bank-auditors-charge-1236-service-tax-audit-fees.html/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>ICWAI invites comments on the initial draft of ICWAI XBRL Taxonomy for Cost Audit Report and Compliance Report</title>
		<link>http://taxguru.in/chartered-accountant/icwai-invites-comments-initial-draft-icwai-xbrl-taxonomy-cost-audit-report-compliance-report.html</link>
		<comments>http://taxguru.in/chartered-accountant/icwai-invites-comments-initial-draft-icwai-xbrl-taxonomy-cost-audit-report-compliance-report.html#comments</comments>
		<pubDate>Fri, 23 Dec 2011 04:21:11 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=45942</guid>
		<description><![CDATA[The Institute is in the process of development of XBRL Taxonomy for Cost Audit Report and Compliance Report. The Institute has approved the release of initial draft of ICWAI XBRL Taxonomy for public comments. The proposed taxonomy may be modified in the light of comments / suggestions received. Please submit your views / comments / suggestions on the XBRL Taxonomy, preferably by email, latest by January 31, 2012. Comments should be addressed to: ]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/icwai-invites-comments-initial-draft-icwai-xbrl-taxonomy-cost-audit-report-compliance-report.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Guidance Manual for Audit Quality for professional Cost  Accountants</title>
		<link>http://taxguru.in/company-law/guidance-manual-audit-quality-professional-cost-accountants.html</link>
		<comments>http://taxguru.in/company-law/guidance-manual-audit-quality-professional-cost-accountants.html#comments</comments>
		<pubDate>Wed, 14 Dec 2011 04:29:56 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=45755</guid>
		<description><![CDATA[This Guidance Manual for Audit Quality deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost / financial statements, and other assurance and related services engagements. This Manual is to be read in conjunction with the requirements of the Cost and Works Accountants Act, related Regulations, the Code of Ethics and other relevant pronouncements of the Institute.]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/guidance-manual-audit-quality-professional-cost-accountants.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cost Accounting Records &amp; Cost Audit – Applicability &amp; Compliance</title>
		<link>http://taxguru.in/company-law/cost-accounting-records-cost-audit-clarifications-applicability-compliance-requirements.html</link>
		<comments>http://taxguru.in/company-law/cost-accounting-records-cost-audit-clarifications-applicability-compliance-requirements.html#comments</comments>
		<pubDate>Wed, 30 Nov 2011 04:44:02 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[company law notifications]]></category>
		<category><![CDATA[Cost Audit Notifications]]></category>
		<category><![CDATA[ICWAI]]></category>
		<category><![CDATA[MCA]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=45472</guid>
		<description><![CDATA[General Circular No. 68/2011 In connection with the recently issued circulars/notifications concerning cost accounting records and cost audit, following clarifications are issued: (a)  That the companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-B (copy enclosed) and no other details of cost records are required to be filed with the Government. If all the products/activities of a company, excluding the exempted categories, are covered under cost audit, then the company will not be required to separately file the compliance report.]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/cost-accounting-records-cost-audit-clarifications-applicability-compliance-requirements.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cost Accounting Records and Cost Audit – clarifications about coverage of certain sectors thereunder</title>
		<link>http://taxguru.in/company-law/cost-accounting-records-cost-audit-clarifications-coverage-sectors-thereunder.html</link>
		<comments>http://taxguru.in/company-law/cost-accounting-records-cost-audit-clarifications-coverage-sectors-thereunder.html#comments</comments>
		<pubDate>Wed, 30 Nov 2011 04:38:20 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[company law notifications]]></category>
		<category><![CDATA[Cost Audit Notifications]]></category>
		<category><![CDATA[ICWAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=45471</guid>
		<description><![CDATA[General Circular No. 67/2011, That   the Companies (Cost Accounting Records)  Rules, 2011 are not applicable to:

(i)     Wholesale or retail trading activities.

(ii)  Banking, financial, leasing, investment, insurance, education, healthcare, tourism, travel, hospitality, recreation, transport services, business/professional consultancy, IT &#038; IT enabled services, research &#038; development, postal/courier services, etc. unless any of these have been specifically covered under any other Cost Accounting Records Rules.]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/cost-accounting-records-cost-audit-clarifications-coverage-sectors-thereunder.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>3rd Frequently Asked Questions on Companies (Cost Accounting Records) Rules 2011 and Companies (Cost Audit Report) Rules 2011</title>
		<link>http://taxguru.in/chartered-accountant/3rd-frequently-asked-questions-companies-cost-accounting-records-rules-2011-companies-cost-audit-report-rules-2011.html</link>
		<comments>http://taxguru.in/chartered-accountant/3rd-frequently-asked-questions-companies-cost-accounting-records-rules-2011-companies-cost-audit-report-rules-2011.html#comments</comments>
		<pubDate>Tue, 29 Nov 2011 14:58:53 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=45445</guid>
		<description><![CDATA[ 1. Whether a cost accountant appointed as cost auditor can authenticate the Compliance Report also?

The Rules provide for authentication of Compliance Report [vide Companies (Cost Accounting Records) Rules 2011] and certifying cost audit report [vide Companies (Cost Audit Report) Rules 2011].]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/3rd-frequently-asked-questions-companies-cost-accounting-records-rules-2011-companies-cost-audit-report-rules-2011.html/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Master Circular No. 2/2011 on Cost Accounting Records and Cost Audit</title>
		<link>http://taxguru.in/corporate-law/master-circular-cost-accounting-records-cost-audit-2.html</link>
		<comments>http://taxguru.in/corporate-law/master-circular-cost-accounting-records-cost-audit-2.html#comments</comments>
		<pubDate>Tue, 15 Nov 2011 04:21:51 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Corporate Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[company law notifications]]></category>
		<category><![CDATA[Cost Audit Notifications]]></category>
		<category><![CDATA[ICWAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=45125</guid>
		<description><![CDATA[Master Circular No. 2/2011  The specified number of companies for the purpose of section 233B (2) read with section 224 (1B) of the Companies Act, 1956 is to be computed for a given financial year with reference to the number of companies wherein he has been appointed as the cost auditor, including those wherein he is proposed to be appointed for which he has given his consent. The number of companies in respect of which cost audit reports have not been submitted and have become overdue shall also be taken into account for the purposes of ceiling under section 224 (18).]]></description>
		<wfw:commentRss>http://taxguru.in/corporate-law/master-circular-cost-accounting-records-cost-audit-2.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Unexplained Investment Under Section 69 of the Income Tax Act, 1961</title>
		<link>http://taxguru.in/income-tax/unexplained-investment-under-section-69.html</link>
		<comments>http://taxguru.in/income-tax/unexplained-investment-under-section-69.html#comments</comments>
		<pubDate>Mon, 10 Oct 2011 01:21:00 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[Tax Evasion]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2007/07/28/unexplained-investment-under-section-69/</guid>
		<description><![CDATA[Section 69 does not provide any guideline about the extent and length of the discretionary power given to AO in the matter of treating the investment as income which is unexplained or unsatisfactorily explained by the investor-assessee. Therefore, Assessing Officer is expected to appreciate the reasonable explanation offered to him, the evidences produced before him about the nature and source of investment and he can not make the addition merely on surmises, conjectures as well as without any supporting evidences. (Ashok Kumar Rastogi V CIT (1991) 100 CTR 204.)]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/unexplained-investment-under-section-69.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>List Of Industries And The Products Covered Under Section 209(1)(d) Of The Companies Act, 1956</title>
		<link>http://taxguru.in/chartered-accountant/list-industries-products-covered-section-2091d-companies-act-1956.html</link>
		<comments>http://taxguru.in/chartered-accountant/list-industries-products-covered-section-2091d-companies-act-1956.html#comments</comments>
		<pubDate>Sat, 08 Oct 2011 01:32:13 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=44683</guid>
		<description><![CDATA[LIST OF INDUSTRIES AND THE PRODUCTS COVERED UNDER SECTION 209(1)(D) OF THE COMPANIES ACT, 1956 No Industry Products GSR NO. and Date Effective from Remarks 1.       Cement Cement, Clinker 536 (E) dt. 11.9.1997* 11.9.1997* The Rules,1997 notified in suppression of GSR 1402 dt. 12.9.66 2.       Cycles  Cycles, component of cycles 311 dt. 2.3.1967 1.04.67   [...]]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/list-industries-products-covered-section-2091d-companies-act-1956.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ICAI accuses state and central governments, and PSUs of deliberately favouring CA companies having affiliations with multinational audit firms</title>
		<link>http://taxguru.in/chartered-accountant/icai-accuses-state-central-governments-psus-deliberately-favouring-ca-companies-affiliations-multinational-audit-firms.html</link>
		<comments>http://taxguru.in/chartered-accountant/icai-accuses-state-central-governments-psus-deliberately-favouring-ca-companies-affiliations-multinational-audit-firms.html#comments</comments>
		<pubDate>Mon, 03 Oct 2011 06:28:24 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICAI]]></category>
		<category><![CDATA[ministry of corporate affairs]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=44372</guid>
		<description><![CDATA[Accounting regulator ICAI has accused state and central governments, and PSUs, of deliberately favouring chartered accountant companies having affiliations with multinational audit firms.  ICAi accused that In certain cases, public sector undertakings, the government departments, central and state governments advertise for various professional services, wherein the basic eligibility requirement tends to favour multinational network accounting firms or other corporate entities. ]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/icai-accuses-state-central-governments-psus-deliberately-favouring-ca-companies-affiliations-multinational-audit-firms.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Download Revised Form 3CD in Excel PDF Format alongwith Tax Audit Checklist</title>
		<link>http://taxguru.in/income-tax/amendment-in-form-3cd-download-the-revised-form-3cd-in-excel-format.html</link>
		<comments>http://taxguru.in/income-tax/amendment-in-form-3cd-download-the-revised-form-3cd-in-excel-format.html#comments</comments>
		<pubDate>Wed, 31 Aug 2011 19:05:25 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[form 3cd]]></category>
		<category><![CDATA[Income Tax Notifications]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=5741</guid>
		<description><![CDATA[Income Tax department has last amended the 3CD report by inserting a New Clause 17A after Clause 17  by NOTIFICATION NO. 36/2009, DATED 13-4-2009 , which require auditors to report  Amount of interest inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. In addition to that there were some changes in provisions of fringe benefit. I am attaching herewith a Revised Form 3CD for Tax Audit incorporating all the changes and amendments till 31st August 2011 and same is applicable for Assessment year 2009-2010, 2010-11 and 2011-12. Download Form 3CD in Excel Format]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/amendment-in-form-3cd-download-the-revised-form-3cd-in-excel-format.html/feed/</wfw:commentRss>
		<slash:comments>33</slash:comments>
		</item>
		<item>
		<title>FAQs on Companies (Cost Audit Report) Rules, 2011</title>
		<link>http://taxguru.in/company-law/faqs-companies-cost-audit-report-rules-2011.html</link>
		<comments>http://taxguru.in/company-law/faqs-companies-cost-audit-report-rules-2011.html#comments</comments>
		<pubDate>Sun, 03 Jul 2011 03:08:15 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=42416</guid>
		<description><![CDATA[From which date is Companies (Cost Audit Report) Rules, 2011 effective from? -The  Companies (Cost Audit Report) Rules, 2011  have been issued by  the Ministry of Corporate Affairs vide Notification no. 430(E) dated 3rd June 2011. Cost Audit Reports submitted on or after 1st day of April, 2012, irrespective of the financial year for which the cost audit report is submitted, shall be governed by these Rules. Cost Audit Reports submitted till 31.3.2012 will be governed by the Cost Audit Report Rules, 2001. ]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/faqs-companies-cost-audit-report-rules-2011.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>FAQs on Companies (Cost Accounting Records) Rules, 2011</title>
		<link>http://taxguru.in/company-law/faqs-companies-cost-accounting-records-rules-2011.html</link>
		<comments>http://taxguru.in/company-law/faqs-companies-cost-accounting-records-rules-2011.html#comments</comments>
		<pubDate>Sun, 03 Jul 2011 03:05:18 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=42415</guid>
		<description><![CDATA[What is the status of the 44 Cost Accounting Records Rules issued till the date of issue of  Companies (Cost  Accounting Records)  Rules 2011 and what is its applicability? The Companies (Cost Accounting Records) Rules 2011 has superseded 36  cost accounting record rules [refer Annexure 1 of this FAQ].
The  said  Rules are applicable to all companies engaged in production, processing, manufacturing and mining activities  as defined under Rules  2(j), 2(k), 2(l) or 2(o) respectively and where:]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/faqs-companies-cost-accounting-records-rules-2011.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>RBI asks banks to rotate staff to check loan fraud</title>
		<link>http://taxguru.in/rbi/rbi-asks-banks-rotate-staff-check-loan-fraud.html</link>
		<comments>http://taxguru.in/rbi/rbi-asks-banks-rotate-staff-check-loan-fraud.html#comments</comments>
		<pubDate>Fri, 01 Jul 2011 05:00:19 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[RBI / FEMA]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=42403</guid>
		<description><![CDATA[In a bid to contain frauds in banks, the Reserve Bank today asked lenders to rotate staff and put in place check and balances before giving high value loans. Banks may put in place a system wherein the concurrent audit can be undertaken in order to contain the frauds, RBI said in a notification.Banks should verify genuineness documents of title submitted as security for loans, especially for large value loans, it said.]]></description>
		<wfw:commentRss>http://taxguru.in/rbi/rbi-asks-banks-rotate-staff-check-loan-fraud.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>US market regulator SEC asks Wipro to prove its auditor KPMG India&#8217;s independence</title>
		<link>http://taxguru.in/chartered-accountant/market-regulator-sec-asks-wipro-prove-auditor-kpmg-indias-independence.html</link>
		<comments>http://taxguru.in/chartered-accountant/market-regulator-sec-asks-wipro-prove-auditor-kpmg-indias-independence.html#comments</comments>
		<pubDate>Mon, 23 May 2011 01:41:40 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=41410</guid>
		<description><![CDATA[US market regulator SEC has asked IT major Wipro to prove independence of its auditor KPMG India, failing which the company may have to appoint new auditors or get its business books audited again. "We have received a voluntary document request from the SEC's Division of Enforcement. The document request includes, among other things, issues relating to auditor independence," Wipro said in a regulatory filing with the SEC. ]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/market-regulator-sec-asks-wipro-prove-auditor-kpmg-indias-independence.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Frequently Asked Questions on Appointment of Cost Auditor by Companies</title>
		<link>http://taxguru.in/company-law/frequently-asked-questions-appointment-cost-auditor-companies.html</link>
		<comments>http://taxguru.in/company-law/frequently-asked-questions-appointment-cost-auditor-companies.html#comments</comments>
		<pubDate>Wed, 11 May 2011 02:52:24 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=41103</guid>
		<description><![CDATA[FAQ's on Appointment of Cost Auditor and Draft of letters as required to be submitted by Cost Auditor in terms of MCA Circular. Q.1   Has the Government prescribed a new procedure for  appointment of cost auditor by the companies?  Ans.  Yes. The procedure has been modified by the Cost Audit Branch of the Ministry of Corporate Affairs vide General Circular No. 15/2011 dated 11th April 2011. The circular shall be effective from the financial year commencing on or after the 1st day of April, 2011. ]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/frequently-asked-questions-appointment-cost-auditor-companies.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
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		<title>Cost Audit Order for Bulk Drugs, Fertilizers, Sugar, Petro, Electricity, Telecom, Alcohol and Petroleum Industry</title>
		<link>http://taxguru.in/corporate-law/cost-audit-order-bulk-drugs-fertilizers-sugar-petro-electricity-telecom-alcohol-petroleum-industry.html</link>
		<comments>http://taxguru.in/corporate-law/cost-audit-order-bulk-drugs-fertilizers-sugar-petro-electricity-telecom-alcohol-petroleum-industry.html#comments</comments>
		<pubDate>Thu, 05 May 2011 18:00:43 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Corporate Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[company law notifications]]></category>
		<category><![CDATA[Cost Audit Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=40962</guid>
		<description><![CDATA[In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government,being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange,whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the lst day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).]]></description>
		<wfw:commentRss>http://taxguru.in/corporate-law/cost-audit-order-bulk-drugs-fertilizers-sugar-petro-electricity-telecom-alcohol-petroleum-industry.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<title>Cost Audit Order for Cement, Tyres, Tubes, Steel Tubes, Steel Pipes, Paper, Insecticides Industries</title>
		<link>http://taxguru.in/corporate-law/cost-audit-order-cement-tyres-tubes-steel-tubes-steel-pipes-paper-industries.html</link>
		<comments>http://taxguru.in/corporate-law/cost-audit-order-cement-tyres-tubes-steel-tubes-steel-pipes-paper-industries.html#comments</comments>
		<pubDate>Thu, 05 May 2011 17:39:10 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Corporate Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[company law notifications]]></category>
		<category><![CDATA[Cost Audit Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=40961</guid>
		<description><![CDATA[In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds hundred crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Cost Audit Order for Bulk Drugs, Fertilizers, Sugar, Petroleum, Electricity, Telecom, Alcohol and Petroleum Industry</title>
		<link>http://taxguru.in/income-tax/cost-audit-order-bulk-drugs-fertilizers-sugar-petroleum-electricity-telecom-alcohol-petroleum-industry.html</link>
		<comments>http://taxguru.in/income-tax/cost-audit-order-bulk-drugs-fertilizers-sugar-petroleum-electricity-telecom-alcohol-petroleum-industry.html#comments</comments>
		<pubDate>Thu, 05 May 2011 09:57:23 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[company law notifications]]></category>
		<category><![CDATA[Cost Audit Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=40964</guid>
		<description><![CDATA[Cost Audit made Applicable for the companies in  Bulk Drugs, Fertilizers, Sugar, Petroleum, Electricity, Telecom, Alcohol and Petroleum Industry if aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees ; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange,whether in India or outside India]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/cost-audit-order-bulk-drugs-fertilizers-sugar-petroleum-electricity-telecom-alcohol-petroleum-industry.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<title>A special post for all of those who cleared CA IPCC Exam</title>
		<link>http://taxguru.in/chartered-accountant/a-special-post-for-all-of-those-who-cleared-ca-ipcc-exam.html</link>
		<comments>http://taxguru.in/chartered-accountant/a-special-post-for-all-of-those-who-cleared-ca-ipcc-exam.html#comments</comments>
		<pubDate>Wed, 09 Feb 2011 10:01:16 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://taxguru.in/a-special-post-for-all-of-those-who-cleared-ca-ipcc-exam-36679.html</guid>
		<description><![CDATA[Many many congratulations to all of those who have cleared CA IPCC this time .This is a time of great celebration and hope everyone celebrating his grand success in this exam. Beyond this there is one more thing which you may missed out while being b]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/a-special-post-for-all-of-those-who-cleared-ca-ipcc-exam.html/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
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		<title>Books of Account – Companies Act, 1956 &#8211; allegations of mismanagement and connected issues?</title>
		<link>http://taxguru.in/company-law/books-of-account-companies-act-1956-allegations-of-mismanagement-and-connected-issues.html</link>
		<comments>http://taxguru.in/company-law/books-of-account-companies-act-1956-allegations-of-mismanagement-and-connected-issues.html#comments</comments>
		<pubDate>Sat, 05 Feb 2011 15:17:03 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[Companies Act]]></category>

		<guid isPermaLink="false">http://taxguru.in/books-of-account-%e2%80%93-companies-act-1956-allegations-of-mismanagement-and-connected-issues-36672.html</guid>
		<description><![CDATA[Despite the clear regulations in the Companies Act, 1956 as to how every Company should record its transactions, maintain books of account and should submit the approved Financial Statements with the ROC, financial transactions in some closely held companies would be really interesting to note and dealing with the cases of this kind would really be very complicated. The logic behind the settled accounting principles, the provisions of Companies Act, 1956 dealing with maintenance of accounts, Accounting Standards etc., can very easily be understood.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Update on Empanelement for Audit of Urban Co-op. Banks and other Co-op. Societies</title>
		<link>http://taxguru.in/chartered-accountant/update-on-empanelement-for-audit-of-urban-co-op-banks-and-other-co-op-societies.html</link>
		<comments>http://taxguru.in/chartered-accountant/update-on-empanelement-for-audit-of-urban-co-op-banks-and-other-co-op-societies.html#comments</comments>
		<pubDate>Wed, 19 Jan 2011 00:28:05 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[Empanelment]]></category>

		<guid isPermaLink="false">http://taxguru.in/update-on-empanelement-for-audit-of-urban-co-op.-banks-and-other-co-op.-societies-1246.html</guid>
		<description><![CDATA[We had a useful meeting with the officials of the Co-operation Department at Pune on 5th January, 2011 with regards to the co-operative audit in Maharashtra. We have been requested to formulate a programme in respect of processes and other matters fo]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/update-on-empanelement-for-audit-of-urban-co-op-banks-and-other-co-op-societies.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<title>China&#8217;s top auditor to serve as chairman of UN Board of Auditor</title>
		<link>http://taxguru.in/finance/chinas-top-auditor-to-serve-as-chairman-of-un-board-of-auditor.html</link>
		<comments>http://taxguru.in/finance/chinas-top-auditor-to-serve-as-chairman-of-un-board-of-auditor.html#comments</comments>
		<pubDate>Fri, 31 Dec 2010 01:54:59 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://taxguru.in/chinas-top-auditor-to-serve-as-chairman-of-un-board-of-auditor-1038.html</guid>
		<description><![CDATA[Liu Jiayi, auditor-general of China's National Audit Office (NAO), will take up the position as chairman of the United Nations Board of Auditors (UNBA) starting Jan.1, 2011, the NAO announced in Beijing Wednesday. Liu, who was appointed as auditor-ge]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Government mandates cost audits for over 100 companies for financial year 2010-2011</title>
		<link>http://taxguru.in/chartered-accountant/government-mandates-cost-audits-for-over-100-companies-for-financial-year-2010-2011.html</link>
		<comments>http://taxguru.in/chartered-accountant/government-mandates-cost-audits-for-over-100-companies-for-financial-year-2010-2011.html#comments</comments>
		<pubDate>Thu, 30 Dec 2010 03:42:46 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/government-mandates-cost-audits-for-over-100-companies-for-financial-year-2010-2011-1034.html</guid>
		<description><![CDATA[The government has mandated cost audits for over 100 companies, covering a host of sectors including pharmaceuticals , fertilisers , steel and petroleum . Cost audit, which is a system of government scrutiny into a company's production cost and profi]]></description>
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		<slash:comments>0</slash:comments>
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		<title>All about Cost Audit Branch under Ministry of Corporate Affairs</title>
		<link>http://taxguru.in/chartered-accountant/all-about-cost-audit-branch-under-ministry-of-corporate-affairs.html</link>
		<comments>http://taxguru.in/chartered-accountant/all-about-cost-audit-branch-under-ministry-of-corporate-affairs.html#comments</comments>
		<pubDate>Wed, 22 Dec 2010 02:39:12 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>
		<category><![CDATA[ministry of corporate affairs]]></category>

		<guid isPermaLink="false">http://taxguru.in/all-about-cost-audit-branch-under-ministry-of-corporate-affairs-36557.html</guid>
		<description><![CDATA[Cost Audit Branch under the Ministry of Corporate Affairs is manned by professionals drawn from the Indian Cost Accounts Service (ICAS) and primarily deals with sections 209 (1) (d) and 233B of the Companies Act, 1956. The Branch, under section 209 (1) (d) formulates &#038; notifies Cost Accounting Records Rules (CARRs) for various industries. Such rules prescribe the manner in which cost records are to be maintained by specified class of companies. The Branch also undertakes rationalization of existing CARRs to reflect the changes in technology, manufacturing processes and accounting standards.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>List of Companies Liable to Cost Audit  for the financial year 2010-11</title>
		<link>http://taxguru.in/chartered-accountant/list-of-companies-liable-to-cost-audit-for-the-financial-year-2010-11.html</link>
		<comments>http://taxguru.in/chartered-accountant/list-of-companies-liable-to-cost-audit-for-the-financial-year-2010-11.html#comments</comments>
		<pubDate>Wed, 22 Dec 2010 02:18:46 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>
		<category><![CDATA[ministry of corporate affairs]]></category>

		<guid isPermaLink="false">http://taxguru.in/list-of-companies-liable-to-cost-audit-for-the-financial-year-2010-11-325.html</guid>
		<description><![CDATA[It is hereby informed that in exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government has issued Orders to the effect that an audit of the cost accounting records maintained by the following companies be conducted for the year ending 31st March, 2011 and also for every financial year thereafter in respect of the products indicated there against:]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Audit Committee of the Board of Directors – Calendar of Reviews</title>
		<link>http://taxguru.in/rbi/audit-committee-of-the-board-of-directors-calendar-of-reviews.html</link>
		<comments>http://taxguru.in/rbi/audit-committee-of-the-board-of-directors-calendar-of-reviews.html#comments</comments>
		<pubDate>Thu, 11 Nov 2010 03:54:28 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[RBI / FEMA]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://taxguru.in/audit-committee-of-the-board-of-directors-%e2%80%93-calendar-of-reviews-199.html</guid>
		<description><![CDATA[Audit Committee of the Board of Directors – Calendar of Reviews RBI/2010-11/269 DBS.ARS.BC. No.4/08.91.020/ 2010-11 November 10, 2010 The Chief Executives All Indian Commercial Banks Dear Sir/Madam, Audit Committee of the Board of Directors – Calendar of Reviews As you are aware, the norms regarding the constitution and functions of the Audit Committee of the [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Empanelment with  Registrar for Mumbai and Konkan Division for Statutory Audit of Co-Operative credit Societies and Bank</title>
		<link>http://taxguru.in/chartered-accountant/empanelment-with-registrar-for-mumbai-and-konkan-division-for-statutory-audit-of-co-operative-credit-societies-and-bank.html</link>
		<comments>http://taxguru.in/chartered-accountant/empanelment-with-registrar-for-mumbai-and-konkan-division-for-statutory-audit-of-co-operative-credit-societies-and-bank.html#comments</comments>
		<pubDate>Wed, 27 Oct 2010 03:18:12 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[Empanelment]]></category>

		<guid isPermaLink="false">http://taxguru.in/empanelment-with-registrar-for-mumbai-and-konkan-division-for-statutory-audit-of-co-operative-credit-societies-and-bank-461.html</guid>
		<description><![CDATA[Joint Registrar for Mumbai and Konkan Division started for Registration of Fresh Panel for the Period 01/04/2011 to 31/03/2014 for Co-Operative Societies Audit. ]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/empanelment-with-registrar-for-mumbai-and-konkan-division-for-statutory-audit-of-co-operative-credit-societies-and-bank.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Empanelment with Punjab National Bank (PNB) for Chartered Accountants / Ca Firms for Concurrent Audit, Revenue Audit and</title>
		<link>http://taxguru.in/chartered-accountant/empanelment-with-punjab-national-bank-pnb-for-chartered-accountants-ca-firms-for-concurrent-audit-revenue-audit-and.html</link>
		<comments>http://taxguru.in/chartered-accountant/empanelment-with-punjab-national-bank-pnb-for-chartered-accountants-ca-firms-for-concurrent-audit-revenue-audit-and.html#comments</comments>
		<pubDate>Mon, 25 Oct 2010 10:23:16 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[chartered accountants]]></category>
		<category><![CDATA[Empanelment]]></category>

		<guid isPermaLink="false">http://taxguru.in/empanelment-with-punjab-national-bank-pnb-for-chartered-accountants-ca-firms-for-concurrent-audit-revenue-audit-and-429.html</guid>
		<description><![CDATA[Punjab National Bank invites applications on the undernoted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their Firms empanel ed as Concurrent/Revenue/Treasury Auditor in the Bank.]]></description>
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		<slash:comments>1</slash:comments>
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		<item>
		<title>Independent directors in charge of audit committees in companies may be held responsible for actions taken by the management</title>
		<link>http://taxguru.in/company-law/independent-directors-in-charge-of-audit-committees-in-companies-may-be-held-responsible-for-actions-taken-by-the-management.html</link>
		<comments>http://taxguru.in/company-law/independent-directors-in-charge-of-audit-committees-in-companies-may-be-held-responsible-for-actions-taken-by-the-management.html#comments</comments>
		<pubDate>Wed, 14 Jul 2010 02:44:54 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[Companies Act]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=31942</guid>
		<description><![CDATA[Independent directors in charge of audit committees in companies may be held responsible for actions taken by the management]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/independent-directors-in-charge-of-audit-committees-in-companies-may-be-held-responsible-for-actions-taken-by-the-management.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Audit firms may be asked to financially compensate investors for losses resulting from their lapses</title>
		<link>http://taxguru.in/finance/audit-firms-may-be-asked-to-financially-compensate-investors-for-losses-resulting-from-their-lapses.html</link>
		<comments>http://taxguru.in/finance/audit-firms-may-be-asked-to-financially-compensate-investors-for-losses-resulting-from-their-lapses.html#comments</comments>
		<pubDate>Wed, 23 Jun 2010 16:18:30 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=30098</guid>
		<description><![CDATA[Audit firms may be asked to financially compensate investors for losses resulting from their lapses, with the government planning to strengthen the mechanism for fixing responsibility for corporate frauds and protecting investors from their ill-effects. To make this feasible, an audit firm would be held accountable for its actions regardless of whether the firm itself or its affiliate was the official auditor,]]></description>
		<wfw:commentRss>http://taxguru.in/finance/audit-firms-may-be-asked-to-financially-compensate-investors-for-losses-resulting-from-their-lapses.html/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Manufacturing companies with a paid-up capital of Rs 50 crores or more may be required to get their cost accounting records audited by a statutory cost auditor</title>
		<link>http://taxguru.in/chartered-accountant/manufacturing-companies-with-a-paid-up-capital-of-rs-50-crores-or-more-may-be-required-to-get-their-cost-accounting-records-audited-by-a-statutory-cost-auditor.html</link>
		<comments>http://taxguru.in/chartered-accountant/manufacturing-companies-with-a-paid-up-capital-of-rs-50-crores-or-more-may-be-required-to-get-their-cost-accounting-records-audited-by-a-statutory-cost-auditor.html#comments</comments>
		<pubDate>Mon, 31 May 2010 15:23:54 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICWAI]]></category>
		<category><![CDATA[ministry of corporate affairs]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=28937</guid>
		<description><![CDATA[Regulations regarding maintenance of cost accounting records and cost audit are likely to change. If the recommendations of the expert committee appointed by the Ministry of Corporate Affairs are accepted, all manufacturing companies with a paid-up capital of Rs 50 crores (500 million) or more will be required to get their cost accounting records audited by a statutory cost auditor.]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/manufacturing-companies-with-a-paid-up-capital-of-rs-50-crores-or-more-may-be-required-to-get-their-cost-accounting-records-audited-by-a-statutory-cost-auditor.html/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>CAG Circular regarding PSU audit guidelines</title>
		<link>http://taxguru.in/finance/cag-circular-regarding-psu-audit-guidelines.html</link>
		<comments>http://taxguru.in/finance/cag-circular-regarding-psu-audit-guidelines.html#comments</comments>
		<pubDate>Thu, 15 Apr 2010 06:38:14 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=29013</guid>
		<description><![CDATA[Whether the Company has been listed on the stock exchanges? If yes, the names of the stock exchanges may please be indicated? If so, whether the provisions of listing agreement of SEBI are being followed by the Company? (2)    Whether the Company has 50% independent directors on their Board as required under SEBI guidelines?]]></description>
		<wfw:commentRss>http://taxguru.in/finance/cag-circular-regarding-psu-audit-guidelines.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Infighting, a way of life at ICAI</title>
		<link>http://taxguru.in/chartered-accountant/infighting-a-way-of-life-at-icai.html</link>
		<comments>http://taxguru.in/chartered-accountant/infighting-a-way-of-life-at-icai.html#comments</comments>
		<pubDate>Fri, 05 Feb 2010 02:11:22 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ICAI]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=20604</guid>
		<description><![CDATA[Country’s regulator for chartered accountants (CAs), the Institute of Chartered Accountants of India or ICAI, which witnessed enormous mudslinging in the year 2009 has started 2010 also with infighting. The centre of the controversy again is Uttam Prakash Agarwal, the outgoing president.]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/infighting-a-way-of-life-at-icai.html/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>ICAI not yet submitted its repot on PWC</title>
		<link>http://taxguru.in/chartered-accountant/icai-not-yet-submitted-its-repot-on-pwc.html</link>
		<comments>http://taxguru.in/chartered-accountant/icai-not-yet-submitted-its-repot-on-pwc.html#comments</comments>
		<pubDate>Tue, 26 Jan 2010 05:52:38 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[chartered accountants]]></category>
		<category><![CDATA[ICAI]]></category>
		<category><![CDATA[MCA]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=20084</guid>
		<description><![CDATA[The ministry of company affairs said that it was yet to receive a detailed report from the Institute of Chartered Accountants of India on the audit and accounting major PricewaterhouseCoopers, which was involved in an accounting goof-up in the Rs 10,000-crore (Rs 100-billion) Satyam scandal.]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/icai-not-yet-submitted-its-repot-on-pwc.html/feed/</wfw:commentRss>
		<slash:comments>6</slash:comments>
		</item>
		<item>
		<title>Surplus arising to a partner from transaction of contribution of land held by it to a firm as capital contribution shall be taxable u/s 45</title>
		<link>http://taxguru.in/income-tax-case-laws/surplus-arising-to-a-partner-from-transaction-of-contribution-of-land-held-by-it-to-a-firm-as-capital-contribution-shall-be-taxable-us-45.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/surplus-arising-to-a-partner-from-transaction-of-contribution-of-land-held-by-it-to-a-firm-as-capital-contribution-shall-be-taxable-us-45.html#comments</comments>
		<pubDate>Sun, 24 Jan 2010 05:35:44 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19167</guid>
		<description><![CDATA[and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course of making the transaction of transferring or contributing the land to the partnership firm as capital contribution, the surplus arising to the assessee from the said transaction of contributing stock in trade to a firm shall then assessable under the head "business" in the view of the colourable device or ruse adopted by the assessee to convert stock in trade into money for its own benefit.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/surplus-arising-to-a-partner-from-transaction-of-contribution-of-land-held-by-it-to-a-firm-as-capital-contribution-shall-be-taxable-us-45.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Deductibility of premium on forward contracts in the year of entering into such contracts</title>
		<link>http://taxguru.in/income-tax-case-laws/deductibility-of-premium-on-forward-contracts-in-the-year-of-entering-into-such-contracts.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/deductibility-of-premium-on-forward-contracts-in-the-year-of-entering-into-such-contracts.html#comments</comments>
		<pubDate>Thu, 21 Jan 2010 17:03:51 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[accounting standard]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[chartered accountants]]></category>
		<category><![CDATA[ICAI]]></category>
		<category><![CDATA[tax purposes]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19838</guid>
		<description><![CDATA[The Delhi High Court (HC) [2010-TIOL­42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which held that the difference between forward rate and exchange rate prevailing on the date of entering into forward contracts is fully allowable as deduction even if the difference is amortized in the books of account over the life of the forward contracts.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/deductibility-of-premium-on-forward-contracts-in-the-year-of-entering-into-such-contracts.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>New regulations likely to spur business for consulting and audit firms</title>
		<link>http://taxguru.in/chartered-accountant/new-regulations-likely-to-spur-business-for-consulting-and-audit-firms.html</link>
		<comments>http://taxguru.in/chartered-accountant/new-regulations-likely-to-spur-business-for-consulting-and-audit-firms.html#comments</comments>
		<pubDate>Tue, 19 Jan 2010 17:28:48 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[goods and services tax]]></category>
		<category><![CDATA[INTERNATIONAL FINANCIAL REPORTING STANDARDS]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19694</guid>
		<description><![CDATA[Changes in regulations like the International Financial Reporting Standards (IFRS), Goods and Services Tax (GST), Direct Taxes Code and the new Companies Act are likely to spur business for consulting and audit firms.]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/new-regulations-likely-to-spur-business-for-consulting-and-audit-firms.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Shares activity treated as investment in earlier years cannot be treated as business in subsequent years if facts are the same</title>
		<link>http://taxguru.in/income-tax-case-laws/shares-activity-treated-as-investment-in-earlier-years-cannot-be-treated-as-business-in-subsequent-years-if-facts-are-the-same.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/shares-activity-treated-as-investment-in-earlier-years-cannot-be-treated-as-business-in-subsequent-years-if-facts-are-the-same.html#comments</comments>
		<pubDate>Sat, 16 Jan 2010 17:40:55 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19507</guid>
		<description><![CDATA[The income from investment activity was offered as capital gains while the income from dealing activity was offered as business income. This position was accepted by the AO in the earlier years. In AY 2005-06, the AO took a different view and held that even the shares held on investment account had to be assessed as business income. The Tribunal allowed the assessee’s appeal (see 122 TTJ (Mum) 87). On appeal by the Revenue, HELD dismissing the appeal:]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/shares-activity-treated-as-investment-in-earlier-years-cannot-be-treated-as-business-in-subsequent-years-if-facts-are-the-same.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>RBI guideline on Internal assignments in banks by statutory auditors</title>
		<link>http://taxguru.in/finance/rbi-guideline-on-internal-assignments-in-banks-by-statutory-auditors.html</link>
		<comments>http://taxguru.in/finance/rbi-guideline-on-internal-assignments-in-banks-by-statutory-auditors.html#comments</comments>
		<pubDate>Tue, 05 Jan 2010 02:34:16 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[Internal Audit]]></category>
		<category><![CDATA[Statutory Audit]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=18585</guid>
		<description><![CDATA[  The issue relating to the internal assignments allotted to the audit firms at the time of their appointment as statutory auditors has been examined afresh and it has been decided as under: “Audit firms should not undertake statutory audit assignment while they are associated with internal assignments in the bank during the same year. In case the firms are associated with internal assignment it should be ensured that they relinquish the internal assignment before accepting the statutory audit assignment during the year.” ]]></description>
		<wfw:commentRss>http://taxguru.in/finance/rbi-guideline-on-internal-assignments-in-banks-by-statutory-auditors.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>For a debt to be classified as bad, assessee has only to write it off as irrecoverable in its accounts</title>
		<link>http://taxguru.in/income-tax-case-laws/for-a-debt-to-be-classified-as-bad-assessee-has-only-to-write-it-off-as-irrecoverable-in-its-accounts.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/for-a-debt-to-be-classified-as-bad-assessee-has-only-to-write-it-off-as-irrecoverable-in-its-accounts.html#comments</comments>
		<pubDate>Sun, 03 Jan 2010 13:37:44 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[ITAT judgments]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=18223</guid>
		<description><![CDATA[For claiming any debt as a bad debt, one has to satisfy following two conditions :(1) Debt is written off as bad debt in the Profit and Loss Account by making corresponding entry in the party account. (2) Debt is taken in to account in computing the income of the assessee of the previous year in which debt is written off or in earlier previous year.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/for-a-debt-to-be-classified-as-bad-assessee-has-only-to-write-it-off-as-irrecoverable-in-its-accounts.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Establishment of identity of creditor, creditworthiness of creditor and genuineness of transaction</title>
		<link>http://taxguru.in/income-tax-case-laws/establishment-of-identity-of-creditor-creditworthiness-of-creditor-and-genuineness-of-transaction.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/establishment-of-identity-of-creditor-creditworthiness-of-creditor-and-genuineness-of-transaction.html#comments</comments>
		<pubDate>Thu, 31 Dec 2009 14:41:10 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[genuineness]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[NRI]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16941</guid>
		<description><![CDATA[It would depend upon facts of each case whether all the three ingredients to discharge the onus to prove cash credit have been proved by the assessee or not; if an NRI, engaged in business of real estate development with substantial means, decided to invest in real estate in India, genuineness of same cannot be doubted unless there is any evidence to contrary.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/establishment-of-identity-of-creditor-creditworthiness-of-creditor-and-genuineness-of-transaction.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The burden of proving understatement or concealment is on the revenue</title>
		<link>http://taxguru.in/income-tax-case-laws/the-burden-of-proving-understatement-or-concealment-is-on-the-revenue.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/the-burden-of-proving-understatement-or-concealment-is-on-the-revenue.html#comments</comments>
		<pubDate>Tue, 29 Dec 2009 02:30:09 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=15891</guid>
		<description><![CDATA[The burden of proving  an understatement or concealment is on the revenue; this burden may be discharged by the revenue by establishing facts and circumstances from which a reasonable inference can be drawn that the assessee has not correctly declared or disclosed the consideration received by him and there is an understatement or concealment of the consideration in respect of the transfer.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/the-burden-of-proving-understatement-or-concealment-is-on-the-revenue.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Unilateral remission/cessation of liability by assessee will amount to obtaining of benefit under section 41(1)</title>
		<link>http://taxguru.in/income-tax-case-laws/unilateral-remissioncessation-of-liability-by-assessee-will-amount-to-obtaining-of-benefit-under-section-411.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/unilateral-remissioncessation-of-liability-by-assessee-will-amount-to-obtaining-of-benefit-under-section-411.html#comments</comments>
		<pubDate>Thu, 24 Dec 2009 12:34:41 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=15336</guid>
		<description><![CDATA[We have considered the rival submissions and also perused the relevant material on record. It is observed that the amount of liability in question in respect of TISCO written back by the assessee company in its accounts was treated by the authorities below as its income by applying the provisions of section 41(1). There is no dispute that the such liability represented the trading liability of the assessee and as declared by the assessee itself in the return of income, there was remission or recession of the said liability during the year under consideration. The said liability accordingly was writ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/unilateral-remissioncessation-of-liability-by-assessee-will-amount-to-obtaining-of-benefit-under-section-411.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Applications for Empanelment as Stock Auditor with Allahabad Bank</title>
		<link>http://taxguru.in/chartered-accountant/applications-for-empanelment-as-stock-auditor-with-allahabad-bank.html</link>
		<comments>http://taxguru.in/chartered-accountant/applications-for-empanelment-as-stock-auditor-with-allahabad-bank.html#comments</comments>
		<pubDate>Thu, 24 Dec 2009 08:09:38 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[chartered accountants]]></category>
		<category><![CDATA[Empanelment]]></category>
		<category><![CDATA[Statutory Audit]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17998</guid>
		<description><![CDATA[# Allahabad Bank, Zonal Office, Hyderabad invites applications / Biodata in the  format as per Annexure-A, from practicing firms of Chartered Accountants of India having an office in the state of Andhra Pradesh and  are willing to have their firm empanelled as Stock Auditor in the Bank. The panel of auditors maintained earlier years since expired and will not be used for appointment of internal stock audit jobs and are required to apply afresh.  The Bio-data should be submitted in the format to The Chief        Manager (Credit Monitoring), Allahabad Bank, Zonal Office: 3-6-435, 1st Floor, Himayatnagar Main Road, Hyd- 29, only by postal service / courier.]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/applications-for-empanelment-as-stock-auditor-with-allahabad-bank.html/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>List of RBI forwarded to Banks for Central Statutory auditors for financial year 2009-10</title>
		<link>http://taxguru.in/rbi/list-of-rbi-forwarded-to-banks-for-central-statutory-auditors-for-financial-year-2009-10.html</link>
		<comments>http://taxguru.in/rbi/list-of-rbi-forwarded-to-banks-for-central-statutory-auditors-for-financial-year-2009-10.html#comments</comments>
		<pubDate>Wed, 23 Dec 2009 16:16:04 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[RBI / FEMA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[Statutory Audit]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17949</guid>
		<description><![CDATA[Government of India vide their letter F.No.1/14/2004-BOA dated November 21, 2008 had advised all the public sector banks (PSBs) to follow the Road Map for implementation of autonomy in the matter of appointment of statutory auditors. As per the Road Map, RBI will forward to the PSBs a list of eligible audit firms containing the names of firms equal to twice the number of vacancies identified for the year 2009-10.]]></description>
		<wfw:commentRss>http://taxguru.in/rbi/list-of-rbi-forwarded-to-banks-for-central-statutory-auditors-for-financial-year-2009-10.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Empanelment with SBI of audit firms for concurrent audit of treasury operations</title>
		<link>http://taxguru.in/chartered-accountant/empanelment-with-sbi-of-audit-firms-for-concurrent-audit-of-treasury-operations.html</link>
		<comments>http://taxguru.in/chartered-accountant/empanelment-with-sbi-of-audit-firms-for-concurrent-audit-of-treasury-operations.html#comments</comments>
		<pubDate>Fri, 18 Dec 2009 01:00:30 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>
		<category><![CDATA[chartered accountants]]></category>
		<category><![CDATA[Empanelment]]></category>
		<category><![CDATA[Statutory Audit]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17523</guid>
		<description><![CDATA[State Bank of India, having its Corporate Centre at Mumbai is India’s leading Public Sector Bank having all India presence, branch network of over 12000 branches is interested in engaging an Audit firm of repute and proven track record to carry out the concurrent audit of its Treasury Operations on an on going basis, initially for a period of 6 months, subject to extension.]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/empanelment-with-sbi-of-audit-firms-for-concurrent-audit-of-treasury-operations.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>PwC executive director Amrish Shah quits; could see major churn involving senior partners</title>
		<link>http://taxguru.in/chartered-accountant/pwc-executive-director-amrish-shah-quits-could-see-major-churn-involving-senior-partners.html</link>
		<comments>http://taxguru.in/chartered-accountant/pwc-executive-director-amrish-shah-quits-could-see-major-churn-involving-senior-partners.html#comments</comments>
		<pubDate>Thu, 17 Dec 2009 10:59:55 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[Audit]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17485</guid>
		<description><![CDATA[Professional services firm PriceWaterhouseCoopers India on Tuesday witnessed the exit of executive director (tax practice) Amrish Shah, even as the industry was rife with rumors that the firm, which is the largest in India, could see a major churn involving senior partners. Mr Shah, who is understood to have left due to professional reasons, was not reachable for comment.]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/pwc-executive-director-amrish-shah-quits-could-see-major-churn-involving-senior-partners.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
	</channel>
</rss>

