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32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from the employees. Therefore, whether FBT would be levied on the gross travel expenditure or on the ‘net’ travel expenditure’? Where [...] Full Article

Notification No. G.S.R. 349(E) In exercise of the powers conferred by sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in consultation with the Reserve Bank, the Central Government, having considered it necessary in the public interest, hereby makes the following further [...] Full Article

The Reserve Bank on Thursday said 926 branches of private and public sector banks have been designated for receiving advance income tax in Mumbai and Navi Mumbai.  “Arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches, 862 are public sector bank bank branches, 35 HDFC bank branches, [...] Full Article

RESERVE BANK OF INDIA RBI/2008-09/447      A. P. (DIR Series) Circular No.63 April 22, 2009 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment in India -Transfer of Shares / Preference Shares / Convertible Debentures by way of Sale – Modified Reporting Mechanism Attention of the Authorised Dealer Category – I (AD [...] Full Article

In a move that could bring further relief to the home, auto and corporate borrowers, the Reserve Bank today cut short-term lending (repo) and borrowing (reverse repo) rates by 25 basis points. In its annual credit policy for 2009-10, the RBI reduced the repo rate to 4.75 per cent and reverse repo to 3.25 per [...] Full Article

A battle of sorts is brewing between the Institute of Chartered Accountants in India, or Icai, and the banking industry. Icai, the apex accounting body, has told auditors to demand detailed disclosures from banks about loans restructured by them. In the absence of such disclosures, auditors have been asked to pass banks’ balance sheets with [...] Full Article

Do auditors – facing flak for endorsing falsified accounts in the Satyam scandal – have enough time to do their work properly? The Institute of Chartered Accountants of India (ICAI), trying to save the profession’s credibility under assault this year, has underlined the need to give central statutory auditors sufficient time to prepare audit reports. [...] Full Article

The Reserve Bank of India (RBI) has appointed global management and consultancy firm ERNST & YOUNG to review the performance of its 80 chief general managers. According to an RBI spokesperson, E&Y will design and facilitate a 360-degree evaluation of the senior functionaries and a give feedback to the central bank. * The 360-degree evaluation [...] Full Article