News on Tax, Corporate Law, Recent Judgement, Govt Policy

A US court has dismissed civil claims filed against former independent directors of Satyam Computer in a lawsuit over a one billion dollar accounting fraud. Hearing the petition, the US District Court Judge Barbara Jones of New York said there were insufficient allegations against the former independent directors and members of Satyam Computer’s audit committee. Full Article

Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district. The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on 31 December night, official sources said today. Full Article

Towards a service to our members, the Institute has provided FREE OF COST to its members an XBRL Software Tool for creation of Instance Documents of Cost Audit Report and Compliance Report using Costing Taxonomy and Business Rules published by the Ministry of Corporate Affairs for e-filing of these reports in XBRL Format. The Software Tool can be downloaded from the Institute website. Full Article

Government urged all tax assessees to make timely and correct payment of customs and central excise duties and service tax for continued trade facilitations. In a statement, Revenue Secretary, Sumit Bose said that the government is making all out efforts to felicitate trade and industry but a number of tax payers and assessees are not making timely payment of their due taxes. Full Article

1. A sub-menu Print Acknowledgement is available in each module to take a print of response/acknowledgment message at a later point of time. 2. Assessees can file ER7 return now through online, offline utility and xsd schema. Full Article

The present day businesses are run by brands. It may be in the form of name, symbol, term, sign, design or any combination of these and signifies the services of any business and differentiates it from another. Branding is the visual voice of any enterprise. We CMAs have a glorious history of service to the nation. This does not mean that we do not need a brand. Full Article

Fourteenth Finance Commission Constituted             As mandated by the Article 280 of the Constitution, the Government has constituted the Fourteenth Finance Commission consisting of Dr. Y.V.Reddy, former Governor Reserve Bank of India, as the Chairman and the following four other members, namely: - Full Article

FM Statement on Current Account Deficit (CAD); Confident to Finance the Cad Without Drawing Upon Reserves; Appeal to the People to Moderate the Demand for Gold as IT Leads to Large Imports of Gold The text of the Union Finance Minister Shri P.Chidambaram’s Statement about Current Account Deficit (CAD) is as follows: I have spoken [...] Full Article

CS M.S.SAHOO, a former officer of the Indian Economic Service (IES) takes over as the SECRETARY of the Institute of Company Secretaries of India (ICSI) w.e.f1st January 2013. CS Sutanu Sinha has taken over as the CHIEF EXECUTIVE of the Institute of Company Secretaries of India (ICSI) w.e.f 1st January 2013. Full Article

Extension of Common Proficiency Course (CPC) registration date upto 2nd April, 2013 for appearing in the June, 2013 Common Proficiency Test (CPT) Full Article