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Archive: 14 March 2009

Posts in 14 March 2009

CBDT will be consulted before changing insurance Form : IRDA

March 14, 2009 303 Views 0 comment Print

India’s insurance regulator will seek the opinion of the Central Board of Direct Taxes (CBDT) before changing the format of the valuation balance sheet, or Form I, as demanded by private insurers, a top official said. Earlier, the private insurers in the country, through their representative body Life Insurance Council, had approached the Insurance Regulatory […]

Banks don't want CAs to appear before Debt Recovery Tribunal (DRT)

March 14, 2009 3658 Views 0 comment Print

Citing a need for legal knowledge and skills, banks have shot down a proposal by the Institute of Chartered Accountants of India (ICAI) to allow chartered accountants to appear before the Debt Recovery Tribunal (DRT) to plead cases. The debt tribunal was set up to adjudicate bank recovery suits. It works in lieu of civil […]

ICAI Council Clears Two More Auditing Standards to Enhance Quality of Audits

March 14, 2009 342 Views 0 comment Print

The Council of the Institute of Chartered Accountants of India at its 286th meeting held on March 8, 2009 cleared two more Standards on Auditing (SAs), i.e., Revised SA 500, Audit Evidence and SA 720, The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements in the direction of enhancing the […]

Clarification regarding deduction u/s. 10B of the Income Tax Act, 1961

March 14, 2009 4682 Views 0 comment Print

Instruction No. 2/2009, dated 9-3-2009 Section 10B of the Income tax Act provides for exemption of income in case of hundred per cent export oriented undertakings subject to prescribed conditions. Explanation 2 (iv) below to the said section defines a “hundred percent export oriented undertaking” as an undertaking so approved by the Board appointed in […]

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