"16 March 2009" Archive

Pyramid Saimira to challenge I-T dept in court on Monday for against the IT dept. decision to attach bank a/c

Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the company’s over Rs 240 crore bank accounts for alleged non-payment of tax. “We will file a case against the Income-Tax department at the Madras High Court on Monday,” a company source told PTI. ...

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Posted Under: Income Tax |

ICWAI will get more statuary recognition : MCA

In order to give due recognition to the Institute of Cost and Works Accounts of India (ICWAI), an apex body to regulate the profession of cost and management accountancy in India, the Ministry of Corporate Affairs (MCA) is in the process of reviewing the existing cost accounting rules and the cost accounting standards of ICWAI. […]...

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Posted Under: Income Tax |

What is the right medicine for C.A. profession?

The present crisis of confidence in the audit profession among users and stakeholders, arising from recent market events has to be addressed in a fair manner. The profession, regulators and all concerned have to determine – what is the right medicine? A professional issue requires a professional response. Thus, the fundamental point is ...

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Posted Under: Income Tax |

IT department widened the scope of the investigation of the tax liability on Vodafone-Essar

The income tax (I-T) department has widened the scope of the investigation of the tax liability on Vodafone-Essar, India’s fourth-largest mobile service provider, to other offshore transactions associated with Vodafone’s buyout of Hutchison Whampoa’s 67 per cent stake in an $11.08 billion deal in 2007. Sources close to t...

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Posted Under: Income Tax |

Frequently Asked Questions about Trade Marks

1. What is a trade mark? A trade mark (popularly known as brand name) in layman’s language is a visual symbol which may be a word signature, name, device, label, numerals or combination of colours used by one undertaking on goods or services or other articles of commerce to distinguish it from other similar goods […]...

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Posted Under: Income Tax |

ICAI plan to scrutinise books of companies that have seen independent directors resign in the last two months

THE Institute of Chartered Accountants of India (ICAI), the regulatory body for the accounting profession, plans to scrutinise books of companies that have seen independent directors resign in the last two months, after the role of such directors came under intense scrutiny in the wake of the major financial fraud at Satyam Computer Servi...

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Posted Under: Income Tax |

E&Y appointed by RBI to review performance of RBI General Managers

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-degre...

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Posted Under: Income Tax |

Import of restricted item(s) against transferred DFIA

Policy Circular No. 70 (RE-2008)/2004-2009 (16/03/2009)

The matter has been examined in this Directorate and it is informed that in terms of paragraph 4.4.3 to be read with paragraph 4.1.13 of FTP and paragraph 4.12 and 4.72 of HBP v.1, restricted items (other than prohibited items and the items reserved for import by State Trading Enterprises or otherwise specifically mentioned for the purpos...

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ICWAI will take action against Ex Satyam CFO Vadlamani Srinivas

In the wake of Rs 7,000 crore Satyam fraud, Sebi had announced that it would ask an independent team of auditors to conduct a peer review of the working papers of the financial statements of the auditors of listed companies. “We feel such that an audit should be conducted by the ICWAI and discussions for […]...

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Posted Under: Income Tax |

CBI will probe role of regulator in Satyam case

Official sources said that a CBI team was in Mumbai to understand the share transactions of the Satyam group of companies on the National Stock Exchange and the Bombay Stock Exchange. The CBI appears to have got hold of evidence to prove how Satyam Computer’s revenues were inflated and has sent its officials to Mumbai […]...

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Posted Under: Income Tax |