"01 August 2009" Archive

ICAI Presidents Communication on budget, LLP, ICAI Election, Articleship Training and other matters

    Dear CA Pariwar, The Union Budget for 2009-10 presented by honble Finance Minister Shri Pranab Mukherjee has now been analysed, debated and discussed. Contrary to market expectations, it has turned out to be more a budget for the common man. The main focus of the Budget has been on continuing the efforts to […]...

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Posted Under: CA, CS, CMA |

Undistributed dividends of foreign corporations controlled or owned by Indian companies will be taxed in the near future

Most countries have Controlled Foreign Corporation (CFC) laws that enable authorities to levy such taxes. These laws effectively check the governments’ revenue loss due to the transfer of undistributed dividends to offshore tax havens like Isle of Man, Cayman Islands and Mauritius.  Indian tax authorities, for long, have maintained tha...

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Posted Under: CA, CS, CMA |

Chartered Accountants can do excise audit but Cost accountant not included u/s. 288 of the Income Tax Act, 1961

Section 14A of the Central Excise Act provides that:- If at any stage of enquiry, investigation or any other proceedings before him, any Central Excise Officer not below the rank of an Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise having regard to the nature and complexity of the case and the […]...

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Posted Under: CA, CS, CMA |

ITAT Mumbai benches not functioning from 03.08.09 to 06.08.09

Bench functioning Notice From 03.08.09 to 06.08.09 The Following Benches will not function during the period 03.08.09 to 06.08.09:- " A-1, B-1, E-1 , K, L & WT " The cases are adjourned to respective dates. Please see separate Notice....

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Posted Under: CA, CS, CMA |

Misconduct by CAs – CVC has no role in taking action

GOVERNMENT has said that the profession of Chartered Accountants is regulated under the Chartered Accountants Act, 1949 including disciplinary action in Satyam-like cases. The Central Vigilance Commission does not have any role in such cases. Chapter V of the Chartered Accountants Act, 1949 has been amended in 2006 to provide more effecti...

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Posted Under: CA, CS, CMA |

Nandan Nilekan: From An Infoscion To A Politician (Humor)

Continuing my tryst with capturing the life and times of Nandan Nilekani in his new avatar as a Cabinet Minister, here is what he had penned after his first day in the Parliament. The last entry stopped when the House was just about to begin. Let’s see what happened thereafter....

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Posted Under: CA, CS, CMA |

94 Cases of Fake Chartered accountant Registered in lat three years, Government taken steps to deal with fake CAs

The Government has said that it is aware that several unqualified persons are using false registration numbers and issuing fake certificates by pretending to be Chartered Accountants. Ninety four cases of fake certificates since April, 2006 have come to the notice of the Institute of Chartered Accountants of India. These include issue of ...

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Posted Under: CA, CS, CMA |

Proposed Company Bill 2009 will allow Indian company would to merge with a foreign company incorporated outside India and vice-versa

The Government has said that as per the proposed Companies Bill 2009, the companies registered under the Companies Act, 1956 and companies incorporated in the jurisdiction of such countries as may be notified from time to time by the Central Government, may merge or amalgamate. By virtue of the specific clause on Cross Border merger [&hel...

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Posted Under: CA, CS, CMA |

Interest on savings bank accounts by Scheduled Commercial Banks (SCBs) would be calculated on a daily product basis with effect from April 1, 2010

According to the Reserve Bank of India (RBI) guidelines, banks are required to charge interest rate on loans at monthly rest with effect from April 1, 2002. Charging of interest on loans at monthly rests is, however, not applicable to agricultural advances where, for the convenience of borrower, interest rests are linked to crop seasons [...

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Posted Under: CA, CS, CMA |

Circular on Applicability of service tax on commission paid to Managing Director/Directors by the company

Circular No. 115/09/2009 - ST (31/07/2009)

Payments termed as ‘commission’ made to a Managing Director/ Directors, whether whole-time or independent, would not be ‘commission’ as envisaged under the Service Tax category of Business Auxiliary Services. Hence, payments of commission made to the Managing Director/ Directors would not be subject to Service Tax....

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