A stock exchange in India is recognized by the Central Government / SEBI under section 4 of Securities Contracts (Regulation) Act, 1956 for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities, after it is satisfied that it would be in the interest of the trade and also in the public interest to grant such recognition. Currently, there are 20 recognized stock exchanges in India. However, it has been observed that some of the stock exchanges have no trading over the past several years.
We understand that The Institute of Chartered Accountants of India (ICAI) has been increasingly focusing to deepen the knowledge thrust of the budding Chartered Accountants on one hand and also on other hand ICAI is trying to enable the members of the Institute (Qualified Chartered Accountants) to get recognitions from other allied Institutes of accounting profession of other countries in an easier way.
Notification No. 77/2009 – Income Tax It is hereby notified for general information that the organization Auroville Foundation, Auroville, Tamil Nadu has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-2010 onwards in
Representations have been received from the Trade and the field formations seeking clarification on the issue as to whether or not the duty paid packing material can be allowed to be brought in the export warehouse used for packing of export goods. The clarification has been sought in view of Para 7.2 of the Board’s Circular No. 581/18/2001-CX dated 29.06.01 which provides that duty paid goods are not permitted to be brought into the warehouse.
Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. The e-mail is sent from the following or similar mailing addresses.
The Government is planning to strengthen the National Advisory Committee on Accounting Standards (NACAS), a move that will make the Institute of Chartered Accountants of India (ICAI) report to NACAS. For this, it will hand over the supervisory role of both accounting and auditing standards to NACAS.
The Government will soon be empowered to swiftly incorporate in the Companies Act any changes in accounting standards through the rules governing the Act. It will not have to go through the long process of amending the Act.
The Institute of Chartered Accountants of India (ICAI) is planning to introduce sector-specific accounting standards to bring in more transparency in handling corporate accounts. ICAI Committee for Members in the Industry (CMII) has already formed three groups in sectors such as insurance, retail and hospitality and is in the process of forming another 19 groups […]
therefore, in exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 104/2004-CUSTOMS, dated the 7th October, 2004, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.659(E), dated the 7th October, 2004, namely.
In respect of AY 2000-01, the assessee filed a ROI. In the accompanying balance sheet it was disclosed that prior period expenditure of Rs. 5,41,850 was debited to the P&L A/c and that interest of Rs. 8,34,720 receivable from a particular party had not been accounted for as income. The AO passed an order u/s 143(3) in which he did not make any addition on account
