The Mumbai income tax department has surveyed 50-60 companies, including multinational firms, in the past two weeks as part of its drive to identify and bring to book tax deducted at source (TDS) defaulters. The department is mainly focusing on companies that have collected TDS, but not deposited the same with the department.
The Institute of Chartered Accountant of India (ICAI) will launch a certificate course on international taxation for its member in Mumbai by the end of this month. The decision to launch the course has been taken by the council of the institute. The course has already been commenced in New Delhi from November 13, 2008. […]
There are occasions when we need to take a copy of a document or a book but we don’t have a scanner in hand. However, if we have a digital camera, we could take a snap of the document which can work as an emergency replacement for a scanner. But the image shot using a […]
To bring in a more transparent and credible auditing system in the country, the government proposes to give explicit legal status to the audit standards prepared by the Institute of Chartered Accountants of India (ICAI), minister of corporate affairs Prem Chand Gupta said here on Saturday. The minister said that the Companies Bill, 2008, now […]
The Big Four accounting firms are reputed to have strong process controls. How then could one such firm have failed to detect such a multi-year scam as is getting unravelled in Satyam? “There is a co-relation between the size of audit firms and the size of companies, and hence all large corporate frauds involve big […]
The Satyam scandal continues to reverberate, with a host of competing companies aiming to pick up some U.S. business and some big firms facing questions about why they did business with the Indian outsourcer.
In such cases, if the EOUs/BTPs wish to claim Chapter 3 scheme benefits on exports made on or after 1.4.2007, then they will have to forego the direct tax exemption status and modify their direct tax exemption permanently and produce evidence to this effect from the jurisdictional Income Tax Authorities that they would not be claiming direct tax exemption henceforth. The change would be eligible from the date this exemption period is over. This shall apply for exports made from 1.4.2007 onwards and not earlier. EOUs/BTPs will submit the evidence of change of exemption status from jurisdictional Income Tax Authorities to RA concerned.
.It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories during the month of November 2008.
Limited Liability Partnership Bill has received the accent of Honourable President of India and has now become a legislation and is to be called as ‘Limited Liability Partnership Act, 2008′ Click here to download the Limited Liability partnership Act,2009 : http://mca.gov. in/MinistryWebsi te/dca/actsbills /pdf/LLP_ Act_2008_ 15jan2009. pdf Comparison between traditional partnership and LLP Traditional Partnership […]
JPMorgan and Goldman Sachs are among the banks shortlisted to advise the new board of Satyam Computer Services as it tries to save the fraud-stricken Indian outsourcing firm, three banking sources said on Wednesday. The new six-member board appointed by the government to contain the fallout of country’s largest corporate scandal will consider appointing an […]
