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Archive: 20 January 2010

Posts in 20 January 2010

ICAI announced dates for Professional Education – II, Professional Competence Course (PCE), Integrated Professional Competence Course (IPCE) and Final Examinations to be held in -May-2010

January 20, 2010 276 Views 0 comment Print

Applications for admission to Professional Education –II, Professional Competence Course (PCE) Integrated Professional Competence Course (IPCE) and Final Examinations are required to be made in the prescribed forms. The application forms are priced at Rs. 100/- per application form and will be available for sale from 5th February,2010.

ICAI finally announced dates for Common Proficiency Test (CPT Examination) to be held in -June-2010

January 20, 2010 1488 Views 0 comment Print

Common Proficiency Test application forms duly filled in may be sent so as to reach the Additional Secretary (Examinations) at New Delhi not later than 27th April,2010. Applications received after 27th April,2010 shall not be entertained under any circumstances. Applications duly filled in will be received by hand delivery at the offices of Institute at New Delhi and at the Decentralised Offices of the Institute at Mumbai, Chennai, Kolkata, Kanpur, Ahmedabad, Bangalore, Hyderabad, Jaipur and Pune upto 27th April,2010.

Revision in Course Fee for ERP Courses on SAP Financials

January 20, 2010 447 Views 0 comment Print

Revision in Course Fee for (a) SAP Financials – Financial Accounting and (b) SAP Financials – Management Accounting. M/s. SAP India Pvt. Ltd. has revised its course fee for (a) SAP Financials – Financial Accounting and (b) SAP Financials – Management Accounting courses from Rs.1,20,000/- (plus applicable taxes) to Rs.1,40,000/- (plus applicable taxes) with effect from January 1, 2010 respectively.

TDS at a higher rate on all transactions not having pan to come into effect from 1st April 2010

January 20, 2010 1955 Views 0 comment Print

Press Release No. 402/92/2006-MC (04 of 2010) A new provision relating to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from 1st April 2010. Tax at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available.

Certification by Practising Company Secretary regarding Internal Audit for Credit Rating Agencies

January 20, 2010 1069 Views 0 comment Print

The circular states that audit envisaged under Regulation 22 of the SEBI (Credit Rating Agencies) Regulations, 1999 shall include an internal audit to be conducted on a half yearly basis by Chartered Accountants, Company Secretaries or Cost and Management Accountants who are in practice and who do not have any conflict of interest with the CRA.

Delhi VAT Rate increased from 4% TO 5%

January 20, 2010 32216 Views 37 comments Print

In the principal Act, in Section 10, after sub-section (4), the following subsection shall be inserted, namely:- “(5) Where the goods which have been purchased by a dealer are sold at a price lower than the price at which it was purchased by the dealer, the tax credit on such purchases shall be reduced proportionately in the tax period during which the goods are sold.

ICAI finds Haribhakti & Co partner guilty of negligence

January 20, 2010 4679 Views 2 comments Print

The accounting regulator is finally swinging into action in the multiple demat account scam that was detected over 3 years ago. The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) has found the internal auditors – Haribhakti & Co. guilty of negligence while checking the books of brokerage firm – Karvy. ICAIs Disciplinary Committee has found one audit partner and audit manager of Haribhakti & Co. guilty.

Income tax department decided to take up fewer tax returns for scrutiny this year

January 20, 2010 1340 Views 0 comment Print

If you’re worried about what questions your income tax officer will ask about your returns, you can relax a bit. The department has decided to take up fewer tax returns for scrutiny this year. The Central Board of Direct Taxes had issued an internal circular in December 2009, asking commissioners to select fewer cases for scrutiny.

Bail plea of PWC auditor Talluri Srinivas will be decided by SC on February 3

January 20, 2010 600 Views 0 comment Print

The Supreme Court will decide on February 3 the bail plea of Price Waterhouse auditor Talluri Srinivas, who was arrested in the Rs 7,136-crore Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides. A Bench headed by Chief Justice KG Balakrishnan posted the matter for final hearing on February 3 after hearing counsel for both the parties—Srinivas and CBI. Earlier, it had sought response from the investigative agency on an appeal field by Srinivas challenging the Andhra Pradesh High Court verdict that rejected his bail.

Fraudsters siphoned off About Rs 4 crore from Income Tax Department as I-T refunds

January 20, 2010 585 Views 0 comment Print

About Rs 4 crore has been siphoned off the I-T system by some unidentified fraudsters with the help of bogus PAN cards, e-returns and e-refund orders. The I-T refunds claimed on the basis of these bogus documents have been deposited in some bank accounts opened in the name of persons who have never paid any income tax.

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