All mutual funds shall provide transaction details, including inter scheme transfers, of money market and debt securities on daily basis to the agency entrusted for providing the benchmark yield/ matrix of spread over risk free benchmark yield.
November-2009 CA Examination Results:- The results of the Chartered Accountants Professional Education Examination-II (PEE-II), Professional Competence (PCE) and Integrated Professional Competence Examinations (IPCE) were declared recently.
In the Trade Circular cited at reference No. 3 above, in the para 5 it is provided that if the periodicity determined by the department and periodicity at which the dealer has filed returns is different, then the said dealer shall file revised returns for the said period as per the periodicity determined by the department by 31st January 2010.
The Central Board of Direct Taxes (CBDT) was chasing tax evaders so far. Now they have to deal with hackers too as incidents of fraudulent tax refunds were detected involving at least Rs 4 crore from the Income Tax Department, Mumbai with CBDT planning to put in place a more robust and foolproof system for handling high value refunds.
CBI has arrested an Assistant General Manager of market regulator SEBI for allegedly demanding and accepting a bribe of Rs 25 lakh. Official sources said R P Singh, an AGM of the Securities and Exchange Board of India (SEBI)in Kolkata, was arrested by CBI’s anti-corruption wing on Sunday evening.
A special Group comprising of Two Ex- President and Two Government nominees shall examine the matter related to the most disreputable incident of armed booth capturing in the History of Institute of Chartered Accountants at Vaishali, Ghaziabad on 5th Decemcer 2010 committed by the some miscreants during the recently held elections of 21st Council & 20 regional councils.
The Central Board of Direct Taxes recently framed a scheme for ensuring quality tax assessments by its officers across India. In the preface to the scheme (issued in December 2009), the CBDT has expressed its concerns on the need for improving the general quality of tax assessments conducted by its officers.
The Big Four – KPMG, Deloitte, Ernst and Young and PricewaterhouseCoopers – are in a fray for snapping up the consultant’s job for the Unique Identification Authority of India’s UID project. These four have cleared the first two rounds of evaluation to reach the technical evaluation stage along with three other companies which include Booz & Allen, PA Consulting and Capgemini.
The assessee, an Indian company, advanced interest-free loans to its 100% foreign subsidiaries. The subsidiaries used those funds to make investments in other step-down subsidiaries. On the question whether notional interest on the said loans could be assessed in the hands of the assessee under the transfer pricing provisions of Chapter X
