Bangalore: IT major Wipro has tightened internal control in the finance division after it was noticed that one of its employees embezzled crores of rupees in the last three years. The employee, who was working in the ‘controllership’ division within the finance department in the last three years, stole a password and transferred funds from Wipro’s account at a bank.
Mumbai:-Three senior sales tax officers have been suspended for their alleged involvement in a Rs 50-crore scam. The three officers are deputy commissioners Lalitkumar Chavardol and Sadashiv Kulkarni and assistant commissioner Chandrakant Guthe. The suspension orders were signed by finance minister Sunil Tatkare on Monday. Incidentally, the department has also sent a proposal to the CM to suspend a joint commissioner.
Currently operational at most locations across the length and breadth of the country, Clearing Houses facilitate multilateral net clearing and settlement of over four million cheques everyday on a T + 1 basis. In fact, the processing cycle in India for local cheques encompasses both the presentation and return clearing legs, and compares favourably with similar systems around the world.
The Institute of Chartered Accountants of India (ICAI) plans to familiarise its members, especially the partners of small auditing firms, with the best transfer pricing methods to help them take up larger audit assignments involving companies that have overseas businesses.
The assessee, a private limited company, provided for depreciation in its Profit & loss account by adopting the rates specified in the Income-tax Rules and computed its “book profits” u/s 115J on that basis. The AO recomputed the book profits by adopting the depreciation rates as per Schedule XIV to the Companies Act as those were lower than the income-tax rates.
”We are considering having pre-merger consultations clause for vetting mergers under sections 5 and 6 of the Competition Act,” said CCI chairman Dhanendra Kumar at the Indo-US Economic Summit held in the capital. The provision of pre-merger consultations will allay fears of the corporates that the CCI’s approval process, which can be as long as 210 days, could delay strategic investments and M&As.
The Central Board of Excise and Customs (CBEC) has directed its field formations to expedite “non-duty-related measures” for augmenting revenue. To this effect, CBEC members held meetings last week. Officials said the priority was revenue maximisation to take care of the fiscal deficit. While duty cuts have dampened indirect tax collection, the emphasis is now on non-duty measures like arrears and duty from existing goods.
Peer Review Board was established by the Council of the Institute in March 2002 to conduct the system of PR. As you must be aware, it has been made mandatory for the auditors of the listed company to undergo PR on/before 31st March 2009. If they fail to do so, their reappointment is made invalid. Earlier, only Bank audit units were covered under PR. It is mandatory for all the practice units who are auditing listed companies and also Bank branches.
The first seminar on Design Clinic Scheme for Design Expertise, a component of National Manufacturing Competitiveness Programme was held here today. It is a unique and ambitious design intervention scheme for the country’s large micro, small and medium scale enterprises, which combines design awareness programmes and project based design assistance.
Transfer pricing is a major international tax compliance issue as multinational entities tend to set transfer pricing on cross-border transactions to reduce taxable profits. Being organized by CBDT and OECD from 17th to 19th February 2010, the seminar is a part of capacity building of transfer pricing resources in India and aims to discuss various important issues of transfer pricing like intangibles, cost sharing arrangement, etc.
