Banks will have to soon put in place an additional authentication cover for their credit and debit card customers transacting over phone, or get penalised. Taking forward its efforts to tackle identity frauds in non-branch banking transactions, the Reserve Bank has asked all the banks operating in the country to put in place by next year a system where credit and debit card customers would need to provide an additional password for IVR (interactive voice response) transactions.
Official auditor CAG on Friday pulled up the Income Tax department for not being able to retain the existing tax base in 2008-09, particularly among corporate taxpayers. “The number of assessees declined by 3 per cent compared to an increase by 7.6 per cent in 2007-08. The decline was sharper among corporate assessees, indicating, inter alia, stop-filing which would nee to be reviewed by the Board (Central Board of Direct Taxes),” the Comptroller and Auditor General (CAG) said in a report tabled in Parliament today.
A government company is engaged in the construction and operation of thermal power plants in the country. The company has also diversified into hydro power generation, coal mining and oil & gas exploration, etc. The company is registered under the Companies Act, 1956 and being an electricity generating company, is governed by the provisions of the Electricity Act, 2003.
The government on Thursday said the accounting regulator ICAI has suggested that action can be taken against both erring audit firms and chartered accountants. The ICAI “has recommended to the government for amendments in the Chartered Accountants Act, 1949, so that action can be taken against firms of chartered accountants themselves, in addition to individual chartered accountants, for misconduct,” Corporate Affairs Minister Salman Khurshid told the Lok Sabha in a written reply.
The director-general of Income Tax moved the Supreme Court alleging that the reward paid to an informer for furnishing information about black money of any taxpayer cannot be claimed as a matter of right.
The government today said it has asked the Registrar of Companies (RoC) to look into accounts of some companies on the basis of alerts put out by an early warning system, which has been installed to check corporate frauds.
The Institute of Company Secretaries of India (ICSI) plans to introduce post membership qualification courses in competition law as well as corporate restructuring and insolvency in the next six months. Addressing reporters here, Anil Murarka, vice president, ICSI said, “We are going to roll out two new courses for our members in the next six months- one in competition law and the other in corporate restructuring and insolvency.”
The Institute of Chartered Accountants of India (ICAI) has submitted the first part of its Report, after consideration by its Council, wherein the former has recommended to the Government for amendments in the Chartered Accountants Act, 1949, Rules and Regulations framed thereunder so that action can be taken against firms of chartered accountants themselves, in addition to individual chartered accountants, for misconduct.
The Institute of Chartered Accountants of India (ICAI), nodal agency for IFRS Implementation in India , coordinated with the Ministry of Corporate Affairs for the joint initiative taken by the Core Committee for Implementation of IFRS chaired by Shri R. Bandopadhyay, Secretary, Ministry of Corporate Affairs with the Japanese delegation led by Mr. Noriaki Shimazaki, Chairman, Internal Affairs Committee IFRS Council of Japan, for formulating coordination between the two countries for the effective implementation of IFRS.
The assessee made a provision for bad debts by debiting the P & L A/c and crediting the Provision for Bad debts A/c. Thereafter, the provision account was debited and the loans and advances a/c was credited. The AO denied the claim for bad debts u/s 36(1)(vii) on the ground that the individual account of the debtor had not been written off.
