"01 July 2010" Archive

Auditors qualify Maytas Infra accounts in respect of recovery of ICDs

Maytas Infra Ltd today maintained that it has documentary evidence to show that Mahindra Satyam (Satyam Computer) was the ultimate beneficiary of Rs 324 crore, which was handed over as inter-corporate deposits (ICDs). This is part of Rs 392 crore ICDs, which the erstwhile promoters of Maytas Infra Ltd, passed on to other corporate entitie...

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Posted Under: CA, CS, CMA | ,

Service tax department issues 32 show cause notices to IPL franchises

After the income tax (I-T) department raising a demand of over Rs 600 crore from the Board of Control for Cricket in India (BCCI), the service tax department, another arm of the finance ministry, has slapped as many as 32 show cause notices on Indian Premier League (IPL) franchises for alleged duty evasion to the tune of nearly Rs 64 cror...

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Posted Under: CA, CS, CMA |

Empanelment of CA firms with SBI Life Insurance

SBI Life (“the Company”) seeks to invite proposals from interested parties for conducting the audit of corporate agents of the Company. The work involves carrying out on site/ off site inspection based on the defined checklist provided by the Company. This request for proposal is an invitation to the Chartered Accountant Firms who hav...

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Posted Under: CA, CS, CMA |

ICAI wants more regulatory powers to prevent frauds

India's apex audit and accounting body wants more regulatory powers to prevent frauds such as the one perpetrated by B. Ramalinga Raju, the founder of Satyam Computer Services Ltd. The Institute of Chartered Accountants of India (Icai), in a report to the ministry of corporate affairs (MCA), has asked that its committees be given the pow...

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Posted Under: CA, CS, CMA | ,

Extension of Due Date for payment of Profession Tax for the FY 2010-2011

No. PFT/2010/Adm- 29/NTF 30/06/2010

The Government of Maharashtra has extended the Due Date for payment of Profession Tax for the FY 2010-2011 to 31st July, 2010.The Profession Tax Department has allotted new Enrollment and Registration Numbers. The new Enrollment Numbers starts with "99" and ends with the alphabet "P" whereas the new Registration Numbers starts with "27" a...

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Legal Reforms–What Law Ministry Should Do With Immediate Effect?

I am very happy to listen to Smt. Sonia Gandhi and Shri Manmohan Singh expressing their intention to correct our legal system and to restore the public perception of legal profession and the role of Judiciary in India. It is a fact that India can never be able to claim that it is developed unless we are able establish a reliable legal sys...

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Posted Under: CA, CS, CMA |

Striking off a Company is Now Not a Lengthy Process

As and when any person goes for starting any business, a question arise in his mind what form of business is to start i.e. whether sole proprietor ship, partnership or a company. Those who want to save themselves from legal obligations of the ROC, MCA or CLB opt for either sole proprietorship or partnership....

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Posted Under: CA, CS, CMA |

Section 144C of Income-tax Act, 1961-Reference to Dispute Resolution Panel – Constitution of Dispute Resolution Panel (DRP-II, Mumbai)

Order No. 3/FT&TR-II/2010 01/07/2010

Order No. 3/FT&TR-II/2010 In exercise of powers conferred under section 144C of the Income-tax Act, 1961 and in supersession of Order No. 1/FT&TR/2010 dated 10th February, 2010 the Board hereby constitutes the Dispute Resolution Panel (DRP-II, Mumbai) comprising of three Commissioners of Income-tax/Directors of Income-tax as members of D...

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Company Law Settlement Scheme, 2010 for defaulting companies

The objective of CLSS is to give an opportunity to defaulting companies to enable them to make their default good by filing belated documents and to become a regular compliant in future. CLSS would condone the delay in filing documents with the Registrar of Companies (ROC), grant immunity from prosecution by levying additional fee of 25% ...

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Posted Under: CA, CS, CMA |

Easy Exit Scheme, 2010 for “defunct companies” under Companies Act, 1956

Ministry of Corporate Affairs (MCA), Government of India has on 26 May 2010 introduced Easy Exit Scheme, 2010 (EES) under the Companies Act, 1956 (the Act) to provide a fast track exit for "defunct companies" to get their names struck off from the records of the Register of Companies (ROC). The salient features of the scheme are as under:...

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Posted Under: CA, CS, CMA |

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