Audit firm Price Waterhouse has moved the Bombay High Court challenging the Securities and Exchange Board of India’s jurisdiction to investigate its role in the multi-crore Satyam fraud.The audit firm filed a petition in the Bombay High Court on Thursday, seeking a stay on the SEBI proceedings on the grounds that the capital market regulator has no jurisdiction over audit firms.
As a casual fan of Going Concern, and a senior auditor of a small to mid size local firm, I feel the site is quite comical and a vast insight into the world of “bigger and better” feelings. I read the site for humor, comparison, and overall knowledge on the country’s accounting bureaucracy. I would like to dive into some of the obvious differences between the big boys and us local mid-market droids.
E-filing Mandatory for Individual and HUF who required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable
Indirect tax collections grew by a whopping 43% in the first three months of the current fiscal, providing further testimony to a recovery in industrial activity that prompted International Monetary Fund (IMF) to raise its 2010 growth estimate for the country.
The Institute of Chartered Accountants of India through its Board of Studies imparts compulsory 100 Hours Information Technology Training (ITT) to its students as a part of their education and training for the Chartered Accountancy Course at its 150 ITT Centres established at its Regional/ Branch Offices all over the country.
CIT vs. Kalpataru Colours and Chemicals (Bombay High Court)- S. 28 (iiid) provides that “any profit on the transfer” of the DEPB shall be business profits. Under Explanation (baa) to s. 80HHC, 90% of “the sum referred to in s. 28(iiid)” has to be reduced from the business profits. Under the third Proviso to s. 80HHC (3), in the case of an assessee having an export turnover exceeding Rs. 10 crores, the profits referred to in s. 80HHC (3) can be increased by 90% of “the sum referred to in s. 28 (iiid)” only if two conditions are satisfied.
