Union Finance Minister, Shri Pranab Mukherjee has stated that monetary policy measures announced by Reserve Bank of India today will lead to easing of inflation, which is already going down, and it should also keep us fully on track in terms of growth.
India and Japan have signed a historic Memorandum of Understanding (MOU) on IFRS. It was signed in Japan between the Core Group on IFRS constituted by the Ministry of Corporate Affairs and the IFRS Council, Japan in the presence of Shri R. Bandhyopadhyay, Secretary, Ministry of Corporate Affairs. Shri Amarjit Chopra, President, ICAI, and Shri Noriaki Shimazaki, Chairman of the International Affairs Committee of the IFRS Council of Japan signed this MOU. An India-Japan Forum 2010 has also been formally inaugurated.
The government is likely to ask all departmental enterprises and agencies, such as the National Highways Authority of India (NHAI), to dispense with the system of tender-based appointment of internal auditors. Instead, the Comptroller and Auditor General of India (CAG) and the Institute of Chartered Accountants of India (ICAI) will jointly finalise a panel of eligible audit firms for different categories of projects and entities, based on the project size, number of locations and turnover.
Diamond merchant Manoj Punamia, one of the key accused in the scam involving former Jharkhand CM Madhu Koda, was arrested on Saturday night upon his arrival at the Mumbai airport from abroad. Punamia, who was barred from travelling abroad, had left the country last week giving a slip to immigration officials despite a lookout notice issued against him. Investigators believe he may have gone to Dubai to eliminate the transaction trails the sleuths were probing.
Hyderabad: The special court dealing with the multi-crore Satyam scam case on Monday adjourned examination and hearing of charges against the accused to July 29. Examination and hearing of charges against 10 Satyam personnel accused of fudging books of account of the company, including disgraced former chairman B Ramalinga Raju, will commence on July 29.
Market regulator SEBI today extended the deadline for mutual funds to implement the ASBA facility for new fund offers to October 1. Under ASBA–Application Supported by Blocked Amount– deposits of applicants remain in their accounts till the shares are alloted.
Expenditure incurred on food and beverages at the guest houses maintained by the assessee; the case of the Revenue is that there is no evidence to show that the impugned expenditure was incurred on the employees in connection with their stay during official visits whereas assessee company submits that the impugned expenditure was incurred for the purpose of business, since company’s employees stayed in the inspection/guest house near factories while carrying out their official duties and during such period food and beverages were provided to them and such expenditure is allowable as deduction under Explanation 2 to Section 37 (2) of the Act.
Effective use of technology for in-house audit processes could help prevent accounting fraud in a company, as it will be easier to monitor the flow of data online, says global consultant PricewaterhouseCoopers. A new PwC report, `2010 Internal Audit State of the Productivity of the Profession Survey’, said that about 48 per cent of Indian companies lack skill and knowledge of data tools used in internal audit softwares, while 18 per cent have no access to these tools.
In pursuance of the powers conferred by rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra hereby specify that, with effect from the 1st October 2010, every registered dealer liable to file quarterly returns, shall make payment electronically of any amount under the Maharashtra Value Added Tax Act, 2002.
Notification No. 65/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes number S.O. 732(E), dated 3rd July, 2001, namely:-
