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Archive: 07 June 2011

Posts in 07 June 2011

Vijaya Bank – On Line Registration for Empanelment of Concurrent Auditors

June 7, 2011 7970 Views 0 comment Print

1.Applicant should be a Partnership Firm with minimum of 2 partners. 2. The allocation of branches to the Auditors will be purely the prerogative of the Bank. 3. The Concurrent Audit firm should furnish the name and qualification of the persons, who would be conducting the audit before commencing audit assignment and such persons will have to continue audit for all the months.

FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax

June 7, 2011 591 Views 0 comment Print

The All India Annual Conference of the Chief Commissioners and Directors General of Customs , Central Excise and Service Tax will be held at Vigyan Bhawan , New Delhi on 8th and 9th June, 2011. The Union Finance Minister, Shri Pranab Mukherjee will inaugurate the Conference on 8th June, 2011 while Minister of State for Finance Shri S.S. Palanimanickam will preside over the valedictory function on 9th June, 2011.

Green Initiatives by India Inc

June 7, 2011 2525 Views 0 comment Print

And now it is the turn of corporate India to go green and follow steps to ensure conserve nature and environment. Thanks to the green initiative taken by Ministry of Corporate Affairs (MCA) of Central Government recently whereby the age old system of serving of document by corporates to its shareholders by physical mode under posting certificate (UPC) has been relaxed. With such a non- mandatory directive from MCA, many companies, especially the big ones with large shareholders base and those who are good governance conscious have responded to this initiative positively by requesting their shareholders to agree for electronic documents such as annual report.

Unabsorbed depreciation set off in earlier years could not be reduced from profits for computing deduction u/s. 80-IA

June 7, 2011 2120 Views 0 comment Print

Commissioner of Income tax v. Emerald Jewel Industry (P) Ltd.( Madras High Court)- Assessee Company is eligible for deduction under Sec. 80-IA in respect of windmill installed by it and the unabsorbed depreciation set off in earlier years could not be reduced from profits for computing deduction u/s. 80-IA.

Black Money – No need for more committees as these are only to stall action

June 7, 2011 793 Views 0 comment Print

Delays in action against black money by way of committees and studies will give time to corrupt politicians, businessmen and bureaucrats to divert their ill-gotten funds into shell companies, an eminent JNU professor has said. More studies or committees or new special investigating wing and treaties with foreign governments are only to stall action, said Arun Kumar, the head of the Centre for Economic Studies and Planning in Jawaharlal Nehru University.

FM meets Institutional Investors; Confident of Reducing Fiscal Deficit

June 7, 2011 600 Views 0 comment Print

Union Finance Minister meets Institutional Investors; Confident of Reducing Fiscal Deficit; Hopeful of Economic Growth around 8.5 per cent during 2011-12. Union Finance Minister Shri Pranab Mukherjee has expressed confidence in reducing the fiscal deficit and achieving the target of 4.6 % of GDP announced in the 2011-12 budget. He said that the provisional figures for 2010-11 have given us strong reason to be hopeful in this regard.

Cooperative bank entitled to claim exemption u/s. 80P(2)(a)(i) in respect of income derived out of investments made from the voluntary reserves

June 7, 2011 6001 Views 0 comment Print

In this group of Income Tax Tribunal Appeals under Section 260A of the Income-tax Act, 1961 (hereafter, the Act) the common question of law raised by the Revenue is whether a cooperative society carrying on the business of banking is entitled to claim exemption under Section 80P(2)(a)(i)

Professional Opportunities – Khadi and Village Industries Commission for audit Services

June 7, 2011 1340 Views 0 comment Print

The Khadi and Village Industries Commission (KVIC) is seeking proposals from Audit firms with extensive audit experience to conduct Management Audit (II Phase) of its Khadi Institutions across India. The purpose of this audit is to assess the suitability of the Khadi Institution to receive ADB funded assistance for the reforms under the ‘Khadi Reform and development programme”. The main objectives are as follows:- KVIC-AUDIT – Request for Proposal – Audit Services for KVIC – Khadi Institutions

RBI cautions public against fictitious offers of being beneficiary of funds such as those from winning lotteries

June 7, 2011 468 Views 0 comment Print

The Reserve Bank of India (RBI) has advised public not to fall prey to fictitious information of being beneficiary of funds such as those from winning lotteries. This misleading information claims remittance of such funds by overseas entities to banks in the country. Remittance in any form towards participation in lottery schemes is prohibited under the Foreign Exchange Management Act, 1999, RBI”s Regional Director Jasbir Singh told reporters here today.

CWA – President Communique June, 2011

June 7, 2011 763 Views 0 comment Print

I am happy to share with you a very significant development regarding the profession. In my last month’s communiqué I had informed you that other issues concerning our profession as recommended by the Expert Group will be implemented shortly. You may be aware that the basic tenet of the recommendations of the Expert Group was maintenance of principle based cost accounting records. The Expert Group had also recommended that instead of individual product/industry based cost accounting records, the Government should adopt principle based uniform cost accounting record rules. I am extremely happy to inform our members that the Central Government has now issued Companies (Cost Accounting Records) Rules 2011 vide notification dated 3rd June 2011.

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