"24 December 2011" Archive

ICSI National Award for Excellence in Corporate Governance 2011

In continuance of its commitment to good corporate governance, the Institute of Company Secretaries of India (ICSI) bestows the ICSI National Award for Excellence in Corporate Governance every year on the Best-Governed Companies in India. ...

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Posted Under: CA, CS, CMA |

PSU oil companies starts showing components of petrol prices on their websites

The Public Sector Oil Marketing Companies have started placing details of the components of petrol prices on their websites. The measure will help the people in understanding mechanism of the pricing of petroleum products. The companies include Indian Oil Corporation, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporati...

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Posted Under: CA, CS, CMA |

RTO clerk owns property worth R 40 crore

A clerk employed with the State Road Transport Authority here was found to own property worth over Rs 40 crore. This came to light during a raid by sleuths of the Madhya Pradesh's Economic Offences Wing (EOW) on Sunday....

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Posted Under: CA, CS, CMA |

ICAI to take action action against ex-CFO in Satyam case within a week

Accounting regulator ICAI today said it will decided the case concerning former CFO of Satyam Computer in the Rs 14,000-crore accounting scam within a week. The disciplinary committee of ICAI will take a decision based on the available documents against ex-Satyam CFO. The report will be finalised by the Committee with a week's time, said ...

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Posted Under: CA, CS, CMA |

ICAI recommends that companies be allowed to account for losses arising from foreign exchange derivative trade over several years

Apex accounting regulator ICAI has recommended that companies be allowed to account for losses arising from foreign exchange derivative trade over several years. The measure, according to sources, would prevent the companies from showing huge notional losses, which they have suffered on account of exposure in forex derivative market....

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Posted Under: CA, CS, CMA |

No increase in Income Tax raid and survey in current Financial Year – Govt

PRESS NOTE 402/92/2006-MC (32 OF 2011) (22/12/2011)

It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS, have been developed and are being extensively utilized by the Income Tax department to uno...

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Online Public Search of Trade Marks before incorporation of Company

In order to provide enhanced services to its stakeholders, MCA in a joined up service with the Trademark department has provided a facility for searching the trademark database before applying for Name availability. You can now use the link 'Public Search of Trade Marks' available on the MCA21 portal before applying for a company name to ...

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Posted Under: CA, CS, CMA |

No Penalty for bonafide mistake in calculation of service tax

M/s. Bajaj Travels Ltd. Vs Commissioner of Service Tax (Delhi High Court)

Bajaj Travels Ltd Vs. Commissioner of Service Tax (Delhi HC)- The appellant submitted a detailed written reply dated 17th November, 2005. The defence was that it was paying service tax as per its bona fide understanding that the service tax was to be paid on the commission retained by the appellant. It was pleaded that the matter of cal...

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Yes Bank hikes interest rate on savings deposits above one Lakh to 7%

Buoyed by an over 30% spike in savings deposits after it increased the interest rate to 6% two months ago, private sector lender Yes Bank today again increased the same to 7% to further attract more such low-cost funds....

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Posted Under: CA, CS, CMA | ,

Government withdaws Companies Bill, 2011

The government withdrew the Companies Bill and Pension Fund Regulatory and Development Authority Bill on Wednesday after the BJP opposed the first and coalition ally Trinamool Congress withdrew its support for the other....

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Posted Under: CA, CS, CMA | ,