You may soon need to mention your permanent account number (PAN) to invest more than Rs 50,000 in national savings certificates (NSC), or to buy a unit-linked insurance policy where premium payment exceeds Rs 1 lakh. The government is giving finishing touches to a proposal to make the taxpayer identification number mandatory to invest in […]
The duo, both chartered accountants, had audited the accounts of Global Trust Bank in 2003. ICAI had, based on news reports, alleged that the external auditors had approved suspect accounts and data in RBI’s annual financial inspection (AFI) report, ordered that an inquiry be conducted by the disciplinary committee for alleged professional misconduct.
Independent directors of Satyam were not involved in the multi-crore accounting fraud in the IT company and were kept in the dark by founder-chairman B Ramalinga Raju, the Serious Fraud Investigation Office has concluded. The over 14,000-page report submitted to the government, marking the end of three month-long investigation, the probe agency of the Corporate […]
While acknowledging and appreciating the initiatives and the efforts undertaken by the Committee on Management Accounting (CMA) especially its Chairman, CA Vinod Jain, FCA. I am happy to inform you that the Committee on Management Accounting has launched Master in Business Finance as a Certificate Course for the members of the Institute. The word Master […]
It may now be easier for exporters to borrow money at a cheaper rate under the discount scheme offered by the government in select sectors. RBI, the country’s apex financial institution, is planning to do away with the mandatory requirement of submitting audit certificates from chartered accountants establishing the product being exported to avail the […]
A Limited Liability Partnership may be incorporated as per the procedure explained below: A) User Registration Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services, i.e. www.llp.gov. in . This website may also be accessed through the website of the ministry www.mca.gov. in On the home page of the URL […]
IT services provider Tech Mahindra is the new owner of Satyam Computer Services. The company bid the highest at Rs 58 per share, pipping Satyam Saga: Rise, fall and resurrection rivals engineering firm Larsen & Toubro and billionaire investor Wilbur Ross to the post. Engineering firm L&T bid at Rs 45.90 per Satyam share, Kiran […]
Accounting regulator ICAI on Thursday said all listed companies would be audited by only those who have been certified by the Peer Review Board of the institute.”The council had accepted the recommendation of Sebi that audit of listed companies shall be carried out by auditors who have undergone Peer Review Process and have been issued […]
Sub-section (2) of section 143 of the Income-tax Act provides that the notice under this sub-section shall be served on the assessee within a period of twelve months from the end of the month in which the return is furnished. Further, the service of such notice must be affected in a manner laid down in […]
Presumption as to books of accounts, other documents, etc. Section 292C of the Income-tax Act provides for a rebuttable presumption with respect to books of account, other documents, money, bullion, jewelry or other valuable article or thing found in the possession or control of any person in the course of a search under section 132. […]
