In the course of business and profession many times advance money is received from customers and clients. The advance money or deposits are received for the purpose of execution of agreed work to be done which may involves supply of goods, rendering of services, execution of contracts, payments to other concerned parties, incurring expenses on behalf of customers and clients etc. Therefore, such advances
Amid speculation of engineering giant L&T’s, which has raised its stake in Satyam Computer to 12 per cent, bid to take over the IT major, market regulator SEBI on Wednesday said anyone can approach it to seek relaxation in the open offer pricing norms. “Anybody can approach SEBI (with regard to relaxation in the open […]
The government is likely to examine a proposal to mandate listed companies to appoint more than one audit firm in the wake of the Satyam accounting fraud which has adversely affected the image of Corporate India. In addition, stock market regulator Securities and Exchange Board of India (Sebi) may also be asked to appoint audit […]
India’s Supreme Court has given the country’s financial markets regulator permission to question Ramalinga Raju, the founder of Satyam Computer Services (SATY.BO), which is at the centre of the country’s biggest corporate scandal, court officials said on Tuesday. The court said officials from the Securities and Exchange Board of India (SEBI) could interrogate Raju and […]
Facts- The assessee had not debited current year depreciation to the profit and loss account but had disclosed this fact and the quantum of depreciation in the notes appended to the accounts.
The Satyam affair has shaken the country’s audit profession and regulatory authorities to its roots. Investors have suffered in a big way and Indian business has lost some of its sheen. Has there been a systemic failure or is Satyam just a big exception? Has the macro-structure of the audit procedure not evolved in a […]
6.We have considered the rival submissions. A perusal of the agreement entered into by the assessee to the concessionaires clearly shows that the concessionaires are duty bound to use the premises and the equipment as belonging to the assessee. The agreements also clearly show that the control over the shops is with the company. The tokens for the sale of the milk at the shops are to be purchased by the concessionaires
Construction of building complexes, having more than twelve residential units is subject to service tax under the category of „Construction of Complex Services.? In the past, various views have been expressed on the applicability of the service tax in cases where an agreement of sale is entered into between the builder and the buyer of a unit in a residential complex, as mentioned below
Satyam’s Auditors Arrested – Who’s Next? Participate In Signature Campaign Now Based on confessions of fraud made by the promoters of Satyam and its CFO, the Andhra Pradesh Police arrested the two members of the Institute of Chartered Accountants of India, who signed the Audit Report and put them behind bars along with common criminals. […]
Taking a leaf from Satyam scam, National Institute of Securities Market (NISM), an initiative of Sebi, has started a nationwide training programme for the internal audit of the stock brokers. The programme aims at helping the audit professionals to carry out an effective internal audit of the broker’s books in order to satisfy the requirements […]
