The Companies Bill, 2012 is not applicable for the December 2013 session of examination. The syllabus for the exams would be based on the Companies Act, 1956. The highlights and important provisions of the Companies Bill, 2012 may be asked in the question papers.
Voluntary Compliance Encouragement Scheme for Service Tax DefaultersThe Service Tax Voluntary Compliance Encouragement Scheme (VCES) has been brought into effect from 10.05.2013 to encourage voluntary compliance and broaden the service tax base by waiver of interest, penalty and any other consequences to a stop filer, non-filer or non-registrant or any other service provider who is […]
The movement of the exchange rate of the Indian Rupee recently has been a matter of concern. The Rupee has depreciated sharply against the dollar since the last week of May. There are concerns, and justifiably so, of the impact this would have on our economy.
Tax Evasion by Foreign Companies Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international transactions undertaken are analysed every year in accordance with the transfer […]
Under the provisions of the Prevention of Money Laundering Act, 2002 and the rules framed there under, it is the responsibility of the banks and other financial institutions to detect suspicious transactions and report such transactions to the Financial Intelligence Unit-India (FIU-IND) under the Ministry of Finance. FIU-IND is responsible for receiving and analysing such […]
DCI Search and Seizure Operations Reveal Undisclosed Income of Rs. 438 CroreThe Directorate of Criminal Investigation (DCI) was created vide Notification dated 30th May, 2011 and 19th August 2011 to perform functions in respect of criminal matters having any financial implications punishable as an offence under any direct tax law including inter-alia:
FM: Banks must ensure flow of Credit to Every Sector of Industry; Bankers told to be Sympathetic and have Humane Approach towards Genuine Defaulters The Union Finance Minister Shri P. Chidambaram said that banks must ensure flow of credit to every sector of industry. He said that bankers have been told to be sympathetic and […]
The Council of ICAI, at its 326th meeting held from 27th to 29th July 2013 considered the issue relating to application of Standard on Auditing (SA) 700¸ Forming An Opinion And Reporting on Financial Statements to such cases
As the members are aware, e-filing of Tax Audit Reports has been made mandatory from the AY 2013-14 onwards vide Notification No. 34/2013 dated 01-05-2013. In order to e-file Tax Audit Report a Chartered Accountant requires to register himself in the e-filing portal as a Tax professional.
The Discussion paper has identified certain building blocks for the reorientation of the banking structure with a view to addressing various issues such as enhancing competition, financing higher growth, providing specialised services and furthering financial inclusion.
