The Institute of Company Secretaries of India (ICSI) has got its new President and Vice President for the year 2012. In an election held in New Delhi today Mr. Nesar Ahmad has been elected as PRESIDENT while Mr. S. N. Ananthasubramanian has been elected as the VICE PRESIDENT.
The Institute of Cost and Works Accountants of India (ICWAI) will be henceforth be known as The Institute of Cost Accountants of India (ICAI). The change is a sequel to the passing of of ICWAI Amendment Act 2011, to enable their members to use the designation ACMA and FCMA denoting Associate and Fellow membership of the Institute respectively.
In April 2010, CBI arrested Subrato Banerjee and his wife an Additional Commissioner of Income Tax (I-T) Sumitra Banerjee for accepting Rs 1.5 crore from a Thane builder.Central Bureau of Investigation today filed chargesheet against a former Additional Commissioner of Income Tax, her husband, and her former subordinate in a bribery case in the court […]
The Supreme Court will on Friday pronounce its judgement on Vodafone International Holdings’ appeal challenging the income tax demand of Rs 11,000 crore on the overseas deal between Vodafone and Hutchison. Vodafone had moved the apex court challenging the Bombay High Court judgement of September 8, 2010 which had held that Indian IT department had jurisdiction over the deal.
The Union Finance Minister Shri Pranab Mukherjee said that the growth rate would be around 7.2 percent during the current year. He said that due to current uncertainty in global economy as euro zone crisis is still unresolved and volatility in international commodity prices especially fuel etc, it may be difficult to contain the fiscal deficit at 4.6 percent as targeted during the last budget.
The toppers of Chartered Accountants Final Examinations held in November, 2011 are from Hyderabad, Nagpur, Bangalore, Kolkata and Jaipur. The details of the top three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are mentioned at Annexure-A. The toppers of Eastern & Central region are mentioned at Annexure-B. The result analysis of the Final examination in terms of pass percentage is mentioned at Annexure-C. The analysis of pass percentage of final examinations (since 2008) is mentioned at Annexure-X. The toppers of Common Proficiency Test (Paper-Pencil Mode) held on December 18, 2011 are from Vijayawada & Jaipur.
Internet company Yahoo!’s co-founder Jerry Yang has quit the company he founded 17 years ago. Yahoo! said besides quitting the board of its directors, Yang has resigned from all other positions in the company, effective from January 18, as well as from the Boards of Yahoo! Japan Corporation and Alibaba Group Holding Ltd, firms in which Yahoo! has stakes.
presently, the accounting and financial reporting practices of educational institutions in India are oriented towards meeting the needs of the governing bodies running them and educational institutions follow not only diverse accounting practices but also different basis of accounting, the Group has recommended that all educational institutions should be mandated to apply accrual basis of accounting; Accounting Standards issued by the ICAI should be made mandatory to educational institutions; Fund based accounting may be introduced for Earmarked / Designated Funds; All educational institutions should follow a common format for presentation of its general purpose financial statements to ensure proper accountability, financial discipline, end-use of funds and to meet the needs of stakeholders.
The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions.
Faced with increasing incidents of misuse of tickets, Railways have made it mandatory for all passengers travelling in AC classes to carry an identity proof with them. So far, carrying ID proof was required only for passengers travelling with e-tickets or with tatkal tickets.
