Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This had lead to the doubts as to whether such audits would be included in the ceiling of ‘specified number of tax audit assignments’.
With rupee hovering near record lows against the US dollar, India Inc is down with huge ‘notional foreign exchange losses’. However the companies, which had earlier approached the Institute of Chartered Accountants of India (ICAI) asking for an expansion of an existing flexible accounting treatment to accounting periods beyond March 2012, may now find a relief.
The Finance Minister Shri Mukherjee was referring to the benchmark indices which lost 2.5 per cent as of 2 PM today as overseas markets declined on concerns over US’ third quarter growth and high yields on Spanish bonds. He said that in India, a day ahead of the expiry of the November futures contract, trading remains choppy. Regarding the rupee, the Finance Minister Shri Mukherjee said that the volatility in the Rupee is also keeping investors nervous, though today the rupee recovered from a low of 52.73 to trade at 52.12 per dollar.
The Board of Studies has launched Subject Wise Online Self-Assessment Quiz for the CPT Course to enable students make a self assessment of their preparation for the forthcoming examination with 50 questions to be answered within 1 Hour. The online system would generate a new Question Paper every time the quiz is taken by the student. Please click on the following links to take the respective quiz:
The Board of Studies has launched online e-Learning Module on “Financial Analysis using MS-Excel 2010” to provide Hands-On Practical Training (HoT) on use of MS-Excel 2010 for financial analysis for the benefit of students. Please click on the following links to access respective units:
Maharashtra VAT Department has displayed List of Suspicious Dealers who has issued false bills without delivery of goods. You can download the list from the following link: Download List of Suspicious Dealers who has issued false bills without delivery of goods in Maharashtra
Debt-ridden Kingfisher Airlines’ promoter Vijay Mallya today called on CBEC chairman SK Goel and sought de-freezing of the carrier’s bank accounts, a senior Finance Ministry official said. Last week, the Central Board of Excise and Customs (CBEC) had frozen 10 accounts of Kingfisher Airlines for allegedly defaulting on service tax it has collected from passengers.
In exercise of powers conferred under Section 6A of the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, the Central Government formulated the Employees’ Pension Scheme, 1995. The Scheme provides pensionary benefits to the members upon superannuation/retirement. In addition, in case of death of member/member pensioner, the pensionary benefits are also given to widow and children/orphan/ nominee/dependent parents as per the provisions contained in the Scheme.
Subject to the provisions contained in section 16, the Employees’ Provident Funds & Miscellaneous Provisions Act., 1952 applies to scheduled establishments employing 20 or more persons. The establishments which are not coverable statutorily could be covered on voluntary basis if a majority of the employees and employer are willing. For the purpose of coverage, there is no criterion whether the establishment falls under organized or unorganised sector.
The Provident Fund handled by the Employees’ Provident Fund Organisation is known as Employees’ Provident Fund (EPF). Rate of interest on Employees’ Provident Fund for every year is recommended by the Central Board of Trustees, Employees’ Provident Fund on the basis of estimated interest income available and estimated liability on interest payment of the particular year. Assessment on above lines is made every year by the Central Board of Trustees, Employees’ Provident Fund before recommending rate of interest to the Government of India.
