The ICAI requires additional Schools/ Educational Institutions with good infrastructure and facilities in addition to the existing Examination Centres to hold Chartered Accountants Examinations. Interested parties may see the terms & conditions on our website: www.icai.org. The existing Schools/ Educational Institutions which are already providing accommodation for CA Exams need not apply.
Bank Audits for the FY ended 31.03.2010:-The bank audit season is around the corner. Banking being an industry typical in terms of its geographical and customer spread, volume of transactions as well as the types of products and services offered coupled with the time constraints for completing the audits, the members face a number of issues in their bank audit assignments.
We have pleasure in informing you that Dena Bank has invited online applications for empanelment for Concurrent Audit assignment for the year 2010 – 11. The registration for the same will be open on our there website www.denabank.com from 25.03.10 to 15.04.10.
A regulatory co-ordination committee of the government will rethink a key change to the definition of ‘vanishing company’, which could have watered down the law in respect of such companies. According to the new rule, an entity cannot be called a ‘vanishing company’ if any of its directors — executive or non-executive — can be traced at a later date.
Presently, the corporate entities are liable to pay 15% tax on its book profits u/s. 115JB of the Act, if the said amount is more than the tax computed under the other normal provisions of the Act. Due to the effect of surcharge, education cess and secondary and higher education cess, the effective rate of MAT worked out to be 16.995%.
Mahindra Satyam, which is in the process of restating the accounts of the last few years that preceded the major financial crisis, has reportedly written to the Ministries of Company Affairs and Finance to refund the huge taxes the company had paid on the inflated financials of the company. Sources in the company said the amount could be in the order of Rs 300 crore.
While the Public Company Accounting Oversight Board (PCAOB), the regulator for auditors in the US, on March 16 barred Siva Prasad Pulavarthi and Chintapatla Ravindernath — senior executives with PricewaterhouseCoopers’ associate Lovelock & Lewes, the former auditor for Satyam Computers — in the IT firm’s Rs 7,000-crore fraud, the accounting regulator here, the Institute of Chartered Accountants of India, is yet to complete its disciplinary committee hearings.
Download Reference Material on Bank Branch Audit (2009-2010)
The question / dispute has been arising that where the Non-resident has rendered services from outside India whether the source of income shall be considered to be lying in India for the purpose of Section – 9. This dispute was settled by Hon’ble Supreme Court of India in the case of Ishikawajima-Harima Heavy Industries Ltd. vs. DIT [2007] 288 ITR 408. The Hon’ble Supreme court has held that to tax the income from fees for technical services, the services must be utilized in India as well as must be rendered in India.
Applicability of relevant Corporate Laws for the CA Final (Old & New Course) – May 2010 Examinations
