Press Release We are deeply hurt by the news report in the Livemit dated 30th September, 2009 titled “ICAI wings clipped over Satyam Scam”. The title of the report so published is itself incorrect, misleading and without any base. Since the communication from the Ministry itself does not mention anything regarding the curtailing or clipping […]
The Institute of Chartered Accountants of India (ICAI) is likely to restrict to two the number of entities an audit firm can register. The move follows denials by PWC of any connection with the tainted entity that conducted the audit on Satyam Computers, whose promoter confessed to fraud in January this year.
The Central Information Commission has slapped the maximum fine of Rs 25,000 provided under the RTI Act on the CEO of a cost accounting body for failure to give timely information in a case. The CIC slapped the fine on the Institute of Cost and Works Accountants of India’s (ICWAI) CEO, Sudhir Mukund Galande, while dismissing […]
The Government today launched an interest subvention scheme of 1% on all individual housing loans upto Rs.10 lakh for units costing upto Rs. 20 lakh. The scheme recognizes that cut in interest rates has an important role to play in reducing EMIs of borrowers & creating additional demand for housing. The Scheme will cover all […]
The Department has started sending Emails to all the existing Assessees as “Central Board of Excise & Customs has developed a new software application called Automation of Central Excise & Service Tax (ACES) to do on-line transactions with the Central Excise & Service Tax departments i.e. filing your Central Excise/ Service Tax returns, claims and intimations etc.
Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011. The draft code, circulated for public comments, had suggested that life insurance policies should be taxed at the time of maturity. So, the […]
The Hong Kong offices of accounting giant Ernst & Young were raided by police as part of a fraud investigation linked to the city’s biggest corporate collapse, local media said Wednesday.The search, which occurred Tuesday, came after Ernst & Young was accused in court earlier this month of falsifying documents to shield itself from a […]
Draft public offer documents for any issue size of Rs 50 crore or less are to be filed with the regional SEBI offices assigned to States and Union Territories, the markets regulator said in a circular on Tuesday. For public issues exceeding Rs 50 crore, the offer documents are to be filed with the SEBI headquarters […]
A writ petition challenging the decision of the State Government to implement e-filing of sales tax returns by dealers with effect from September 1 has been filed the Kerala High Court. The court on Tuesday adjourned hearing on the petition. The petitioner, Mr M.K. Haridas, who is the Manager of a Kochi-based partnership firm, submitted before […]
A HIGH-POWERED panel of the Institute of Chartered Accountants of India (ICAI) — the nodal body in India for auditors — has prima facie found two former auditors of Satyam Computer and members of the software company’s internal audit cell guilty of professional misconduct and failure in carrying out their duties.
