The Sahar police on Thursday arrested a citybased chartered accountant, Munuf Mamdani (49), and a tax consultant, for alleged human trafficking. The accused are believed to be part of a racket involved in sending people abroad by declaring them as employees of Mamdani’s bogus firm, Tisco International Leather Company, Malad. The special branch officials at the […]
Even as the government termed the forgery of about Rs 10,000 crore in private technology services provider Satyam Computer Services as ‘an aberration’ on Thursday, a report by the Comptroller Auditor General of India points to significant irregularities in the accounts of its own companies, including NTPC, Bharat Heavy Electricals Ltd (Bhel), Mahanagar Telephone Nigam Ltd (MTNL) and […]
The Annual Membership fee and Certificate of Practice fee for the year 2009-10 became due for payment w.e.f. 1st April, 2009. The last date for payment of fee was 30th June, 2009 which has now been extended upto 31st August, 2009. The membership and certificate of practice fee is as follows:- Annual Fee for Associate :- 1,125/- […]
In all, 37 cases were referred to the Serious Fraud Investigation Office (SFIO) during the last three years i.e. during the years 2006-07, 2007-08 and 2008-09. Out of these 37 cases, investigations in respect of 9 cases have been completed. Number of people in respect of other six companies will be known only after launching prosecutions. In respect of the […]
The following Benches will not function during the period from 20.07.09 to 24.07.09 “A1, B1, E1, H, L, & WT” The cases hanve been adjourned to respective dates – See seprate notice.
Under the existing provisions, in a nutshell, gifts received by individuals and HUFs, only as sum of money from non relatives in excess of Rs.50000/- per annum are taxable. Gifts on the occasion of marriage or under a will are also outside the tax net. Gifts in kind are also not taxable. Now the gifts in kinds are being made taxable in the hands of recipients. Cases of deemed gifts due to inadequate considerations are also being brought in the tax net.
As everybody is already aware, National Bank for Agriculture and Rural Development (NABARD) takes panel from the Institute of Chartered Accountants of India for the empanelment of Statutory Auditors of Regional Rural Banks. (RRBs). In this context, it is advised that members should refrain from sending separate empanelment application/bio data directly to the NABARD for […]
The Institute of Chartered Accountants of India (Institute) recognises that in the emerging globalised scenario, the Alternative Dispute Resolution (ADR) system is a cost and time effective alternative to the heavily overburdened Courts. Appreciating the larger role of members in Alternative Dispute Redressal Mechanism as well as the significance of dispute settlement in the development […]
The CBI today arrested an Assistant Director working in Directorate General of Foreign Trade (DGFT) at Ludhiana for demanding and accepting a bribe of Rs. 3000/- from the complainant for processing his files relating to Duty Entitlement Pass Book (DEPB). Directorate General of Foreign Trade deals with formulation and implementation of foreign trade policy. The […]
Corporate Affairs Minister Salman Khurshid today agreed that the ICAI Act needs some amendments to become a more powerful body post the Satyam scam. “I can see that some amendments (in ICAI Act) are called for but we would like to see what their (ICAI) perspective is,” Khurshid told reporters.However, he refused to give further details, […]
