[aurangabad_ca] F4F Updates - 05th February 2010
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ICAI Bars Two Members found Guilty in GTB Case
The apex council of the Institute of Chartered Accountants of India (ICAI) found two chartered accountants guilty for professional misconduct in the Global Trust Bank (GTB) collapse case and have recommended that their names should be struck off the members roll for differing periods. Members P Rama Krishna and Manish Agarwal have been found guilty of professional misconduct and have been barred for five and three years, respectively.
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NBFCs' Norms on Special Borrowing
The central bank made the decision after reviewing the macroeconomic conditions and improvements in the domestic credit and liquidity conditions, it said in a statement. The Reserve Bank of India (RBI) withdrew the special short-term foreign currency borrowings facility for non-banking financial companies (NBFCs) and housing finance companies. The central bank made the decision after reviewing the macroeconomic conditions and improvements in ...
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Govt may relax rules for IT Industry Business Visa Norms
The government may relax rules that prohibit foreigners on business visas from working in India, acceding to the demand of the $60-billion IT industry that needs foreign expertise to run businesses smoothly. "We are preparing a list of activities in the IT sector for which companies may be allowed to employ foreign nationals without work permits for a limited period," said a government official, who asked not to be named.
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Indian Govt plans to replace Income Tax with new DTC
Indian government's plan to replace the income tax with a new Direct Tax Code (DTC) has raised eyebrows with the opposition parties as well as experts expressing scepticism at the new proposal, which has been touted revolutionary and radical by its architects. Main opposition, the Bhartiya Janata Party said the proposal amounted to throwing taxpayers from the frying pan into the fire. The party in a detailed memorandum submitted to Finance Minister Pranab Mukherjee said ...
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Ministry ask ICSI to suggest changes in LLP structure
The ministry of corporate affairs has asked the Institute of Company Secretaries of India (ICSI) to suggest changes to make the Limited Liability Partnership (LLP) model more suitable for the small and medium sector enterprises in the country. The government wants the SME sector to convert from the traditional business form to a LLP structure, which has several advantages such as limited liability for partners apart from lesser compliance costs.
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SC Grants Bail to PriceWaterhouseCoop
The Supreme Court granted bail to PriceWaterhouseCoop
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Single Window Help Desk for CA's in Service Industry relating to membership in ICAI
As part of its quality service to the Chartered Accountants in Service Industry, The Committee for Members in Industry of ICAI has started a single window help desk for the Chartered Accountants with respect to all services related to their membership in ICAI. These services would cover appropriate assistance on the following:
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CAG Audit Exemption to be granted to Innovation Universities
Aimed at encouraging research and teaching activities, the proposed 14 Innovation Universities are likely to get exemption from CAG audit, a privilege currently enjoyed by institutions like Bhaba Atomic Research Centre, Atomic Energy Commission and ISRO. Expenditure on teaching and research by the Innovation Universities, which are proposed to be set up during the 11th Plan period, would kept be out of the scrutiny of Comptroller and Auditor General, a final concept note ...
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Finance Commission's Centre-State Revenue Sharing Report to be Tabled on Feb 25
The government said it will table the Finance Commission's report on Centre-State revenue sharing model in Parliament on Feb 25, a day before presenting the Budget 2010-11. The Economic Survey and the 13th Finance Commission report on the Center-state revenue sharing model will be tabled in Parliament on Feb 25, Finance Secretary Ashok Chawla told reporters on the sidelines of a book release function. The Budget session of Parliament will start from Feb 22. The Railway Budget will be...
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Migration of Acc Std to IFRS has created challenges for the Department
The migration of the accounting standards for corporate India to the International Financial Reporting Standards (IFRS) platform has created a challenge for the revenue department at the Centre. The Direct Taxes Code written by the finance ministry and expected to become law in 2010-11 is in several instances incongruent with the new global accounting standards.
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Commerce Min urges Govt to continue Export Sops
India's exports for the month of December 2009 grew 9.3% to USD 14.5 billion on a year-on-year basis. The Commerce Ministry has asked the government to continue export sops in the next financial year. The ministry has recommended extension of export-oriented units (EOU) and software technology parks of India (STPI) schemes which were to expire on March 31, 2010. "It is a political call." Along with this, it has also asked for extension of interest subvention on export credits by a year.
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Karnataka Tax Revenues down compared to last year
Reflecting the impact of the economic slowdown, commercial taxes collections in the first nine months of the current fiscal were down by nearly Rs 300 crore (Rs 12,426 crore) over the corresponding period in 2008-09 (Rs 12,709 crore). Tax revenues, as a whole, were up just 2.7 per cent in the period under review. Revenue receipts at the end of Dec 2009 were Rs 32,135 crore, Rs 851 crore over Rs 31,284 crore in the corresponding period in 08-09.
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RBI Reference Rate for US $ and Euro – 04th February 2010
The Reserve Bank of India's Reference Rate on February 04, 2010 for the US Dollar is Rs. 46.09 for Euro is Rs. 63.96 The corresponding rates for the previous day (February 3, 2010) were Rs. 46.04 and Rs. 64.33 respectively.
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ICAI Toppers in Results of PEE-II , PCE, & IPCE Nov `09
In the PEE- II Shri Avinash Karwa of Solan ( H.P.) topped by scoring 64.5%. Shri Nafih Omer of Dubai ( UAE ) came second. Rupali Gupta of Jaipur topped the PCE scoring 76 %, whereas Kumari Lakshami Niranjani G. of Coimbatore came second with 74.5 %. In the IPCE Amita Maheshwari of Jodhpur was first by scoring an impressive 77 %. Second place was achieved by Bhumika Rajiv Shah
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