Aug 26, 2009

You can now access your Credit Information Report (CIR) directly from CIBIL. As you may be aware, your CIBIL CIR is a factual record of your credit payment history compiled from information received from credit grantors. The purpose is to help....

MCA proposed to prosecute audit firms also for wrong doing of its partner

The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants. The proposal,..

ICAI finally acted against PWC partner S. Gopalakrishnan ; withdrawn from its non-standing committees

Seven months after the arrest of two Price Waterhouse auditors in the scam at Satyam Computer Services Ltd, the accounting regulator has finally acted against one of them. The executive committe of the Institute of Chartered Accountants of India, or...

CVC launches prosecution against officers in CBDT, CBEC, DDA etc and advised penalty on several company officers

In the month of July the Central Vigilance Commission disposed of 522 cases referred to it for advice and launched prosecution against 22 officers. Of these, seven were from CBDT & MHA and two each from M/o Environment & Forest and MCD. The...

RBI issued circular on providing Collateral Free loans to Micro and Small Enterprises(MSEs)

Collateral Free loans – Micro and Small Enterprises(MSEs) Please refer to our circular RPCD.SME&NFS. BC No. 84A /06.02.31(P) /2008-09 dated January 20, 2009 regarding extending collateral free loans upto Rs. 5 lakh sanctioned to the units of...

Guidance note on Clause 17A of 3CD report – Amount inadmissible u/s. 23 of the Micro, Small and Medium Enterprises Development Act, 2006

This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 . The tax auditor is required to state the amount of interest...

Direct tax code will not provide deduction for donation to relegious trust and may tax NGOs

Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.The new Code will particularly hit non-governmental organisations (NGOs). All NGOs...

ICAI considering proposal to prohibit use of identical firm name

Accounting regulator Institute of Chartered Accountants of India (ICAI) is contemplating prohibiting chartered accountant firms from using identical names, a decision which may have implications for accountancy firms like PwC and Deloitte. ICAI is...