Class Action lawsuits have recently made to the front page news, more particularly in western countries. The reason being the sudden fall (bankruptcy) of financial industry giants like Freddie Mac, Wachovia, AIG to name a few and the consequent...

Government set to announce norms for taxation of fringe benefits taxable in the hands of employees

Employees enjoying perks such as chauffeur-driven cars, rent-free accommodation, club memberships, credit cards and meal vouchers could find the next four months a little too harsh on their wallets as they may have to cough up the entire annual tax...

No ceiling for managerial remuneration in Companies Law Bill 2009

The new Bill, which is likely to come up in the Budget session in 2010, proposes no cap on the remuneration of CEOs, letting the shareholders decide the issue. Thanks to the Companies Law Bill 2009, the expression 'shareholders' democracy' is...

RBI circular on provisioning Requirement for Standard Assets (05.11.2009)

In view of large increase in credit to the Commercial Real Estate (CRE) sector over the last one year and the extent of restructured advances in this sector, it would be prudent to build cushion against likely non-performing assets (NPAs)....

SC will examine the issue of taxability of professional fees received by foreign law firms from Indian companies

The Supreme Court has decided to examine the issue of whether foreign law firms charging professional fees from Indian companies and businessmen are liable to pay income tax in the country. A bench headed by Justice S H Kapadia has issued notices to...

Income tax department considering publishing the names of tax defaulters

Tax defaulters beware. The income tax department is considering publishing the names of habitual tax defaulters with large tax demands pending. According to official sources, the department is planning to compile a list of all cases, where there is...

Applicability of services for May and November 2010 PCE, IPCE and CA final examinations

Professional Competence Examination-It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services. Related posts:Service tax topics to be...

Proposal to give FM power to approve foreign investments of up to Rs 1,200 crore

The finance minister could approve foreign investments of up to Rs 1,200 crore (Rs 12 billion), without going to the Cabinet, if a proposal of the Department of Industrial Policy and Promotion to fast-track clearance of foreign direct investment is...

Govt. will assess the need for extending further stimulus for the exporting community

The commerce and industry ministry will review the growth of the country's export sector by the middle of this month to assess the need for extending further stimulus for the exporting community, particularly, the labour-intensive sectors. The...

Verification Status (As on 9 Nov 2009) – Professional Competency Examination June 2009

* Roll Numbers of candidates where no change in marks found click Here All these candidates are being intimated by post. * Roll Numbers of candidates where change in marks found but there is no change in result or exemption in applied papers...

ICAI extended due date for completion of 100 Hours IT training (09-11-2009)

Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of May, 2010 Professional Competence Examination/Integrated Professional Competence...

Indian job market not been as adversely affected by global recession as was being presumed

The Indian job market has not been as adversely affected by global recession as was being presumed, thanks to 'job increase' in the public sector, UPSC Chairman D P Agrawal said on Monday.He said the quantum of job loss witnessed in the private...

SEBI allowed brokers to provide share market access to their clients through authorised persons

The regulator has decided to allow registered brokers (including trading members) of stock exchanges to provide security market access to their clients through authorised persons. The regulation follows the recommendations made by the Secondary...

Government planning to allow section 25 companies to set up higher educational institutions

The government is planning to permit corporate houses to set up higher educational institutions -- like multi-disciplinary universities and colleges -- by floating a separate not-for-profit entity under Section 25 of the Companies Act...