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Oct 12, 2011

XBRL eForms (Form 23AC-XBRL and Form 23ACA-XBRL) FAQs

XBRL eForms (Form 23AC-XBRL and Form 23ACA-XBRL) FAQs

Posted: 12 Oct 2011 08:34 PM PDT

Whether the existing Form 23AC and Form 23ACA are to be used for filing balance sheet and profit and loss account in XBRL mode? No, the existing Form 23AC and Form 23ACA are not to be used for filing balance sheet and profit and loss account in XBRL...

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Steps for eFiling of XBRL documents

Posted: 12 Oct 2011 08:28 PM PDT

1. Creation of XBRL instance document 2. Download XBRL validation tool 3. Load the instance document 4. Validate the instance document 5. Pre-scrutiny of the instance document 6. Convert to pdf and verify the contents of the instance document. (This...

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Company Law Board (Amendment) Regulations, 2011 – Amendment in regulation 29

Posted: 12 Oct 2011 07:05 PM PDT

NOTIFICATION NO. G.S.R. 682(E), DATED 15-9-2011 Provided further that service of an order on a foreign party resident outside India shall be deemed to be sufficiently served if a copy thereof is delivered or tendered or sent by post at the last...

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RBI can not discontinue service of auditor on the complain of bank without fair and proper enquiry – Delhi HC

Posted: 12 Oct 2011 06:14 PM PDT

Gupta & Gupta Chartered Accountants & Anr. Versus Reserve Bank Of India & Ors. (Delhi HC) - The Delhi High Court has held as illegal the decision of RBI to discontinue the services of a Statutory Central Auditor (SCA) of Punjab...

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Despite high volume & short holding period, shares gain is STCG – Bombay HC

Posted: 12 Oct 2011 06:40 AM PDT

CIT vs. Naishadh V. Vachharajani (Bombay High Court) -l The assessee is a marine consultant. He had carried on the business of trading in shares and had also made investments in shares. In the assessment year in question, the assessee had sold...

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Company Law – Intercorporate Loans and Investments under section 372A

Posted: 12 Oct 2011 01:51 AM PDT

A company cannot, directly/indirectly, a. Make loan to any other body corporate b. Give guarantee/provide security in connection with any loan by any other person c. Acquire securities in any manner of any other body corporate exceeding 60%...

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Format of Limited Review Report For Companies Other Than Banks

Posted: 12 Oct 2011 01:48 AM PDT

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2400, engagements to Review Financial Statements issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review...

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Declaration of Dividend out of Reserves and Transfer of Profits to Reserves Rules

Posted: 12 Oct 2011 01:23 AM PDT

COMPULSORY TRANSFER TO RESERVES - No amount need be transferred to Reserves if the dividend declared does not exceed 10%. No dividend can be declared and paid in excess of 10% unless minimum amount prescribed as under is transferred to...

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CBI registers case against excise officer

Posted: 12 Oct 2011 12:37 AM PDT

The suspended superintendent of the office of the Director General of Central Excise and Customs (Intelligence), Pune regional unit, Krishna Mahadik is in more trouble. The Central Bureau of Investigation (CBI), Pune unit, has registered a new...

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Provisions Related to Acceptance of Deposit by Companies U/s. 58A r.w. Companies (Acceptance of Deposits) Rules, 1975

Posted: 12 Oct 2011 12:30 AM PDT

Section 58A of Companies Act, 1956 has put restrictions on acceptance of deposits by any company subject to rules being prescribed. Accordingly, Companies (Acceptance of Deposits) Rules, 1975 were prescribed which lay down various regulations and...

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ICAI Guidance Note on Certification of XBRL Financial Statements

Posted: 12 Oct 2011 12:06 AM PDT

The ICAI has issued Guidance Note on Certification of XBRL Financial Statements *, providing guidance to the practitioners in certification of XBRL formatted statements. Various MCA circulars require financial statements prepared in XBRL mode for...

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Provisions of Micro, Small and Medium Enterprises Development Act 2006 including tax provisions in respect of interest

Posted: 11 Oct 2011 10:47 PM PDT

This Act is enacted to facilitate the promotion, development and enhancement of the competitiveness of the micro, small and medium enterprises and to address the matters connected therewith or incidental thereto. This Act came into force from 16th...

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Vacancy in Posts of Member, Settlement Commission (Income Tax / Wealth Tax)

Posted: 11 Oct 2011 09:58 PM PDT

The Ministry of Revenue has intimated that some posts of Members of the Settlement Commission are vacant and due to be filled shortly. As per the Settlement Commission (Income Tax/ Wealth Tax) (Recruitment and Conditions of Service of Chairman,...

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Chief Justice of India Releases Restatements of Indian Law on Legislative Privilege, Contempt of Court and Public Interest Litigation

Posted: 11 Oct 2011 09:57 PM PDT

Chief Justice of India, Shri Justice S.H. Kapadia, here today released a set of Restatement of Indian Law in the presence of legal luminaries. These Restatements of Indian Law relate to 3 subjects: Legislative Privilege, Contempt of Court and Public...

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ICAI Announces helpline numbers regarding november 2011 CA exams

Posted: 11 Oct 2011 09:53 PM PDT

The Help Line Desk will be functional from 11th October to 11th NOVEMBER, 2011 for 24 hours on all days (inclusive of holidays and Sundays) to attend to any query relating to the ensuing Chartered Accountant Examinations to be held in 11th NOVEMBER,...

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Memorandum of Instructions governing money changing activities

Posted: 11 Oct 2011 09:19 PM PDT

A.P. (DIR Series) Circular No.33 ADs Category – I, ADs Category – II and FFMCs may provide facility for reconversion of Indian Rupees to the extent of Rs. 50,000/- to foreign tourists (not NRIs) against ATM Receipts based on the following documents....

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Company Law Matters Requiring Sanction of Shareholders by Special Resolution

Posted: 11 Oct 2011 08:44 PM PDT

To alter the provisions of the memorandum, with respect to the place of registered office of a company from one state to another (subject to confirmation by CG) or its objects and change of registered office within a state but to the jurisdiction of...

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Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA)

Posted: 11 Oct 2011 08:15 PM PDT

The next Eligibility Test for ISA PQC is scheduled to be held on Saturday the 12th November, 2011 from 08.00 a.m. to 12.00 p.m. A detailed notification giving list of centers would be hosted on Committee Portal at http://cit.icai.org by 15th...

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