Origin of Chartered Accountant and Countries having CA body

Origin of Chartered Accountant and Countries having CA body Posted: 30 Dec 2011 08:00 PM PST Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants (formed 1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI – NBFCs should not raise funds under private placement by issuing NCDs of maturity less than 90 days Posted: 30 Dec 2011 07:24 PM PST It has come to the notice of the Reserve Bank that some NBFCs have raised funds under private placement by issuing NCDs of maturity less than 90 days. This is in clear violation of Issuance of Non-Convertible Debentures (Reserve Bank) Directions,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICSI releases Pre-budget Memorandum for Union Budget 2012-13 Posted: 30 Dec 2011 06:59 PM PST Children Education Allowance -The exemption limit for Children Education allowance may be raised from Rs. 100 per month to Rs. 1000 per month per child for maximum 2 children or actual expenses, whichever is less. ii) Transport Allowance - The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI President's Message – January 2012 Posted: 30 Dec 2011 06:34 PM PST CA Amendment Bill Passed by Both Houses of Parliament -The Chartered Accountants Amendment Bill has been passed by both the Lok Sabha as well as the Rajya Sabha, thus, paving the way for limited liability partnerships (LLPs) and multidisciplinary... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Gratuity Calculator for Central Government and Non-Govt Employees Posted: 30 Dec 2011 05:35 PM PST This simple calculator automatically calculates Gratuity receivable by Employee of Central Government and Private Concerns. We only have to put the date of Joining , Date of leaving/Retirement, last Basic Pay Drawn Including Grade and Dearness... [[ This is a content summary only. Visit www.taxguru.in for full article.]] History of Accounting and Accounting Standards Posted: 30 Dec 2011 12:31 PM PST Sufficient evidence exists to conclude that art and practice of accounting existed even in Vedic times. There are references to kraya (sale), Vanij (merchant), sulka (price) in Rigveda. Kautilya's Arthashastra contains details on business of keeping... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Role of Chartered Accountant in Your Growth Posted: 30 Dec 2011 10:47 AM PST What a chartered accountant does exactly is something unknown, which is of course if you're not an accountant yourself. For many people, an accountant is something that they feel they only need once a year when they are doing their taxes returns.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] EC deploys 204 Indian Revenue Service officials to monitor poll expenditure Posted: 29 Dec 2011 09:11 PM PST To curb instances of black money use during the polls in five states, 204 Indian Revenue Service (Income Tax) officials have been deployed as 'expenditure observers' by the Election Commission. A total of 204 IRS officers, in the ranks of Additional... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Conclave of ICAI Members in Entrepreneurship and Public Services Posted: 29 Dec 2011 08:44 PM PST We are happy to inform that ICAI has recently constituted a new Committee for Members in Entrepreneurship & Public Services to encourage and enhance the participation of CA members who are into Entrepreneurship or Public Services in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI Releases Draft Guidelines on Basel III Capital Regulations Posted: 29 Dec 2011 08:42 PM PST The Reserve Bank today released on its website, draft guidelines outlining proposed implementation of Basel III capital regulation in India. These guidelines are in response to the comprehensive reform package entitled Basel III: A global regulatory... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Cash seized by IT department on the directions of EC will be returned only after completion of assessment Posted: 29 Dec 2011 08:37 PM PST The Income Tax department today said cash confiscated by surveillance teams on the directions of Election Commission will be returned only after the completion of assessment of I-T returns for 2011-12 fiscal which may take up to two years. [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI amends Directions on Exchange Traded- IRFs on G-secs To permit Two and Five Years IRFs Posted: 29 Dec 2011 08:34 PM PST The Reserve Bank of India today placed on its website the amended directions on Interest Rate Futures (IRFs) on Government Securities permitting 2-year and 5-year IRFs. According to the directions, the 2-year and 5-year IRF contracts would be on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT – Supplies to non mega power projects entitled to benefits for Deemed Exports under Para 8.3(a) of FTP Posted: 29 Dec 2011 08:25 PM PST Notification No.92(RE-2010) /2009-2014 Supplies to non mega power projects shall henceforth be entitled to benefits for Deemed Exports only under Para 8.3(a) of FTP, viz., Advance Authorisation / Advance Authorisation for annual requirement / DFIA. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs-Clarification Posted: 29 Dec 2011 08:11 PM PST Credit conversion factors for Credit Default Swaps (CDS): NBFCs are only permitted to buy credit protection to hedge their credit risk on corporate bonds they hold. The bonds may be held in current category or permanent category. The capital charge... [[ This is a content summary only. Visit www.taxguru.in for full article.]] KYC Norms/AML Standards/CFT/Obligation of Banks under PMLA 2002 – Assessment and Monitoring of Risk – Notification No. RBI/2011-12/327 RPCD.CO.RCB. AML.BC. No.50/07.40.00/2011-12 Posted: 29 Dec 2011 08:10 PM PST The Government of India had constituted a National Money Laundering / Financing of Terror Risk Assessment Committee to assess money laundering and terror financing risks, a national AML/CFT strategy and institutional framework for AML/CFT in India. ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Implementation of Section 51-A of UAPA, 1967 – Splitting of UNSC 1267 Committee's list of individuals and entities linked to Al-Qaida and Taliban Posted: 29 Dec 2011 08:05 PM PST Please refer to the UN Security Council's 1267 Committee's Consolidated List of individuals and entities linked to Al-Qaida and Taliban who are subject to the assets freeze, travel ban and arms embargo as set out in relevant Security Council... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICWAI invites comments on Exposure Draft of Guidance Note on Classification of Product Group Posted: 29 Dec 2011 08:04 PM PST The Technical Cell of National Task Force constituted by the Institute has approved the release of the Exposure Draft of Guidance Note on Classification of Product Group. The proposed Guidance Note may be modified in light of comments/ suggestions... [[ This is a content summary only. Visit www.taxguru.in for full article.]]