ICAI
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You have any query about May ‘10 exams, call Help Desk
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Help Line Desk – Admit Card – May 2010 The Help Line Desk will be functional from 16th April to 12th MAY, 2010 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 from 3rd to 17th MAY, 2010. The telephone Numbers of Help Line Desk are: |
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ICAI to tighten noose around local audit firms
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Tightening the noose around the audit companies having arrangements with global firms, the accounting regulator ICAI has sought details of their tie-ups with MNCs to check surrogate practices. The decision to seek tie-up details from CA firms, especially those associated with the Big 4 – PWC, Ernst & Young, KPMG and Deloitte – follows a report by an Institute of Chartered Accountants of India committee on the multi-crore Satyam scam. |
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SC declines bail to PWC auditor
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The Supreme Court on Monday declined to grant bail to PricewaterhouseCoopers auditor Subramani Gopalkrishnan, arrested in Rs 7,136 cr Satyam fraud for allegedly conniving with its founder chairman B Ramalinga Raju and other aides. During the proceedings of the court, senior counsel Siddharth Luthra, representing Gopalkrishnan, said his client was wrongly prosecuted as he was only a partner of PwC and not an employee of Satyam. |
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Mandatory Compliance by Indian CA firms having Affiliation with International EntitiesNetwork
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All the CA firms registered with the ICAI having affiliation with international entitiesnetwork are requested to furnish the documentsdetails to the Institute. The above documentsdetails are required pursuant to a meeting held with the Ministry of Corporate Affairs in regard to public image about auditor’s role, manner in which surrogate firms hold out to the public, use of international brand name and host of other related issues. The Institute has already sent letters to 146 CA firms,… |
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ICAI verdict against Ramakrishna squashed by Delhi HC
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The Delhi High Court has quashed the Institute of Chartered Accountants of India (ICAI) decision against auditor P Ramakrishna in the Global Trust Bank (GTB) case. The decision comes as a relief for P Ramakrishna, who is a Partner in Lovelock & Lewes, a network affiliate of Price Waterhouse. ICAI held Ramakrishna guilty of professional misconduct in the Global Trust Bank probe. |
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Income Tax
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Stipend is Income & Taxable as per applicable Tax Slab
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An increasing number of management and engineering students from premier Indian institutes are bagging internship offers from institutions abroad. For instance, Indian Institute of Technology, Bombay, has placed around 80 B Tech students for internship with foreign universities such as Western Michigan, Carnegie Mellon and University of Alberta. According to reports, it may place 340 engineering graduates with many such companies and universities by April-end. |
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IT Official arrested in graft case
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Anjali Bambole, Income Tax assistant commissioner, was arrested last night, two days after the arrest of I-T additional commissioner Sumitra Banerjee and her husband Subratho. Anjali is remanded in CBI custody till April 27 by a special court. The trio has been accused of accepting a bribe of Rs 1.50 crore from a builder to reduce his tax liability. |
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RBI
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New rules for Assets Securitisation
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The Reserve Bank of India (RBI) has proposed new rules for securitisation for assets which require lenders to hold on to loans for a minimum period and retain a portion of the loan till maturity. Banks seek to benefit from their loans by pooling and selling them to investors, called securitisation, which passes on credit risk from the bank to the investors. |
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