Directors PK Tewari and Anand Tewari for allegedly producing fake invoices and Chartered Accountant certificates to secure Rs 34 crore loan from banks

New Delhi: The CBI has arrested two directors of Bhojpuri Television Channel Mahuaa for allegedly using forged documents to procure loans of nearly Rs 100 crore from three nationalised banks here.

Screen grab from CNN IBN.

Acting on the complaint of the banks, the agency has arrested directors PK Tewari and Anand Tewari for allegedly producing fake invoices and Chartered Accountant certificates to secure Rs 34 crore loan from each one of three banks, sources said.

They said the duo will be produced before Patiala House court in connection with the case.

The case was registered by the agency in January 2012 on complaint from Bank of Baroda, Punjab National Bank and Union Bank of India which were allegedly cheated by the directors, they said.

The sources said the duo had procured loan from each of the three banks for the expansion of the channel.

Huron Consulting, Its Executives and PwC; All’s Well That Ends Well By Francine

Huron Consulting, Its Executives and PwC; All's Well That Ends Well

By Francine • Jul 23rd, 2012 • Category: Pure Content, The Big 4 And Consulting
The Huron Consulting case is a great one if you would like to see examples of almost everything that's wrong with the audit industry, the regulation of the industry and "reforms" like Sarbanes-Oxley.

On Monday August 3, 2009, Huron Consulting shares lost more than two-thirds of their value after Huron said it would restate more than three years of earnings because the company classifed payments to non-shareholders of acquired companies as goodwill rather than compensation expense. Gary Holdren, once a senior Arthur Andersen partner and a member of its executive committee, resigned immediately as Huron's chairman and CEO. The chief financial officer Gary Burge and chief accounting officer Wayne Lipski also left

Notification for Mah. Act No. VIII of 2012-Date of effect on which Section 7(1), section 23 and section 26(2) of Amd. Act shall come into force

FINANCE   DEPARTMENT

Hutatma Rajguru Chowk, Madam Cama Road , Mantralaya, Mumbai 400 032, Dated the 4th July 2012

 

NOTIFICATION

 

MAHARASHTRA TAX LAWS (LEVY, AMENDMENT AND VALIDATION) ACT, 2012.

 

No.VAT.1512/CR-65/Taxation - In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2012 (Mah. VIII of 2012), the Government of Maharashtra hereby appoints the 1st August 2012 to be the date on which the provisions of sub-section (7) of section 7, section 23 and sub-section (2) of section 26 of the said Act, shall come into force.

 

By order and in the name of the Governor of Maharashtra,

 

 

 

O. C. BHANGDIYA,

Deputy Secretary to Government.

Very Imp. Save Money on medicines

This is to inform you that medicines are prescribed (by our great doctors) by brand name & not by the generics (Ingredients). Hence we end up paying more money for the same medicine.

 

Follow these few steps to know more & start saving on your medical bills. Refer to the attached screen shots.

 

1. Log on to www.medguideindia.com

 

2. Click on 'Drugs'

 

3. Click on 'Brand'

 

4. Type the brand name which you are using (e. g. Metocard XL (50 mg). The site will also help you with drop down menu) & Click on 'Search'

 

5. Click on 'Generics'. It will display the ingredients of the tablet.

 

6. Click on 'matched brands'

 

7. Don't be surprised to see that same drug is available at very low cost also. And that to by other reputed manufacturer. e. g. Metocard XL 50 is for Rs. 62.00 & same drug by Cipla (Mepol) is

    available ONLY @ Rs. 7.00

Treatment of Waiver of loan granted by government in determination of actual cost

Treatment of Waiver of loan granted by government in determination of actual cost
Where the government granted loan to the assessee for acquisition of capital assets and later on the government waived the loan so granted then the amount of loan waived by the government would have to be reduced from actual cost of the assets. Accordingly, depreciation would be computed on the amount remaining after the reduction of loan amount waived.- Vide Steel Authority of India Ltd. v. Commissioner of Income Tax (2012) 45 (I) ITCL 11 (Del-HC)


SERVICE TAX


Club and association service-Clubs providing services to its members-Taxability of     
- In view of the mutuality and in view of the activities of the club, if club provides any service to its members may be in any form including as mandap keeper, then it is not a service by one to another in any form including as mandap keeper, then it is not a service by one to another, as foundational facts of existence of two legal entities in such transaction is missing.
- It is true and sale and service are two different and distinct transaction. The sale entails transfer of property whereas in service, there is no transfer of property. However, the basic feature common in both transaction requires existence fo the two parties; in the matter of sale, the seller and buyer, and in the matter of service, service provider and service receiver. :-Ranchi Club Ltd. v. CCCE&ST (Jhar-HC) W.P. (T) No. 2388 of 2007, decided on 15-3-2012

Institute in the News

Railway mei Accountant ki kami: Shri Rakesh Singh (President of the Institute), Prabhat Khabar, Kolkata Edition, Tuesday 24 July 2012

Railway ki Accounting System ko Sudharega ICAI: Shri Rakesh Singh (President of the Institute) , Sanmarg, Kolkata Edition, Tuesday 24 July 2012

Vyavasayik Shiksha Zaruri: Shri Mukul Roy (Railway Minister), Dainik Jagran, Kolkata Edition, Tuesday 24 July 2012

Railway ki Cost Pratiyogitatmakta mei Sudhar ho: Shri Mukul Roy (Railway Minister), Prabhat Varta, Kolkata Edition, Tuesday 24 July 2012

GAIL gets award for Excellence in Cost Management, Hindustan Times, New Delhi Edition, Tuesday 24 July 2012

RITES bags award for Excellence in Cost Management, Hindustan Times, New Delhi Edition, Tuesday 24 July 2012

ICAI elects Rakesh Singh as President, The Hindu Business Line, New Delhi Edition, Monday 23 July 2012

How to get password of registered PAN, when forgot both email id and pw...

People who forgot password and registered email id both, are facing trouble retrieving password.

Here is the solution, in that case we need to email all the PAN details including the registered address of the assessee  to validate@incometaxindia.gov.in. Once done with this, we would receive the password of the Income Tax e-filing account within 48 hours on new email ID.

Download UK Finance Act 2012

Download UK Finance Act 2012

The United Kingdom Parliament has approved the Finance Act 2012. From an Indian perspective, the Act is interesting for its treatment of “Controlled foreign companies and foreign permanent establishments” given that a similar concept will be introduced in the Indian legislation sooner or later. Also of interest is the manner in which the transfers of “long-term business” is taxed.


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All about Credit Rating

Credit Rating has assumed an important place in the modern and developed financial markets. It facilitates the company in raising funds in the capital market and helps the investors to select their risk-return trade off. Fund procurement is one of the key functions of a business undertaking. Among the various sources of fund, long term debt, debenture, bonds, fixed deposit and commercial papers, besides share capital are worth mentioning. The issuer of these instruments approaches capital market, financial institutions and various agencies o raise necessary finance at certain terms and conditions. As investors are concerned with the timely payment of interest and principal, credit rating indicates the creditworthiness of a borrower. Credit rating essentially indicates the risk involved in a debt instrument as well as its qualities. Higher the credit rating greater is the probability that the borrower will make timely payment of principal and interest and vice versa. Thus, a credit rating is not a general evaluation of the issuing organization. It essentially reflects the probability of timely repayment of principal and interest by a borrower company. The credit rating is not a onetime evaluation of credit risk of a security. The rating agency may change the rating considering the changes periodically.
CREDIT RATING AGENCIES:
The important credit rating agencies in India are given below:

Financial Audit & Concurrent Audit of All PRIs from Reputed Chartered Accountant Firms

Panchayat And Rural Development Department Bhopal
Last Date : 27/07/2012
Financial Audit & Concurrent Audit of All PRIs from Reputed Chartered Accountant Firms.

Address: Panchayat And Rural Development Department Madhya Pradesh State Tech e-Panchatyat Society,Bhopal Regd.Off: O/o Commissioner,Panchayati Raj Directorate,1,Area Hills,Oilfed Premises,Hoshangabad Road Bhopal-462011
Phone:
Email:

Vacancy of CA as Asst. financial controller in 5 Star Hotel in Mumbai

Finalisation of monthly, quarterly, half yearly and annual accounts - Ensuring compliance with various accounting standards and companies act.Handling taxation matters like service tax,VAT, TDS, luxury tax etc,Ensuring deposits and returns on time.

Salary: INR 10,00,000 - 15,00,000 P.A. Asst Financial Controller

Industry: Travel, Hotels, Restaurants, Airlines, Railways

Functional Area: Accounts, Finance, Tax, Company Secretary, Audit

Role Category: Accounts

Role: Chartered Accountant

Keyskills: Asst Financial Controller - Chartered Accountant

MCA Notification on Investor Education and Protection Fund (Uploading of Information Regarding unpaid and Unclaimed Amounts Lying with Companies) Rules, 2012

MCA Notification on Investor Education and Protection Fund (Uploading of Information Regarding unpaid and Unclaimed Amounts Lying with Companies) Rules, 2012 The Ministry of Corporate Affairs has notified that Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file eForm 5INV containing the information of unclaimed and unpaid amounts as referred to in subsection (2) of section 205C of the Companies Act, 1956.

As per the notification this information is required to be filed every year within a period of 90 days after the holding of Annual General Meeting or the date on which it should have been held as per the provisions of section 166 of the Act, and every year thereafter till completion of the seven years’ period. The information is to be filed in Form 5- INV as per the above mentioned rules; and thereafter an excel sheet containing detailed investor wise details is to be filed separately. The e Form, the excel template and detailed steps are provided in the IEPF application link on the portal www.iepf.gov.in.For financial year ended on 31st March 2011, the eForm should be filed latest by 31st July 2012.

For more details the investors have been advised to visit the website www.iepf.gov.in and the Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012.


*****

ST/-
(Release ID :85441)

CA FINAL Results Analysis : May 2003 - May 2012 - Interesting Statistics

In consecutive third term, more than 5000 Students has successfully passed both group. Further in consecutive third term, passing percentage of students appearing in both groups is more than 15%.

Passing percentage in Group 1 is similar to last term i.e. more than 25%. Further, 1st Time in History, more than 50,000 students appeared for Group - 1. Passing percentage in group - 2 is the highest in the last 9 terms i.e. 29.62%.

Exam	Group I			Group II			Both Group
	Appeared	Passed	Pass %	Appear	Passed	Pass %	Appear.	Passed	Pass %
May-12	51,002	12,912	25.32	55,108	16,325	29.62	30,976	5,075	16.38
Nov-11	49,299	12,590	25.54	57,186	15,905	27.81	31,705	5,003	15.78
May-11	48,548	17,641	36.34	53,766	14,338	26.67	32,419	6,649	20.51
Nov-10	41,302	9,911	24.00	45,955	7,034	15.31	28,430	2,802	9.86
Jun-10	28,889	4,063	14.06	35,187	3,235	9.09	20,666	945	4.57
Nov-09	25,224	5,011	19.87	30,641	3,099	10.11	18,502	1,454	7.86
Jun-09	25,848	8,379	32.42	27,840	4,185	15.03	18,625	2,579	13.85
Nov-08	21,176	5,892	27.82	23,856	5,762	24.15	14,614	2,926	20.27
May-08	17,552	6,444	36.71	18,685	5,290	28.31	10,580	2,645	25.00
Nov-07	16,137	6,353	39.37	16,493	5,005	30.35	8,654	2,446	28.26
May-07	15,083	2,289	15.18	15,874	2,777	17.49	7,467	1,023	13.70
Nov-06	14,587	5,505	37.74	16,947	6,555	38.68	6,830	1,830	26.79
May-06	15,355	5,832	37.98	17,952	5,718	31.85	7,053	1,608	22.80
Nov-05	15,902	5,039	31.68	20,085	5,772	28.74	7,620	1,348	17.69
May-05	18,211	5,748	31.56	20,513	3,520	17.16	8,650	1,243	14.37
Nov-04	16,645	4,089	24.57	20,448	4,484	21.93	7,666	939	12.25
May-04	20,724	7,011	33.83	21,364	3,354	15.70	9,770	1,490	15.25
Nov-03	19,501	4,450	22.82	20,377	4,381	21.50	8,597	1,076	12.52
May-03	20,290	4,469	22.03	18,692	2,203	11.79	7,943	802	10.10

Recent books Publication by ICAI

Code of Governance for NGO.pdf

Guidance note on Charitable INstitution.pdf

Taxation of Charitable Trust Study..pdf

Technical Guide on Accounting for NPO's.pdf

Last Date for Filing 23 B extended for 2 weeks

Last Date for filling the form 23B without fees has been extendedfor 2 weeks. Now Fees will be charged on any eform 23B on or after 05-08-2012

EMPANELMENT : INTERNAL AUDIT IN IRCON INTERNATIONAL LTD.

Applications are invited from reputed Audit Firms for appointment as Internal Auditors in IRCON INTERNATIONAL LTD. for the year 2012-13 onwards. (Two week period for scrutiny of applications from opening date i.e. 24/07/2012) 

Visit the link: - 

http://www.ircon.org/tenders/Activetenders.aspx

Vacancy for CA in Credit Suisse

Operational Risk Contr.

MAIN DUTIES/RESPONSIBILITIES OF THE ROLE:

The role is in the SOX program management of the CS group, as a key team member in all the phases of the SOX cycle.

Involves performing and managing deployed SOX processes in Pune. It involves very high level of multi-tasking. The role has two distinct areas of SOX program management – Central & Regional.

Central SOX:

Lead all the Central SOX processes deployed in Pune like

a.Scoping,

b.Maintenance of the entire SOX technical literature,

c.Aggregation of control matters,