India signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (Multilateral Convention) on 26th January, 2012 and ratified it as on 2nd February, 2012. The Multilateral Convention has come in to effect for India on 1s
The Government is aware that violation of accounting principles and financial irregularities are being carried out by various companies and their audit firms. During the last three years, 316 companies and 73 audit firms were found guilty of viola
A number of complaints are received by the Government against companies involved in misuse of public issue funds relates to misuse by way of diversion of funds, non-fulfillment of terms and conditions for the completion of the projects as per the
The Institute of Charted Accounts of India (ICAI) has not constituted any high powered committee to look into the entire gamut of financial reporting etc. Out of the 171 Indian Chartered Accountant (CA) Firms who have reported to the High Powere
The Institute has recently announced Direct Entry Scheme for admission to Intermediate (IPC) course for graduates/post graduates with specified marks and Intermediate level passed students of the Institute of Company Secretaries of India and the I
As per the 55th Annual Report on the working and administration of the Companies Act 1956 for the year ended March 2011, the number of foreign companies has increased from 2609 as on 31.3.2008 to 3127 as on 31.3.2011. There has been consistent inc
The Directorate of Revenue Intelligence (DRI) has conducted raids during the last three years and the current years. The mandate of the DRI is to investigate offences under the Customs Act, 1962 and the NDPS Act, 1985. The Directorate of has dete
An amount of Rs.86,000 crores indirect tax revenue of Central Board of Excise and Customs has been locked up in litigation. Success rate of departmental litigation in Courts and Tribunal during the last four years are as follows:-
Income-tax Overseas Units (ITOUs) manned by tax officers at the level of First Secretary have been established in Mauritius and Singapore. Further, posting orders in respect of officers to be posted to newly created ITOUs in Indian missions at Cyp
In view of the problems being faced by NBFC in complying with the extant this criteria on account of their existing portfolio, the RBI modified its directions on August 03, 2012 to include within the definition of ‘qualifying asset’ on
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