Miscellaneous

RBI revised the guidelines of Concurrent Audit System in Commercial Banks

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RBI/2015-16/133DBS.CO.ARS.No. BC. 2/08.91.021/2015-16 July 16, 2015 The Chairman & Managing Director/Chief Executive Officers ofall Scheduled Commercial Banks(other than Regional Rural Banks) Dear Sir Concurrent Audit System in Commercial Banks – Revision of RBI’s Guidelines As you are aware, guidelines on ‘concurrent audit system in commercial banks’ were issued by us vide our circular DOS.No.BC.16/08.91.021/96 dated … Read more

Indirect Tax Revenue collections during April-June 2015 increase by 37.4 % over the corresponding period

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Indirect Tax Revenue (Provisional) collections during April-June 2015 increase from Rs.1,12,094 crore to Rs 1,53,980 Registering an Increase of 37.4 % over the corresponding period ( April-June 2014) in the last financial year.   The overall growth in Indirect Tax Revenue (Provisional) collections during the first quarter of current fiscal  year ,ie April-June 2015 have increased … Read more

ICAI recommended to the Directorate of Income tax (Systems) to make changes in the tax audit form for adherence to ceiling on number of tax audits

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1.  Pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) – Reporting in Assessment Proceedings’ for the year ended March, 2014, the President, in terms of the authority given to him by the Council at its 340th meeting held in February, 2015, had constituted the Group comprising of the following members: CA. … Read more

OPJS University offering courses under the nomenclature “Master in C.A.” and “Bachelor in C.A.” is a punishable offence under the CA Act, 1949

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It has been brought to our notice that OPJS University, Churu (Rajasthan), is offering/conducting certain programmes/courses under the nomenclature “Master in C.A.” and “Bachelor in C.A.” (under the School of Chartered Accountant). Conduct of such courses under the said nomenclature are in contravention of various provisions of the Chartered Accountants Act, 1949 (CA Act) and … Read more

Indirect tax collection increased by 46.20% from April 2014 to April 2015

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Indirect Tax Revenue (Provisional) Collections increase from Rs. 32,661 Crore in April, 2014 to Rs.47,747 Crore during April 2015, thus registering an Increase of 46.2% during the month of April 2015 over the corresponding period in the previous year. This is an achievement of 7.4 % of the target fixed for BE 2015-16.   Central Excise collections have increased from Rs. 8,655 crore in April, 2014 to Rs. 18,373 crore during … Read more

India has the Potential to Become a Global Leader in Food Processing Sector : Smt. Badal

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India’s Food Processing Sector is Growing at 8.4 Per Cent  Smt. Harsimrat Kaur Badal, Union Minister for Food Processing Industries today said that “India has the potential to become a global leader in food processing sector. Food processing sector has got the ability to integrate the gap between the farmers and the consumer”. Minister added … Read more

Details of Action taken on members by ICAI, in Satyam case

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As part of ICAI’s continuous drive to uphold the credibility, integrity and image of the accountancy profession in India, the regulatory mechanism of the Institute of Chartered Accountants of India (ICAI) is working assiduously. ICAI has been taking disciplinary action against its errant members as per the provisions of the Chartered Accountants (Amendment) Act, 2006 … Read more

The Prime Minister will launch the Micro Units Development and Refinance Agency Ltd. (MUDRA)

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 The Prime Minister Shri Narendra Modi will launch the Micro Units Development and Refinance Agency Ltd. (MUDRA) – a Bank tomorrow at a function at Vigyan Bhavan in the national capital.   Earlier in his Budget Speech for Financial Year (FY) 2015-16, the Union Finance Minister Shri Arun Jaitley had proposed the creation of a … Read more

Pragmatic and policy directional Budget to bring Achhe Din and ease of doing business: ICAI

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The Institute of Chartered Accountants of India (ICAI) welcomes the ‘Pragmatic and policy directional’proposals outlined by the Hon’ble Finance Minister in the Union Budget 2015. CA. Manoj Fadnis, President ICAI said “Proposal outlined by the Union Finance Minister such as Abolishment of Wealth Tax, Rationalization of Corporate Tax Structure, Removing uncertainty over DTC, with clear roadmap … Read more