HIGHLIGHTS OF THE BUDGET SPEECH OF
SHRI JAYANT PATIL, FINANCE MINISTER OF MAHARASHTRA
PRESENTED TO THE LEGISLATURE ON TUESDAY, THE 21ST MARCH 2006
PART I
Economic Review of Maharashtra
* Decrease in annual rate of inflation compared to last year.
* Gross State Domestic Product is estimated to rise by [...]

The Finance Minister in its budget removed the exemption granted to the CAs/ICWAs and CS from paying the service tax by withdrawing an exemption notification. This action of the Finance Minister raised strong dissent amonst our community of CAs/ICWAs/CSs.
The Chartered Accountants contended that why are they being brought under the ambit of service tax [...]

Anybody having information regarding amendment for rebate u/s 88 and investment deduction ?
send any link or details asap.
on my i.d

2006 Revised Guidance Note on Audit of Banks
New guidance
The Council of the ICAI, at its last, 258th meeting held on March 8, 2006 finalised the 2006 edition of the Revised Guidance Note on Audit of Banks. The 2006 edition of the guidance note enshrines the impact of the various circulars of the RBI as well [...]

There has been a sustained fund inflow into equity over last some weeks. The Sensex has been soaring and o Monday, started off on a string footing from Friday’s close at 10,860.04.
Later in the day, it shot up to 10,931.99 and at the end of the day closed at 10,903.73, an up of 43.69 points [...]

Eyes were set on the hearing of the Supreme Court on the demolition issue which was to be held on 20th March. The SC asked MCD to act fast on removing all shops and commercial establishments from the indentified locations. SC further rapped MCD for its double standards. MCD seems to different stands on the [...]

There was a time in our country that the foreign exchange reserves were so thin and depleted that our government could never think of even partial convertibilit of rupee. People could not buy shares or assets outside the country such stringent were the regulations. With time, the foreign exchange reserves have increased much attributable to [...]

Insurance companies will soon have to give details of large premium sums received to the Financial Intelligence unit, a section of Ministry of Finance. This is being done to track Money Laundering and identifying HNIs who are evading taxes. For example, if a premium of more than Rs. 1 lakh is paid by a non-taxpayer, [...]

I could hear many of complaining us chartered accountant freinds complaining about the very low audit fees for the audit of a cooperative bank. The audit fees for a co-operative bank was as low as Rs 10000 irrespective of the size of the bank. But now many of us have a reason to rejoice as [...]

The Financial Accounting Standards Board has issued a proposal providing companies with the option to report financial assets and liabilities at fair value. The board said that the change is aimed at simplifying accounting, as well as reducing the earnings volatility caused by differences in existing accounting rules.
The new standard would allow companies to [...]