In Finance Bill 2006, Mr. Chidambaram has withdrawn the tax deduction available to Co-operative banks under Section 80P on the footing that such banks are functioning at same level with other commercial banks, which do not enjoy such tax exemptions. Thus, co-operative banks should also pay tax on same levels as charged to commercial banks. [...]

It takes two to tango and the Indian stock market has found a partner in Pakistan. On Tuesday, Karachi Stock Exchange’s KSE-100 ended on 11,130, after touching an intra-day high of 11,223 on a day that saw the index touching a low of 11,008. The BSE Sensex in India, on the other hand, closed at [...]

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, [...]

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 [...]

How many times this has happened that we see an advertisement in newspaper from a mobile operator offering much cheaper rates or better suited plan than presently we are subscribed to. Than, we think that perhaps we could take this plan, but the thing that stops us from doing so is loyalty with our mobile [...]

In 1992, Stock Markets witnessed a scam given shape by master mind Mr. Harshad Mehta and as result, thousands of investors lost there savings. The matter quaked parliament and thus, government formed a board “Securities and Exchange Board of India” (SEBI). All investors and marker players hailed the step on outlook that this regulator will [...]

Some days back, I came to know through this forum only that Institute of Chartered Accountants of India has permitted Chartered Acountants to use Ca. prefix before our names, and all forum members valued the move. Now, as next step ICAI has decided to present a brand logo to the profession. ICAI already has picked [...]

Dear All, I would like to share this Economic Times article on the forum. It’s interesting MANY Americans who lifted their glasses during President George W Bush’s State of the Union address on Tuesday night were not toasting their leader — they were playing a popular drinking game. The game is the alternative for those [...]

The Central Council of ICAI is planning to grant regulatory relief on compliance with certain ICAI Accounting Standards to Small & medium Enterprises (SMEs). This is a much awaited and welcome step from the institute as certain Accounting Standards should be applicable to organisations only where there is separation of mamangement from ownership. rahul