The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Friday, April 12, 2013
ICAI Senior Member Age reduced to 60 Years
Age factor of senior members of ICAI reduced from 65 to 60 years for subsidized annual membership fees
Thursday, April 11, 2013
Guidance Note on Cost Accounting Standard on Cost of Utilities (CAS-8).
News
The Institute releases Guidance Note on Cost Accounting Standard on Cost of
Utilities (CAS-8).New
2013-04-11
Read More <http://casbicwai.org/CASB/casb-resources.asp>
The Institute releases Guidance Note on Cost Accounting Standard on Cost of
Utilities (CAS-8).New
2013-04-11
Read More <http://casbicwai.org/CASB/casb-resources.asp>
Service Tax Charts
Please click on this link and get ten useful service tax charts.
Attachment: 614k (application/pdf) SERVICE TAX RELATED CHARTS BY SIMPLETAXINDIA.NET.pdf
Attachment: 614k (application/pdf) SERVICE TAX RELATED CHARTS BY SIMPLETAXINDIA.NET.pdf
Relaxation in Additional Fee-ROC
RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE IN FILING OF VARIOUS FORMS WITH THE MINISTRY OF CORPORATE AFFAIRS - FURTHER EXTENSION OF TIME LIMIT FOR FILING AND RELAXATION OF ADDITIONAL FEE ON FORMS
CIRCULAR NO. 08/2013 [NO. 17/187/2011-CL-V], DATED 10-4-2013
In continuation of the Ministry's General Circular No. 03/2013, dated 8-2-2013 and 07/2013, dated 20-3-2013 on the subject cited, I am directed to inform you that with the approval of competent authority the time limit for filing and relaxation of additional fee on forms has been extended till 15-4-2013.
Further it is clarified that fee payable for forms on/till 16-1-2013 will remain payable along with additional fee and relaxation of any additional fee will be considered for forms on or after 17-1-2013.
All other terms and conditions of the General Circular No. 03/2013, dated 8-2-2013 will remain the same.
CIRCULAR NO. 08/2013 [NO. 17/187/2011-CL-V], DATED 10-4-2013
In continuation of the Ministry's General Circular No. 03/2013, dated 8-2-2013 and 07/2013, dated 20-3-2013 on the subject cited, I am directed to inform you that with the approval of competent authority the time limit for filing and relaxation of additional fee on forms has been extended till 15-4-2013.
Further it is clarified that fee payable for forms on/till 16-1-2013 will remain payable along with additional fee and relaxation of any additional fee will be considered for forms on or after 17-1-2013.
All other terms and conditions of the General Circular No. 03/2013, dated 8-2-2013 will remain the same.
New PVAT and CST Challans notified
Punjab Govt has notified new Challans for depositing VAT and CST.
Wednesday, April 10, 2013
Selection of statutory auditor - request for proposal under nrhm
National Rural Health Mission- Port Blair 
Last Date : 12/04/2013
Selection of statutory auditor - request for proposal under nrhm - Selection of statutory auditor - request for proposal hiring services of chartered accountant firm for statutory audit of state health society (shs) & distict health society (dhs)-(for the financial year 2012-13) under national rural health mission (nrhm). Appointment of tatutory Auditor for State Health Society (SHS) and District Health Society (DHS) for Audit of all programmes under NRHM including NDCPs.
Address: Office of State Health Society,1st Floor, AYUSH Hospital, Atlanta Point Port Blair 744104 South Andaman
Phone: 03192 -234965
Email: nrhm.anislands@gmail.com
Last Date : 12/04/2013
Selection of statutory auditor - request for proposal under nrhm - Selection of statutory auditor - request for proposal hiring services of chartered accountant firm for statutory audit of state health society (shs) & distict health society (dhs)-(for the financial year 2012-13) under national rural health mission (nrhm). Appointment of tatutory Auditor for State Health Society (SHS) and District Health Society (DHS) for Audit of all programmes under NRHM including NDCPs.
Address: Office of State Health Society,1st Floor, AYUSH Hospital, Atlanta Point Port Blair 744104 South Andaman
Phone: 03192 -234965
Email: nrhm.anislands@gmail.com
Appointment of Concurrent Auditor (s) from the Reputed Chartered Accountant Firms
Bihar Education Project Council
Last Date : 12/04/2013
Appointment of Concurrent Auditor (s) from the Reputed Chartered Accountant Firms based in Bihar (head Quarter) for the Financial year 2013-14 for Audit of its Accounts of State / Districts
Address: Bihar Education Project Council Siksha Bhawan,Campus of Rashtrabhasha Parishad,Saidpur,Rajendra Nagar,Patna-800004
Phone: 0612-2667164
Email:
Last Date : 12/04/2013
Appointment of Concurrent Auditor (s) from the Reputed Chartered Accountant Firms based in Bihar (head Quarter) for the Financial year 2013-14 for Audit of its Accounts of State / Districts
Address: Bihar Education Project Council Siksha Bhawan,Campus of Rashtrabhasha Parishad,Saidpur,Rajendra Nagar,Patna-800004
Phone: 0612-2667164
Email:
Reputed chartered accountant firms for Concurrent audit
Jharkhand State Co-Operative Bank Limited
Last Date : 11/04/2013
Reputed chartered accountant firms for Concurrent audit of its five branches in the state
Address: Jharkhand State Co-Operative Bank Limited 3rd Floor The Agriculture Marketing Board's Building,Itki Road,Hehal Ranchi-834005
Phone: 0651-2510283
Email: mdjscb@gmail.com
Last Date : 11/04/2013
Reputed chartered accountant firms for Concurrent audit of its five branches in the state
Address: Jharkhand State Co-Operative Bank Limited 3rd Floor The Agriculture Marketing Board's Building,Itki Road,Hehal Ranchi-834005
Phone: 0651-2510283
Email: mdjscb@gmail.com
IFRS implementation by banking companies unlikely before 2015: ICAI
IFRS implementation by banking companies unlikely before 2015: ICAI
Recommendations on implementation of IFRS standards by banking companies have been given to the Reserve Bank of India but are unlikely to come into force before 2015, according to accounting regulator
Recommendations on implementation of IFRS standards by banking companies have been given to the Reserve Bank of India but are unlikely to come into force before 2015, according to accounting regulator
(ICAI) has recently released a Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing)
| The Institute of Chartered Accountants of India (ICAI) has recently released a Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). The Guidance Note is very comprehensive and incorporates the significant amendments made by the the Finance Act, 2012 such as the definition of International Transaction, Advance Pricing Agreement (APA), Amendments relating to Penalties, etc. It explains all the important concepts in a clear and easy-to-understand manner. |
DVAT 51 Date Extended
Order Dated 10.04.2013 – Extension of time for filing of DVAT 51 for all quarters of 2011-12 upto 10th MAY, 2013.
As to soon offer free auditing services- CA SUBODH AGARWAL, President ICAI
As to soon offer free auditing services- CA SUBODH AGARWAL, President ICAI
The call for Corporate Social Responsibility (CSR) by the corporate affairs ministry has turned into a Professional Social Responsibility (PSR) for lakhs of Chartered Accountants (CAs) who may soon provide
The call for Corporate Social Responsibility (CSR) by the corporate affairs ministry has turned into a Professional Social Responsibility (PSR) for lakhs of Chartered Accountants (CAs) who may soon provide
Tuesday, April 9, 2013
KPMG fires partner amid insider probe
KPMG fires partner amid insider probe
KPMG resigned as the auditor for two companies and fired the partner overseeing its Los Angeles audit practice amid allegations the person leaked confidential client information to a third party who used it to make stock trades.
The Securities and Exchange Commission is investigating the partner's actions, according to a person with direct knowledge of the situation. Herbalife and Skechers USA said in statements that KPMG told them it's withdrawing. Skechers said the accounting firm cited a federal probe of the partner for selling information about the footwear maker and other clients.
KPMG's employees "unequivocally condemn this individual's rogue actions", it said in a statement on its website. "This individual violated the firm's rigorous policies and protections, betrayed the trust of clients as well as colleagues, and acted with deliberate disregard for KPMG's long-standing culture of professionalism and integrity."
KPMG said stock trades tied to its former partner involved several West Coast companies. It didn't identify them or the executive. BLOOMBERG
KPMG resigned as the auditor for two companies and fired the partner overseeing its Los Angeles audit practice amid allegations the person leaked confidential client information to a third party who used it to make stock trades.
The Securities and Exchange Commission is investigating the partner's actions, according to a person with direct knowledge of the situation. Herbalife and Skechers USA said in statements that KPMG told them it's withdrawing. Skechers said the accounting firm cited a federal probe of the partner for selling information about the footwear maker and other clients.
KPMG's employees "unequivocally condemn this individual's rogue actions", it said in a statement on its website. "This individual violated the firm's rigorous policies and protections, betrayed the trust of clients as well as colleagues, and acted with deliberate disregard for KPMG's long-standing culture of professionalism and integrity."
KPMG said stock trades tied to its former partner involved several West Coast companies. It didn't identify them or the executive. BLOOMBERG
PwC in Strategic Alliance With Top Rainmaker Rajeev Gupta for Big Deals
PwC in Strategic Alliance With Top Rainmaker Rajeev Gupta for Big Deals
Gupta's advisory firm Arpwood Capital signs exclusive pact to work on . 1,000 crore-plus cross-border transactions
ARIJIT BARMAN MUMBAI
PricewaterhouseCoopers, the largest of the `Big Four' accounting firms globally by 2012 revenues, has tied up with Rajeev Gupta, a prolific rainmaker, responsible for bulge-bracket deals such as Holcim's acquisition of ACC, Flextronics' takeover of Hughes Software, the Tata group's acquisition of Korean major Daewoo's truck division and ICICI Bank's buyout of Bank of Madura.
Gupta's 18-month old advisory firm Arpwood Capital has entered into an exclusive "joint working agreement" with PwC to service Indian companies looking for large cross-border opportunities. The arrangement is akin to a strategic alliance and does not involve any equity. Arpwood would retain its independent existence.
"The idea is to leverage each other's strengths. We have multiple touch points across small, medium and large corporates across the globe through our tax, audit, consulting or advisory businesses. So, we already have one of the widest available networks. With Rajeev joining hands, we now have the best known dealmaker with us, who can anchor any deal strategically," said Sumit Khanna, executive director and head, investment banking, PwC.
"We will also look at Indian M&A transactions. But this partnership will help us focus on larger deals, which tend to be cross-border in nature.PwC's network is unique as it sells 4-5 different products to top corporates and they engage right at the top CEO, CFO level. And that is not easily replicable by even the large global investment banks," said Gupta.
Gupta, 51, and PwC will hunt for deals involving a minimum $200 million of equity value (. 1,000 crore) and $300 million (. 1,500 crore) in asset value. They see opportunities in a number of sectors, including industrials, chemicals, infrastructure, cement and consumer. "Our clients are also looking at an increased emerging markets play. Rajeev's involvement is complementary to our in-house capabilities. With him, we can fill in a perceived gap in our portfolio," added NV Sivakumar, ED, financial advisory services, PWC.
PwC has been trying for some time to step up its corporate finance and investment banking practices in India. These have traditionally been a part of the Financial Advisory Services (FAS) business that also offers due diligence, corporate finance, forensics, valuation and other transaction strategic services. In August 2012, Sumit Khanna – formerly with Morgan Stanley and HSBC – was brought in to reboot the IB practice with a dedicated focus on PE fund raising, sell side M&A mandates, debt syndication and India-entry strategies. In FY13 alone, PwC has closed 8 transactions, including Dentsu's acquisition of Taproot India.
Gupta was among the first to acquire something akin to celebrity status among investment bankers in the course of a nearly two-decade stint in a joint venture between DSP, a finance company headed by Hemendra Kothari, a bigwig of Mumbai finance, and Merrill Lynch. Gupta, who joined DSP in 1986, left in 2005 to set up PE fund Carlyle's India operations, shortly after Merrill bought out most of Kothari's stake. After leaving Carlyle in 2011, Gupta set up Arpwood, an M&A advisory company, with old DSP Merrill Lynch colleagues Raj Kataria and Promeet Ghosh, though Ghosh soon left to head Temasek's India office. Last year, Arpwood advised Gita Piramal in a deal in which she divested her 95% stake in unlisted office furniture company BP Ergo to American furniture major HNI Corp.
Private equity firm New Silk Route also recently sought Arpwood's help in operational improvement and in devising exit strategies for 5 of its portfolio companies. "Our deal pipeline is looking strong and we are increasing our current headcount of 6-7," said Gupta.
But fellow investment bankers are sceptical. "It's a marriage of convenience. But is this alliance sustainable?" asked the M&A head of a European bank. "Another `Big 4' firm E&Y had a similar alliance with Bank of Montreal. It was a non-starter. Ambit and RSM joined hands, but then the alliance morphed into economic interests getting aligned. Audit and M&A need separate skillsets. Accountants have a fixed fee so they work on any mandates, as theirs is a time job. Investment banking is success fee-based. The business models are different," said another banker.
arijit m .barman@timesgroup.co
Gupta's advisory firm Arpwood Capital signs exclusive pact to work on . 1,000 crore-plus cross-border transactions
ARIJIT BARMAN MUMBAI
PricewaterhouseCoopers, the largest of the `Big Four' accounting firms globally by 2012 revenues, has tied up with Rajeev Gupta, a prolific rainmaker, responsible for bulge-bracket deals such as Holcim's acquisition of ACC, Flextronics' takeover of Hughes Software, the Tata group's acquisition of Korean major Daewoo's truck division and ICICI Bank's buyout of Bank of Madura.
Gupta's 18-month old advisory firm Arpwood Capital has entered into an exclusive "joint working agreement" with PwC to service Indian companies looking for large cross-border opportunities. The arrangement is akin to a strategic alliance and does not involve any equity. Arpwood would retain its independent existence.
"The idea is to leverage each other's strengths. We have multiple touch points across small, medium and large corporates across the globe through our tax, audit, consulting or advisory businesses. So, we already have one of the widest available networks. With Rajeev joining hands, we now have the best known dealmaker with us, who can anchor any deal strategically," said Sumit Khanna, executive director and head, investment banking, PwC.
"We will also look at Indian M&A transactions. But this partnership will help us focus on larger deals, which tend to be cross-border in nature.PwC's network is unique as it sells 4-5 different products to top corporates and they engage right at the top CEO, CFO level. And that is not easily replicable by even the large global investment banks," said Gupta.
Gupta, 51, and PwC will hunt for deals involving a minimum $200 million of equity value (. 1,000 crore) and $300 million (. 1,500 crore) in asset value. They see opportunities in a number of sectors, including industrials, chemicals, infrastructure, cement and consumer. "Our clients are also looking at an increased emerging markets play. Rajeev's involvement is complementary to our in-house capabilities. With him, we can fill in a perceived gap in our portfolio," added NV Sivakumar, ED, financial advisory services, PWC.
PwC has been trying for some time to step up its corporate finance and investment banking practices in India. These have traditionally been a part of the Financial Advisory Services (FAS) business that also offers due diligence, corporate finance, forensics, valuation and other transaction strategic services. In August 2012, Sumit Khanna – formerly with Morgan Stanley and HSBC – was brought in to reboot the IB practice with a dedicated focus on PE fund raising, sell side M&A mandates, debt syndication and India-entry strategies. In FY13 alone, PwC has closed 8 transactions, including Dentsu's acquisition of Taproot India.
Gupta was among the first to acquire something akin to celebrity status among investment bankers in the course of a nearly two-decade stint in a joint venture between DSP, a finance company headed by Hemendra Kothari, a bigwig of Mumbai finance, and Merrill Lynch. Gupta, who joined DSP in 1986, left in 2005 to set up PE fund Carlyle's India operations, shortly after Merrill bought out most of Kothari's stake. After leaving Carlyle in 2011, Gupta set up Arpwood, an M&A advisory company, with old DSP Merrill Lynch colleagues Raj Kataria and Promeet Ghosh, though Ghosh soon left to head Temasek's India office. Last year, Arpwood advised Gita Piramal in a deal in which she divested her 95% stake in unlisted office furniture company BP Ergo to American furniture major HNI Corp.
Private equity firm New Silk Route also recently sought Arpwood's help in operational improvement and in devising exit strategies for 5 of its portfolio companies. "Our deal pipeline is looking strong and we are increasing our current headcount of 6-7," said Gupta.
But fellow investment bankers are sceptical. "It's a marriage of convenience. But is this alliance sustainable?" asked the M&A head of a European bank. "Another `Big 4' firm E&Y had a similar alliance with Bank of Montreal. It was a non-starter. Ambit and RSM joined hands, but then the alliance morphed into economic interests getting aligned. Audit and M&A need separate skillsets. Accountants have a fixed fee so they work on any mandates, as theirs is a time job. Investment banking is success fee-based. The business models are different," said another banker.
arijit m .barman@timesgroup.co
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