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Wednesday, June 29

Now anyone can dream of becoming a CA (PROPOSED only, Official announcement yet to come)

Now anyone can dream of becoming a Chartered Accountant. The Institute of Chartered Accountants of India (ICAI) is planning to allow students who have studied vocational courses or completed 12 years of basic education to appear in the Common Proficiency Test (CPT), an entrance exam to pursue Chartered Accountancy. Currently only those students who have passed Class 12 with regular academic programmes are eligible to appear in the test. "We want to expand and give an opportunity to students from various backgrounds. The council decided to let students who have completed Class 12 in vocational subjects or some other disciplines take the entrance exam. It will also broaden our base," said ICAI president G Ramaswamy. The council is also planning to exempt graduates and postgraduates from the Commerce stream who have cleared all exams with 55% aggregate and have studied any three full papers such as accounting, auditing and business laws from having to appear in the CPT. "They will be allowed to commence article training straightaway since they will have an understanding of the theory," said Ramaswamy. He added that the objective of the institute is to introduce international rules and make CAs from India at par with the rest of the world. Once ICAI receives a nod from the Ministry of Commerce and Industry, which directs the council, the decisions will be implemented and amendments in the CA regulations incorporated. The ministry has also assigned the institute with the task of investor education and protection fund. The motive is to create awareness amongst the masses towards investment in the corporate sector.

Source: HT

Tuesday, June 28

SEBI to reopen probe into multi-crore IPO scam and NSDL's role in it

Sebi is set to reopen its probe into multi-crore IPO scam of 2003-2006, after more than a year of declaring as 'null and void' the charges made by its own committee against depository NSDL and others in the matter. Sebi will discuss afresh in its next board meeting on June 30 a two-member committee's investigation report on the scam, except the
part where the market regulator itself was accused of failing in its regulatory role, sources told PTI. Still, this will be probably the first instance of Sebi revisiting an issue previously dismissed by it, as also an unprecedented
case of the regulator being open to a report, where its own role has been criticised. The committee, comprising of the then Sebi board members G Mohan Gopal and V Leeladhar , was constituted in 2008 to look into NSDL's role in
the IPO scam and it found various lapses on the part of the depository, as also the Sebi itself. Sebi declared the findings as 'null and void' on the ground that the committee had breached its mandate in making these charges. However, Sebi has now agreed to revisit the matter after an intervention by the Supreme Court. Commenting on the case, Sebi's former Executive Director Sandeep Parekh said that Sebi should be open to its self criticism. Replying to emailed queries, Parekh said: "I believe that Sebi should be open to self critical examination. In the specific case, the Board seemed
to have assumed powers of a writ court by setting aside a quasi judicial order". "This appears without power and so the Supreme Court is giving a chance to the new board of Sebi to reverse its previous action," Parekh said, who is an expert on financial market laws and runs financial sector boutique law firm Finsec Law Advisors. The Mohan Gopal Committee's findings would come alive again at Sebi's next board meeting, but the regulator would consider the contents of the report as "recommendations and suggestions" rather than a stricture against any entity, including Sebi, sources said. The issue may still open a pandora's box, as the charges were made against NSDL for a period when it had C B Bhave as its chief, while Sebi declared the two-member committee's probe into the matter as 'non- existent' at a time when Bhave was serving as chairman of the regulatory authority. While Bhave had rescued himself from the meetings whenever the NSDL matter was discussed, it has been still alleged in various court petitions that he might have influenced the decision of other Sebi board members. (PTI)

Courtesy: CA SANSAAR

Sahara moves to Supreme Court against SEBI order

A Sahara Group firm has moved the Supreme Court against market regulator Sebi’s order asking it to return money collected from investors through a scheme along with 15 per cent interest. A vacation bench headed by Justice P Sathasivam directed the matter to be listed for hearing on July 4, the first day
after the vacation. Sahara India has criticised market regulator’s move to make its order public when the matter is pending before the Supreme Court. Sebi on June 23 had directed two Sahara group companies — Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) — to refund the money raised from investors through optionally fully convertible debentures (OFCDs) with an annual interest of 15 per cent from the date of receipt of money. The Sahara group firm sought directions to Sebi to remove the order from its website and restrain the market regulator and its officials from publicising the order which it has challenged. The Sahara’s counsel argued that the company wants Sebi to expunge the parts of the order directing it to return money with interest to the investors as it has created a panic among the investors. “The 99-page order (by Sebi) has created panic among the investors. They (Sebi) are holding press conferences and giving out releases about the order,” he said. (Indian Express)

Courtesy: CA SANSAAR

Monday, June 27

MCA to crack down on incorrect certification

Auditors and company secretaries who have made false or incorrect certification will face penalties, including cancellation of their licences, said an official at the ministry of corporate affairs (MCA).
“The ministry, which has entrusted professionals such as chartered and cost accountants and company secretaries to ensure that integrity of documentation is maintained, has observed fraudulent and irresponsible certification happening,” said the official, who declined to be named.
The ministry has decided to take strict action after it found fraudulent certification being done by professionals in publicly traded firms—affecting a large number of shareholders—as well as privately held ones.
“The concerned professional can be debarred from submitting any document on the MCA portal and the ministry may ask their respective institutions to take disciplinary action against them,” said the official. Digital signatures of errant professionals will automatically be rejected by MCA21, the ministry’s portal through which documents are filed.
As many as 15 professionals can be charged with negligence a month, the official said.
While chartered accountants are governed by the Institute of Chartered Accountants of India (Icai), cost accountants are regulated by the Institute of Costs and Works Accountants of India (Icwai) and company secretaries by the Institute of Company Secretaries of India (Icsi).
With most of the data being submitted electronically, where the computer system automatically accepts filings that have been digitally signed, the ministry’s regional directors and registrar of companies have more time to scan data for detecting possible frauds and oversights by professionals. “Although the ministry had observed such instances before, overload of paperwork gave them little time to inspect,” said the official.
A formal notice will be put up on the ministry’s website on Wednesday.
The ministry through an 8 April circular, addressed to regional directors and registrar of companies, had warned these professionals against fraudulent certification.
“Professionals tend to connive with companies and this step is good as it imposes responsibilities on the professionals,” said B.M. Sharma, president of Icwai. “We will also take due steps if any such professional is referred to us for inquiry by the ministry.”
Wrong submissions will face a preliminary inquiry by regional directors, the report of which will be submitted to the ministry. The ministry will take a final decision on the penalty after the concerned professional institute conducts an inquiry, according to the notice.
To ensure correct data is entered, there will be regular checking of such submissions. In addition to penal actions against companies and their officers for furnishing incorrect or false information, action would also be taken against such professionals, the circular had said.
The concerned professionals will be given time to explain their position, the circular said.
Anil Murarka, president of Icsi said, “We will take strict disciplinary action against company secretaries involved in such wrongdoings as forwarded by the ministry.” Murarka said that Icsi’s disciplinary committee on its own also has been taking action against professional misconduct of members.
“Wrongdoers need to be taken to task,” said G. Ramaswamy, president of Icai. “A lot of times things happen through oversight. (In such cases) the ministry needs to be lenient with them.”

Source: LiveMint

CBEC Ex-Chief's phone tapped

As cases of phone-tapping come out in the open, with even the close relatives of the country's top tax-collector coming under the net, questions are being raised about the system's accountability and integrity.
As reports surfaced of the tapping of the phones of the Silchar-based sister and a friend in Kolkata of the former Chairman of the Central Board of Excise and Customs (CBEC), S.D. Majumder, it turned out that the numbers were included in the list by some “disgruntled elements” in the Directorate of Revenue Intelligence. The interception reportedly took place last year when Mr. Majumder was in the race for CBEC chief.
“In this case, permission was sought to tap certain phones which supposedly belonged to suspect smugglers,” senior officials of the Union Home Ministry say, admitting that there was no mechanism in place to cross-check and verify the numbers.
Interestingly, the Home Ministry has not received any request for phone-tapping from the CBDT since February this year, according to well-placed sources. Phone-tapping requests from economic intelligence agencies are routed through the Revenue Secretary and the CBDT chief to the Union Home Secretary.
All requests by the Central government agencies, including those under the Finance Ministry and the Central Bureau of Investigation, need the approval of the Union Home Secretary. But senior officials admit that the goof-ups have put a question mark over the integrity of the system which is not foolproof. They do not rule out the possibility of the numbers of innocent citizens being put on the list of those of suspects.
Initially, the approval to tap phones is given for 60 days; if the request is repeated for tapping for another 60 days, the agency concerned will have to give detailed reasons. Yet another extension of 60 days is permissible, but no permission is given beyond 180 days, the sources said.
Last month, an inter-ministerial group, headed by the Home Secretary, unveiled strict standard operating procedures (SOPs) to regulate phone-tapping by government agencies. Clearly, the decision came after industrialist Ratan Tata moved the Supreme Court following the leak of the tapped conversations of corporate lobbyist Niira Radia.
The SOPs include creation of a special cell in the law enforcement agencies to deal with all aspects of phone and email interception; appointment of a nodal officer and a specialised system administrator to deal with all hardware, software and records of intercepts; the regular vetting of the staff of the special cell by intelligence agency; and destruction of all intercepts within six months.
Under the SOPs, only relevant portions of original inputs will be shared with other agencies for investigation, but without revealing their sources and mode of collection; hard copies will have to be destroyed by shredding and burning and soft copies will have to be deleted permanently from the system's hardware; and storing devices, pen drives, DVDs, CDs and floppies will be ground to fine powder.
The Supreme Court, in the PUCL vs Union of India in 1997, had ruled that telephone conversation in private, without interference, would come under the purview of right to privacy as mandated in the Constitution; and unlawful means of phone-tapping amounted to invasion of privacy and were uncivilised and undemocratic in nature

Health insurance portability postponed to October 1, 2011

The Insurance Regulatory and Development Authority (IRDA) has decided to postpone the execution of portability of health insurance policies to October 1. Portability allows a policyholder to transfer the policy offered by one insurer to the other, while retaining the terms and conditions of the cover. The insurance regulator had earlier said it wanted to implement the health insurance portability facility from July 1. The decision was taken after chief executives of general insurance companies, in a meeting with Irda officials on Friday, sought more clarifications from the regulator. "The insurance companies need to understand why a
policyholder would want to change a particular company. Hence, after a policyholder approaches us for the transfer of the policy to another insurer, we must be given at least a month's time to study the claims record and the medical history of the policy holder," said a senior official of a state-owned general insurance company. “The web-enabled facility is being established by IRDA and the authority would implement the portability of health insurance policies across non-life insurers in the country not later than October 1 2011. Such a system would enable the new insurer to obtain efficient data on the health insurance history of a policyholder who wishes to transfer his policy. Such a facility is necessary to enable the smooth running of the system, ” the release said.

Source: Business Standard

Sunday, June 26

All ICAI Forms at one place


Sl. No
Download the Form
Common Proficiency Test [CPT]
Application Form for Registration to Common Proficiency Test Course
Intermediate (Integrated Professional Competence) Course
Intermediate (IPC) Course Registration Form

Conversion Form from PCC to Intermediate (IPC) Course
Application Form for Information Technology Training (ITT)
Deed of Articles and Registration Form (Form 102 and Form 103)
Professional Competence Education [PCE]
PCE -Course Registration Discontinued
Intermediate (IPC) Course Conversion Form
(Form for PCC students to convert to Intermediate (IPC) Course)
Professional Education [PE II]
PE II -Course Registration Discontinued 
Intermediate (IPC) Course Conversion Form
(Form for Intermediate/PE-II students to convert to Intermediate (IPC) Course)
Accounting Technician Course[ATC]
ATC/Intermediate (IPC) Course-Registration 
Application for Grant of Accounting Technician Certificate
Application Form for enrolment as a Student for Final Course
Articles Training
Deed of Articles and Registration Form (Form 102 and Form 103)
For use where articles are assigned
Deed of Supplementary Articles
Service Certificate for Articleship
Termination of Articled Service
i. by mutual consent
ii. in the case of death of employee

(a)  to be issued by the legal representative

(b)  by a surviving partner
Application for permission to study other course / engagement in business
Particulars of the Audit Assistant to be submitted for registration
Service Certificate of audit service in the case of death of employer

(a) To be issued by the legal representative

(b) by a surviving partner
Form for intimation of change of status of Principal.
Form for request by the Articled Assistant to his Principal for issuance of Service Certificate in event of Completion of articles
Form for intimation of Secondment of articles
Industrial Training
Apprenticeship Deed for Industrial Training
Service certificate for Industrial Training
Application for inclusion of name of the organisation abroad for imparting Industrial Training to CA Students
Application for inclusion of name of the organisation for imparting Industrial Training to CA Students
Format of undertaking & affidavit


Saturday, June 25

Now file returns through mobile phones

Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset.

"After introducing the eFile by eMail option where customers need to just send us an email with a few details, e-filing of taxes through mobile is the next obvious step for the company," Ankur Sharma, CEO, TaxSpanner said in a statement.

"Our new mobile site will make it easy for the taxpayer to file his ITR using the mobile phone," he added. This new solution from the company will offer taxpayers service to file ITR through their mobile phones from the first week of July, 2011.

TaxSpanner has developed eFile by mobile solution using open source technologies namely Linux, apache, postgres, python, django which it has used for the service from its website.

To access the service, a mobile user will have to visit TaxSpanner site on his handset from the browser present on the device. After this he will be automatically directed to "eFile by eMail" application page of the TaxSpanner mobile site.

The user is not required to be registered for this. Only he will need to fill up a form with some personal details and upload Form 16 on the same page. Thereafter, the ITR will be filled and generated automatically, the statement said. (PTI)

Friday, June 24

Salaried Employees having Annual income less than Rs.5 Lacs exempt from filing of IT Return

Full Story:
Salaried persons having annual income less than Rs.5 Lacs are exempted from filing of IT return, exceptions to above (Compulsory Return filing)-

-Who have more than 1 job in Current year.

-Who earns more than Rs.10000 as saving deposit interest.

-who hav incom from any other head also.

For this employees will have to get Form16 from employer of Tax Deduction.

By CAhelpers