Top-up
DEc 29
itatonline
The Comproller &Auditor General of India (CAG) has issued a
report No. 32 of 2014 setting out the results of the performance audit
of “Appreciation of Third Party (Chartered Accountant) Certification in
Assessment Proceedings of the Department of Revenue”.
Nov 22
BL
PMO forces DoT to rethink strategy on broadband project
????
>>>
In any WAR, not being a WAR of WITS or Turf War of the kind, an unintended casualty , of a much bigger magnitude, is the class/cross section of the humans, who do not even have an inkling of how- or why- their rights or interests are /happen to be, albeit in the ultimate analysis, impaired / impacted.
Open to 'experts' to further explore; do so in the light of, having in the backdrop the turf/ ego war covered in the write-ups @
Cross Refer (related previous blogs) >
TG
High Court advices restraint In-friction between ITAT Bar And Bench, Expunge ...
Impromptu (Requiring to explore) :
"Expunge" :
1. Power to - Unbridled or subject to limits / parameters, governing norms, or the like ?
2. Legal or social repercussions/ consequences, -undesirable / avoidable - that entails - in relation to adjudicatory (before a judicial or quasi judicial authority), - same way as off and on noted to happen even in relation to Parliamentary / State (s) Legislature Proceedings
3. Purpose or Result , if any, in the event of ...
BL
TG
itatonline
E-Book On Companies Act 2013
by the ICAI (4.5 MiB)
AT
Ideas, Innovation, Investments and Implementation key to ‘Reinventing the India Story’
LCI
HSG. SOCIETY
Cooperative society laws - by mrs.k.Anupama
In a registered housing society a defaulter member is harassing the committee as the committee has filed 101 mcs act proceeding against him with the asst registrar for 8 years old dues.he is asking for few documents which are dated 2007 i.e 7 years old. As per the rule how long we can preserve the records of society and whether we can refuse to give that record saying the record is very old and is destroyed .The said member has applied for those documents under rti act to asst registrar. what is answer?
To be read with 'expert's answers !
mcsr , rti ?
ANY SPECIFIC GROUNDS raised for withholding of dues ?
Any other ?
Spiritual Thoughts ? Not really !
itatonline
Legilation - Retrospective X Retroactive (wprt sec 80 I (B)(10))
S. 80-IB(10)(d): Limit on extent of commercial area of housing project inserted w.e.f. 1.4.2005 does not apply to projects approved before that date
.... (Brahma Associates 333 ITR 289 (Bom), G.R. Developers 353 ITR 1 (Kar), Manan Corporation 356 ITR 44 (Guj) followed; Reliance Jute Industries 120 ITR 921, SEBI vs. Ajay Agarwal AIR 2010 SC 3466 distinguished).
prev.
RPGupta
AT
Sept 18
>>>>>>
Sept. 16
DEc 29
timesofindia.indiatimes.com › Business
itatonline
December 20th, 2014
Nov 22
BL
PMO forces DoT to rethink strategy on broadband project
Personal experience with 'airtel' broadband service is terrible. With a 3G Dongle facility, acquired a few months ago, -though no small sum paid for the Dongle,then a fancy monthly charge,- the speed is not that as assured or expected. Within a fortnight it gets slowed down considerably; having to wait for the next monthly cycle for improvement, A common user has a strong feeling that the service provider, with a growing popularity, is indulging in some sort of irregular practice, probably resorting to some incomprehensible technique, tampering with the quality of the speed off and on; suspected to be motivated , and only to induce users to go in and pay more for upgrading.
What is the common experience of the rest , and have any useful clue?Will the empowered authority care to have a thorough investigation made and get the suspected irregularity, if found prevalent, set right,- sooner the better?!
????
Accountability vis a vis CA
< look @ new corporate law, et al
Nov 22
Nov 3
PREV.
ICL (CSR)
CSR in Government Companies
BL
Mohan Lavi
< TO EDIT
>>>>>>>>>>>>>>>>>>
AccountSpeak@thehindu.co.in
< A REvisit
January 21, 2014
Why is one provoked to so think ?- Even a cursory glance over the new format(s) for audit report(s) to meet the requirements of company law ( so also taxation and other laws) that has come to be lately prescribed, and currently being adopted, with no second thought or even mild whisper of protest, may be found to provide the clear-cut answer.
For a ready specimen , a typical one of its kind, look up HERE (in public domain):
More Stories on : Accountancy | Account Speak
Tail Piece:
Worthwhile to read intelligently and try and get a true grip of the soulful wisdom/helpful clue for guidance underlying the popular Episode , - FOR WHOM THE CHURCH BELL TOLLS !
(cross refer OLD BLOGS; e.g. http://vswaminathan-swamilook.blogspot.in/2014/07/bl-exclusives.html)
AT
Co-operative Housing Societies are not subject to RTI Act
xtract
"Co-operative societies do not fall within the ambit of Right to Information Act, the Supreme Court has said while quashing a Kerala government circular to bring all such societies within the scope of the transparency law." ?????!!!!!
*< ...
Appointment of Administrator in Housing Society
....The cases of appointment of Administrators in Co-Operative Housing Societies are now rising. Generally the Deputy/Assistant Registrar of Co-Operative Societies (“the Registrar”) appoints an Administrator upon complaints from Members of the Society, if he finds that it is a fit case to expel the Managing Committee of the Society.
B/F All related >
CD
< look @ new corporate law, et al
Nov 22
WHERE
‘CARO’ HAS GONE? ( Will new NACAS bring it back?)
It
appears that the additional responsibilities in the 2013, Act relating
to financial controls is no substitute for the requirement to comment on
areas of propriety covered under CARO.
Now Vide S.O. 2425 (E) dated
18.9.2014, National Advisory Committee on Accounting Standards, has been
constituted by the Central Government in exercise of powers conferred
under Sec 210 A (1) of the Companies Act 1956. (Section 210 A is still operative !)
It seems that the absence of CARO has
left a void in the reporting responsibilities of the Auditors of
companies. Let us hope that the newly constituted NACAS under the
chairmanship of CA. Amarjith chopra, will perceive this void and
consider initiating the issuance of a new order to replace the CARO,
2003.
- See more at: http://taxguru.in/company-law/caro-nacas-bring.html#sthash.ZppIMhSX.dpuf
It
appears that the additional responsibilities in the 2013, Act relating
to financial controls is no substitute for the requirement to comment on
areas of propriety covered under CARO.
Now Vide S.O. 2425 (E) dated
18.9.2014, National Advisory Committee on Accounting Standards, has been
constituted by the Central Government in exercise of powers conferred
under Sec 210 A (1) of the Companies Act 1956. (Section 210 A is still operative !)
It seems that the absence of CARO has
left a void in the reporting responsibilities of the Auditors of
companies. Let us hope that the newly constituted NACAS under the
chairmanship of CA. Amarjith chopra, will perceive this void and
consider initiating the issuance of a new order to replace the CARO,
2003.
- See more at: http://taxguru.in/company-law/caro-nacas-bring.html#sthash.ZppIMhSX.dpuf
........
< It appears that the additional
responsibilities in the 2013, Act relating to financial controls is no
substitute for the requirement to comment on areas of propriety covered under
CARO.
Now Vide S.O. 2425 (E) dated
18.9.2014, National Advisory Committee on Accounting Standards, has been
constituted by the Central Government in exercise of powers conferred under Sec
210 A (1) of the Companies Act 1956. (Section 210 A is still
operative !)
It seems that the absence of
CARO has left a void in the reporting responsibilities of the Auditors of
companies. Let us hope that the newly constituted NACAS under the chairmanship
of CA. Amarjith chopra, will perceive this void and consider initiating the
issuance of a new order to replace the CARO, 2003. >
<> Looking back, at the point in time when MAOCARO happened
to be changed and replaced by CARO, the pros and cons of the change was
subjected to a critical /analytical study in interested circles. In a published
article –, The Hindu Business Line : MAOCARO to CARO its
writer
wrote saying, in effect, that the opportunity could have been seized and
exploited to “simplify” the auditor’s report. May be, that is an angle
sounding attractive hence may have to be borne in mind , if so minded,
before
the new proposal is given a shape and finally brought into being, for
whatever
it is worth. Provided that is believed to help in any improvement, as
aspired
from circles having independent and impartial outlook towards the widely
and
loudly clamored for,- the ultimate aim of ‘good governance’ in
corporate
sector.
G S Rao Related News, Articles & Information - TaxGuru
taxguru.in/tag/g-s-rao/
G S Rao Related News, Articles & Information - TaxGuru
taxguru.in/tag/g-s-rao/Nov 3
Beena Parmar
“At least I hope my own bank does not charge me. I
will not withdraw and keep money for... »
PREV.
ICL (CSR)
CSR in Government Companies
<> Origin
(Doubting Thomas):
"St. Thomas, apostle who doubted Jesus’ resurrection until he had proof of it (John 20:24–29)
First Known Use: 1883"
"St. Thomas, apostle who doubted Jesus’ resurrection until he had proof of it (John 20:24–29)
First Known Use: 1883"
Now, having traced the origin, and given to know what that
idiom means, still not minding to take the possible risk of self being dubbed as one:
The CSR spending , given
a statutory shape, and made mandatory for some, and not so for the rest in the
corporate world, is referenced to 2 % of yearly profits ; and subject to a cap
of average profits for a 3 year period. The points of basic doubt that
instantly surfaces are mainly these:
Does that necessarily mean, and inevitably imply, that for any
company to be hauled up and/or being
called upon to explain in case of non compliance , the empowered authority may
have to wait for the qualifying profits to be quantified much after the end of each year, also for the
3 year period end and the audited final accounts
are made available ?
Has the government already thought of, and truly effective machinery
is in place, so also have formulated
equally effective measures to
keep a satisfactorily good, if not foolproof, track / monitoring of the actual spending, apart from quantitatively,
for only the permitted / envisaged purposes?
On the premise that as emphasised in the write-up, in cases
of PSUs the aim is also to achieve the avowed objective of “good governance”, to
what extent the ultimate responsibility and related answerability of CAG, statutory auditor(s) , the internal
management and internal audit/controls , and the like are envisaged/covered in
the road map ?
Perhaps, hopefully, some sort of answers must be available,
and forthcoming, if and when so inquired into or warranted.
Revisit (old blog) .
http://vswaminathan-vswaminathan-swamilook.blogspot.in/2012/11/csr-ca-writes-on.html?view=sidebar
Revisit (old blog) .
http://vswaminathan-vswaminathan-swamilook.blogspot.in/2012/11/csr-ca-writes-on.html?view=sidebar
BL
|
|
Mohan Lavi
Normally, laws in India are passed and amendments are
made to take care of changed scenarios and... »
<>The
writer has chosen to go on a merry-go-round, without usefully even touching
upon the glaring weaknesses in the form of report lastly prescribed by the
governing professional body, and, as could not have been expected
otherwise, being adopted by statutory auditors of companies uniformly by
simplistically sticking to the recommended format. Going by wisdom which ought
to have been gathered -but not so done, from past experience, the newly prescribed
adopted format in general, some of the newly adopted wordings in substitution
of the erstwhile format /wordings do not even prima facie seem to be adequate
to anywhere meet the very basic objective and purpose of audit, much less to sub-serve
and ensure, if not vouching for, ‘good-governance’, thereby to safeguard and
keep protected the lawful rights and interests of all types of stakeholders.
For a sample, consider the seemingly hollow wording of assertion that, - “the financial statements are free from material misstatement”, occurring in the opening of the format for audit report, on which “the auditors responsibility” is intended to be anchored . To be precise, what the term “material misstatement" really signifies, or its intended ideal import is, has been left open to the individual auditor’s interpretation as referenced to his personal intelligence, intellect,and more so, level of integrity.
For a sample, consider the seemingly hollow wording of assertion that, - “the financial statements are free from material misstatement”, occurring in the opening of the format for audit report, on which “the auditors responsibility” is intended to be anchored . To be precise, what the term “material misstatement" really signifies, or its intended ideal import is, has been left open to the individual auditor’s interpretation as referenced to his personal intelligence, intellect,and more so, level of integrity.
>>>>>>>>>>>>>>>>>>
AccountSpeak@thehindu.co.in
< A REvisit
January 21, 2014
Regaining audit’s credibility
The CAG model, where the auditor has no links with the firm, is worth following. »
The later developments , particularly in the wake of and directly relatable to the enactment of the new corporate law, if viewed closely, seem to strongly indicate, rather go to illustrate, a rapid deterioration in the stoutly canvassed for 'audit's credibility' but that has remained a pipe dream. The clinching clue, no denying, lies in failing to, deliberately , or refusing to realize/recognize the rudimentary fact that any hope, however remote that be, for the long aspired 'audit's credibility' has to go hand in hand with, and is entirely dependent on, the inseparable hope of 'auditor's credibility'. Simply involving CAG, one firmly thinks, might not prove an effective solution by itself.
Why is one provoked to so think ?- Even a cursory glance over the new format(s) for audit report(s) to meet the requirements of company law ( so also taxation and other laws) that has come to be lately prescribed, and currently being adopted, with no second thought or even mild whisper of protest, may be found to provide the clear-cut answer.
For a ready specimen , a typical one of its kind, look up HERE (in public domain):
More Stories on : Accountancy | Account Speak
Tail Piece:
Worthwhile to read intelligently and try and get a true grip of the soulful wisdom/helpful clue for guidance underlying the popular Episode , - FOR WHOM THE CHURCH BELL TOLLS !
(cross refer OLD BLOGS; e.g. http://vswaminathan-swamilook.blogspot.in/2014/07/bl-exclusives.html)
AT
Co-operative Housing Societies are not subject to RTI Act
xtract
"Co-operative societies do not fall within the ambit of Right to Information Act, the Supreme Court has said while quashing a Kerala government circular to bring all such societies within the scope of the transparency law." ?????!!!!!
<>
YES? Yes! By any thinking, rationale, or logic, the view
handed down IS, from the viewpoint of the impacted vested interests,
being the
Society members, prima facie "a retrograde judgement"; especially so,
in to-days context* in which their genuine bona fide grievances, and unsavory
experiences are faced, at the behest / in the hands of the by and large
narrow
minded and extremely short- witted, mostly self-elected / -selected
office
bearers from among them. One thinks, even with no RTI Act, the members ,
even
as per the mandates of the governing law / standard bye-laws, have the
inherent right to seek
and secure all such information as vitally affect /pertain to their
common
affairs. For that matter, as held by the Madras HC, the person
officiating as "secretary", let alone the rest of the managing body, is
a "public
servant" in its ordinary and legal meaning, with all its attendant
/inherent consequences, for or against. Sooner
any such view gets reviewed and revised by the judiciary itself, and /
or
officially clarified by the government(s),
the better for housing societies in any part of the Nation.
*< ...
Appointment of Administrator in Housing Society
....The cases of appointment of Administrators in Co-Operative Housing Societies are now rising. Generally the Deputy/Assistant Registrar of Co-Operative Societies (“the Registrar”) appoints an Administrator upon complaints from Members of the Society, if he finds that it is a fit case to expel the Managing Committee of the Society.
B/F All related >
BS
consumerresourcesin.files.wordpress.com/.../how-to-question-your-housi...
Oct 15, 2012 - vati Housing Society in Mumbai and
exposed their ... decision everyone knew of before the renovation
contract ... Those of us who live in apartment ... and regulations.
..... compensate any victim of negligence, the Delhi High Court ruled.
... bearers under Section
109 of the Karnataka Cooperative Societies.
Case Law
http://www.indiankanoon.org/doc/87900744/
(Add. of KCSR, etc.)
Case Law
http://www.indiankanoon.org/doc/87900744/
(Add. of KCSR, etc.)
CD
Not Unrelated These (in reference to THIS BLOG ?! >
>>>
In any WAR, not being a WAR of WITS or Turf War of the kind, an unintended casualty , of a much bigger magnitude, is the class/cross section of the humans, who do not even have an inkling of how- or why- their rights or interests are /happen to be, albeit in the ultimate analysis, impaired / impacted.
Open to 'experts' to further explore; do so in the light of, having in the backdrop the turf/ ego war covered in the write-ups @
About 5,570 results (0.40 seconds)
Search Results
“SEBI V IRDA – Unfolding Turf War” - TaxGuruCross Refer (related previous blogs) >
TG
High Court advices restraint In-friction between ITAT Bar And Bench, Expunge ...
Impromptu (Requiring to explore) :
"Expunge" :
1. Power to - Unbridled or subject to limits / parameters, governing norms, or the like ?
2. Legal or social repercussions/ consequences, -undesirable / avoidable - that entails - in relation to adjudicatory (before a judicial or quasi judicial authority), - same way as off and on noted to happen even in relation to Parliamentary / State (s) Legislature Proceedings
3. Purpose or Result , if any, in the event of ...
High
Court advices restraint In-friction between ITAT Bar And Bench, Expunge
... - See more at:
http://taxguru.in/chartered-accountant/appearance-cas-ntt-unconstitutional-sc-quashes-law-setting-national-tax-tribunal.html#sthash.eakquuxJ.dpuf
BL
Sept. 27
From the common viewpoint of both the company and
its shares- and other -stake holders, let alone personal, by any standard, his
career , in one's perspective, deserves to be regarded as no 'small'
achievement but a mission
accomplished. Especially, if were to be looked at bearing in mind the not-so-commendable
state of affairs largely prevailing in today’s corporate world- to be precise,
in the matter of 'good governance' in its profound sense.
Incidentally, apart from the two hitherto well
known concepts of "IQ" and "EQ" , has come to be mooted
lately yet another- known as "?” mooted anew and propagated through the
media. That shows there is no dearth of
scope for exploring further, - the “spiritual “ aspects of life and to learn
the “art of living”; and extending it to the mundane world in general, the
corporate world in particular.
Listen
for enlightenment HERE:
(?)
= “Pygmalion”
Read> What is your organization's Pygmalion Quotient? | Business ...
TG
- <<ICAI President's Message - March 2014
- ICAI Signs MoU with Ministry of HRD
- ICAI - Extend due date of filing ITR along with date of furnishing audit report
- Draft ICAI Code of Professional Ethics- 2014
- ICAI - Sharing of Firm details for ranking is not permitted
Editorial
Regulate drugs and doctors too
The problem of unethical and anti-competitive pricing practices by drug-makers, which had promote... »
<> Crux of IT ALL ?
"public interest", self-regulation X external < regulatory, super-regulatory, so on....
vs Arbitration- a speed ed-up mechanism; same way as consumer interests, grievances and an effective but expeditious machinery/mechanism to tackle
Guidelines on implementation of suo-motu disclosure under RTI Act, 2005
"public interest", self-regulation X external < regulatory, super-regulatory, so on....
vs Arbitration- a speed ed-up mechanism; same way as consumer interests, grievances and an effective but expeditious machinery/mechanism to tackle
Guidelines on implementation of suo-motu disclosure under RTI Act, 2005
itatonline
E-Book On Companies Act 2013
by the ICAI (4.5 MiB)CBDT Issues Handbook To Explain How TDS Is Processed By CPC
AT
Ideas, Innovation, Investments and Implementation key to ‘Reinventing the India Story’
LCI
HSG. SOCIETY
Cooperative society laws - by mrs.k.Anupama
In a registered housing society a defaulter member is harassing the committee as the committee has filed 101 mcs act proceeding against him with the asst registrar for 8 years old dues.he is asking for few documents which are dated 2007 i.e 7 years old. As per the rule how long we can preserve the records of society and whether we can refuse to give that record saying the record is very old and is destroyed .The said member has applied for those documents under rti act to asst registrar. what is answer?
To be read with 'expert's answers !
mcsr , rti ?
ANY SPECIFIC GROUNDS raised for withholding of dues ?
Any other ?
Spiritual Thoughts ? Not really !
For anyone of those rarest of rare human beings walking the
earth in our times, nonetheless who soulfully cares to, - find time, however
small or occasionally it be, and more importantly, sometimes or at least once in a way, BEING INSPIRED, introspect’-
Find the RECIPE HERE
A Host of Truly thought Provoking Articles, for striving and
accomplishing “personal excellence” in its profound sense.And in turn, to give
a hand for the betterment of the life on earth for the rest of the humanity !
itatonline
Legilation - Retrospective X Retroactive (wprt sec 80 I (B)(10))
September 20th, 2014
 |
S. 80-IB(10)(d): Limit on extent of commercial area of housing project inserted w.e.f. 1.4.2005 does not apply to projects approved before that date
.... (Brahma Associates 333 ITR 289 (Bom), G.R. Developers 353 ITR 1 (Kar), Manan Corporation 356 ITR 44 (Guj) followed; Reliance Jute Industries 120 ITR 921, SEBI vs. Ajay Agarwal AIR 2010 SC 3466 distinguished).
prev.
RPGupta
Rajendra Pratap Gupta shared a new resource in "Transform
India with Modi".
Subject:
Inputs on this week's posts.
... collective inputs are regularly being submitted to PMO and related ministries. They are available for your reference at: https://www.localcircles.com/a/index/core?thoughtleadership .........do provide your inputs on the posts below: 1) Policing in India - Root Causes 2) Road Safety in India - Solutions 3) Disaster Management in India - Issues 4) Responsiveness of Govt Websites/Phones - Root Causes 5) VIP Culture in India - Root Causes 6) Manufacturing in India - Issues |
AT
Sept 18
Posted: 17 Sep 2014 12:08 AM PDT
By
Accommodation Times News Services Shri Prakash Javadekar, Minister for
Environment, Forests and Climate Change has said that environmental
norms would be made more stringent and practical keeping in mind the
enormity of the problem and issues involved and industry concerns. The
stakeholders would be consulted in the process so as to ensure complete
compliance […]
>>>>>>
QUEST is on (as ever from the hoary past) :
Whither sincerity in pursuit by our men in governance, of the so called "environmental protection" being loudly but hoarsely trumpeted all around ?
Let alone,- 'Stringent' AND 'practical' ; if the entire marked portion were to be intelligently read and critically analyzed, are not the thoughts behind prima facie mutually contradicting, and in essence, self-defeating, holding out nothing promising for the furture ? Should that be so, why , simply going by common sense, such a pronouncement made public be regarded to, - even remotely bear out 'courage of conviction', truly with public- centric motive ; more so, a responsible 'policy' statement by the empowered central minister ?
Sept. 16
A slew of not-so-desirable
developments; anyway, by any standard , not so pleasing as to appealing to that invisible “common
sense”, a concept to be looked up in a dictionary for knowing what that really
refers to or means :
In one's intuitive perspective, the proposal cannot be a
right step in the right direction, should a holistic view be taken from the
viewpoint of environmental protection and larger common good for the society
around.
Are the ministries,
and its coterie, directly responsible answerable
in such a matter, entailing protection of nature and in turn, the people's
health mindfully listening and awaken?
PREVIOUS >
This
talks of taxpayers' monies flowing into the treasury being spent fabulously
for ridiculously non-objective purposes. The other kind of similar but negative
drain on the exchequer equally deserving to be outright condemned is the monies
lost in providing substantial tax breaks/reliefs, not necessarily commensurate with the eventual benefit i real terms, in respect of expenditure incurred (e.g, experiments using, if not monkeys, guinea pigs or mice) by institutions , whether or not wedded to a commercial/industrial or other
venture, or otherwise. For, in the ultimate analysis the outcome be it on an
ongoing basis or in terms of the end results might mostly be found to serve or
sub-serve NO laudable social purpose in its altruistic sense, even remotely. Topping it all
are the apparently wasteful spends on so called space research, nuclear or atomic energy, national security, so on, whatever, running into
astronomical figures.
KEY NOTE: In one's perspective, more often than not, what is felt to be side- tracked or over sighted, unwittingly or otherwise, by every one concerned, or ought to be truthfully concerned, including government authorities and the beneficiaries of the schemes aimed at encouraging research, is THIS: The essential basic factors distinguishing 'basic' research from 'applied' research, - also, of ther related concepts being so called, innovations, inventions, so on.
KEY NOTE: In one's perspective, more often than not, what is felt to be side- tracked or over sighted, unwittingly or otherwise, by every one concerned, or ought to be truthfully concerned, including government authorities and the beneficiaries of the schemes aimed at encouraging research, is THIS: The essential basic factors distinguishing 'basic' research from 'applied' research, - also, of ther related concepts being so called, innovations, inventions, so on.
< Accountability
Wasted! Feds
spend millions of tax dollars getting monkeys drunk
<> TRANSFER PRICING - AUDIT RESPONSIBILITY ?
http://www.oecd.org/ctp/transfer-pricing/white-paper-transfer-pricing-documentation.pdf
<> TRANSFER PRICING - AUDIT RESPONSIBILITY ?
http://www.oecd.org/ctp/transfer-pricing/white-paper-transfer-pricing-documentation.pdf
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