UPDATES FROM TAX GURU 04.11.2009

UPDATES FROM TAX GURU  CAG will do special audit of Reliance Industries expenses on eastern offshore KG D-6 fields Former Jharkhand CM Madhu Koda in Hospital, raids continued at his premises for the fourth consecutive day Corporate Affairs Ministry may soon introduce the concept of 'knowledge test' for directors MCA's new mantra: B e a facilitator in corporate growth instead of just another regulator ICAI and audit firms against the power given to public sector banks to choose there own statutory auditor Profit may be the key condition for levying MAT in the final draft of the DTC CAG will do special audit of Reliance Industries expenses on eastern offshore KG D-6 fields Posted: 03 Nov 2009 07:16 PM PST The nation's premier audit body Comptroller and Auditor General (CAG) has constituted a high-level team for auditing Reliance Industries' (RIL) expenses on eastern offshore KG D-6 fields and the exercise will begin this month. The CAG, which has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Former Jharkhand CM Madhu Koda in Hospital, raids continued at his premises for the fourth consecutive day Posted: 03 Nov 2009 07:10 PM PST Former Jharkhand chief minister Madhu Koda, under the scanner for allegedly amassing over Rs.2,000 crore (Rs.20 bn / $425 mn) illegally, was admitted to the intensive care unit (ICU) of Apollo Hospital in Ranchi as raids continued at his premises... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Corporate Affairs Ministry may soon introduce the concept of 'knowledge test' for directors Posted: 03 Nov 2009 05:42 PM PST The Corporate Affairs Ministry wants to introduce a new concept called the 'knowledge test' to find out if directors had previous knowledge of a company's wrongful acts. As a first step, it would be ensured that the board processes are totally... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA's new mantra: B e a facilitator in corporate growth instead of just another regulator Posted: 03 Nov 2009 05:33 PM PST The Ministry of Corporate Affairs (MCA) wants to shed its stern regulatory image and acquire a gentler, corporate-friendly reputation. The new mantra is to be a facilitator in corporate growth instead of just another regulator. The mantra is now... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI and audit firms against the power given to public sector banks to choose there own statutory auditor Posted: 03 Nov 2009 05:28 PM PST The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive. They have approached the Union finance ministry and the Prime Minister's... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Profit may be the key condition for levying MAT in the final draft of the DTC Posted: 03 Nov 2009 05:17 PM PST The government may retain profit as the key condition for levying minimum alternate tax (MAT) in the final draft of the direct taxes code after its asset-based approach proposed earlier ran into a storm of protests from industry. Other options being... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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