CCBCAF & SMP initiative for prescribing the Minimum Recommended Scale of Fees for the Professional Assignments done by the Chartered Accountants. See this link
Saturday, May 7, 2011
Thursday, March 25, 2010
Bank Audit through Exel
Of late, I have stopped attending Bank Audit Seminars of ICAI. Every speaker comes and keep on saying same things which are being repeated every year. I feel, post computerisation, our problem is not about "what" to do but more about "how" to do.
In this regard, I just want to share a practical way of handling advance analysis part of bank audit through MS Exel.
In almost all the banks, advances data is generated through their operational core software. They run this data on a separate software -which is meant for advances analysis- and create advances return. In State Bank of India, this advances analysis software is called CIS.
This advances analysis software creates a data file which is used by branch to generate advances returns. This data file in almost all the banks is in "dbf" format.
We can ask for a copy of this dbf file. As we know, dbf files can be opened in Exel easily. This file contains all the data regarding advances e.g. Credit Summation, Last Credit Date, D.P. Amount, TL Installment amount, overdue amount.
Once all this data is in Exel form before us, by applying various filters, we can identify all those accounts which needs to be examined in detail. For example, in C.C. A/cs, filters can be applied to find out all those accounts where last credit date is prior to 31.12.2009. This means, interest for 3rd Qtr. has not been served. There may be many more such scenarios, which we may create based on our core knowledge of subject like low credit summations, in TL A/cs, total overdue divided by amount of installment etc. The point is, we need not to search for the things manually in the printed returns of advances. With data in Exel, by creating co-relations amongst different fields, we can quickly pick all the warning signals easily.
I always feel that we badly need to learn to adopt technology in our audit processes. This post is part of my efforts to create awareness in this direction. If any member can share his experience in this regard, I shall be highly greatful.
CA. Manish Dafria
INDORE
+ 91 98260 46463
Tuesday, June 23, 2009
ALL THE FORMS FOR " TRADEMARK "
On application to register a trade mark for a specification of goods or services included in one class [Sec 18(1)]
TM-1
On application to register a textile trade mark (other than a certification trade mark or a collective mark) consisting exclusively of numerals or letters or any combination thereof for a specification of goods or services included in one item of the Fifth Schedule under rule25(5) & 145.
TM-22
On application to register a trade mark for goods or services included in a class from a convention country under section 18(1) & 154(2)
TM-2
On a single application under section 18(2) for the registration of a trade mark for different classes of goods or services from a convention country under section 154(2)
TM-52
On a single application under section 18(2) for the registration of a trade mark for different classes of goods or services.
TM-51
On application to register a series trade mark under section 15 for a specification of goods or services included in a class or different classes
TM-8
On application to register a series of trade mark from a convention country under section 154(2) for a specification of goods or services included in a class or classes
TM-37
On application under section 63(1) to register a collective mark for a specification of goods or services included in a class
TM-3
On application under section 71(1) to register a certification trade mark for a specification of goods or services included in a class.
TM-4
On application for the registration of a textile trade mark (other than a certification trade mark or a collective mark consisting exclusively of numerals or letters, or any combination thereof for a specification of goods or services included in one item of the Fifth Schedule under rule 145 from a convention country under section 154(2).
TM-45
On a request under rule 40(1) to state grounds of decision.
TM-15
On a notice of opposition under section 21 (1), 64, 66 or 73 for each class opposed.
TM-5
On application for extension of time for filing notice of opposition under section 21(1)
TM-44
On a counter statement in answer to a notice of opposition under section 21, for each application opposed, or in answer to an application under any of the section 47 or 57 in respect of each trade mark or in answer to a notice of opposition under section 59 or rule 101 for each application or conversion opposed.
TM-6
On notice of intention to oppose hearing under any of the section 21, 47, 57 and 59 by each party to the proceeding concerned.
TM-7
On application under section 16(5) to dissolve the association between registered trade marks.
TM-14
For renewal under section 25 of the registration of a trade mark at the expiration of the last registration not otherwise charged.
TM-12
For renewal under section 25 of the registration of a series trade mark at the expiration of the last registration- For the first two marks of the series of each separate class: For every additional mark of the series of each separate class.
TM-12
For renewal under section 25 of a single application of a trade mark for goods or services in more than one class-in respect of every class.
TM-12
For renewal under section 25 of the registration of a collective mark/certification trade mark.
TM-12
On application under section 25(4) for restoration of a trade mark removed from the register.
TM-13
On application for renewal under proviso to section 25(3) within six months from the expiration of last registration of the trade mark.
TM-10
On application for approval of the Registrar under section 41- For the first trade mark .For every additional mark of the same proprietor included in the same transfer.
TM-19
On application under section 42 for direction of a Registrar for advertisement of assignment without goodwill of a trade mark in use- For the first mark assigned.For every additional mark assigned with thesame devolution of title.
TM-20
On application for extension of time for applying for directions under section 42 for advertisement of assignment without goodwill of trade mark in use in respect of devolution of title- Not exceeding one monthNot exceeding two monthsNot exceeding three months
TM-21
On application under section 45 to register a subsequent proprietor in a case of assignment or transfer of a single trade mark: If made within six months from the date of acquisition of proprietorship. If made after expiration of six months but before 12 months from the date of acquisition of proprietorship.If made after 12 months from date of acquisition of proprietorship.
TM-23orTM-24
On application under section 45 to register a subsequent proprietor of more than one trade mark registered in the same name, the devolution of title being the same in each case:-If made within six months from the date of acquisition of proprietorship-For the first markFor every additional markIf made after the expiration of six months but before twelve months from the date of acquisition of proprietorship:-For the first mark For every additional markIf made after expiration of twelve months from the date of acquisition of proprietorship:-For the first markFor every additional mark
TM-23orTM-24
On application under section 46(4) for extension of time for registering a company as subsequent proprietor of trade marks on one assignment :-Not exceeding two monthsNot exceeding four monthsNot exceeding six months
TM-25
On application under any of the sections 47 or 57 for rectification of the register or removal of a trade mark from the register or cancellation of a registered collective mark or a certification trade mark
TM-26
On application under rule 94 for leave to intervene in proceeding under any of the sections 47 or 57 for rectification of the register or removal of trade mark from the register or under rule 133 or 139 in respect of a collective mark or certification trade mark.
TM-27
On application under section 49 to register a registered user of a registered trade mark in respect of goods or services within the specification thereof.
TM-28
On application under section 49 to register the same registered user of more than one registered trade mark of the same registered proprietor, where all the trade marks are covered by the same registered user agreement in respect of goods or services within the respective specification thereof and subject to the same conditions and restrictions in each case:-For the first markFor every additional mark of the proprietor included in the application, and in the registered user agreement
TM-28
On application under clause (a) of sub-section 1 of section 50 to vary the entry of a registered user of one trade mark where the trade marks are covered by the same registered user in respect of each of them:-For the first markFor every additional mark included in the application
TM-29
On application under clause (b) of sub-section (1) of section 50 for cancellation of the entry of a registered user of one trade mark-Where the application includes more than one trade mark-For the first markFor every additional mark included in the application
TM-30
On application under clause (c) or (d) of sub-section (1) of section 50 to cancel the entry of a registered user of one trade mark:-Where the application includes more than one trade mark:-For the first markFor every additional mark included in the application
TM-31
On notice under rule 90(2 ) of intention to intervene in one proceeding for the variation or cancellation of entries of a registered user of a trade mark
TM-32
On application under section 58 to change the name or description of a registered proprietor or a registered user of a trade mark, where there has been no change. In the proprietorship or in the identity of the registered user (except where the application is made as a result of an order of a public authority or in consequence of a statutory requirement as per law in India, where the application includes more than one trade mark -For the first trade markFor every additional mark included in the application
TM-33
On application under section 58 to alter an entry of the address of a registered proprietor or of a registered user of a trade mark unless exempted from fee under rule 96(3): Where the application include more than one trade mark - and where the address in each case is the same and is altered in the same way-For the first entryFor every other entry included in the application
TM-34
On application to make an entry of an address for service in India of a registered proprietor or a registered user of a trade mark-where the application include more than one trade mark and the address for service to be entered is the same in each case-For the first entryFor every other entry included in the application
TM-50
On application to alter or substitute an entry of an address for service in India in the register unless exempted from fee under rule 96(3).Where the application includes more than one trade mark and the address in each case is the same and is altered or substituted in the same way-For the first entryFor every other entry included in the application
TM-50
On application under clause (c) of sub-section (1) of section 58 for canceling the entry or part thereof from the register or under clause (d) to strike out goods or services from the register.
TM-35 or TM-36
On application under section 59(1) for leave to add or alter a registered trade mark (except where the application is made as a result of an order of a public authority or in consequence of statutory requirement)-Where the application includes more than one trade mark and the addition or alteration to be made in each case being the same-For the first markFor every other mark included in the application.
TM-38
On notice of opposition under sub-section (2) of section 59 to an application for leave to add or to alter a registered trade mark for each application opposed
TM-39
On application under section 60 for conversion of specification.
TM-40
On notice of opposition in each separate class under sub-section 2 of section 60 to a conversion of the specification or specifications of a registered trade mark:For the first markFor every additional mark included in the notice of opposition.
TM-41
On application under section 66 for amendment of the deposited regulations of a collective mark or alteration under section 74(2) for the regulation of a certification trade mark-Where the marks are entered in the register as associated trade marks-For the regulation of one registration.For the same or substantially same regulation of each additional registration proposed to be altered in the same way and included in the same application.
TM-42
On application under section 68 to remove the registration of a collective mark or cancel or vary the registration of a certification trade mark under section 77
TM-43
For a search under rule 24(1) in respect of one class
TM-54
On request for the Registrar's preliminary advice under section 133(1) for a trade mark in respect of one class.
TM-55
On request for certificate of the Registrar under section 137( other than a certificate under section 23(2)).
TM-46
On request for certificate of the Registrar [other than certificate under section 23(2)] of the registration of a series of the trade mark under section 15 for each class.
TM-46
On request for a certified copy of any entry in the register or of any document under section 148(2).
TM-46
On request to enter in the register and advertise a note of certificate of validity, under rule 124 in respect of one mark in a class On request, not otherwise charged for correction of a clerical error or for amendment under section 18(4), 22 and 58, except where the request is made as a result of an order of a public authority or in consequence of a statutory requirement as per law in India.
TM-47
On application for extension of time for a month or part thereof under section 131 [not being a time expressly provided in the Act or prescribed by rule 79 or by rule 80(4)]
TM-16
On application for review of the Registrar's decision under section 127 (c)
TM-56
On petition (not otherwise charged) for obtaining Registrar's order on any interlocutory matter in a contested proceeding.
TM-57
On request to Registrar for particulars of advertisement of a mark under rule 46.
TM-58
On request for a duplicate or further copy of certificate rule 62(3)
TM-59
On a counter statement in answer to a notice of opposition in respect of a collective trade mark or a certification trade mark under section 64, 66,73 or 77
TM-9
For search and issue of certificate under rule 24(3).
TM-60
On application under sub-section (b) of section 25 of Geographical Indications of Goods (Registration and Protection )Act, 1999 to refuse or invalidate the registration of a trade mark which conflicts with or which contains or consists of a geographical indication identifying goods or class or classes of goods notified under sub-section (2) of section 22 of the said Act.
TM-74
On application under sub-section (a) of section 25 of Geographical Indications of Goods (Registration and Protection )Act, 1999 to refuse or invalidate the registration of a trade mark containing or consisting of a geographical indicating not originating in the territory of a country or a region or locality in that territory which the geographical indication indicates.
TM-73
Notice of intention to attend hearing under section 64, 66, 73 or 77 in respect of a collective mark or in respect of a certification trade mark, as the case may be.
TM-7
On a request to divide an application or to divide a single application under proviso to section 22.
TM-53
On application under sub-rule 16 of rule 25 towards inclusion of specification of goods or services in excess of five hundred characters at the time of filing of application as excess space fee.
TM-61
On application under section 43, rule 140(2) for consent of Registrar to the assignment or transmission of certification trade mark.
TM-62
On application under rule 38(1) for the expedited examination of an application for the registration of a trade mark.
TM-63
On application under section 63(1) to register a collective mark of a specification of goods or services included in a class from a convention country under section 154(2).
TM-64
On application under section 71 to register a certification trade mark for a specification of goods or services included in class from a convention country under section 154(2).
TM-65
On request for an expedited certificate of the Registrar (other than a certificate under section 23(2) of the Act) or certified copies of documents under proviso to rule 119.
TM-7
On request for an expedited search under proviso to rule 24(1).
TM-71
On request for an expedited search and issuance of a certificate under rule 24(5).
TM-72
On application for registration as a trade mark agent under 152.
TMA-1
On application for restoration of the name of a person to the Register of trade marks agents under rule 159.
TMA-2
On application for an alteration of any entry in the Register of Trade Marks Agent under rule 160.
TMA-3
On a single application under section 18(2) for the registration of a collective mark for different classes of goods or services.
TM-66
On a single application under section 18(2) for the registration of a collective mark for different class of goods or services from a convention country.
TM-67
On a single application under section 18(2) for the registration of a certification trade mark for different class of goods or services.
TM-68
On a single application under section 18(2) for the registration of a certification trade mark for different class of goods or services from a convention country under section 154(2).
TM-69
On request for search and issuance of a certificate pursuant to clause (ii) of sub-section (2) of section 20 of the Companies Act, 1956.
TM-75
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
TM-1
On application to register a textile trade mark (other than a certification trade mark or a collective mark) consisting exclusively of numerals or letters or any combination thereof for a specification of goods or services included in one item of the Fifth Schedule under rule25(5) & 145.
TM-22
On application to register a trade mark for goods or services included in a class from a convention country under section 18(1) & 154(2)
TM-2
On a single application under section 18(2) for the registration of a trade mark for different classes of goods or services from a convention country under section 154(2)
TM-52
On a single application under section 18(2) for the registration of a trade mark for different classes of goods or services.
TM-51
On application to register a series trade mark under section 15 for a specification of goods or services included in a class or different classes
TM-8
On application to register a series of trade mark from a convention country under section 154(2) for a specification of goods or services included in a class or classes
TM-37
On application under section 63(1) to register a collective mark for a specification of goods or services included in a class
TM-3
On application under section 71(1) to register a certification trade mark for a specification of goods or services included in a class.
TM-4
On application for the registration of a textile trade mark (other than a certification trade mark or a collective mark consisting exclusively of numerals or letters, or any combination thereof for a specification of goods or services included in one item of the Fifth Schedule under rule 145 from a convention country under section 154(2).
TM-45
On a request under rule 40(1) to state grounds of decision.
TM-15
On a notice of opposition under section 21 (1), 64, 66 or 73 for each class opposed.
TM-5
On application for extension of time for filing notice of opposition under section 21(1)
TM-44
On a counter statement in answer to a notice of opposition under section 21, for each application opposed, or in answer to an application under any of the section 47 or 57 in respect of each trade mark or in answer to a notice of opposition under section 59 or rule 101 for each application or conversion opposed.
TM-6
On notice of intention to oppose hearing under any of the section 21, 47, 57 and 59 by each party to the proceeding concerned.
TM-7
On application under section 16(5) to dissolve the association between registered trade marks.
TM-14
For renewal under section 25 of the registration of a trade mark at the expiration of the last registration not otherwise charged.
TM-12
For renewal under section 25 of the registration of a series trade mark at the expiration of the last registration- For the first two marks of the series of each separate class: For every additional mark of the series of each separate class.
TM-12
For renewal under section 25 of a single application of a trade mark for goods or services in more than one class-in respect of every class.
TM-12
For renewal under section 25 of the registration of a collective mark/certification trade mark.
TM-12
On application under section 25(4) for restoration of a trade mark removed from the register.
TM-13
On application for renewal under proviso to section 25(3) within six months from the expiration of last registration of the trade mark.
TM-10
On application for approval of the Registrar under section 41- For the first trade mark .For every additional mark of the same proprietor included in the same transfer.
TM-19
On application under section 42 for direction of a Registrar for advertisement of assignment without goodwill of a trade mark in use- For the first mark assigned.For every additional mark assigned with thesame devolution of title.
TM-20
On application for extension of time for applying for directions under section 42 for advertisement of assignment without goodwill of trade mark in use in respect of devolution of title- Not exceeding one monthNot exceeding two monthsNot exceeding three months
TM-21
On application under section 45 to register a subsequent proprietor in a case of assignment or transfer of a single trade mark: If made within six months from the date of acquisition of proprietorship. If made after expiration of six months but before 12 months from the date of acquisition of proprietorship.If made after 12 months from date of acquisition of proprietorship.
TM-23orTM-24
On application under section 45 to register a subsequent proprietor of more than one trade mark registered in the same name, the devolution of title being the same in each case:-If made within six months from the date of acquisition of proprietorship-For the first markFor every additional markIf made after the expiration of six months but before twelve months from the date of acquisition of proprietorship:-For the first mark For every additional markIf made after expiration of twelve months from the date of acquisition of proprietorship:-For the first markFor every additional mark
TM-23orTM-24
On application under section 46(4) for extension of time for registering a company as subsequent proprietor of trade marks on one assignment :-Not exceeding two monthsNot exceeding four monthsNot exceeding six months
TM-25
On application under any of the sections 47 or 57 for rectification of the register or removal of a trade mark from the register or cancellation of a registered collective mark or a certification trade mark
TM-26
On application under rule 94 for leave to intervene in proceeding under any of the sections 47 or 57 for rectification of the register or removal of trade mark from the register or under rule 133 or 139 in respect of a collective mark or certification trade mark.
TM-27
On application under section 49 to register a registered user of a registered trade mark in respect of goods or services within the specification thereof.
TM-28
On application under section 49 to register the same registered user of more than one registered trade mark of the same registered proprietor, where all the trade marks are covered by the same registered user agreement in respect of goods or services within the respective specification thereof and subject to the same conditions and restrictions in each case:-For the first markFor every additional mark of the proprietor included in the application, and in the registered user agreement
TM-28
On application under clause (a) of sub-section 1 of section 50 to vary the entry of a registered user of one trade mark where the trade marks are covered by the same registered user in respect of each of them:-For the first markFor every additional mark included in the application
TM-29
On application under clause (b) of sub-section (1) of section 50 for cancellation of the entry of a registered user of one trade mark-Where the application includes more than one trade mark-For the first markFor every additional mark included in the application
TM-30
On application under clause (c) or (d) of sub-section (1) of section 50 to cancel the entry of a registered user of one trade mark:-Where the application includes more than one trade mark:-For the first markFor every additional mark included in the application
TM-31
On notice under rule 90(2 ) of intention to intervene in one proceeding for the variation or cancellation of entries of a registered user of a trade mark
TM-32
On application under section 58 to change the name or description of a registered proprietor or a registered user of a trade mark, where there has been no change. In the proprietorship or in the identity of the registered user (except where the application is made as a result of an order of a public authority or in consequence of a statutory requirement as per law in India, where the application includes more than one trade mark -For the first trade markFor every additional mark included in the application
TM-33
On application under section 58 to alter an entry of the address of a registered proprietor or of a registered user of a trade mark unless exempted from fee under rule 96(3): Where the application include more than one trade mark - and where the address in each case is the same and is altered in the same way-For the first entryFor every other entry included in the application
TM-34
On application to make an entry of an address for service in India of a registered proprietor or a registered user of a trade mark-where the application include more than one trade mark and the address for service to be entered is the same in each case-For the first entryFor every other entry included in the application
TM-50
On application to alter or substitute an entry of an address for service in India in the register unless exempted from fee under rule 96(3).Where the application includes more than one trade mark and the address in each case is the same and is altered or substituted in the same way-For the first entryFor every other entry included in the application
TM-50
On application under clause (c) of sub-section (1) of section 58 for canceling the entry or part thereof from the register or under clause (d) to strike out goods or services from the register.
TM-35 or TM-36
On application under section 59(1) for leave to add or alter a registered trade mark (except where the application is made as a result of an order of a public authority or in consequence of statutory requirement)-Where the application includes more than one trade mark and the addition or alteration to be made in each case being the same-For the first markFor every other mark included in the application.
TM-38
On notice of opposition under sub-section (2) of section 59 to an application for leave to add or to alter a registered trade mark for each application opposed
TM-39
On application under section 60 for conversion of specification.
TM-40
On notice of opposition in each separate class under sub-section 2 of section 60 to a conversion of the specification or specifications of a registered trade mark:For the first markFor every additional mark included in the notice of opposition.
TM-41
On application under section 66 for amendment of the deposited regulations of a collective mark or alteration under section 74(2) for the regulation of a certification trade mark-Where the marks are entered in the register as associated trade marks-For the regulation of one registration.For the same or substantially same regulation of each additional registration proposed to be altered in the same way and included in the same application.
TM-42
On application under section 68 to remove the registration of a collective mark or cancel or vary the registration of a certification trade mark under section 77
TM-43
For a search under rule 24(1) in respect of one class
TM-54
On request for the Registrar's preliminary advice under section 133(1) for a trade mark in respect of one class.
TM-55
On request for certificate of the Registrar under section 137( other than a certificate under section 23(2)).
TM-46
On request for certificate of the Registrar [other than certificate under section 23(2)] of the registration of a series of the trade mark under section 15 for each class.
TM-46
On request for a certified copy of any entry in the register or of any document under section 148(2).
TM-46
On request to enter in the register and advertise a note of certificate of validity, under rule 124 in respect of one mark in a class On request, not otherwise charged for correction of a clerical error or for amendment under section 18(4), 22 and 58, except where the request is made as a result of an order of a public authority or in consequence of a statutory requirement as per law in India.
TM-47
On application for extension of time for a month or part thereof under section 131 [not being a time expressly provided in the Act or prescribed by rule 79 or by rule 80(4)]
TM-16
On application for review of the Registrar's decision under section 127 (c)
TM-56
On petition (not otherwise charged) for obtaining Registrar's order on any interlocutory matter in a contested proceeding.
TM-57
On request to Registrar for particulars of advertisement of a mark under rule 46.
TM-58
On request for a duplicate or further copy of certificate rule 62(3)
TM-59
On a counter statement in answer to a notice of opposition in respect of a collective trade mark or a certification trade mark under section 64, 66,73 or 77
TM-9
For search and issue of certificate under rule 24(3).
TM-60
On application under sub-section (b) of section 25 of Geographical Indications of Goods (Registration and Protection )Act, 1999 to refuse or invalidate the registration of a trade mark which conflicts with or which contains or consists of a geographical indication identifying goods or class or classes of goods notified under sub-section (2) of section 22 of the said Act.
TM-74
On application under sub-section (a) of section 25 of Geographical Indications of Goods (Registration and Protection )Act, 1999 to refuse or invalidate the registration of a trade mark containing or consisting of a geographical indicating not originating in the territory of a country or a region or locality in that territory which the geographical indication indicates.
TM-73
Notice of intention to attend hearing under section 64, 66, 73 or 77 in respect of a collective mark or in respect of a certification trade mark, as the case may be.
TM-7
On a request to divide an application or to divide a single application under proviso to section 22.
TM-53
On application under sub-rule 16 of rule 25 towards inclusion of specification of goods or services in excess of five hundred characters at the time of filing of application as excess space fee.
TM-61
On application under section 43, rule 140(2) for consent of Registrar to the assignment or transmission of certification trade mark.
TM-62
On application under rule 38(1) for the expedited examination of an application for the registration of a trade mark.
TM-63
On application under section 63(1) to register a collective mark of a specification of goods or services included in a class from a convention country under section 154(2).
TM-64
On application under section 71 to register a certification trade mark for a specification of goods or services included in class from a convention country under section 154(2).
TM-65
On request for an expedited certificate of the Registrar (other than a certificate under section 23(2) of the Act) or certified copies of documents under proviso to rule 119.
TM-7
On request for an expedited search under proviso to rule 24(1).
TM-71
On request for an expedited search and issuance of a certificate under rule 24(5).
TM-72
On application for registration as a trade mark agent under 152.
TMA-1
On application for restoration of the name of a person to the Register of trade marks agents under rule 159.
TMA-2
On application for an alteration of any entry in the Register of Trade Marks Agent under rule 160.
TMA-3
On a single application under section 18(2) for the registration of a collective mark for different classes of goods or services.
TM-66
On a single application under section 18(2) for the registration of a collective mark for different class of goods or services from a convention country.
TM-67
On a single application under section 18(2) for the registration of a certification trade mark for different class of goods or services.
TM-68
On a single application under section 18(2) for the registration of a certification trade mark for different class of goods or services from a convention country under section 154(2).
TM-69
On request for search and issuance of a certificate pursuant to clause (ii) of sub-section (2) of section 20 of the Companies Act, 1956.
TM-75
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
Wednesday, June 17, 2009
LINK FOR ALL EXPORT-IMPORT FORM
ANF 1
Profile of importer / exporter
ANF 2 A
Importer Exporter Code Number (IEC)
ANF 2 B
Import Licence for Restricted Items
ANF 2 C
Import Certificate under Indo-US Memorandum
ANF 2 D
Export Licence for Restricted items
ANF 2 E
Export Licence for SCOMET items
ANF 2F
Refund of Application Fee
ANF 3 A
Grant of Status Certificate
ANF 3 B
Served from India Scheme (SFIS)
ANF 3 C
Vishesh Krishi And Gram Udyog Yojana (VKGUY)
ANF 3 D
Focus Market Scheme (FMS)
ANF 3 E
Focus Product Scheme (FPS)
ANF 3 G
Vishesh Krishi And Gram Udyog Yojana (VKGUY) - Para 3.8.6 application
ANF 3 H
Application for Served from India Scheme (SFIS) for Current Financial Year
(for Foreign Exchange Earned during 2008-09)
ANF 4 A
Advance Authorisation (Including Advance authorisation for Annual Requirement) / Advance Release Order (ARO)/ Invalidation letter
ANF 4 B
Fixation / Modification of Standard Input Output Norms (SION)
ANF 4 C
Fixation of DEPB Rates / Fuel rates
ANF 4 D
Clubbing of Advance Authorisations
ANF 4 E
Enhancement in CIF / FOB Value or Revalidation or EO extension of Authorisation
ANF 4 F
Redemption / No Bond Certificate against Advance Authorisation
ANF 4 G
Duty Entitlement Pass Book (DEPB) Application
ANF 4 H
Duty Free Import Authorisation (DFIA) Application
ANF 4 I
GEM REP Authorisation
ANF 5A
Export Promotion Capital Goods (EPCG) Authorisation
ANF 5 B
Statement of Export for Redemption of EPCG Authorisation
ANF 5 C
EO Refixation under EPCG Scheme
ANF 5 D
Clubbing of EPCG Authorisations
ANF 8
For Claiming Duty Drawback on All Industry Rates/Fixation of Drawback Rates/Refund of Terminal Excise Duty.
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Profile of importer / exporter
ANF 2 A
Importer Exporter Code Number (IEC)
ANF 2 B
Import Licence for Restricted Items
ANF 2 C
Import Certificate under Indo-US Memorandum
ANF 2 D
Export Licence for Restricted items
ANF 2 E
Export Licence for SCOMET items
ANF 2F
Refund of Application Fee
ANF 3 A
Grant of Status Certificate
ANF 3 B
Served from India Scheme (SFIS)
ANF 3 C
Vishesh Krishi And Gram Udyog Yojana (VKGUY)
ANF 3 D
Focus Market Scheme (FMS)
ANF 3 E
Focus Product Scheme (FPS)
ANF 3 G
Vishesh Krishi And Gram Udyog Yojana (VKGUY) - Para 3.8.6 application
ANF 3 H
Application for Served from India Scheme (SFIS) for Current Financial Year
(for Foreign Exchange Earned during 2008-09)
ANF 4 A
Advance Authorisation (Including Advance authorisation for Annual Requirement) / Advance Release Order (ARO)/ Invalidation letter
ANF 4 B
Fixation / Modification of Standard Input Output Norms (SION)
ANF 4 C
Fixation of DEPB Rates / Fuel rates
ANF 4 D
Clubbing of Advance Authorisations
ANF 4 E
Enhancement in CIF / FOB Value or Revalidation or EO extension of Authorisation
ANF 4 F
Redemption / No Bond Certificate against Advance Authorisation
ANF 4 G
Duty Entitlement Pass Book (DEPB) Application
ANF 4 H
Duty Free Import Authorisation (DFIA) Application
ANF 4 I
GEM REP Authorisation
ANF 5A
Export Promotion Capital Goods (EPCG) Authorisation
ANF 5 B
Statement of Export for Redemption of EPCG Authorisation
ANF 5 C
EO Refixation under EPCG Scheme
ANF 5 D
Clubbing of EPCG Authorisations
ANF 8
For Claiming Duty Drawback on All Industry Rates/Fixation of Drawback Rates/Refund of Terminal Excise Duty.
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Friday, June 12, 2009
Link for getting clarification from ICAI by Member
Dear CA Brothers,
Any CA member can take the help/clarfication from our ICAI. Just click below, it is self guided.
http://www.icai.org/addupdate/sc.php
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Any CA member can take the help/clarfication from our ICAI. Just click below, it is self guided.
http://www.icai.org/addupdate/sc.php
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Tuesday, June 9, 2009
LINK FOR DOWNLOADING ALL FORMS
Forms
INCOME TAX
All Forms
E-Forms
e-TDS Return Forms
Form No. 2Return of income - For Non-Corporate assessees not claiming exemption under section 11 and not having income from business or profession
WEALTH TAX
Wealth Tax
ITAT
ITAT Forms
CUSTOMS
All Forms
EXCISE
All Forms
SERVICE TAX
Service Tax Forms
VALUE ADDED TAX
Maharashtra Vat Act Forms
CENTRAL SALES TAX
FORM "A"Application for Registration Under Section 7(1)/7(2) of the Central Sales Tax Act, 1956
FORM 1THE CENTRAL SALES TAX (DELHI) RULES, 1957 RETURN OF SALES TAX PAYABLE FOR THE QUARTER/MONTH UNDER THE CENTRAL SALES TAX ACT, 1956
COMPANY LAW
All Forms
RBI
All RBI Forms
RBI Forms
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INCOME TAX
All Forms
E-Forms
e-TDS Return Forms
Form No. 2Return of income - For Non-Corporate assessees not claiming exemption under section 11 and not having income from business or profession
WEALTH TAX
Wealth Tax
ITAT
ITAT Forms
CUSTOMS
All Forms
EXCISE
All Forms
SERVICE TAX
Service Tax Forms
VALUE ADDED TAX
Maharashtra Vat Act Forms
CENTRAL SALES TAX
FORM "A"Application for Registration Under Section 7(1)/7(2) of the Central Sales Tax Act, 1956
FORM 1THE CENTRAL SALES TAX (DELHI) RULES, 1957 RETURN OF SALES TAX PAYABLE FOR THE QUARTER/MONTH UNDER THE CENTRAL SALES TAX ACT, 1956
COMPANY LAW
All Forms
RBI
All RBI Forms
RBI Forms
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Saturday, May 30, 2009
MRA With CPA Australia
MRA With CPA Australia
The Institute of Chartered Accountants India has entered into mutual recognition agreement (MRA) with CPA Australia to establish guidelines on how qualified members can gain reciprocal membership.
CPA Australia members who qualify for membership of ICAI will have rights to use the CA designation in India. ICAI members who qualify for membership of CPA Australia will have rights to use the CPA designation.
Application form for ICAI members who wish to apply for CPA Australia membership
Application form for CPA Australia who wish to apply for ICAI membership
FAQs for applying for CPA Australia membership
For further details please visit www.cpaaustralia.com.au/ICAI
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The Institute of Chartered Accountants India has entered into mutual recognition agreement (MRA) with CPA Australia to establish guidelines on how qualified members can gain reciprocal membership.
CPA Australia members who qualify for membership of ICAI will have rights to use the CA designation in India. ICAI members who qualify for membership of CPA Australia will have rights to use the CPA designation.
Application form for ICAI members who wish to apply for CPA Australia membership
Application form for CPA Australia who wish to apply for ICAI membership
FAQs for applying for CPA Australia membership
For further details please visit www.cpaaustralia.com.au/ICAI
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Tuesday, May 19, 2009
Income-Tax Dept.-Mulling Tax On Carbon Credit Trade
The Income-Tax department is mulling tax on carbon credit trade, estimated to yield for the exchequer an estimated Rs 1,000 crore. The I-T department’s preliminary study has found that large companies listed on stock exchanges are not making tax provisions against the profits out of the sale of carbon credits and are putting the money thus earned in other businesses. India is the largest producer of carbon credits in the world. “The sale of carbon credits and the subse-quent payment of tax from the money earned is not strictly followed.
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"Round- Tripping" or "Treaty Shopping"
Demand on capital gains on Idea share sale by Mauritius subsidiary; Fema and telecom regulation violations also alleged. The income tax (I-T) department has sent a notice to Tata Industries, raising a demand of Rs 298 crore on capital gains on the sale of shares in Idea Cellular, held through a wholly-owned Mauritius-based subsidiary, Apex Investments, to Birla TMT Holdings in India. Although the amount is not large, the notice, which was sent last month, is significant because, I-T department sources said, it was the first discovered case of "round- tripping" or "treaty shopping" and has significance for Indian companies structuring offshore deals. The notice was sent under section 143(3) of Income tax Act , 1961, but the demand for capital gains has been made under section 93 (3) of the Income Tax Act.
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FOR DIAMOND INDUSTRIES
In an order that will have a bearing on hundreds of diamond cutting and polishing firms in the country, the Income-Tax Appellate Tribunal (ITAT) has held that tax is not payable in India for commissions paid abroad at the time of acquiring rough diamonds. In a recent case, Mumbai-based polished diamond exporter Kirtilal Kalidas had imported rough diamonds from UK-based Diamond Trading Company after availing the service of another UK-based entity Bonas & Co. Kirtilal Kalidas had paid Rs 1.47 crore to Bonas & Co as a commission. However, no tax was deducted while making this payment. The income-tax department had later held that tax should have been deducted from the commission paid to the non-resident.
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OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
Say Good Bye To Storage Cost, Wealth Tax On Gold
With high volatility in the stock market, investors are looking for other options like debt and gold. However, when it comes to gold, most investors find it a difficult proposition because of the storage cost and wealth tax it entails. While the storage cost could be anywhere between Rs 500 and Rs 20,000 per year, depending on the institution, wealth tax would be 1 per cent of the gold value exceeding Rs 15 lakh. But now you can not only save these costs, but also earn interest on the gold you own. State Bank of India (SBI), the country’s largest bank, has launched a gold deposit scheme to address this issue.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
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LOOSE OF GIFT TAX EXEMPTION BY NRI
NRIs should make their trips to the homeland shorter if they want to avail themselves of the gift tax exemptions, says a recent ruling by a tax tribunal. The gift tax exemptions will not be available to an NRI if he loses his special status on account of overstaying in India, the Income Tax Appellate Tribunal (ITAT) said. Giving a ruling in a case involving levy of tax on a gift made by an NRI from his non-resident (external) (NRE) account, the tribunal said, "He was in India for 182 days or more during the relevant previous year.... Thus, the assessee is clearly not entitled to exemption (on gift tax)."
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OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
Tuesday, May 12, 2009
Income Tax Refund Banker Scheme
Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker
scheme spreading across the country soon.
The refunds, arising out of tax payments
and TDS collections, usually take more than a year to reach the average taxpayer.
"Tax and TDS refunds will now reach the individual and small (corporate) taxpayers in about four months (by August 2009). The refund banker scheme may also be implemented across the country," a senior Finance Ministry official said.
window.google_render_ad();
Taxpayers who have filed their returns for the assessment year 2008-09 should now write to their area Income-Tax Assessment Officers quoting their magnetic ink character recognition (MICR) codes (used in the banking industry to facilitate cheque processing) and vital bank account details.
This will help the department to send refunds quickly in any part of the country, the official added.
Officials in the Income-Tax department also added that fast and quick refunds have been made possible this time as the department has finished the process of "data migration" to its central servers from its offices across the country.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
scheme spreading across the country soon.
The refunds, arising out of tax payments
and TDS collections, usually take more than a year to reach the average taxpayer.
"Tax and TDS refunds will now reach the individual and small (corporate) taxpayers in about four months (by August 2009). The refund banker scheme may also be implemented across the country," a senior Finance Ministry official said.
window.google_render_ad();
Taxpayers who have filed their returns for the assessment year 2008-09 should now write to their area Income-Tax Assessment Officers quoting their magnetic ink character recognition (MICR) codes (used in the banking industry to facilitate cheque processing) and vital bank account details.
This will help the department to send refunds quickly in any part of the country, the official added.
Officials in the Income-Tax department also added that fast and quick refunds have been made possible this time as the department has finished the process of "data migration" to its central servers from its offices across the country.
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Monday, May 11, 2009
Dear Esteemed Members,NEW DELHI: The accounting regulator the Institute of CharteredAccountants of India (ICAI) has constituted an expert group to suggestsector-specific accounting norms for insurance companies. The moveaims at ensuring that financial statements of insurance firms reflecttrue natures of financial arrangements. ICAI president Uttam PrakashAgarwal confirmed the development. “ICAI is planning to come up withspecific accounting standards for the insurance sector,” he told ET.New standards will help in making financial statements of insurancecompanies — public as well as private — easier for the investors tocomprehend, as it will require the companies to show their fields ofrevenue generation with clarity, he said. These independent accountingstandards for the country’s insurance sector will be in addition tothe already existing accounting norms which the insurance companiesfollows now.The insurance regulator, Insurance Regulatory Development Authority(Irda) has directed all domestic life insurance companies to tightentheir expenses in order to procure durable business. This move cameafter reports surfaced that insurers are making disproportionatelyhuge commission payments to their intermediaries, other thanindividual agents. This, in turn, affects the overall financialstrength of the companies.The definition of related parties to intermediaries should beconformity with the accounting standards of ICAI and Companies Act.The regulator has also stipulated that the information certificategiven by the company to the regulator should have signatures of theinsurer’s chief executive officer, the chief financial officer and thecompliance officer.
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OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
Friday, May 8, 2009
ACCRUAL ACCOUNTING IN GOVERNMENT IN FIVE YEARS TIME
The Comptroller and Auditor General of India (CAG) plans to move from cash to accrual basis accounting in government within a five year time frame. A National Round Table Conference on Accrual Basis Accounting was held in CAG office yesterday i.e, May 5, 2009. The Conference, convened by Government Accounting Standards Advisory Board (GASAB) of CAG of India, deliberated the issue of migration from cash to accrual basis accounting and laid down the roadmap for migration process. The accrual based financial statements are expected to provide more appropriate presentation of financial performance and position of the government. The Union and States would have a common format of financial statements that would include a Balance Sheet, a Statement of financial performance and a Cash flow statement. The framework for the accrual accounting shall be Indian Government Financial Reporting Standards (IGFRS) issued by GASAB. IGFRS are harmonized with International Public Sector Accounting Standards (IPSAS), the international standards for governments. Department of Posts in Government of India and selected departments of Andhra Pradesh, Madhya Pradesh, Haryana and West Bengal have embarked on accelerated pilot studies on accrual basis accounting. These pilot studies would be precursor to a national rollout which is aimed for within a five year time frame. The pilot studies would be conducted by teams from the State Accountant General offices with international and national consultants with the support of state governments. The World Bank is funding these pilot studies. Principal Secretaries from State Governments, officials from Department of Posts, Accountant General of various states, and World Bank officials participated in the National Round Table Conference.
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Thursday, May 7, 2009
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Give copies of answersheets, court tells centre
Posted: Friday , May 01, 2009 at 0247 hrs IST
The Delhi High Court on Thursday directed the Institute of Chartered Accountants of India (ICAI) to provide students with certified copies of answersheets under the Right to Information Act.
Justice S Ravindra Bhat dismissed contentions raised by the institute that answersheets fell beyond the purview of the RTI, holding that students were well within their rights to access them.
ICAI is an institute. You should apply pragmatism and set examples for others. You should start by yourself... Many institutes do that and allow students to inspect their copies, Justice Bhat told the ICAI, which had challenged a Central Information Commission verdict to provide certified copies of papers to students who failed the exams.
Additional Solicitor General Parag Tripathi, appearing for ICAI, submitted that the Supreme Court in its order of 2007 rejected the candidates right to demand answersheets.
compiled by CA Rajesh P Langalia
Give copies of answersheets, court tells centre
Posted: Friday , May 01, 2009 at 0247 hrs IST
The Delhi High Court on Thursday directed the Institute of Chartered Accountants of India (ICAI) to provide students with certified copies of answersheets under the Right to Information Act.
Justice S Ravindra Bhat dismissed contentions raised by the institute that answersheets fell beyond the purview of the RTI, holding that students were well within their rights to access them.
ICAI is an institute. You should apply pragmatism and set examples for others. You should start by yourself... Many institutes do that and allow students to inspect their copies, Justice Bhat told the ICAI, which had challenged a Central Information Commission verdict to provide certified copies of papers to students who failed the exams.
Additional Solicitor General Parag Tripathi, appearing for ICAI, submitted that the Supreme Court in its order of 2007 rejected the candidates right to demand answersheets.
compiled by CA Rajesh P Langalia
Friday, April 24, 2009
Too good utility for excel
Res. Members,
Below is link for ASAP Utilities. It will be very helpful in excel. Just Download & install it.
The extra menu will be available in your excel with too many good functions.....
http://www.asap-utilities.com/download-asap-utilities.php
Below is link for ASAP Utilities. It will be very helpful in excel. Just Download & install it.
The extra menu will be available in your excel with too many good functions.....
http://www.asap-utilities.com/download-asap-utilities.php
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The Delhi High Court has on April 18, 2009 struck down the levy of service tax on renting of immovable property as "unconstitutional".
For_Immediate_Release:
India, Republic of (Press Release) April 18, 2009 --
The Delhi High Court has today struck down the levy of service tax on renting
of immovable property as "unconstitutional", while deciding 26 writ petitions of different petitioners, by a combined order. The division bench of the Delhi High Court comprised of Mr. Justice Badar Durrez Ahmed and Mr. Justice Rajiv Shakdher observed that service tax
shall not be levied on renting of immovable property. Alishan Naqvee, Advocate, LexCounsel Law Offices, who represented his clients in two of the petitions disposed off today, tells that the category of "renting of immovable property service" was introduced by the Finance Act of 2007. This, in effect brought renting, letting, leasing, licensing or other similar arrangements of immovable property for use in the course of furtherance of business and commerce, within the service tax net with effect from June 1, 2007. This new levy severely impacted business models across India as most of the rent arrangements did not even stipulate it beforehand. The businesses across India opted to en masse challenge the constitutionality of levy of service tax on rent, on the primary grounds that renting does not involve any service, and the Central Government is not empowered to tax consideration for transfer of rights in immovable property, being a state subject as per the Constitution of India. Few High Courts, including the High Court of Mumbai, Delhi, Gujarat, Andhra Pradesh, Kolkata and Chennai reportedly granted interim reliefs to the petitioners from payment of service tax until final disposal of their matters. The stays were however granted subject to undertakings by the petitioners, mainly tenants, to deposit the service tax amount with the Government if the tax was ultimately held constitutional. The Delhi High Court however is the first High Court to deliver the final order in the matter that would have persuasive value for the other High Courts.
The detailed order of the Delhi High Court is expected to be available within the next couple of working days. One issue that needs to be seen is whether the Delhi High Court has expressly limited the applicability of its judgment to its territorial jurisdiction. Notably, while granting interim orders, the Delhi High Court had expressed that the stays would be operative within the territorial jurisdiction of the Court. Consequently, a number of petitioners, having operations in multiple states, were constrained to knock at the doors of the other High Courts. To avoid multiplicity of litigation, the Union of India preferred a transfer petition to the Supreme Court of India seeking transfer of all writ petitions pending before different High Courts of India, to the Delhi High Court for single window adjudication. It is open for the Government to prefer an appeal before the Supreme Court of India, challenging the decision of the Delhi High Court. The judgment however delivers great relief to the business by helping liquidity in the current times.
compiled by CA Rajesh P Langalia
The Delhi High Court has on April 18, 2009 struck down the levy of service tax on renting of immovable property as "unconstitutional".
For_Immediate_Release:
India, Republic of (Press Release) April 18, 2009 --
The Delhi High Court has today struck down the levy of service tax on renting
of immovable property as "unconstitutional", while deciding 26 writ petitions of different petitioners, by a combined order. The division bench of the Delhi High Court comprised of Mr. Justice Badar Durrez Ahmed and Mr. Justice Rajiv Shakdher observed that service tax
shall not be levied on renting of immovable property. Alishan Naqvee, Advocate, LexCounsel Law Offices, who represented his clients in two of the petitions disposed off today, tells that the category of "renting of immovable property service" was introduced by the Finance Act of 2007. This, in effect brought renting, letting, leasing, licensing or other similar arrangements of immovable property for use in the course of furtherance of business and commerce, within the service tax net with effect from June 1, 2007. This new levy severely impacted business models across India as most of the rent arrangements did not even stipulate it beforehand. The businesses across India opted to en masse challenge the constitutionality of levy of service tax on rent, on the primary grounds that renting does not involve any service, and the Central Government is not empowered to tax consideration for transfer of rights in immovable property, being a state subject as per the Constitution of India. Few High Courts, including the High Court of Mumbai, Delhi, Gujarat, Andhra Pradesh, Kolkata and Chennai reportedly granted interim reliefs to the petitioners from payment of service tax until final disposal of their matters. The stays were however granted subject to undertakings by the petitioners, mainly tenants, to deposit the service tax amount with the Government if the tax was ultimately held constitutional. The Delhi High Court however is the first High Court to deliver the final order in the matter that would have persuasive value for the other High Courts.
The detailed order of the Delhi High Court is expected to be available within the next couple of working days. One issue that needs to be seen is whether the Delhi High Court has expressly limited the applicability of its judgment to its territorial jurisdiction. Notably, while granting interim orders, the Delhi High Court had expressed that the stays would be operative within the territorial jurisdiction of the Court. Consequently, a number of petitioners, having operations in multiple states, were constrained to knock at the doors of the other High Courts. To avoid multiplicity of litigation, the Union of India preferred a transfer petition to the Supreme Court of India seeking transfer of all writ petitions pending before different High Courts of India, to the Delhi High Court for single window adjudication. It is open for the Government to prefer an appeal before the Supreme Court of India, challenging the decision of the Delhi High Court. The judgment however delivers great relief to the business by helping liquidity in the current times.
compiled by CA Rajesh P Langalia
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DEPRECIATION ON NEW COMMERCIAL VEHICLES:
The eligibility for claiming depreciation @50% on New Commercial Vehicles has been extended from 1st April,2009 to 1st October,2009. Hence, the new commercial vehicles acquired upto 30th September,2009 are eligible for claiming higher depreciation @50%
New Depreciation Schedule
III. MACHINERY AND PLANT
(via) New commercial vehicle which is acquired on or after the 1st day of January, 2009 but before the 1st day of [April, 2009] October,2009 and is put to use before the 1st day of [April, 2009] October,2009 for the purposes of business or profession [See paragraph 6 of the Notes below this Table] 50.
Income-tax (Eleventh Amendment) Rules, 2009 - Amendment in New Appendix 1
NOTIFICATION NO. 37/2009 [F.No.142/01/2009-TPL],
DATED 21-4-2009
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules 1962. Namely:
1. 1. (1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2009.
(2) They shall come into force with effect from the 1st day of April, 2010.
2. 2. In the Income-tax Rules, 1962, in the Table to New Appendix 1, in Part-A relating TANGIBLE ASSETS, under the heading III, MACHINERY AND PLANT, in sub-item (via) of item (3), for the words and figures 1st day of April, 2009, the words and figures 1st day of October, 2009 shall be substituted at both the places.
compiled by CA Rajesh P Langalia
Tuesday, April 14, 2009
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Satyam ex-CFO gives clean chit to PwC in fraud
April, 06th 2009
In a significant development, former Satyam Computer CFO Vadlamani Srinivas has told representatives of the Institute of Chartered Accountants
of India (ICAI) — the apex regulatory body for chartered accountants in India — that auditors S Gopalakrishnan and Talluri Srinivas of audit firm Price Waterhouse had no role to play in the fraud, as they were given forged documents by the company management.
Mr Srinivas admitted that the fraud at the software company, which rocked the Indian corporate world, was entirely perpetrated by former chairman B Ramalinga Raju, with the active involvement of the CFO (Mr Srinivas himself), the company’s managing director B Rama Raju and cost accountant G Ramakrishna.
Mr Srinivas was interrogated on Sunday by a committee set up by the ICAI at Hyderabad’s Chanchalguda jail. “We heard his (Mr Srinivas’) admission today (Sunday) and we also spoke to the auditors. The high-powered committee will continue with its investigation and come out with its report later,” ICAI president Uttam Prakash Agarwal told ET after interrogating the former CFO and the two auditors.
Audit firm Price Waterhouse and the two auditors had been pulled up due to their alleged complicity in the Rs 7,000-crore fraud, ever since disgraced Satyam founder B Ramalinga Raju admitted on January 7 that accounts at his company had been falsified. When contacted, a Price Waterhouse spokesperson declined to comment.
The fraud at Satyam turned the spotlight on auditors and has now made the audit process in India Inc more stringent, with existing auditors of various companies delaying the finalisation of accounts in order to verify all statements given by managements. ICAI was given permission by the Andhra Pradesh High Court to question Mr Srinivas and the two auditors.
The ICAI president said the auditors were questioned mainly on accounting and auditing aspects and to check whether they followed the right methods of accounting.
According to Mr Srinivas, the accounts were allegedly tampered by the chairman and the managing director, along with cost accountant G Ramakrishna. “I regret the whole affair. I was just following the orders of my master,” Mr Srinivas is believed to have told the ICAI committee, which also consisted of ICAI central council member Shantilal Daga.
“I twice offered to resign, but was asked to stay back by the chairman, as it would have affected the interests of the over 54,000 employees,” Mr Srinivas added.
According to the CFO, sales invoices and bank statements were falsified, and interactions between Satyam auditors and the company’s banks were limited, as the correspondence was routed through the chairman and the MD.
“Mr Ramakrishna implemented the fraud under the direction of the chairman himself,” Mr Srinivas is reported to have said in his admission to the ICAI members.
The Central Bureau of Investigation (CBI), which is currently spearheading the investigations into the Satyam fraud case, jointly with Sebi and the Serious Fraud Investigation Office. CBI had recently said it was planning to file the first chargesheet on April 9. It also said B Ramalinga Raju and his brother B Rama Raju were not co-operating in the investigations, and that the agency was planning to put them through a lie-detector test.
The fraud came as a surprise to the entire corporate world, as Satyam Computer is an SEC-registered company. The accounting fraud, reportedly spread over five years, escaped the attention of SOX committees (panels that oversee the implementation of the Sarbanes-Oxley norms), Sebi, the stock exchanges and most regulatory agencies.
compiled by CA Rajesh P Langalia
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