CORP CA - Loan Scheme for Chartered Accountnats

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI is set up to promote capacity enhancement of members and firms through Networking, Merger and raising core competency of CA professionals.

The Committee has taken a major initiative to arrange financial assistance to all members in practice / firms in the form of specially designed loan scheme through Corporation Bank.

Through the scheme, eligible Chartered Accountants can avail finance for setting up of offices including cost of furniture/fixture/office equipments-computers and other accessories. The scheme would also enable the Chartered Accountants to finance a part of the working capital for building their profession and will also take care of the needs of fresher.

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Long Term Infrastructure Bonds u/s 80CCF

Section 80CCF of the Income-tax Act, 1961 - Deduction - In respect of subscription to long-term infrastructure bonds - Notified long-term infrastructure bond

Notification No. 77/2010 [F.No.178/31/2010-SO(ITA.I), dated 11-10-2010

In exercise of the powers conferred by section 80CCF of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following bonds that shall be subject to the following conditions, as long-term infrastructure bonds for the purposes of the said section, namely:-

(a) Name of the bond: "Long term infrastructure Bond" of India Infrastructure Finance Company Ltd. (IIFCL)

(b) Issuer of the bond: "Long term infrastructure Bond" of India Infrastructure Finance Company Ltd. (IIFCL)

(c) Limit on issuance

(i) The bond shall be issued during the financial year 2010-2011;

(ii) the volume of issuance during the financial year shall be restricted to twenty-five percent of the incremental infrastructure investments made by the issuer during the financial year 2009-2010;

(iii) 'investments' for the purposes of this limit shall include loans, bonds, other forms of debt, quasi-equity, preference equity and equity;

(d) Tenure of the bond-

(i) a minimum period of ten years;

(ii) the minimum lock-in period for an investor shall be five years

(iii) after the lock-in, the investor may exit either through the secondary market or through a buyback facility, specified by the issuer in the issue documents at the time of issue;

(iv) The bonding shall also be allowed as pledge or lien or hypothetication for obtaining loans fromScheduled Commercial Banks, after the said lock-in period;

(e) Permanent Account Number (PAN) to be furnished:- It shall be mandatory for the subscribers to furnish their PAN to the issuer;

(f) Yield of the bond:- The yield of the bond shall not exceed the yield on government securities of corresponding residual maturity as reported by the Fixed Income Money Market and Derivatives Association of India (FIMMDA), as on the last working day of the month immediately preceding the month of the issue of the bond;

(g) End-use of proceeds and reporting or monitoring mechanism-

(i) The proceeds shall be utilized towards ‘infrastructure lending’ as defined by the Reserve Bank of India in the Guidelines issued by it

(ii) the end-use shall be duly reported in the Annual Reports and other reports submitted by the issuer to the Regulatory Authority concerned, and specifically certified by the Statutory Auditor of the issuer;

(iii) the issuer shall also file these along with term sheets to the Infrastructure Division, Department of Economic Affairs, Ministry of Finance within three months from the end of financial year.

Fresh Guidelines for disbursement of refunds - Trade Circular 22T of 2010

In supersession of all earlier trade circulars relating to grant of refunds, the above circular is issued for fresh guidelines for disbursement of refunds under MVAT.

Click here for the text of the circular. 

Draft Bank Branch Auditors' Panel 2010-11

The ICAI has prepared The draft Bank Branch Auditors’ panel for the year 2010-11.

Click here for the details.