my roll model Sachin Tendulkar....... He is the best

Dedicated to Sachin fans... ......

"Destined to be a great" -Barry Richards.
 

"He is 99.5 percent perfect. I'd pay to see him" - Viv Richards.
 

"Don't bowl him bad balls, he hits the good ones for fours" - Michael Kasprowicz.
 

"It's scary, where the hell do we bowl to him" -Allan Border.
 

"There is no shame being beaten by such a great player. We didn't lose to Team India . We Lost to Sachin Tendulkar" -Steve Waugh.
 

"If I've to bowl to Sachin, I'll bowl with my helmet on. He hits the ball  so hard" - Dennis Lillee.
 

"I'd like to see him go out and bat one day with a stump. I tell you he'd  do okay" -Greg Chappell.
 

"Cricketers like Sachin come once in a lifetime and I am privileged he   played in my time" - Wasim Akram.
 

"The pressure on me is nothing as compared to Sachin Tendulkar. Sachin, like God, must never fail. The crowd always expects him to succeed and it is too much pressure on him" -Mark Waugh.
 

"Everybody gets 15 minutes of fame. But if there's one person I've admired over a 15-year of period, it's definitely Sachin." - Brain Lara
 


"I'll be going to bed having nightmares of Sachin just running down the wicket and belting me back over the head for six. He was unstoppable. I don't think anyone, apart from Don Bradman, is in the same class as Sachin Tendulkar. He is just an amazing player" -Shane Warne.
 


"I saw him playing on television and was struck by his technique, so I asked my wife to come look at him. Now I never saw myself play, but I feel that this player is playing much the same as I used to play, and she looked at him on Television and said yes, there is a similarity between the two... his compactness, technique, stroke production... it all seemed to gel" -Sir Donald Bradman.
 

"In an over I can bowl six different balls. But then Sachin looks at me with a sort of gentle arrogance down the pitch as if to say 'Can you bowl me another one?'" - Adam Hollioke
 

You might pitch a ball on the off stump and think you have bowled a good ball and he walks across and hits it for two behind midwicket. His bat looks so heavy but he just waves it arounad like it's a toothpick? -Brett Lee
 

You have to decide for yourself whether you're bowling well or not. He's going to hit you for fours and sixes anyway? -Micheal Kasprowicz
 

Technically, you can't fault Sachin. Seam or spin, fast or slow ? Nothing is a problem? -Geoffrey Boycott.
 

His life seems to be stillness in a frantic world... [When he goes out to bat], it is beyond chaos - it is a frantic appeal by a nation to one
man. The people see him as a God... ?     Mathew Hayden, on Sachin Tendulkar.
 

"The fact of the matter is that India still needs Sachin in a big way. All this talk of the youngsters taking over is very foolish. The reason why Tendulkar is so important for the team is because of his ability to inspire others and make them perform under pressure" - Some day on "Times of India".
 
 
 

And, this is the best!!! (A True fan of Sachin carried this Banner in a match..)
 
"Commit all your crimes when Sachin is batting. They will go unnoticed because even the Lord is busy watching him batting!!!."

life requires goal.... how small it is

કોઈ એક ગામમાં અજરામ નામનો એક ભાટ રહેતો હતો. તે આળસુનો પીર હતો. ખાવુંપીવું અને ઊંઘવું એમાં એ આખો દિવસ પસાર કરતો હતો. એ સિવાય એને બીજું કાંઈ કામ નહોતું. એ મોટો થયો ત્યાં સુધી એના પિતાએ એનું પોષણ કર્યું. એના પિતાએ કામધંધો કરવા એને ઘણું સમજાવ્યો પરંતુ એ માન્યો નહિ. એ તો આળસુ જ રહ્યો. એના પિતાના મરણ પછી એની કફોડી સ્થિતિ થઈ. ઘરમાં જે ધન હતું તે બધું ખરચાઈ ગયું.

એક દિવસે એની પત્નીએ એને કહ્યું : ‘આમ આળસુ થઈને ક્યાં સુધી બેસી રહેશો ? ઘરનું બધું ધન ખાવાપીવામાં વપરાઈ ગયું છે. હવે શું ખાશો. ધ્યેય વગરનું જીવન નકામું છે. જીવનમાં કોઈ ને કોઈ લક્ષ્ય હોવું જોઈએ. લક્ષ્ય વગરનું જીવન સુકાન વગરના વહાણ જેવું છે. ગમે તે બાજુ તણાઈ જાય ! બધા લોકો પોતાના જીવન સાથે કંઈક લક્ષ્ય રાખીને જીવે છે. જ્યારે તમારે તો લક્ષ્ય જેવું કંઈ છે જ નહિ. હજુ કંઈ બગડી ગયું નથી. જીવનમાં કંઈક લક્ષ્ય રાખશો તો સુખી થશો.’

અજરામ આળસુ હતો તેથી જીવનમાં મોટું લક્ષ્ય તો તેનાથી પળાય એમ હતું જ નહિ. છતાં કંઈક લક્ષ્ય તો હોવું જ જોઈએ એવું તેને લાગવા માંડ્યું હતું અને પત્ની પણ આખો દિવસ દબાણ કર્યા કરતી હતી. જીવનમાં જેનાથી ઓછી મુસીબત પડે એવું લક્ષ્ય રાખવાનો અજરામે નિર્ણય કર્યો. પત્નીને બોલાવીને તેણે કહ્યું : ‘તારી ઈચ્છા હોવાથી આજથી મેં મારા જીવનનું ધ્યેય નક્કી કરી દીધું છે. આજથી હું આપણા પાડોશી ધનજી કુંભારના ગધેડાના કાન પકડીને પછી જ ખાઈશ. જ્યાં સુધી કાન નહિ પકડું ત્યાં સુધી ખાઈશ નહિ.’ અજરામની પત્નીને અજરામની આવી પ્રતિજ્ઞા સાંભળીને હસવું આવ્યું, પરંતુ તેણે મનમાં વિચારીને કહ્યું : ‘ભલે, જીવનમાં કશું ધ્યેય ન હોય એના કરતાં કંઈક પણ ધ્યેય હોય એ સારું છે.’

હવે દરરોજ સવારે અજરામ ધનજી કુંભારના ગધેડાના કાન પકડીને પછી જ જમે છે. આવી રીતે કેટલાક દિવસો પસાર થઈ ગયા. એક દિવસે વહેલી સવારે ઊઠીને ધનજી કુંભાર પોતાના ગધેડાને લઈને દૂર માટી લેવા માટે ચાલ્યો ગયો હતો. અજરામ ઊઠ્યો ત્યારે એને ખબર પડી કે ધનજી ગધેડાને લઈને માટી લેવા ચાલ્યો ગયો છે. આજે ધનજી મોડેથી ઘેર આવવાનો હતો તેથી અજરામ ગધેડાનો કાન પકડવા માટે ધનજી જ્યાં ગયો હતો ત્યાં ચાલી નીકળ્યો. ધનજી કુંભાર જ્યાં માટી ખોદતો હતો ત્યાંથી તેને માટી ખોદતાં ખોદતાં જમીનમાંથી સોનાનો ઘડો મળ્યો હતો. જમીનમાંથી ઘડો કાઢીને ધનજી ગધેડાની ગૂણમાં મૂકવા જાય છે ત્યાં અજરામ ભાટ આવી પહોંચ્યો. અજરામને જોઈને ધનજી ગભરાઈ ગયો.
અજરામે પૂછ્યું : ‘કેમ ધનજીભાઈ, આ ઘડો ક્યાંથી લાવ્યા ?’
ધનજી કુંભારે કહ્યું : ‘માટી ખોદતાં જમીનમાંથી ઘડો નીકળ્યો છે. એમાં સોનામહોરો છે. તમે રાજાને કહેશો નહિ, નહિ તો તેઓ ઘડો પડાવી લેશે. આપણે બંને જણા અડધી અડધી સોનામહોરો વહેંચી લઈશું.’ અજરામ તો ખુશ થઈ ગયો. બંને જણા અડધી અડધી સોનામહોરો લઈને ઘેર ગયા. અજરામને એના જીવનના ધ્યેયનું ફળ મળ્યું હતું. એ પછી અજરામ ભાટ પોતાના ધ્યેય પ્રમાણે વર્તીને આનંદથી રહેવા લાગ્યો.

New virus:..... beware if u get mail

It was apparently checked with Norton Anti-Virus, and they are gearing up for this virus! 
Snopes was also apparently checked, and it is for real. Get this E-mail message sent around to all your contacts ASAP.

 

PLEASE FORWARD THIS WARNING AMONG YOUR FRIENDS, FAMILY AND CONTACTS!

 

You should be alert during the next few days. Do not open any message with an attachment entitled 'POSTCARD FROM HALLMARK, regardless of who sent it to you. It is a virus which opens A POSTCARD IMAGE, which 'burns' the whole hard disc C drive of your computer.

 

This virus will be received from someone who has your e-mail address on his/her contact list. That is the reason why you need to send this e-mail to all your contacts. It is better to receive this message 25 times than to receive the virus and open it!

 

If you receive a mail called' POSTCARD,' even if it is sent to you by a friend, do not open it! Shut down your computer immediately. This is the worst virus announced by CNN.

 

It has been classified by Microsoft as the most destructive virus ever. This virus was discovered by McAfee yesterday, and there is no repair yet for this kind of virus. This virus simply destroys the Zero Sector of the Hard Disc, where the vital information is kept.

 

COPY THIS E-MAIL, AND SEND IT TO YOUR FRIENDS.
REMEMBER: IF YOU SEND IT TO THEM, YOU WILL BENEFIT ALL OF US

Good news for CAs: CAG called for an increase in statutory audit fees of public sector undertaking

The country’s apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings (PSUs), the CAG said that with high inflation leading to audit cost escalation and increased compliance burden on auditors, it was “prudent’’ that the fees paid to auditors should be raised. 
“Considering the volume of work, category of professionals deployed, growth in companies and rise in cost of audit due to inflation, it is necessary that the audit fees are increased,” a CAG official told , requesting anonymity.

While it is for the managements of the respective companies to take a call on the issue of fixing audit fees, a missive from the CAG is likely to be taken seriously by PSUs, the official said. There has been negligible increase in audit fees paid by PSUs over the past few years.

The CAG’s suggestion on increasing audit fees follows a series of correspondence it carried out with the Institute of Chartered Accountants (ICAI) which has been pushing for a hike to make the job of carrying out statutory annual audits for PSUs lucrative for the domestic CA firms.

Statutory audits of big PSUs often involve more than one CA firm. For instance, NTPC had engaged 6 firms in last year’s annual audit while IOC and ONGC had employed 3 and 5 audit firms respectively. Although larger firms are more generous with the fees paid to auditors, the problem lies with the smaller PSUs which shelve low amounts.

“We take PSU audit as our responsibility to the society and not as an opportunity to make money. But with the cost of compliances increasing, we feel that adequate compensation should be given to PSU auditors,” said ICAI president Uttam Prakash Agarwal. He said that with greater compliances being undertaken to keep up with the stricter norms introduced by the CAG last year, there was a need to adequately compensate auditors for it.

With PSU audit fees often as low as Rs 20,000-25,000, the increase in the fee structure will surely improve quality of the audit process, another official said. Since government auditors are being paid substantially lower fees as compared to CAs working in the private sector, the CAG’s proposal, if taken in the right spirit, will help enhance the quality of audit in PSUs.

Tags: audit fees, CAG, comptroller and auditor general of india, NTPC, psu, public sector undertakings

Income cannot be reassessed on a mere change of opinion

Income cannot be reassessed on a mere change of opinion

In a recent ruling Supreme Court (SC) [2010-TIOL-06- SC-IT-L13] in the case of Kelvinator of India Ltd. (Taxpayer) held that income cannot be reassessed on a mere change of opinion, as that would imply conferring arbitrary powers on the Tax Authority. It is only when there is a ‘tangible material’ to believe that income has escaped assessment that the power of reassessment can be exercised and the reasons for reassessment must have a live link with the formation of the belief.

Background

4   The pre-amended provision of the ITL empowered the Tax Authority to reassess the income if it has ‘reason to believe’ that income has escaped assessment either because (a) the taxpayer has not disclosed fully and truly all material facts necessary for assessment or (b) as a consequence of information in Tax Authority’s possession.

4  Subsequently, by an amendment, the aforesaid conditions (a) and (b) were dropped and the concept of reason to believe was substituted by the concept of ‘opinion of the tax authority’. This implied that the Tax Authority could reassess the income, if, in its opinion, the income has escaped assessment.

4   However, upon resistance from the taxpayer community, the ITL was again amended to restore the concept of reason to believe in place of the concept of opinion of the tax authority.

Facts of the case

4   The Taxpayer had filed the return of income along with annual report, tax audit report etc. Subsequently, it filed a revised return to claim certain expenses which were not claimed in the original return. In the assessment, the deduction for the expenditure was granted without discussing this particular aspect in the assessment order. However, subsequently, the Tax Authority reassessed the income on the ground that it had reason to believe that income has escaped assessment because (a) The expenditure claimed in the revised return was not deductible as the claim was inconsistent with the tax audit report. (b) The deduction for interest expenditure that had accrued in the previous year, being a prior period expense, was not allowable.

4   The Taxpayer challenged the reassessment before the first appellate authority which ruled in favor of the Taxpayer. Aggrieved by this order, the Tax Authority appealed to the Income Tax Appellate Tribunal which ruled in favor of the Taxpayer, inter-alia, for the reason that the reassessment, pursuant to change of opinion, is not permissible. Thereafter, the Tax Authority preferred an appeal before the High Court (HC).

Contentions of the Tax Authority before the HC

4   As there was no discussion in the original assessment order in respect of the items that have been reassessed, it must be construed that the order was passed without the application of mind.

4   The tax audit report filed with the return of income was the ‘information’, pursuant to which, it had reason to believe that the income has escaped assessment.

4   The change of opinion is a valid reason for the Tax Authority to reassess the income.

Contentions of the Taxpayer before the HC

4   The information (tax audit report) was already available at the time of assessment. It was not information received post-assessment, that could enable the Tax Authority to exercise its power of reassessment.

4   The reassessment on a mere change of opinion is not permissible under the ITL.

Ruling of the HC

4   The reassessment is not permissible on the basis of information that was available to the Tax Authority at the time of assessment.

4   If it is held that the Tax Authority has the power to reassess the income when the assessment is carried out without application of mind, the Tax Authority would benefit from its own error.

4   The absence of discussion on a particular aspect in the assessment order does not mean lack of application of mind.

4   The change of opinion by the Tax Authority cannot be the basis for reassessment of the income, as that would imply conferring arbitrary powers on the Tax Authority.

4   The legislative history of the amendment to the relevant provisions of the ITL, read with the CBDT Circular No. 549 dated 31 October 1989 issued by the Central Board of Direct Taxes (CBDT) explaining the amendment, clearly indicates that a change of opinion cannot be a reason to believe for the Tax Authority to conclude that any income has escaped assessment.

Aggrieved by the HC ruling, the Tax Authority appealed to the SC.

Ruling of the SC

4   Post the amendment, the condition to be fulfilled under the relevant provisions of the ITL is that the Tax Authority has reason to believe that the income has escaped assessment. Therefore, the scope of the power to reassess is much wider. However, the phrase ‘reason to believe’ needs schematic interpretation, failing which, arbitrary powers would be vested with the Tax Authority to reassess the income on the basis of mere change of opinion which cannot, per se, be the reason to reassess.

4   Conceptual difference between power to ‘review’ and power to ‘reassess’ needs to be observed. The Tax Authority has the power to reassess and not the power to review.

4   The concept that the change of opinion cannot be the basis of reassessment is an inbuilt test to be construed to prevent abuse of power by the Tax Authority.

4   The reassessment needs to be based on tangible material.

4   The reason for reassessment must have a live link with the formation of the belief.

4   The legislative history of the amendments to the relevant provisions of the ITL and the CBDT circular explaining the amendment support the conclusion that mere change of opinion, per se, cannot be the basis for reassessment of income.

Comments

Post amendment to the relevant provisions of the ITL, judicial views were divided as to whether a mere ‘change of opinion’, per se, would empower the Tax Authority to reassess the income. This SC ruling clarifies that there has to be some ‘tangible material’ in possession of the Tax Authority to

reassess the income and that mere change of opinion by the Tax Authority would not enable it to reassess the income.

The taxpayers, that have made adequate disclosures in the return of income or in the course of assessment proceedings, would be on a stronger footing to counter any attempt by the Tax Authorityto reassess the income, whether or not the concerned subject matter has been discussed in the assessment order.

duplicate note of 1,000/- Beware of series 2 AQ and 8 AC

Do take note.

Of the NOTE not to be accepted..

Avoid accepting Rs.1,000/- note of series 2 AQ and 8 AC
More than 2.00 CR duplicate notes worth Rs.2, 000 CR have already entered India .
Copy of this circular from RBI is also attached.
Please read & pass it on to Family & Friends.

Annual budget on February 26: Pranab Mukherjee

New Delhi: The government will present its annual budget on February 26 and was aiming at enacting legislation in the second half of this year for introducing a new Goods and Services Tax (GST), said the Finance Minister on Saturday.

Pranab Mukherjee said the growth rate of the economy could touch 8 percent in the fiscal year to March 2010, faster than 6.7 percent in the previous year.

A raft of stimulus through tax cuts and higher spending by the government, coupled with theReserve Bank of India's aggressive rate cuts and infusion of liquidity in financial markets helped the economy weather the global slump faster than most nations.

With faster growth in output in recent months and rise in inflation, India is widely expected to withdraw some of its fiscal stimulus in the forthcoming budget.

"Budget will be presented on February 26," Mukherjee told reporters at a luncheon meeting but gave no details.

Industry bodies have urged the government to extend fiscal stimulus by six months this year, but a 16-year high fiscal deficit of 6.8 percent of gross domestic product estimated for 2009/10, has left little room for extending tax concessions.

Mukherjee said it would take 7-8 months for the government to bring in legislations for introducing GST, which was earlier scheduled on April 2010.

The centre and state government are now still debating the rates of proposed GST, which would replace a multitude of levies such as excise duty, service tax, value-added tax, and ease the burden of industry.

The government expects the proposed tax reform along with higher growth in the economy leading to more revenues and stake sales in state-run firms, could help lower the fiscal deficit in 2010/11 to an estimated at 5.5 percent.

Sunil Mitra, a Secretary in the Finance Ministry looking at disinvestment of state-run firms, said some of the big-ticket share sales including that of Steel Authority of India Ltd and Coal India Ltd would come in the next fiscal year.

An initial public offering of telecoms firm BSNL was also likely in 2010/11, he said.

India aims to sell shares of about 60 state-run firms in the coming years, with offers for power utility NTPC, miner NMDC, Rural Electrification Corp and Satluj Jal Vidyut expected by end-March 2010, Mitra said.

Regards,

CA Aksaht Vithalani

3 Idiots review

3 Idiots

It’s a film that establishes an emotional connect, appeals to your heart rather than your head. In many ways, it’s Munnabhai 3.

Starring: Aamir Khan, R. Madhavan, Sharman Joshi, Kareena Kapoor, Boman Irani
Directed by Raj Kumar Hirani

The film came when Outlook had gone on its year-end break. It has been loved and appreciated by many and criticised by quite a few. It has also been in the thick of controversy for being based on Chetan Bhagat’s Five Point Someone and not acknowledging it properly. So what do we think of the film on which the last word keeps getting written every day?
Well, this is an old-fashioned, mainstream film that has something for everyone, its appeal cutting across all age groups—from cheeky teenagers to sombre grandparents. It’s a film that establishes an emotional connect, appeals to your heart rather than your head. In many ways, it’s Munnabhai 3. The trinity of Aamir, Madhavan and Sharman as three misfit, engineering students are an extension of Munna and Circuit, telling us the essential truths of life with light-hearted banter. There is a moral tone but you enjoy the lessons Raju Hirani teaches you. And for someone who has been forced to go through the mind-numbing rigour mill of IIT-JEE, REC, PMT etc, it strikes a huge chord.
Hirani’s childlike sense of fun does go risque and politically incorrect in the vignettes of college life. But then, isn’t irreverence, impertinence and colourful lingo the trademark of being young? The standout scene is the one in which Hirani plays out the downbeat penury of a family in ’50s sepia tones and a very upbeat mode. There are two other delightful throwaway moments: a man taking pictures of a group of identical burqa-clad women in Shimla and the DDLJreference, when the father allows his son to pursue wildlife photography saying: “Jaa betey, apni zindagi jee le”.
Aamir may have hogged the film’s marketing but doesn’t quite dominate the film. He is the pivot, yet the dramatic, playing-to-the-gallery moments go to the rest of the cast, especially the opera-obsessed, lisping Boman and the rag-tag Sharman. On the flip side, the script goes outlandish (webcam and vacuum cleaner-aided delivery scenes) in the second half and the tragic suicide scenes are played out too abruptly. But we had fun.

The government will allow companies to adjust the fringe benefit

The government will allow companies to adjust the fringe benefit

tax (FBT) paid by them against the advance tax due in the March
quarter,
reducing the hazard of claiming a refund and slightly improving profits at a time of rising costs, said an income-tax department official.

“The Central Board of Direct Taxes has taken an in-principle decision to allow corporates to adjust FBT paid in the first quarter against their advance tax,” he said.

Finance Minister Pranab Mukherjee in his July 2009 Budget scrapped FBT, seen by many as more of a trouble than of help, in significantly raising the government’s revenues. But corporates have paid in advance, a portion of the tax due, in the first quarter that ended in June. It was replaced with a perquisites tax on employees receiving such benefits. FBT, introduced by former finance minister P Chidambaram in 2005, is a kind of a presumptive tax on expenditure incurred by a company on its employees.

Under FBT, some of the benefits such as travel and hotel stay given by an employer to the staff are deemed to be fringe benefits and taxed accordingly. Companies had to pay a 20% tax on such expenses.

A circular will soon be issued clarifying the issue on the adjustment, said the official who did not want to be identified. The government has so far collected about Rs 2,000 crore in the current financial year through the levy, he said.

Just like the corporate advance tax, FBT also had to be paid in four instalments in June, September, December and March.

However, loss-making companies and others such as liaison offices of foreign companies, which do not otherwise have a tax liability, will have to claim a refund.

Although the decision may not add significantly to profits, it could bring in a slight relief for corporates.

It is not yet clear how the individual salaried taxpayers who have paid FBT for gains such as employee stock options (Esops) will adjust it.


Source: Economic Times

Results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM - (08-01-2010)

Results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM - (08-01-2010) January 7, 2010 The results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test) on all India basis will be available on the following website: http://www.caresults.nic.in Arrangements have also been made for the students of Final, Final (New Course) Examinations and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 11th January, 2010. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result. Further facilities have been made for students of Final, Final (New Course) Examinations and Common Proficiency Test (CPT) held in November/December, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance. For getting results through the message students should type: i) for Final Examination result the following CAFNL(space)XXXXX (Where XXXXX is the five digit Final examination roll number of the candidate) e.g. CAFNL 00028 ii) for Final (New Course) Examination result the following CAFNLNW(space)XXXXX (Where XXXXX is the five digit Final (New Course) examination roll number of the candidate) iii) for Common Proficiency Test result the following CACPT(Space)XXXXXX (Where XXXXXX is the six digit Common Proficiency Test roll number of the candidate e.g. CACPT 000171 and send the message to: 52001 - for DOLPHIN AND TRUMP users only 58888 - for all mobile services - India Times 51234] - for Reliance subscribers (Also accessible through R-World and Voice Portal – To call 51234815 from Reliance Mobiles) (G. SOMASEKHAR) ADDITIONAL SECRETARY (EXAMS.)

Source:
www.icai.org

Sharpen Your Skills

Sharpen Your Skills

Once upon a time a very strong woodcutter asked for a job with a timber merchant, and he got it. His salary was really good and so were the working conditions. For that reason, the woodcutter was determined to do his best.

His boss gave him an axe and showed him the area where he was supposed to fell the trees. The first day, the woodcutter brought down 15 trees.

" Congratulations," the boss said. " Carry on with your work!"

Highly motivated by the words of his boss, the woodcutter tried harder the next day, but he only could bring 10 trees down. The third day he tried even harder, but he was only able to bring down 7 trees.

Day after day he was bringing lesser number of trees down.

" I must be losing my strength", the woodcutter thought. He went to the boss and apologized, saying that he could not understand what was going on.

" When was the last time you sharpened your axe?" the boss asked.
" Sharpen? I had no time to sharpen my axe. I have been very busy trying to cut trees..."

That's right. Most of us NEVER update our skills. We think that whatever we have learned is very much enough. But good is not good when better is expected. Sharpening our skills from time to time is the key to succes

-Unknown Author

Regards,

CA Akshat vithalani

learn with fun 

Internal Audit for Credit Rating Agencies (CRAs)

DEPUTY GENERAL MANAGER
MARKET INTERMEDIARIES REGULATION AND SUPERVISION DEPARTMENT
SEBI/MIRSD/CRA/Cir-01/2010
January 06, 2010
All Credit Rating Agencies Registered with SEBI
Dear Sirs,
Sub: Internal Audit for Credit Rating Agencies (CRAs)
It has been decided in consultation with the credit rating agencies (CRAs) that
the audit envisaged under Regulation 22 of the SEBI (Credit Rating
Regulations), 1999 shall include an internal audit to be undertaken in the
following manner:
a. It shall be conducted on a half yearly basis.
b. It shall be conducted by Chartered Accountants, Company Secretaries or
Cost and Management Accountants who are in practice and who do not
have any conflict of interest with the CRA.
c. It shall cover all aspects of CRA operations and procedures, including
investor grievance redressal mechanism, compliance with the
requirements stipulated in the SEBI Act, Rules and Regulations made
thereunder, and guidelines issued by SEBI from time to time.
d. The report shall state the methodology adopted, deficiencies observed,
and consideration of response of the management on the deficiencies.
e. The report shall include a summary of operations and of the audit,
covering the size of operations, number of transactions audited and the
number of instances where violations / deviations were observed while
making observations on the compliance of any regulatory requirement.
f. The report shall comment on the adequacy of systems adopted by the
CRA for compliance with the requirements of regulations and guidelines
issued by SEBI and investor grievance redressal.
2. The time schedule for the internal audit shall be as under:
a. The CRA shall receive the report of the internal audit within two
months from the end of the half-year.
b. The Board of Directors of the CRA shall consider the report and take
steps to rectify the deficiencies, if any, and the CRA shall send an
Action Taken Report to SEBI within next two months.
3. It is clarified that for the half-year October 2009 - March 2010, the CRA
shall receive the report of the internal audit by May 31, 2010. Its Board of
Directors shall consider the report and take appropriate measures to
rectify the deficiencies and the CRA shall send the Action Taken Report
to SEBI by July 31, 2010.
4. This circular is issued in exercise of the powers conferred by Section 11
(1) of the Securities and Exchange Board of India Act, 1992 read with the
provisions of Regulations 19(1), 20 and 22 of the SEBI (Credit Rating
Agencies) Regulations, 1999 to protect the interest of investors in
securities and to promote the development of and to regulate the
securities market.
Yours faithfully,
PRASANTA MAHAPATRA