CAduniya.com : CA India Blog

The Institute of Chartered and Works Accountants of India (ICWA), southern region, saw a drop in salary levels offered in the seventh edition of campus placements. About 305 candidates who cleared the final exams appeared for placements, with 166 candidates bagging offers.
“The minimum salary offered this year was Rs 3.5 lakh per annum and the maximum salary offered was Rs 7 lakh. This is lower than the salary levels of between Rs 6- 14 lakh offered last year,” Raju Iyer, chairman of coaching committee of ICWA, said. This year’s recruiters included Rane Holdings, Scope International, BGR Energy Systems, Lucas TVS and TVS Electronics.
Iyer noted that the focus of the campus placement was on manufacturing companies, where the demand for cost accountants has risen.
ICWA has signed a memorandum of understanding with Institute of Chartered and Management Accountants of Oman to design their course curriculum. It has also entered an understanding with UK-based Chartered Institute of Management Accountants to allow mutual advance entry for students into both of the accountancy bodies’ professional examinations.
The institute has also launched a slew of training programs for knowledge upgradation of its members. For an annual subscription of Rs 8,000, companies would be permitted to participate in at least ten equivalent training programs/workshops organised by the Institute.

By Sanjay Vijay Kumar / Source

MUMBAI: Expecting a reduction in lending and deposit rates by banks, the Reserve Bank of India on Tuesday reduced the key indicative short-term rates by 25 basis points.

“Within the policy rate adjustment already effected by the RBI, there is scope for banks to further reduce lending rates so as to ensure credit flow for all productive economic activity. We hope and expect that banks will play their part in the economic adjustment process by passing on the benefits of lower interest rates to their customers,” said RBI Governor D. Subbarao while announcing the Annual Policy 2009-10

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According to Commtrendz Research’s report on Indian Rupee, immediate supports are at 50.02-49.93 followed by 49.65-49.55. Immediate resistance
falls around 50.50/50.60 followed by 50.90-51.00 levels.

Commtrendz Research has come out with its report on Indian Rupee MCX-SX futures, “The MCX-SX April Rupee futures opened weaker at 50.10, lower by 21 paise from previous close but quickly strengthened to 49.98 at 9:15 am. The BSE Sensex opened higher at 11065 and was seen trading at higher at 11141 at 10:15 am. The Euro continued its downslide against the dollar on Monday due to uncertainty over policy steps that the European Central Bank
may take and due to concerns the European economy will deteriorate further. It fell to its lowest in a month against the dollar. The Dow Jones traded in a narrow trading range and closed higher by 6 points on Friday. One-month offshore non-deliverable forward contracts were quoting at 50.08/18, weaker than the onshore spot rate. Most Asian currencies were also trading weaker
against the dollar.”

source

New TDS Compliance Statement

• New Form 24C in introduced
• This form is to be submitted every quarter electronically
• For each TDS section , monthly figures are to be given in respect of
  • Total expense or capital outgo under the section
  • Total amount on which TDS was to be deducted
  • Total amount on which TDS deducted at normal rate / TDS amount
  • Total amount on which TDS deducted at lower rate / TDS Amount
  • Total TDS = TDS at normal rate + TDS at lower rate

eTDS Statements

• Form 24Q/ 27Q formats have been modified
• In deductee wise details , Unique Transaction No is to be given
• eTDS Statements in Form 24Q, 26Q,27Q are to be submitted only once a year on or before 15^th June

The Bombay Stock Exchange scaled to a three-month high at midsession on Thursday by adding over 475 points ahead of a gathering of world leaders in London to consider an agenda aimed at ending the global economic slump.

After a better start, the Sensex surged 475.47 points at 10,377.46 at 1245 hours, a level last seen on January 6, as funds indulged in buying heavy-weight stocks led by interest-sensitive realty and banking sectors on expectations of interest rate cuts.

The National Stock Exchange index Nifty spurted by 141.80 points at 3,202.15 at the same time.
Marketmen said the buoyancy was based on expectations that the G-20 summit of world leaders is likely to ease the worst economic crisis since the 1930s.

They said low inflation may induce rate cuts by the RBI, somethingg which would boost sales of homes and consumer durables.