The fund generated a lot of interest immediately after Prime Minister Narendra Modi announced its formation of the fund in the last week of March after the COVID-19 outbreak and appealed for donations, prompting several private firms, government bodies and individuals, including celebrities, to donate money.
The Ministry of Corporate Affairs (MCA) has shelved its idea of auditing the books of listed companies by independent auditors.
Effective tax rate is the portion of profits which companies pay as corporate tax after seeking exemptions, as against the statutory tax rate of 33.9 per cent.
Even the CBI has filed a case against some unknown officials of the DoT for conniving with private companies for manipulation of licence terms and conditions.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Over the next five years, it will be Narendra not Nitish who will be under pressure to deliver vikas and atmanirbharta in Bihar, notes Kanika Datta.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
These benefits would only be available to individuals and corporates, and professionals like auditors will not be able to use this route as they are duty-bound to report any wrongdoing.
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
RBI proposed that at least half of the compensation of a CEO should be variable. It also said that stock options should be part of the variable pay, against the extant practice of keeping it beyond and above the scope of the official compensation package.
With audits being taken up in a host of areas including private firms now, the process demands trained manpower.
The probe agency has found that the company's vast network of sales agents across the globe was not independent of Jet Airways and several of these entities were linked to its founder, Naresh Goyal.
The dreaded Kashmiri terrorist outfit Hizbul Mujahideen may be receiving money through a Pakistan-based agency from an Islamic charity in Canada engaged in helping the poor and needy in this country.
The Supreme Court appointed Lodha Committee has told the Indian Cricket Board (BCCI) that the "proposed MoU" between England and Wales Cricket Board (ECB) and the BCCI "is not a part of the mandate" and no directions can be issued on payments unless details are furnished.
'We don't have any agenda in that, there will be no discrimination against anyone. Constitution will be Gita in that'
'In China there is capital punishment for heritage theft. That is how they treat criminals, unlike us.' 'Here we treat them like it's a house-breaking theft.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
In an attempt to avoid Satyam-like frauds, a Sebi panel has suggested rotation of audit partners signing the accounts and giving more teeth to the company's audit committee.
This comes on the heels of the department of telecom appointing private auditors to look into the books of telcos after it was detected that some of the operators were diverting revenues in segments which attracted lower licence fee.
Rahul Khullar's guiding credo was that a civil servant must never lose sight of his client: The little guy. The evil men are those who are decision-makers but abdicate their responsibility of taking decisions, leading people to lose confidence in public institutions.
Charges against Raju and others include criminal conspiracy and forgery.
Bogged down by kickback charges, the Scorpene submarine deal has now come under criticism from the Comptroller and Auditor General for the delay involved and financial "advantage" given to the French company. In its latest audit report tabled in Parliament on Saturday, the Comptroller and Auditor General came down heavily on the Defence Ministry for the nine-year delay.
The report said a dedicated organisation for dealing with safety issues awaits government's sanction.
The Supreme Court on Wednesday said it would hear after two weeks the applications which have raised issues relating to the Board of Control for Cricket in India. The matter came up for hearing before a bench comprising Chief Justice S A Bobde and Justice L Nageswara Rao.
Firms denied peer review certificate may be barred from auditing
The Board of Control for Cricket in India, on Monday, decided to indefinitely defer the awarding of its global media rights -- broadcast and digital -- which was scheduled for Tuesday as the Justice RM Lodha Committee is yet to appoint an independent auditor to oversee the entire process.
The Department of Telecom (DoT) has decided to do a special audit of Reliance Communications' (RCom) telecom licence companies.
When he speaks of them, it is either in denial or to highlight successes that are only part of a larger story that is worrisome in its totality, observes T N Ninan.
Food to be cooked in base kitchens instead of trains; private players to be involved
DoT sources confirmed receipt of the report by auditors Parekh and Co and said that it is yet to examine the findings. DoT would ask for RCom's response later.
The junior Ambanis - Anmol and Anshul - were inducted on the board to respect the wishes of the shareholders who during the recent AGM asked the management to get fresh blood into the company by bringing them on board.
The difference, however, lies in Satyam over-stating its revenue, cash position and profits, while Maytas Infra under- stated its profit in April-June quarter and the discrepancies were 'duly accounted for' in the company's books later. While the role of auditors in Satyam fiasco is questionable as of now, it was statutory auditors of Maytas Infra who pointed out the under-statement in its books.
When the third round of bids was opened, Oaktree's offer was the highest, but with several riders. While Piramal offered higher upfront cash and offered to merge its financial business with DHFL, Adani was ranked third in the race, reports Dev Chatterjee.
The All India Muslim Majlis-e Mushawarat, the umbrella body of Muslim organisations in the country, on Friday took serious note of Congress Vice President Rahul Gandhi's claim that an intelligence officer had told him that 'people from Pakistan were talking to the relatives of Muslims killed in the August 2013 Muzaffarnagar riots.
The market buzz is that the GoAir promoters are hoping for a valuation that is at least a little more than double its closest rival SpiceJet.
BCCI Apex Council will work on finalising India's revised Future Tours Program and the domestic season.
"This is a big scam. The country is being looted. Please allow us to speak," Congress leader in Lok Sabha Adhir Ranjan Chowdhury said.
Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors.
Scam-tainted Satyam Computer is planning to restate its financial results for the third quarter ended December 2008 by March-end. "Our auditors are working towards this end," a Satyam spokesperson said on Friday, adding that the only caveat to this possibility would be if the auditors decide to restate results of the company over the past several years, which could further delay a clearer picture of the Hyderabad-based IT company's actual financial position.
In fresh embarrassment to the erstwhile United Progressive Alliance regime, particularly to former Prime Minister Manmohan Singh, former Comptroller Auditor General Vinod Rai has claimed that coalition functionaries had deputed politicians to get him leave out names from the audit reports in the Coalgate and Commonwealth Games scams.
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