Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
Though Indians were no strangers to scams, spectrum loss was beyond their wildest imagination.
Money allocated for rural India has increased, but expenditure of panchayats is not adequate and inconsistent
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
A bench headed by Chief Justice P Sathasivam said the issues raised in the plea need 'examination' and issued notice to the Centre, RBI, Central Board of Direct Taxes, the Institute of Chartered Accountants of India, PwC and the audit firms sharing its brand name.
Licence winners are expected to be announced by the first quarter of 2014.
PricewaterhouseCoopers, an advisory and consulting firm whose sister company audited the accounts of Hyderabad-based Satyam Computer Services, has a chequered past with Indian tax authorities, having admitted its "mistake" in at least two cases of tax evasion.
The imposing monument of Sardar Vallabhbhai Patel, also called the Statue of Unity, is a major tourist attraction in the state since it was inaugurated in October 2018.
The notes argue that it will widen the talent base available to govt to deliver increasingly complex services to a demanding population.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Infosys said it is also "aware of a securities class action lawsuit" that has been filed against the company in a federal court in the US, based on the generalised allegations in the anonymous complaints. The company intends to defend itself vigorously in such a lawsuit.
The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.
Two former defence ministry officials and a retired army man were on Tuesday sentenced to four years in jail by a Delhi court for causing loss of over Rs 7.3 crore to the state exchequer by drawing payment for material which was never supplied.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The panel may include or seek inputs from former RBI Governor Urjit Patel, former chief economic advisor Arvind Subramanian, Sajjid Chinoy of the PM-EAC, Rathin Roy, among others.
The Cabinet on Friday gave mandate to the 7th Pay Commission for revising salaries of over 50 lakh central government employees and remuneration of 30 lakh pensioners.
Lakhs of students appear for it every year. How are you preparing for it?
The new government has to make conscious efforts to rebuild social equality and bring the people together.
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
2022 is shaping up as the year brimming with job opportunities for people who possess relevant skillsets. Therefore, it is crucial for fresh graduates and young professionals to enroll in relevant certification courses to add more feathers to their introductory portfolio
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
CII believes there is a need to immediately examine the loopholes in regulation, accounting, audit and governance that allowed such lapses to occur and address them with urgency. While the occurrence of such events in a major company is a matter of deep regret, CII believes it would be inappropriate for this to be the basis of questioning of general governance standards in other companies.
The top three industries in India susceptible to economic crimes are financial services, manufacturing and professional services
Apart from IT and pharma, the lead spenders in travel are construction, automobile and metals and mining companies and together these sectors accounted for 82 per cent of business travel spend in India in 2015, up from 78 per cent in 2013.
Unique benefits, work-life balance, and fair share of profits were the top three areas where MNCs fared better over Indian companies
Top officials in key ministries, including finance and IT, are of the opinion that a sensitive payments system such as UPI should not be on a platform whose security is possibly compromised.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
'In the business of money, where you are regulated, the liability lies on the head of the acquirer.' 'It is not a good thing when you cannot spot the risks.'
Five people in the know narrate the sordid story that is fast exploding into a pornography scandal, allegedly involving businessman Raj Kundra.
Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.
Sanjeev Nayar offers some ideas on how Indians can help in improving the lives of those living in border areas and in the process help the Indian Army.
Diesel prices for the Railways have come down from Rs 60.08 a litre in June to Rs 50.51 a litre now.
UPSC toppers -- Ira Singhal, Nidhi Gupta, Vandana Rao and Suharsha Bhagat -- tell Rediff.com how they cracked the tough national exam.
Mahindra will serve as a mentor and sounding board for the managing director on issues to be presented to the board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the managing director on key issues facing the enterprise.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
'What steps have the higher level of political leadership taken to remove corruption from the system and bring in honest governance?'
The CAG observed there was no change in the price of 'flyaway aircraft package'.
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
