In order to plug the loopholes that allow foreign audit firms to do surrogate audit practice in India with their Indian associates, the Institute of Chartered Accountants of India (ICAI), the apex body to regulate the chartered accountancy profession in the country, has issued notices to 12 CA firms that have tie-ups with foreign firms.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The government on Tuesday reassured chartered accountants and lawyers that training unemployed youth to be 'Income Tax Preparers' was not aimed at depriving them of work.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The apex body for accountants, ICAI, on Friday said it will seek explanation from R S Lodha on the structure of his audit firms following a complaint for alleged breach of its Code of Ethics and flouting of Companies Act.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
The corporate affairs ministry has asked its field officers to expedite the inspection of the books of Byju's and submit the report, a senior official said on Monday as trouble continues to brew at the edtech firm. The ministry, which is implementing the companies law, will decide the further course of action after receiving the report from its regional office. In July 2023, the ministry had asked the office of the regional director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru.
rediffGURU Samkit Maniar answers readers' personal income tax queries
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The Election Commission on Friday virtually made it mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits in financial assistance for candidates to ensure transparency and accountability.
Ask your bank to save for you. Plan your taxes. Reward yourself for your addictions... Chartered accountant Shreya Jaiswal's 10 ways to make more money this year.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries
P P Chaudhary the newly-appointed minister of state for corporate affairs, is monitoring and coordinating actions against shell companies.
ICAI has also imposed a fine of Rs 5 lakh on each of the three accused in Satyam case.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
'It is important India to stay focussed on its primary national objectives: Combating terrorism; not losing sight of other security and strategic concerns (on the Sino-Indian front for instance); ensuring a strong economy and registering growth which includes improving the lot of common people; and finally making certain that the social fabric remains intact and harmony among people is not jeopardised, at least any further,' asserts Nilanjan Mukhopadhyay.
The Institute of Chartered Accountants of India will soon ask the International Accounting Standards Board to upgrade India's ranking in terms of compliance with international accounting standards to positive from negative.
Management accountants are the conscious keepers of an organisation, says Charles Tilley, chief executive officer, Chartered Institute of Management Accountants (CIMA), UK. In conversation with Business Standard, he highlights how the profession of a cost accountant has evolved over the years to be known as management accountancy.
Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms.The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny. The auditors concerned were associate firms of international auditing entity PricewaterHouseCoopers.
The big four global accountancy firms -- PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte -- are circumventing laws to provide auditing services in the country, says a report of an Institute of Chartered Accountants of India's committee.
The Institute of Chartered Accountants of India has declared the dates for its examinations.
'My parents had no idea what CA is or how difficult it is to crack the exam.'
Election Commission is considering an overhaul of the accounting practices of parties.
rediffGURU Samkit Maniar answers readers' personal income tax queries
The issue relates to alleged Rs 870-crore (Rs 8.7-billion) financial fraud at the company last year.
Company balance sheets could soon acquire a new look, with the government asking ICAI to suggest ways to strengthen reporting norms following Satyam Computer Services scandal 7. ICAI sources said the mandate from the government was to ensure that company managements did not use notes to accounts as a cover-up for misdemeanours. The special group will submit its recommendations over the next few weeks.
