The Institute of Chartered Accountants of India had issued show-cause notice to Bhagat, who sought time till March 31 to give his response.
Accounting regulator ICAI is planning to come out with accounting norms for the software and the BPO industry.
Licence foreign banks only if they reveal investment details, says Institute of Chartered Accountants of India.
The functioning of the ICAI has come under greater public scrutiny and at times it is unable to meet the high expectations from its members and general public. Surely, something is wrong somewhere, says M R Venkatesh.
Addressing chartered accountants on the foundation day of the Institute of Chartered Accountants in India, Modi also said CAs should take a pledge to bring people in the tax bracket rather than boasting about the number of clients they have saved from paying taxes.
The leaders also noted the "negative impacts" of the war in Ukraine with regard to global food and energy security, especially for developing and least-developed countries.
It was in 2009 that the accounting regulator set up a special disciplinary committee, comprising six members, to look into the fraud in Hyderabad-based IT firm.
The Institute of Chartered Accountants of India, announces the next Common Proficiency Test (CPT) of the Institute will be held on February 3, 2008.
The regulator has not been maintaining panel of auditors since 2005 and instead prescribing the requirements for their appointment by insurers. In the backdrop of inflated balance sheet of Satyam Computer Services, chartered accountant body ICAI had pitched for the appointment of statutory auditors for insurance firms by IRDA.
The Institute of Chartered Accountants of India (ICAI) is likely to take disciplinary action against two Pricewaterhouse Coopers (PwC) auditors who were involved in auditing the account books of erstwhile Satyam Computers.
Mizoram's social structure also contributes to the happiness of its youth. "It is the upbringing that adds to youth being happy or not, we are a casteless society. Also, parental pressure for studies is less here," said Sister Lalrinmawii Khiangte, a teacher of Eben-ezer Boarding School, a private school in the state.
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS).
Norms for e-commerce likely, arm's-length pricing set for change.
Accountancy regulator ICAI on Wednesday agreed to withdraw disciplinary proceedings against audit firm Price Waterhouse Delhi for its alleged involvement in the multi-crore scam in Satyam Computer Services.
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
Fringe Benefit Tax should be accounted as a separate item under tax expense, according to the Institute of Chartered Accountants of India.
The Institute of Chartered Accountants of India has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds.
Nearly 800 employees started the strike on February 3 alleging gross mismanagement of funds by the top management and demanded a thorough audit of ICAI by comptroller and auditor general.
The ED also alleged that Kejriwal, during his questioning, said AAP communication in-charge Vijay Nair 'did not report to him' but to his cabinet colleagues Atishi and Saurabh Bharadwaj and that his interaction with Nair was 'limited'.
The general elections could take a toll on the bottom lines of a host of Indian companies that have accessed overseas debt.
India's big four audit firms are PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young, while ICAI is the apex regulator of the profession of chartered accountants.
Trump's sweeping tariffs and penalties on China-built ships have turned global shipping into the front line of economic war, observes Shyam G Menon.
A few months ago, the company affairs ministry had approved a single additional attempt instead of the five recommended by the ICAI.
As the economy surges ahead, these financial watchdogs will be increasingly in demand.
The decision to seek tie-up details from CA firms, especially those associated with the Big 4 -- PWC, Ernst & Young, KPMG and Deloitte -- follows a report by an Institute of Chartered Accountants of India committee on the multi-crore Satyam scam.
On March 30, the ICAI asked all companies to disclose and/or provide for all losses on derivative contracts, except for forward contracts where a company needed to comply with accounting standard AS11. So far, Indian companies were not required to declare their gains or losses on derivatives; the ICAI's new accounting standard AS30 required them to reveal these gains or losses from April 1, 2011, a deadline it advanced by three years.
TAPAI offers postgraduate degree in management for 2008-2010.
"I told my office to take permission of the court because I want director, discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri).
The accountants body was reacting to reports about a tax assessment order by the I-T department, which found violations by ICAI such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business. However, the institute pointed out that a view taken by a particular officer in the department in a specific year is not final and said that it is sure to be eligible for exemption.
Finance Minister Nirmala Sitharaman on Monday said technical glitches in the new income tax e-filing portal will be largely fixed in the next few days and that she has been constantly reminding Infosys about the issue. "I have been reminding Infosys (the vendor which developed the new portal) constantly, and (Infosys head) Nandan Nilekani has been messaging me with assurances that next couple of days they will sort out majority of problems," she said. To a large extent, the system is far better than what it was in June but still some issues are there, she said.
First-quarter results of several big companies such as Reliance Industries, Reliance Communications, Bharti Airtel and Jet Airways would have been a lot worse had they followed the Accounting Standards 11 rules prescribed by the Institute of Chartered Accountants of India.
In financial year 2020-21, the BJP declared assets worth Rs 4,990 crore, up by 21.17 per cent to Rs 6,046.81 crore in 2021-22.
The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.
The government on Saturday asked the Institute of Chartered Accountants of India to ensure that accounting professionals strictly adhere to stipulated standards in order to avoid Enron-like cases in India.
Says it will have implications for auditing work. According to the proposal, commercial banks need not classify a non-serviced loan under NPAs if the borrower has submitted an application for restructuring the package before March 31, 2009.
