Chartered accountants body ICAI on Saturday served a showcause notice on auditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited by it in the last five years.
'Trade deal will act as a strong trigger for market sentiment, not just for domestic investors but also for FIIs.'
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The Institute of Chartered Accountants of India invites applications for Management Accountancy Course (MAC Part-I) and Insurance and Risk Management (IRM) Examinations.
The Reserve Bank of India (RBI) has initiated talks with accounting standards regulator Institute of Chartered Accountants of India (ICAI) to advance the mandatory implementation of accounting standards for derivatives transactions by Indian banks and companies from its present 2011 deadline.
Dismissing the appeals of a large number of companies that opposed the new policy, the bench headed by Justice SH Kapadia said AS 22 sought to arrive at the true accounting income. "In the age of globalisation, the attempt is to reconcile the accounts of the Indian companies with their joint venture partners abroad," the 220-page judgment said, and added: "The aim is to harmonise Indian accounting standards with international standards."
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
Comptroller and Auditor General of India V N Kaul said on Monday that there was a need to review government accounting system for bringing in transparency
Since KPMG is not registered in India, it cannot undertake auditing work or restate accounts of beleaguered Satyam Computer Services, said Ved Jain, president of the Institute of Chartered Accounts of India.
PricewaterhouseCoopers suggested on Friday that the new Public Company Accounting Oversight Board of US should "mutually recognise" other oversight bodies including the one proposed in India, which could be the Institute of Chartered Accountants
Deductions missed in Form 16 can still be claimed while filing ITR.
The government on Monday clarified that accounting regulator ICAI hasn't reported any irregularity in the account books of some Indian Premier League teams. 'The Institute of Chartered Accountants of India (ICAI) has not reported any irregularities in the accounts and violations of auditing norms by some Indian Premier League (IPL) teams,' Corporate Affairs Minister Salman Khurshid told the Rajya Sabha.
PricewaterhouseCoopers was Satyam's statutory auditor when the company's founder, B Ramalinga Raju, confessed to a massive accounting fraud in January 2009.
The National Financial Reporting Authority (NFRA) will invite public comments on the revised International Standard on Auditing 600 (ISA 600) proposed to be adopted by publicly listed companies and non-public-sector banks, sources close to the development told Business Standard. The decision to take this "graded approach" for the adoption of the ISA, which is meant to rein in auditors often found hiding behind the audit reports signed off by subsidiary companies, was taken at a meeting of various financial sector regulators at NFRA's board meeting on Monday (August 26). The idea behind upgrading the Standards of Audit 600 currently followed by Indian auditors to ISA 600 is to plug current gaps, which have led to major audit lapses in the recent past.
The Institute of Chartered Accountants of India is in the process of clarifying the procedure for accounting of these peculiar transactions for which there is no precedence."We will issue explanations and clarifications as to how to record certain transactions which are innovative in nature," ICAI President Ved Jain told PTI.
Yes, the entry of private bankers, particularly with global experience will add value to PSBs, points out Tamal Bandyopadhyay.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
The country's accounting sector regulator has set a target to build 50 global brands based out of India in three years.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
The rules are being framed to maintain absolute transparency and fair play in investigations.
A shortlist using artificial intelligence would be prepared to identify eligible candidates and match them to the suitable internship opportunity. The shortlist would be shared with the companies on Tuesday, October 15.
The Reserve Bank on Thursday proposed tighter norms for treatment of wilful defaulters under which banks and other lenders will be required to examine all accounts with outstanding amount of Rs 25 lakh and more to see if the borrower is deliberately not repaying the loan. The central bank has issued a 'Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters' on which comments have been invited till October 31. According to Reserve Bank of India (RBI), the draft Master Direction expands the scope for regulated entities which can classify borrowers as wilful defaulters and broadens the definition of wilful default.
Corporate profits will come under severe pressure for the fourth quarter ended March 2008 as companies will have to provide for any losses on forex derivative products, owing to a new accounting norm announced on Saturday. The Institute of Chartered Accountants of India has asked all companies to disclose and/or provide for all losses on derivative contracts, except for forward contracts, where a company needs to comply with accounting standard AS11.
The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations on Friday.
The Institute of Chartered Accountants of India (ICAI) has held discussions with ministry of corporate affairs (MCA) secretary Manoj Govil on the 'Aggregation of CA Firms' and the roadmap to create big Indian firms, a press statement by ICAI said.
Implementation of sports bill in 6 months, regulation of participation standard safeguard: Mandaviya
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate. Adani group has repeatedly denied all allegations.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
rediffGURU Patrick DSouza trains students for competitive management entrance exams such as the Common Admission Test, the Xavier Aptitude Test, Common Management Admission Test and the Common Entrance Test.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
ICAI on Tuesday said it is setting up a fast-track cell to deal with cases against chartered accountants involved in incorporating shell companies in India with Chinese links and it would aim to dispose them of by the end of the year. Those found guilty can face a lifetime ban, among other actions. The apex bodies of chartered accountants and company secretaries, ICAI and ICSI, have together received around 400 complaints on the issue and necessary actions have been initiated.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
