On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
Amarjit Chopra, President, ICAI discusses what it means to be a Chartered Accountant, student issues and corruption.
The Enforcement Directorate (ED) is expected to press money laundering charges against its two officers and some private individuals who were recently booked by the CBI in a bribery case linked to an accused arrested in the alleged Delhi liquor policy scam, official sources said Tuesday.
The Institute of Chartered Accountants of India and CPA Australia have inked a mutual recognition agreement that would recognise the qualification and give memberships to eligible CAs through a bridging mechanism (by appearing for one or more papers). According to the MRA, ICAI members who are graduates will be eligible for CPA Australia membership after clearing a paper on business strategy and leadership.
After the Satyam scam, the role of chartered accountants has come into focus again. This time the Income Tax Department has found that CAs have given false certificates, enabling Non-Resident Indians and foreign nationals to evade taxes in India.
The national trait of exploiting the inherent weakness of democracy is now mirrored within the ICAI too.
After doctors and the armed forces, it is now the turn of chartered accountants to start their names with an honorific.
Some residents have already taken this step to relocate, either temporarily or permanently, some to their native places and others to clean-air destinations like Goa and Himachal Pradesh.
'These firms do not contravene provisions of Chartered Accountants Act, 1949, which bar members of the countries not allowing Indians to practice accountancy in their jurisdiction to become chartered accountants in India,' said the committee, headed by Anurag Agarwal, a joint secretary in the ministry of corporate affairs, and such Indian audit firms cannot be equated with multi-national corporations.
This is your chance to work with one of India's largest banks.
The Institute of Chartered Accountants of India (ICAI) has initiated an inquiry against former Reebok India chief operating officer Vishnu Bhagat, one of the accused in the alleged Rs 870-crore fraud in the company, a senior ICAI official said.
ICAI president Uttam Prakash Agarwal said the new board, to be called the Review Reporting Board, will have powers to examine even unlisted firms. Currently, the Financial Reporting Review Board, which was set up in 2004 to monitor and regulate the functioning of CAs in the country, picks up audit reports of about 50-60 listed companies and non-government organisations to see whether procedures are being followed.
If the FM can levy education cess to meet the cost of education, then why not defense cess for defense cost, health cess, food cess, and so on. What are the tax collections meant for, asks Kanu H Doshi, partner of Kanu Doshi Associates, chartered accountants, Mumbai.
Describing the DAD as the "guardian of defence finance", he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
Check out the new schedule for the CA exams held by the Institute of Chartered Accountants of India.
Reserve Bank Governor Shaktikanta Das said on Monday that fair and impartial auditing is essential for a resilient economy as it instils confidence among citizens. Addressing officers at the National Academy of Audit and Accounts, Das said that audit is important for the country as public expenditure decisions are based on these reports. Observing that there is a need to improve the quality and depth of audit, he said the Reserve Bank has taken a host of steps in consultation with the Institute of Chartered Accountants of India (ICAI) for improving the audit of banks and financial institutions.
A tax assessment panel found violations such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business, following which it decided to impose a penalty on ICAI, a government official said.
Missing the deadline for filing Income Tax returns can lead to consequences.
The apex body of chartered accountants on Friday apprehended that the move by the Centre for empowerment to issue directions through amendment in the CA Bill could lead to loss of its autonomy.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
Ace stock market investor Rakesh Jhunjhunwala, often referred to as India's own Warren Buffet, passed away at the age of 62.
This second report is expected to go deeper into the matter and look at all new facts that may have come up.
The decision comes in the backdrop of the Rs 7,800 crore fraud at Satyam. Independent directors in other firms have also resigned from their board positions in recent months. "It is possible they may have left due to some other reasons, but if any director has left intentionally and was aware of any wrongdoing, then the matter would be reported to the regulator concerned," says ICAI President Uttam Agarwal.
ICAI is planning an investment of Rs.200 crores towards setting up of 'Centres of Excellence'.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
It has issued two revised accounting standards -- SA 500 and SA 720. The SA 500 lays down norms for obtaining and evaluating audit evidence, on which the final audit findings are based. Under this, a CA will have to go beyond verifying the balance sheet. The second standard -- SA 720 -- requires the auditor to read other information to identify any material inconsistencies vis-a-vis the audited financial statements.
Beating the slowdown, chartered accountants (CAs) have bagged jobs with top-notch companies in the latest campus placement drive, which has also seen more newly qualified professionals get jobs.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Price Waterhouse's S Gopalakrishnan was involved in the Satyam case. The other two auditors who have been found guilty by the ICAI's disciplinary committee in the Global Trust Bank case, five years after the bank had collapsed, are Price Waterhouse partner P Ramakrishna and Lovelock & Lewes employee Manish Agarwal. ICAI President Uttam Agarwal said punitive action against the erring auditors would depend upon the gravity of offence.
Donations to NGOs and charitable institutes are likely to be exempted from fringe benefit tax, a leading member of chartered accountants body ICAI said on Saturday.\n
