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.
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.
Norms for e-commerce likely, arm's-length pricing set for change.
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.
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.
The Institute of Chartered Accountants of India has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds.
Fringe Benefit Tax should be accounted as a separate item under tax expense, according to the Institute of Chartered Accountants of India.
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 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.
ICAI starts proceedings against software firm's CFO and head of audit cell.
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.
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
"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 letters were meant to assess if there had been any professional misconduct by any auditors of Reliance Infra and Reliance National Resources Ltd that led to the alleged misrepresentation of investments by these companies.
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.
The Institute of Chartered Accountants of India's Professional Education-I, Professional Education-II and Final examination will be held from November 1.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
The session was organised in the backdrop of upcoming new Companies Act which is touted to have very strong provisions for both executive and independent directors, said Nitin Mankad, chairman, CII Central Gujarat Zonal Council.
These include the Professional Education-I, Professional Education-II and Final examination.
Firms denied peer review certificate may be barred from auditing
The Institute of Chartered Accountants of India has offered technical information for drafting the rules for valuing employee stock options for calculating the fringe benefit tax.
The fraud was disclosed by Satyam founder Ramalinga Raju himself in January.
The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.
As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.
To shed more light on how GST will affect the individual as well as the nation, Rediff Chat has lined up experts to field your queries.
It is the ICAI which has the wherewithal to understand what the professional issues involved are and it is they who should be in charge of the solution, believes Rahul Roy.
"The government has always believed in stable policies. I am sure that this will continue in the coming budget," ICICI Bank's non-executive chairman, K V Kamath, told reporters on the sidelines of a function organised by the Institute of Chartered Accountants of India in Mumbai.
Institute of Chartered Accountants of India has suggested a four-tier income tax structure for individuals, abolition of surcharge, a 30 per cent corporate tax and a scheme for taxing agriculture income by putting it in the Union List.\n\n\n\n
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
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