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.
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.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Ace stock market investor Rakesh Jhunjhunwala, often referred to as India's own Warren Buffet, passed away at the age of 62.
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries
The national trait of exploiting the inherent weakness of democracy is now mirrored within the ICAI too.
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.
After doctors and the armed forces, it is now the turn of chartered accountants to start their names with an honorific.
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.
'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.
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.
Check out the new schedule for the CA exams held by the Institute of Chartered Accountants of India.
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.
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.
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.
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.
This second report is expected to go deeper into the matter and look at all new facts that may have come up.
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.
The general elections could take a toll on the bottom lines of a host of Indian companies that have accessed overseas debt.
rediffGURU Samkit Maniar answers readers' personal income tax queries
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.
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.
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.
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.
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
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