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.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Missing the deadline for filing Income Tax returns can lead to consequences.
If you are scouting for a property, finalise the deal within the next seven months and benefit from this measure, suggests Bindisha Sarang.
Only those who stick to the old I-T regime will get this benefit.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
This will bring down capital gains especially in case of property transactions.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents.
The norms will affect companies in pharma, energy, manufacturing, software sectors.
Introduction of GST would make Indian products competitive in the domestic and international markets.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
'A bold, progressive step forward,' Kotak Mahindra Bank CEO Uday Kotak said of Nirmala Sitharaman's corporate tax breaks.
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
Aerated drinks, mineral water, travel packages, coaching classes and beauty parlour services might also cost more
The department gets data of high-value transactions under the Annual Information Return.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
The argument that existing rules do not apply to them will no longer hold ground.
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