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.
'Tom Curran went to the airport, but heard that the airport was closed.' 'Then he started crying like a little child. It took two or three people to handle him.'
The United Nations Security Council (UNSC) has strongly condemned the terrorist attack in Jammu and Kashmir, urging that those responsible be held accountable and brought to justice. The Council issued a press statement expressing its deepest sympathy to the victims' families and calling for all states to cooperate in combating terrorism. UN Secretary-General Antonio Guterres also expressed concern about the situation, urging India and Pakistan to exercise restraint.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The 21-year-old woman, who has been doing her chartered accountancy articleship at Manoj Daga & Company in Hyderabad, was booked under relevant sections of Information Technology Act on September 7, after a preliminary investigation and faces arrest in the case.
The Ministry of Labour & Employment is investigating alleged "unsafe and exploitative work environment" days after the tragic demise of Anna Sebastian Perayil who worked with S R Batliboi, a member firm of EY Global. Perayil was a 26-year-old chartered accountant (CA) who died allegedly due to extreme work pressure at the firm. "Deeply saddened by the tragic loss of Anna Sebastian Perayil.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
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.
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
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.
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
'We are getting to understand the mind of this generation.' 'Minor tweaks are being made to ease the process as we go along.'
The Institute of Chartered Accountants of India invites applications for Management Accountancy Course (MAC Part-I) and Insurance and Risk Management (IRM) Examinations.
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.
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.
'The time has come to have a relook at the Constitution as every document has a shelf life.'
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
The average Indian works 46.7 hours per week, surpassing even China's 46.1 hours. In some sectors, the numbers are even more staggering.
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."
India abstained on two UN General Assembly resolutions calling for a de-escalation, an early cessation of hostilities and a peaceful resolution of the war against Ukraine. The resolutions were adopted on the third anniversary of the Russia-Ukraine conflict, with the UN Secretary General stressing that the war in Ukraine stands as a grave threat to the peace and security of Europe and the core principles of the United Nations.
Tandon, son former Chhattisgarh governor late Balramji Das Tandon, assured everyone that he will live up to the expectations and the trust which the BJP has reposed in him.
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
To future CA aspirants, this is what Sanskruti and Shruti Parolia would like to say: 'The journey is long and tough. Be consistent and persistent. The end result will be rewarding.'
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.
How does the Union Budget 2024-25 impact taxpayers, investors and traders?
In an extensive exercise to track overseas bank accounts of Indians and round-tripping of funds, top investigating agencies in the country are gathering actionable intelligence on chartered accountants, brokers, legal firms and professionals involved in these areas.
'It is important India to stay focussed on its primary national objectives: Combating terrorism; not losing sight of other security and strategic concerns (on the Sino-Indian front for instance); ensuring a strong economy and registering growth which includes improving the lot of common people; and finally making certain that the social fabric remains intact and harmony among people is not jeopardised, at least any further,' asserts Nilanjan Mukhopadhyay.
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
To outsource work; priority on actively-traded, listed companies.
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.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
'Any earnings, regardless of location, will be subject to Indian income tax.'
PricewaterhouseCoopers was Satyam's statutory auditor when the company's founder, B Ramalinga Raju, confessed to a massive accounting fraud in January 2009.
'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.
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 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.
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