Currently, ICAI cannot take action against any chartered accountant who has indulged in professional misconduct or any other misdeed if he is not a registered member of the institute. The accounting body is also planning to set up a serious fraud detection cell to assist regulators like the Reserve Bank of India and Securities and Exchange Board of India to prevent Satyam-like scams.
'India is a big market for StanC, and it is also fastest growing economy in the world.'
Scores of chartered accountants, company secretaries and cost accountants are currently under the regulatory scanner for alleged violations of the companies law with respect to setting up of certain Chinese companies and their subsidiaries in India, according to officials. The apex bodies of chartered accountants and company secretaries, ICAI and ICSI, have together received around 400 complaints on the issue and necessary actions have been initiated. The Institute of Cost Accountants of India has also initiated action against some of their members in the matter.
India's Permanent Representative to the UN Ambassador Parvathaneni Harish said that the Indian sub-continent offers a "stark contrast" in terms of progress, prosperity and development models.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
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.
Anna Sebastian Perayil, a Keralite who passed her CA exams in 2023, worked at EY Pune office for four months before she succumbed on July 21.
EY said it would continue to improve and provide a healthy workplace in its offices throughout the country.
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.
Salient features of the National Sports Governance Bill that promise to overhaul several aspects of sports governance and the grievance redressal system for athletes and administrators alike in the country.
On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
The Pune office of Ernst & Young (EY), in news after the death of a woman CA, was functioning since 2007 without a license under the Shops Act, which stipulates employees' welfare among other conditions, an official said on Wednesday. This is a violation of norms. A notice will be issued to the firm and based on its response, further action will be initiated, the official from the Maharashtra labour department said.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
In a heinous terror attack, two Indians were killed while one was abducted in the Dosso region of Niger, as noted by the Indian Embassy in Niger.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
A day after lambasting e-commerce players for predatory pricing, Union Commerce Minister Piyush Goyal on Thursday said he is not against online platforms but India wants such entities to be "fair and honest" in their conduct. Speaking with reporters in the financial capital, the outspoken Union minister said the rule of the law should be followed in letter and spirit, and made it clear that consumer preferences should not be influenced by algorithms.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
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.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations on Friday.
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.
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.
The Institute of Chartered Accountants of India invites applications for Management Accountancy Course (MAC Part-I) and Insurance and Risk Management (IRM) Examinations.
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 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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
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 old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
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."
Bhutto, who served as the Foreign Minister earlier, addressed a briefing at the UN Headquarters in New York and sought reconciliation with India, making a plea for talks and Intel sharing between the two neighbours.
'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.
In his address, Singh said there should be "no double standards" in combating terrorism and urged the SCO member nations to condemn the menace with unity.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
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
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.
