While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
As the economy surges ahead, these financial watchdogs will be increasingly in demand.
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.
We invited readers to share stories of how they met their spouses and interesting anecdotes about their wedding day. Here's Shraddha Kabra's account of how she wooed her husband, Ajay
A few months ago, the company affairs ministry had approved a single additional attempt instead of the five recommended by the ICAI.
On March 30, the ICAI asked all companies to disclose and/or provide for all losses on derivative contracts, except for forward contracts where a company needed to comply with accounting standard AS11. So far, Indian companies were not required to declare their gains or losses on derivatives; the ICAI's new accounting standard AS30 required them to reveal these gains or losses from April 1, 2011, a deadline it advanced by three years.
The accountants body was reacting to reports about a tax assessment order by the I-T department, which found violations by ICAI such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business. However, the institute pointed out that a view taken by a particular officer in the department in a specific year is not final and said that it is sure to be eligible for exemption.
"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 talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Maersk is looking for financial and accounting professionals. They will be based based in the African continent and in West and Central Asia.
Reach Tax will operate from Delhi, Mumbai, Hyderabad, Chandigarh and Calcutta by November 2010.
The chartered accountants regulator ICAI on Thursday said KMPG cannot audit Satyam's books, but the global auditor said it does not require to register with the regulator to restate the IT company's accounts.
The chartered accountants body ICAI on Tuesday constituted a six-member special committee to look into the auditing of crisis-hit Satyam Computer, whose disgraced founder chairman Ramalinga Raju has confessed to fudging accounts.
She has been called again on Wednesday for a fresh round of grilling.
TAPAI offers postgraduate degree in management for 2008-2010.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Six of the seven Bills listed on the agenda of the Rajya Sabha have already been passed by the Lok Sabha.
The companies have 90 days to deposit the money with Sebi, which has been tasked by the Supreme Court to return the money to the investors.
Wipro founder-chairman Azim Premji believes the Indian IT industry revenues will grow in double digits in the current financial year. Throughout the pandemic, which saw lockdown measures to curtail the spread of the virus, the information technology industry has kept the world running and has also adapted to the changes, Premji said, speaking at an event of the Bombay Chartered Accountants' Society on Tuesday evening. As per Nasscom, the IT industry revenues stood at $194 billion in FY21. The lobby group has ceased giving estimates of the topline growth a few years ago.
This follows a recommendation by the Income Tax department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju's confession. I-T officials said since the returns were e-filed, there was no provision to check whether or not the tax audit reports were certified by the chartered accountant.
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 has declared the dates for its examinations.
What Piyush Goyal had to say on the Union Budget.
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
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.
Company balance sheets could soon acquire a new look, with the government asking ICAI to suggest ways to strengthen reporting norms following Satyam Computer Services scandal 7. ICAI sources said the mandate from the government was to ensure that company managements did not use notes to accounts as a cover-up for misdemeanours. The special group will submit its recommendations over the next few weeks.
As the Indian economy passes through one of its worst times, well known chartered accountant and Convenor of the Swadeshi Jaagran Manch Swaminathan Gurumurthy, in an exclusive interview with Shobha Warrier explains what ails the Indian economy, and the remedy to fix it.
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.
On the Superstar's birthday, authors P C Balasubramaniam and Ram N Ramakrishnan explain why they chose to write a book on Rajinikanth.
The Bhartiya Janata Party (BJP) pulled up the government for a total policy failure, resulting in grave economic crisis.
The demand for chartered accountants in the corporate world has shot up with stringent income tax laws, which require compulsory maintenance of accounts by specified categories of taxpayers.
In the second part of an exclusive interview to rediff.com's Shobha Warrier, S Gurumurthy talks about why he found Bharatiya Janata Party president Nitin Gadkari "morally and legally clean".
In the first part of this exclusive interview to rediff.com's Shobha Warrier, Gurumurthy talks about how he, a chartered accountant, became an investigative journalist and a writer.
A chartered accountant was on Tuesday sentenced to life imprisonment by a court in New Delhi for triggering a mid-air hijack scare in February 2009 by claiming aboard a Goa-Delhi Indigo airlines flight that he had infected needles and a gun.
Students seek transparency! Want to know the real reason for the revision in the results of the final ICAI-conducted CA exam.
The Central Bureau of Investigation on Wednesday arrested eight people, including the chief executive officer of LIC Housing Finance, for allegedly giving corporate loans for monetary considerations.
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