Fringe Benefit Tax should be accounted as a separate item under tax expense, according to the Institute of Chartered Accountants of India.
In an hour-long chat on rediff.com on Monday, chartered accountant and Income Tax expert Chetan A Gandhi offered some valuable tips.
A bench comprising Chief Justice Uday Umesh Lalit and Justice Bela M Trivedi said it was sitting in a combination of two and according to a reference order on the matter, it should go before a bench of three judges for disposal.
As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.
The government paid Rs 164.5 crore to Infosys to build the new income tax e-filing portal between January 2019 and June 2021, Parliament was informed on Monday. "The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Managed Service Provider on the lowest cost basis.
The Supreme Court on Monday dismissed four petitions filed by the Birlas challenging R S Lodha's right to object to late Priyamvada Birla's purported will of 1999. A bench headed by Justice S B Sinha while dismissing the petition has imposed cost of Rs 2,50,000 each on the three Birla members.
The six-member board -- comprising HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik, former Sebi member C Achuthan, CII chief mentor Tarun Das, renowned chartered accountant TN Manoharan and LIC nominee Suryakant Balakrishnan -- met in Hyderabad on Thursday for the third time after it was constituted January 12.
For your wealth to grow and take care of you, use the right strategy.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
A Chartered Accountant firm hired to help crack the Rs 460 crore (Rs 4.6 billion) fraud at a Citibank branch will submit its report soon, says Gurgaon police.
The forms for simplified income tax returns are anything but Saral, Sahaj and Sugam: for many readers these would have a familiar ring particularly in the month of July.
It can possibly happen only in Bihar. The names of rich including chartered accountant, government employees, shopkeeper of Public Distribution System and even dead have been allotted job cards and they have drawn money as wages under the National Rural Employment Guarantee Act in the state.
Puneet Gupta, a consultant (Tax and Regulatory Services) with Ernst & Young, took just 24 days of leave for dedicated exam study.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
A local court on Wednesday extended police remand of Shivraj Puri, the main accused in the alleged Rs 400 crore (Rs 4 billion) Citibank fraud, by 2 more days till January 14 as police is yet to recover iPad considered to be vital evidence.
Shatrughan Sinha, Shabana Azmi laud the move.
Describing the chartered accountants as 'the watchdogs of new corporate world', he said, 'the dynamism of globalised capital market and emergence of knowledge based economy has posed major challenges to accurate and speedy financial reporting.' Addressing a diamond jubilee celebrations of Institute of Chartered Accountants of India, he said role of the accounting profession is also critical in lending credibility to the financial markets.
Here's a quick round up on what has changed over the past year and a few other tips to get your tax filing done.
Widening the scope of its enquiry regarding practices adopted by foreign auditing firms to operate in India through surrogate entities, ICAI has asked 11 more domestic chartered accountancy firms to furnish details of operational arrangement with them.
The body of 26-year-old Anup Kumar Agarwal was recovered from railway tracks between Byappanahalli and Krishnarajapuram stations on December 23, a few days after the company discovered the fraud and his alleged role in it.
Believe it or not, it's really not all that tough. All you need to do is to get a bit proactive and collect some important documents, something you would need to do anyway, even if you use the services of a professional.
"The government has always believed in stable policies. I am sure that this will continue in the coming budget," ICICI Bank's non-executive chairman, K V Kamath, told reporters on the sidelines of a function organised by the Institute of Chartered Accountants of India in Mumbai.
Firms denied peer review certificate may be barred from auditing
The application is fast catching on with internet users in India.
The 193-member General Assembly adopted the draft resolution, put forward by Ukraine and its supporters, titled 'Principles of the Charter of the United Nations underlying a comprehensive, just and lasting peace in Ukraine'.
It is the ICAI which has the wherewithal to understand what the professional issues involved are and it is they who should be in charge of the solution, believes Rahul Roy.
Hyderabad-based Four Soft and Chennai-headquartered Take Solutions, providers of IT products and solutions in the supply chain management (SCM) space, today announced their intent to merge. The combination will create a global, comprehensive company offering one of the largest SCM products.
"In view of the statements of the cabin crew attendants and other circumstances, at this stage, it cannot be held that there are reasonable grounds that the accused has not committed the alleged offence," Additional Chief Metropolitan Magistrate Rajesh Kumar Goel said.
Option can be exercised only for self-applications and after a year of non-payment.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
"There will always be brilliant fraudsters who will find newer ways. The need is for utmost vigilance, diligence and honesty on the part of those who are entrusted with the job of regulation and auditing."
Aroon Purie, Editor-in-Chief, India Today, talks about his career and the various issues that concern today's youth.
The 39-year-old was arrested by the Enforcement Directorate from Ranchi after the agency conducted multi-city raids against him, Singhal, her businessman husband Abhishek Jha and others, on May 6.
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