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.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
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.
National Security Advisor Ajit Doval on Wednesday said that the Shanghai Cooperation Organisation members should respect the sovereignty and territorial integrity and seek no unilateral military superiority in adjacent areas.
"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.
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.
Option can be exercised only for self-applications and after a year of non-payment.
"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."
Through gestures and decisions, the BJP high command has signalled that Raje may not be the lead actor but rather play a supporting role in a high-stakes election in its stamping ground.
Aroon Purie, Editor-in-Chief, India Today, talks about his career and the various issues that concern today's youth.
Sandeep Ohri has been waging a lone battle against Reliance and is intervener between the power utility and the power regulator.
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
A woman on Tuesday allegedly jumped to death from the 19th floor of a residential building along with her two children at suburban Malad in Mumbai. Nidhi Pawan Gupta, a chartered accountant, left a suicide note in which she said that nobody was responsible for the extreme step, said the police. The bodies of Gupta, 30, her son Gaurav, 6, and daughter Mahika, 3, were taken to nearby civic run Bhagwati hospital for post mortem, police said.
A Bench headed by Justice S H Kapadia has posted the matter for the hearing on December 9. PWC had challenged the Calcutta high court's judgement that held that the firm had failed to furnish its true and correct particulars of accounts while filing the returns.
Shatrughan Sinha, Shabana Azmi laud the move.
The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants.
Priyanka Chopra talks about her upcoming film 7 Khoon Maaf and clarifies her stand on the Income Tax raid at her house.
Promises have been made in the past about cleaning up bank boards, revamping processes, purging vested interests. How far away is that Promised Land?
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.
Rediff reader Mrityunjay Bhatt, 27, from Indore, Madhya Pradesh tells us what he learned from his father Mahendra Mohan Bhatt.
To me, these are all characteristics of a scam. It is time that the derivative issue is christened as one. Given this scenario, it is time the RBI interfered in this matter. In the alternative a Joint Parliamentary Committee probe into the entire issue may well be in order.
On the back of the Satyam episode, the ICAI is planning to seek more power for chartered accountants so that they are not mere qualifiers. In case they see any divergence in the numbers provided by the company, there must be a way to compel a restatement of accounts, according to the ICAI. It has asked its members to 'to be much more vigilant and rely on external information than be dependent on what the management provides.'
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
Get Ahead reader Vinayak Gupta has contributed this review of Samsung Wave S8500 in response to our reader invite.
A recent clarification by the Institute of Chartered Accountants of India regarding disclosure norms for derivative contracts had specified that companies would have to disclose mark-to-market losses from such transactions, financial year 2007-08 onwards. Sources now say companies have the leeway to avoid reporting losses on derivative contracts, as there are enough mechanisms in accounting standards that lay out the guiding principles in this regard.
Payment for imports do not require these two forms.
The government today expanded the three-member Satyam board to six to include S Balakrishnan of Life Insurance Corporation, Tarun Das, chief mentor of the Confederation of Indian Industry and T N Manoharan, former president of the Institute of Chartered Accountants of India.
"We will ensure that, to any person who has not worked according to our standards and our expectationsm severe punishment be given," ICAI President Ved Jain said after the financial wrong doings by India's fourth largest IT company were unearthed. He added that that under the Indian Penal Code any person party to a fraud or cheating can be convicted.
They play a key role in managing rescue and liquidation processes envisaged under the Code
Filing your taxes is not as big a headache as you may make it out to be. All you need is to be clear on some fundamentals and have your papers in place. Here's help.
Already, public sector companies, a firm of chartered accountants or company secretaries or advocates that have been allotted a permanent account number, individual chartered accountants and advocates with PAN among others are authorised as e-return intermediaries.
26 chartered accountants associated with such shell companies have also been identified
Market regulator Sebi has barred 197 foreign funds, including those managed by global financial conglomerates like HSBC, Deutsche Bank and Standard Chartered, and 342 sub-accounts from further trading in stock market.
The Institute of Company Secretaries of India is looking forward to expanding the conventional roles of chartered accountants to non-statutory areas like labour law audit and certification, secretarial audit of hotel and banking industries.
Indian pace ace Irfan Pathan has decided to tie the knot with his long-time friend Shivangi Dev, a chartered accountant working in Australia. Irfan, 24, met Shivangi, 22, in Canberra in 2003 when the Indian team was touring Australia and proposed to her when she was on a visit to Vadodara three years back. Shivangi, daughter of a diplomat now posted in Spain, promptly said 'yes' when Irfan asked whether she would marry him, Irfan's father Mehbubkhan Pathan said.
