Rediff reader Mrityunjay Bhatt, 27, from Indore, Madhya Pradesh tells us what he learned from his father Mahendra Mohan Bhatt.
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.
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.
The taxpayer-funded licence fee supported UK media corporation said it has contacted the social media giant over the designation on its @BBC account to resolve the issue "as soon as possible".
Promises have been made in the past about cleaning up bank boards, revamping processes, purging vested interests. How far away is that Promised Land?
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
In a multi-city protest on Monday, a large number of company secretaries (CS) and chartered accountants (CAs) came together to seek extension of the deadline for annual filing due to glitches in the ministry of corporate affairs (MCA) portal. According to the Companies Act, firms are supposed to submit Form AOC 4 for filing of the balance sheet within 30 days of holding the annual general meeting (AGM). This deadline was over on October 29.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
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.'
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.
They play a key role in managing rescue and liquidation processes envisaged under the Code
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.
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.
26 chartered accountants associated with such shell companies have also been identified
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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.
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.
With economic offences seeing an increase, the CBI has written to the Institute of Chartered Accountants of India (ICAI) to probe the growing number of white collar crimes.
The Indian Merchants Chamber and Bombay Chartered Accountants Society has made an appeal to finance minister P Chidambaram to simplify the process of filing income tax returns by restoring the Saral forms.
facilities at Bangalore one understands the financial year end frenzy at these establishments and the slipshod slippages in timeframes, quality of overhaul, servicing and quality control across the board, for aircraft and equipment alike,' says Group Captain Murli Menon (retd).
According to sources in the Excise department, the Sahara Airlines, while submitting opinion of its Chartered Accountant on service tax, had allegedly backdated it to 2003 in which it was stated that Rs 1442 crore (Rs 14.42 billion) income from advertising services provided to its group company was not taxable under advertising services.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
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