With Lok Sabha elections due in April-May, government will hold a session of Parliament in the first fortnight of February to pass the vote-on-account.
The current process for selecting auditors could compromise their "independence".
Tax experts G Srikanth and Anil Rego will answer all your tax queries in two different chats between 1 pm and 4 pm on Monday, February 3.
The CBI has alleged that Gorantla's role in the formulation and implementation of the now-scrapped Delhi Excise Policy 2021-22 caused 'wrongful gain' to Hyderabad-based wholesale and retail licensees and their beneficial owners.
The probe into the bribery scandal of Xerox ModiCorp, begun last August, is still hanging fire with the chartered accountant appointed for the purpose expected to seek yet another extension beyond March to submit a report
'I don't watch horror films, so I don't know how I ended up being in the film.'
The astounded Birlas have now come together to fight the 'outsider' and to keep him from 'taking away the family's property.'
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
An income tax tribunal held that the PoA could not be construed as an instrument of transfer concerning any right, title, or interest in the immovable property.
Cadila Health, to merge with German Remedies
German Remedies to merge with Cadila Healthcare
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019. The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time. In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from the profession.
'The finance minister has told the BJP's core voters we are hearing you and we are sensitive to your aspirations.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
The CBI on Sunday deferred the questioning of Deputy Chief Minister Manish Sisodia in connection with the Delhi Excise policy scam case after he sought time from the probe agency citing the city government's ongoing budget exercise.
Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
Jharkhand mining secretary Pooja Singhal, earlier arrested and remanded to the custody of the ED in a suspected money laundering case, was suspended by the Jharkhand government on Thursday, an official said.
The court had on Wednesday extended the judicial custody of Bhujbal and his nephew Sameer Bhujbal till May 25.
The Enforcement Directorate had last week arrested Chhagan Bhujbal's associate and chartered accountant Sunil Naik in connection with the case.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
The country's per capita income is likely to grow by close to 70 per cent to $4,000 by fiscal 2030 from $2,450 in fiscal 2023, helping it become a middle-income economy with $6-trillion GDP, more than half of which will be coming in from household consumption, says a research report. Per capita income/GDP has risen from $460 in fiscal 2001 to $1,413 in fiscal 2011 and further to $2,150 in fiscal 2021. The biggest growth driver will be external trade which may nearly double to $2.1 trillion by 2030 from $1.2 trillion in fiscal 2023 when the GDP printed in at $3.5 trillion, Standard Chartered Bank said in a weekend report which assumes a 10 per cent nominal GDP growth annually from now on.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Franklin Templeton Asset Management (India) on Monday said the Securities Appellate Tribunal (SAT) has stayed Sebi's order, whereby the regulator had barred the asset management firm from launching any new debt scheme for two years. In addition, the regulator had asked Franklin Templeton to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to its six debt schemes which are now shut. "With reference to the order issued by Whole Time Member(WTM) of Sebi on June 7, 2021, Franklin Templeton Asset Management (India) Pvt Ltd filed an appeal and an application for stay before the Hon'ble SAT. "After hearing the parties, the Hon'ble SAT has stayed the operation of the order passed by the WTM," a Franklin Templeton spokesperson said in a statement. The matter has been listed on August 30, 2021 for further directions, he added.
A chartered accountant by training, Bala understands the nuances of electoral politics.
