rediffGURU Yogendra Arora answers readers' personal income tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
'Tom Curran went to the airport, but heard that the airport was closed.' 'Then he started crying like a little child. It took two or three people to handle him.'
The United Nations Security Council (UNSC) has strongly condemned the terrorist attack in Jammu and Kashmir, urging that those responsible be held accountable and brought to justice. The Council issued a press statement expressing its deepest sympathy to the victims' families and calling for all states to cooperate in combating terrorism. UN Secretary-General Antonio Guterres also expressed concern about the situation, urging India and Pakistan to exercise restraint.
Anna Sebastian Perayil, a Keralite who passed her CA exams in 2023, worked at EY Pune office for four months before she succumbed on July 21.
EY said it would continue to improve and provide a healthy workplace in its offices throughout the country.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The Institute of Chartered Accountants of India has written to 150 firms seeking information on various issues including on agreement or contract for usage of name of multinational entity, Corporate Affairs minister Salman Khurshid said in the Lok Sabha.
The Pune office of Ernst & Young (EY), in news after the death of a woman CA, was functioning since 2007 without a license under the Shops Act, which stipulates employees' welfare among other conditions, an official said on Wednesday. This is a violation of norms. A notice will be issued to the firm and based on its response, further action will be initiated, the official from the Maharashtra labour department said.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations on Friday.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
A day after lambasting e-commerce players for predatory pricing, Union Commerce Minister Piyush Goyal on Thursday said he is not against online platforms but India wants such entities to be "fair and honest" in their conduct. Speaking with reporters in the financial capital, the outspoken Union minister said the rule of the law should be followed in letter and spirit, and made it clear that consumer preferences should not be influenced by algorithms.
'The time has come to have a relook at the Constitution as every document has a shelf life.'
The Ministry of Labour & Employment is investigating alleged "unsafe and exploitative work environment" days after the tragic demise of Anna Sebastian Perayil who worked with S R Batliboi, a member firm of EY Global. Perayil was a 26-year-old chartered accountant (CA) who died allegedly due to extreme work pressure at the firm. "Deeply saddened by the tragic loss of Anna Sebastian Perayil.
Scores of chartered accountants, company secretaries and cost accountants are currently under the regulatory scanner for alleged violations of the companies law with respect to setting up of certain Chinese companies and their subsidiaries in India, according to officials. The apex bodies of chartered accountants and company secretaries, ICAI and ICSI, have together received around 400 complaints on the issue and necessary actions have been initiated. The Institute of Cost Accountants of India has also initiated action against some of their members in the matter.
The Bhartiya Janata Party will pressure the United Progressive Alliance government in the upcoming Parliament session to act on a 23-point charter formulated by its 'task force' for following constitutional, legal, political and geo-political measures to unearth and bring back the Indian monies illegally stashed abroad.
'We are getting to understand the mind of this generation.' 'Minor tweaks are being made to ease the process as we go along.'
'It is important India to stay focussed on its primary national objectives: Combating terrorism; not losing sight of other security and strategic concerns (on the Sino-Indian front for instance); ensuring a strong economy and registering growth which includes improving the lot of common people; and finally making certain that the social fabric remains intact and harmony among people is not jeopardised, at least any further,' asserts Nilanjan Mukhopadhyay.
The average Indian works 46.7 hours per week, surpassing even China's 46.1 hours. In some sectors, the numbers are even more staggering.
Currently, ICAI cannot take action against any chartered accountant who has indulged in professional misconduct or any other misdeed if he is not a registered member of the institute. The accounting body is also planning to set up a serious fraud detection cell to assist regulators like the Reserve Bank of India and Securities and Exchange Board of India to prevent Satyam-like scams.
A shortlist using artificial intelligence would be prepared to identify eligible candidates and match them to the suitable internship opportunity. The shortlist would be shared with the companies on Tuesday, October 15.
The Institute of Chartered Accountants of India (ICAI) has held discussions with ministry of corporate affairs (MCA) secretary Manoj Govil on the 'Aggregation of CA Firms' and the roadmap to create big Indian firms, a press statement by ICAI said.
India abstained on two UN General Assembly resolutions calling for a de-escalation, an early cessation of hostilities and a peaceful resolution of the war against Ukraine. The resolutions were adopted on the third anniversary of the Russia-Ukraine conflict, with the UN Secretary General stressing that the war in Ukraine stands as a grave threat to the peace and security of Europe and the core principles of the United Nations.
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
The Reserve Bank on Thursday proposed tighter norms for treatment of wilful defaulters under which banks and other lenders will be required to examine all accounts with outstanding amount of Rs 25 lakh and more to see if the borrower is deliberately not repaying the loan. The central bank has issued a 'Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters' on which comments have been invited till October 31. According to Reserve Bank of India (RBI), the draft Master Direction expands the scope for regulated entities which can classify borrowers as wilful defaulters and broadens the definition of wilful default.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
Hindenburg Research, the forensic financial firm that challenged the Adani Group, took its name from the infamous airship that burst into flames upon arriving in New Jersey in 1937. And the counter to its damning report against the conglomerate was dubbed 'Operation Zeppelin,' named after the German dirigible airships used for reconnaissance and bombing during the First World War.
Chartered accountants body ICAI on Saturday served a showcause notice on auditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited by it in the last five years.
The 21-year-old woman, who has been doing her chartered accountancy articleship at Manoj Daga & Company in Hyderabad, was booked under relevant sections of Information Technology Act on September 7, after a preliminary investigation and faces arrest in the case.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
How does the Union Budget 2024-25 impact taxpayers, investors and traders?
Tandon, son former Chhattisgarh governor late Balramji Das Tandon, assured everyone that he will live up to the expectations and the trust which the BJP has reposed in him.
'Any earnings, regardless of location, will be subject to Indian income tax.'
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
To future CA aspirants, this is what Sanskruti and Shruti Parolia would like to say: 'The journey is long and tough. Be consistent and persistent. The end result will be rewarding.'
Some residents have already taken this step to relocate, either temporarily or permanently, some to their native places and others to clean-air destinations like Goa and Himachal Pradesh.
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
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