rediffGURU Patrick DSouza trains students for competitive management entrance exams such as the Common Admission Test, the Xavier Aptitude Test, Common Management Admission Test and the Common Entrance Test.
He will succeed incumbent Rajiv Gauba, who completes his unprecedented five-year term in the top bureaucratic post this month-end.
The Institute of Chartered Accountants of India invites applications for Management Accountancy Course (MAC Part-I) and Insurance and Risk Management (IRM) Examinations.
The Reserve Bank of India (RBI) has initiated talks with accounting standards regulator Institute of Chartered Accountants of India (ICAI) to advance the mandatory implementation of accounting standards for derivatives transactions by Indian banks and companies from its present 2011 deadline.
Starting November 12, Vistara aircraft will be operated under the Air India banner, to be identified by a special four-digit flight code beginning with "2".
Dismissing the appeals of a large number of companies that opposed the new policy, the bench headed by Justice SH Kapadia said AS 22 sought to arrive at the true accounting income. "In the age of globalisation, the attempt is to reconcile the accounts of the Indian companies with their joint venture partners abroad," the 220-page judgment said, and added: "The aim is to harmonise Indian accounting standards with international standards."
The United States hired a chartered flight to deport Indian nationals who were staying in the country illegally, the Department of Homeland Security has said, noting that this has been done in cooperation with the Indian government.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate. Adani group has repeatedly denied all allegations.
The court said a social media influencer is expected not to try to play the role of a professional without any backing to substantiate what is being shared by them.
Bharatiya Janata Party leader Shaurya Doval has said he has never expressed desire to contest elections but is open to the idea if the party decides to field him.
Comptroller and Auditor General of India V N Kaul said on Monday that there was a need to review government accounting system for bringing in transparency
Trump's sweeping tariffs and penalties on China-built ships have turned global shipping into the front line of economic war, observes Shyam G Menon.
Since KPMG is not registered in India, it cannot undertake auditing work or restate accounts of beleaguered Satyam Computer Services, said Ved Jain, president of the Institute of Chartered Accounts of India.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
In an extensive exercise to track overseas bank accounts of Indians and round-tripping of funds, top investigating agencies in the country are gathering actionable intelligence on chartered accountants, brokers, legal firms and professionals involved in these areas.
Price Waterhouse Chartered Accountants (PwC India) has resigned as the auditor of Paytm Payments Services, the fintech major said in a regulatory filing on Monday. "...we wish to inform you that M/s. Price Waterhouse Chartered Accountants LLP ... statutory auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 7, 2023," the company added. Paytm said that the statutory auditors had not raised any concerns or issues and that the company had noted PwC's resignation.
PricewaterhouseCoopers suggested on Friday that the new Public Company Accounting Oversight Board of US should "mutually recognise" other oversight bodies including the one proposed in India, which could be the Institute of Chartered Accountants
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
The government on Monday clarified that accounting regulator ICAI hasn't reported any irregularity in the account books of some Indian Premier League teams. 'The Institute of Chartered Accountants of India (ICAI) has not reported any irregularities in the accounts and violations of auditing norms by some Indian Premier League (IPL) teams,' Corporate Affairs Minister Salman Khurshid told the Rajya Sabha.
To outsource work; priority on actively-traded, listed companies.
PricewaterhouseCoopers was Satyam's statutory auditor when the company's founder, B Ramalinga Raju, confessed to a massive accounting fraud in January 2009.
ICAI on Tuesday said it is setting up a fast-track cell to deal with cases against chartered accountants involved in incorporating shell companies in India with Chinese links and it would aim to dispose them of by the end of the year. Those found guilty can face a lifetime ban, among other actions. 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.
It is advisable to file your ITR right away and not rely on potential extensions.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
The Leader of Opposition assured the parents of raising the issue in Parliament.
The Institute of Chartered Accountants of India is in the process of clarifying the procedure for accounting of these peculiar transactions for which there is no precedence."We will issue explanations and clarifications as to how to record certain transactions which are innovative in nature," ICAI President Ved Jain told PTI.
The Enforcement Directorate (ED) is expected to press money laundering charges against its two officers and some private individuals who were recently booked by the CBI in a bribery case linked to an accused arrested in the alleged Delhi liquor policy scam, official sources said Tuesday.
The rules are being framed to maintain absolute transparency and fair play in investigations.
A Pakistani court sentenced jailed former prime minister Imran Khan and his wife Bushra Bibi to 14 and 7 years in prison respectively after finding them guilty of corruption in the 190 million pounds al-Qadir Trust case. The verdict was announced in a makeshift court set up in Adila jail where Khan is currently lodged. Khan has been convicted for "corrupt practices" and "misuse of authority", while his wife has been convicted for "involvement in illegal activities". The court also ordered the confiscation of the land of Al-Qadir University set up by them. Supporters of Khan's Pakistan Tehreek-e-Insaf (PTI) party staged a protest outside Parliament House, demanding his release. Khan claims all cases against him were politically motivated.
'But for the change in the method of accounting... the loss for the quarter ended September 30, 2008 would have been more by Rs 129.5 crore (Rs 1.29 billion) and for the half-year ended on that date would have been more by Rs 744.23 crore (Rs 7.44 billion),' chartered accountant B K Ramadhyani & Company said in their report to the board of directors of Kingfisher Airlines.
Queenie Hallegua, who passed away at 89 in August, was almost the last of the Sephardi Jews in Fort Kochi. Her son Dr David Hallegua reflects on his mother's death and of his life growing up in Kerala.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
The country's accounting sector regulator has set a target to build 50 global brands based out of India in three years.
An Indian-origin accountant was killed by her former boyfriend who stabbed her 20 times after he found out that he had been dumped, a court was toldin London. Camille Mathurasingh, 27 was knifed 20 times in the kitchen of her home in Bow, after her former boyfriend flew in from Trinidad to try to win her back, the jury was told at the Old Bailey.Paul Bristol, 24, admits manslaughter but denies murder in April 2009.
'At the age of 25, there are still no work offers coming your way, so how do you move ahead in life?'
rediffGURU Samkit Maniar answers readers' personal income tax queries.
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