'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.
'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.
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 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 rules are being framed to maintain absolute transparency and fair play in investigations.
He will succeed incumbent Rajiv Gauba, who completes his unprecedented five-year term in the top bureaucratic post this month-end.
'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.
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.
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.
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.
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.
The country's accounting sector regulator has set a target to build 50 global brands based out of India in three years.
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.
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.
In a decision that will affect the lawyers specialising in sales tax laws as well as former sales tax officers' who work as sales tax practitioners, Bombay High Court has held only Chartered Accountants (CAs) can audit and certify accounts for traders. Hitherto, traders had to hire only sales tax lawyers or former sales tax officers as advisors in tax matters. It allows lawyers & other sales tax practitioners to represent traders before tax authorities but not audit accounts.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
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".
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.
Booming demand for chartered accountants services fuelled by a rapidly growing economy has meant that Shetty's experience is not an isolated one.
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.
Always wanted to make money during your vacations and didn't know how? Here are some openings...
'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.'
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.
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.
Corporate profits will come under severe pressure for the fourth quarter ended March 2008 as companies will have to provide for any losses on forex derivative products, owing to a new accounting norm announced on Saturday. The Institute of Chartered Accountants of India has asked all companies to disclose and/or provide for all losses on derivative contracts, except for forward contracts, where a company needs to comply with accounting standard AS11.
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.
The Supreme Court on Friday granted interim bail for a period of two months to suspended Jharkhand cadre IAS officer Pooja Singhal in a money laundering case to enable her to look after her ailing daughter.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
It is advisable to file your ITR right away and not rely on potential extensions.
One can't run away from death so this is the time that YOU must create your own death file. P V Subramanyam explains what you must know about this most essential financial tool.
The Leader of Opposition assured the parents of raising the issue in Parliament.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Missing the deadline for filing Income Tax returns can lead to consequences.
'At the age of 25, there are still no work offers coming your way, so how do you move ahead in life?'
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.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
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