"The emphasis is on making every rule, law, policy people-centric, and public-friendly. This is the use of the new governance model and the country is getting its results," Prime Minister Modi said while speaking at the launch of a platform for 'Transparent Taxation -- Honoring the Honest'.
Nearly four decades ago, when Rakesh Jhunjhunwala was a young chartered accountant in training, he was paid a conveyance of Rs 60. Deductions would take away Rs 15 from this princely sum and he was left with Rs 45 by the time the allowance made its way to his hands. He would save as much as he could from this amount, so that he would have a small amount to spend when he met his friends on the weekend at Chicken Centre. This was an eatery popular with the young at the time, perhaps because food and drink were affordable even for those new to the workforce.
'The maximum struggle that I have gone through in this industry was to try to get a film made which had a female action star.' 'And that film never got made, despite reaching out to some of the biggest actresses.'
The Gujarat police have booked filmmaker Avinash Das for sharing a photo of Union Home Minister Amit Shah with Jharkhand cadre IAS officer Pooja Singhal, who was recently arrested by the Enforcement Directorate in a money laundering case, an official said.
Do you know what tax-loss harvesting is? Does it help you save tax? Financial planning expert P V Subramanyam offers all the answers.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Reserve Bank Governor Shaktikanta Das said on Monday that fair and impartial auditing is essential for a resilient economy as it instils confidence among citizens. Addressing officers at the National Academy of Audit and Accounts, Das said that audit is important for the country as public expenditure decisions are based on these reports. Observing that there is a need to improve the quality and depth of audit, he said the Reserve Bank has taken a host of steps in consultation with the Institute of Chartered Accountants of India (ICAI) for improving the audit of banks and financial institutions.
'...We should first look at and acknowledge what we have done to ourselves.' 'To not do so opens us to the accusation of rank hypocrisy and also reduces the stature of our globetrotting peaceniks,' asserts Aakar Patel.
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
India abstained in the United Nations General Assembly on a resolution that demanded Israel end its unlawful presence in the Occupied Palestinian Territory within 12 months, with Delhi underlining that it is a strong advocate of 'dialogue and diplomacy' and efforts should be made towards 'building bridges', 'not furthering divides'.
The Institute of Chartered Accountants of India (ICAI) has initiated an inquiry against former Reebok India chief operating officer Vishnu Bhagat, one of the accused in the alleged Rs 870-crore fraud in the company, a senior ICAI official said.
The development comes after Sebi received representations from listed entities, chartered accountant firms, and industry bodies, seeking further extension of time for filing of financial results for the quarter/half year/financial year ended March 31, 2020.
Rediff. com's Priyanka meets Jitender Mohla's father and counsel to know more about the case that resulted in the Delhi-based chartered accountant getting a life term.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
Youngsters must remember education is their BIGGEST investment EVER: Their lifelong income-earning provider! asserts CA P V Subramanyam.
A resolution which says 'I will be more organised' is not a good one, but a resolution which says 'I will keep my clothes and papers in an organised manner, make my bed, have bath at a regular time, eat at a fixed time, go the gym at a fixed hour and go to bed at a stipulated hour' is a far better resolution, points out P V Subramanyam.
Check out the new schedule for the CA exams held by the Institute of Chartered Accountants of India.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
A tax assessment panel found violations such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business, following which it decided to impose a penalty on ICAI, a government official said.
However, in a circular issued earlier, the market regulator had asked stock brokers and trading members to complete the auditing from independent qualified chartered accountants but now the role has been extended to company secretaries or cost and management accountants.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
This second report is expected to go deeper into the matter and look at all new facts that may have come up.
The decision comes in the backdrop of the Rs 7,800 crore fraud at Satyam. Independent directors in other firms have also resigned from their board positions in recent months. "It is possible they may have left due to some other reasons, but if any director has left intentionally and was aware of any wrongdoing, then the matter would be reported to the regulator concerned," says ICAI President Uttam Agarwal.
Is it a good idea to give Rs 1 crore to someone who promises you a return of 24% per annum, wonders financial advisor P V Subramanyam.
To take the 'Idea to Enterprise' journey, you need to be open about your idea and articulate it to potential customers, existing entrepreneurs, experts in your industry and well-wishers.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
It has issued two revised accounting standards -- SA 500 and SA 720. The SA 500 lays down norms for obtaining and evaluating audit evidence, on which the final audit findings are based. Under this, a CA will have to go beyond verifying the balance sheet. The second standard -- SA 720 -- requires the auditor to read other information to identify any material inconsistencies vis-a-vis the audited financial statements.
Justice Dangre said that Ahmedabad, where the FIR against Das was registered, was not too far from Mumbai.
Beating the slowdown, chartered accountants (CAs) have bagged jobs with top-notch companies in the latest campus placement drive, which has also seen more newly qualified professionals get jobs.
Charanpreet Singh, associate dean, Praxis Business School, advises readers on MBA programmes.
Price Waterhouse's S Gopalakrishnan was involved in the Satyam case. The other two auditors who have been found guilty by the ICAI's disciplinary committee in the Global Trust Bank case, five years after the bank had collapsed, are Price Waterhouse partner P Ramakrishna and Lovelock & Lewes employee Manish Agarwal. ICAI President Uttam Agarwal said punitive action against the erring auditors would depend upon the gravity of offence.
P V Subramanyam takes a hard look at the pros and cons of both options.
Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
In order to plug the loopholes that allow foreign audit firms to do surrogate audit practice in India with their Indian associates, the Institute of Chartered Accountants of India (ICAI), the apex body to regulate the chartered accountancy profession in the country, has issued notices to 12 CA firms that have tie-ups with foreign firms.
ICAI president Uttam Prakash Agarwal said the new board, to be called the Review Reporting Board, will have powers to examine even unlisted firms. Currently, the Financial Reporting Review Board, which was set up in 2004 to monitor and regulate the functioning of CAs in the country, picks up audit reports of about 50-60 listed companies and non-government organisations to see whether procedures are being followed.
If the FM can levy education cess to meet the cost of education, then why not defense cess for defense cost, health cess, food cess, and so on. What are the tax collections meant for, asks Kanu H Doshi, partner of Kanu Doshi Associates, chartered accountants, Mumbai.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
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