Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Don't forget to ask for quarterly audited statement of transactions in your account. This will make it easier for you to calculate your tax liability and pay it on time.
Policies to address CAD has worked well believes the bank's economists.
A week after the Income Tax Department's much publicised new e-filing portal went live, users continued to face technical glitches ranging from longer than usual logging time, inability to respond to notices and not all features functioning yet, chartered accountants said on Monday. The new portal, "http://www.incometax.gov.in/"www.incometax.gov.in, was launched last Monday (June 7), which the tax department as well as the government said was aimed at making compliance more taxpayer-friendly. But users complained of technical issues facing the site from the very first day and not everything has been fixed even after a week, chartered accountants (CAs) said, adding that taxpayers are unable to view past e-filed returns and many features/ facilities continue to be marked 'coming soon'. Finance Minister Nirmala Sitharaman herself had asked Infosys - the vendor which created the portal - and its Chairman Nandan Nilekani to fix the technical glitches.
The big four global accountancy firms -- PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte -- are circumventing laws to provide auditing services in the country, says a report of an Institute of Chartered Accountants of India's committee.
Markets regulator Sebi has empanelled as many as 16 entities -- including BDO India, Ernst & Young and Deloitte Touche Tohmatsu India -- for conducting forensic audits of financial statements of listed companies as part of efforts to curb frauds. The other empanelled entities are -- Chaturvedi & Co, Chokshi & Chokshi LLP, Grant Thornton Bharat LLP, Haribhakti & Co. LLP, KPMG Assurance And Consulting Services LLP, Mukund M Chitale & Co and Protiviti India Member Pvt Ltd, according to a public notice. In addition, Rajvanshi & Associates, Ravi Rajan & Co LLP, SKVM & Company, Suresh K Jha & Co, T R Chadha & Co LLP and V Singhi & Associates have been selected to conduct the forensic audits, it added.
The Central Bureau of Investigation on Wednesday conducted searches at the premises of Sunak Bali, who was an aide of Satya Pal Malik when he was the governor of Jammu and Kashmir, and 11 other locations in Delhi and Rajasthan in the alleged insurance scam case, officials said.
'Consistency is the key to cracking any goal.' 'If you can't put in 10 hours a day, make it 6 hours or 8 hours, but stick to it.' 'Don't lose momentum.'
Many direct taxation rules lack clarity and the rulings on these also differ from case to case.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
There's merit in the premise of 420 IPC but Manish Gupta's flat execution never delivers its promise, feels Sukanya Verma.
Election Commission is considering an overhaul of the accounting practices of parties.
The Central Bureau of Investigation on Thursday night arrested a Mumbai-based chartered accountant and two government officials for allegedly selling confidential documents related to foreign investment policy to corporate groups after it carried out searches in offices of Finance and Commerce Ministries in New Delhi and in Mumbai.
The issue relates to alleged Rs 870-crore (Rs 8.7-billion) financial fraud at the company last year.
We asked our readers How to avoid trouble in the UK in the wake of the murder of Indian student Anuj Bidve in Salford, Greater Manchester on December 26. Here's Aruni Mukherjee's response.
The stars and their parents attend a Luka Chuppi screening.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
Shanti Ekambaram, president of consumer banking at Kotak Mahindra Bank, talks about her success mantras, career and money management lessons she learnt, work-life balance for working moms and what India's youth should aspire for.
The Institute of Chartered Accountants of India had issued show-cause notice to Bhagat, who sought time till March 31 to give his response.
RBI director S Gurumurthy the package of more than Rs 20 lakh crore announced by the central government can be described as an interim measure.
Drop us a mail at getahead@rediff.co.in and our expert, Harsh Roongta, will answer your home loan queries.
Suspended Jharkhand IAS officer Pooja Singhal was paid "commission" by subordinate staff from MGNREGA funds of Khunti district which she and her husband subsequently utilised for acquiring various properties, the Enforcement Directorate (ED) claimed in a statement on Wednesday.
Meet Sini Shetty who will represent India at the 71st Miss World beauty pageant on March 9.
With his strong views on Bharatiya economics, his appointment to the RBI board may well presage interesting times, says Archis Mohan.
The functioning of the ICAI has come under greater public scrutiny and at times it is unable to meet the high expectations from its members and general public. Surely, something is wrong somewhere, says M R Venkatesh.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
Accounting regulator ICAI is planning to come out with accounting norms for the software and the BPO industry.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The accounting and audit fraternity clearly wants to disassociate itself from the DLF-Vadra saga.
Licence foreign banks only if they reveal investment details, says Institute of Chartered Accountants of India.
How a chartered accountant won the battle against his company of interest on his PF dues
It was in 2009 that the accounting regulator set up a special disciplinary committee, comprising six members, to look into the fraud in Hyderabad-based IT firm.
Through gestures and decisions, the BJP high command has signalled that Raje may not be the lead actor but rather play a supporting role in a high-stakes election in its stamping ground.
Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms.The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny. The auditors concerned were associate firms of international auditing entity PricewaterHouseCoopers.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Institute of Chartered Accountants of India (ICAI) is likely to take disciplinary action against two Pricewaterhouse Coopers (PwC) auditors who were involved in auditing the account books of erstwhile Satyam Computers.
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
Maheshwer Peri, publisher of Outlook and Careers360 magazines, discusses the inspirations in life, his mantras for success, the rationale behind starting a careers magazine and offers his dos and don'ts to young entrepreneurs.
Lamingo Systems, a Bangalore based technology start-up firm promoted by two entrepreneurs - Navin Kumar and his wife Monika Rungta - has launched eLagaan.com in this current tax filing season, a portal which promises to prepare the tax returns easy to be filed both electronically and in paper mode.
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