Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
The regulator has not been maintaining panel of auditors since 2005 and instead prescribing the requirements for their appointment by insurers. In the backdrop of inflated balance sheet of Satyam Computer Services, chartered accountant body ICAI had pitched for the appointment of statutory auditors for insurance firms by IRDA.
Norms for e-commerce likely, arm's-length pricing set for change.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS).
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
She has been called again on Wednesday for a fresh round of grilling.
Ekka, who is embroiled in the controversy for allegedly signing official documents at a private place, was removed from the post following Bharatiya Janata Party's allegation of his conniving with middlemen.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Accountancy regulator ICAI on Wednesday agreed to withdraw disciplinary proceedings against audit firm Price Waterhouse Delhi for its alleged involvement in the multi-crore scam in Satyam Computer Services.
Divorce lawyer Mrunalini Deshmukh explains the need, "It would be practical to maintain a clear division of assets right from the start. But nobody marries with an intention to divorce. So, sorting out finances becomes a major issue."
From core careers like CA and CS to design and fine arts, here's a wide range of options for students to choose from. Read on
The Institute of Chartered Accountants of India has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds.
A resolution depends on the the kind of property held jointly and the ownership pattern
Six of the seven Bills listed on the agenda of the Rajya Sabha have already been passed by the Lok Sabha.
National Security Advisor Ajit Doval on Wednesday said that the Shanghai Cooperation Organisation members should respect the sovereignty and territorial integrity and seek no unilateral military superiority in adjacent areas.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
India's big four audit firms are PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young, while ICAI is the apex regulator of the profession of chartered accountants.
'He wants our finance minister to do something to solve the problems of the poor and the farmers who commit suicides because of the heavy debt burden.'
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Nearly 800 employees started the strike on February 3 alleging gross mismanagement of funds by the top management and demanded a thorough audit of ICAI by comptroller and auditor general.
The general elections could take a toll on the bottom lines of a host of Indian companies that have accessed overseas debt.
Wipro founder-chairman Azim Premji believes the Indian IT industry revenues will grow in double digits in the current financial year. Throughout the pandemic, which saw lockdown measures to curtail the spread of the virus, the information technology industry has kept the world running and has also adapted to the changes, Premji said, speaking at an event of the Bombay Chartered Accountants' Society on Tuesday evening. As per Nasscom, the IT industry revenues stood at $194 billion in FY21. The lobby group has ceased giving estimates of the topline growth a few years ago.
As the economy surges ahead, these financial watchdogs will be increasingly in demand.
The decision to seek tie-up details from CA firms, especially those associated with the Big 4 -- PWC, Ernst & Young, KPMG and Deloitte -- follows a report by an Institute of Chartered Accountants of India committee on the multi-crore Satyam scam.
We invited readers to share stories of how they met their spouses and interesting anecdotes about their wedding day. Here's Shraddha Kabra's account of how she wooed her husband, Ajay
A few months ago, the company affairs ministry had approved a single additional attempt instead of the five recommended by the ICAI.
On March 30, the ICAI asked all companies to disclose and/or provide for all losses on derivative contracts, except for forward contracts where a company needed to comply with accounting standard AS11. So far, Indian companies were not required to declare their gains or losses on derivatives; the ICAI's new accounting standard AS30 required them to reveal these gains or losses from April 1, 2011, a deadline it advanced by three years.
The accountants body was reacting to reports about a tax assessment order by the I-T department, which found violations by ICAI such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business. However, the institute pointed out that a view taken by a particular officer in the department in a specific year is not final and said that it is sure to be eligible for exemption.
"I told my office to take permission of the court because I want director, discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri).
Reach Tax will operate from Delhi, Mumbai, Hyderabad, Chandigarh and Calcutta by November 2010.
The chartered accountants regulator ICAI on Thursday said KMPG cannot audit Satyam's books, but the global auditor said it does not require to register with the regulator to restate the IT company's accounts.
Maersk is looking for financial and accounting professionals. They will be based based in the African continent and in West and Central Asia.
The chartered accountants body ICAI on Tuesday constituted a six-member special committee to look into the auditing of crisis-hit Satyam Computer, whose disgraced founder chairman Ramalinga Raju has confessed to fudging accounts.
TAPAI offers postgraduate degree in management for 2008-2010.
The companies have 90 days to deposit the money with Sebi, which has been tasked by the Supreme Court to return the money to the investors.
This follows a recommendation by the Income Tax department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju's confession. I-T officials said since the returns were e-filed, there was no provision to check whether or not the tax audit reports were certified by the chartered accountant.
A bench comprising Chief Justice Uday Umesh Lalit and Justice Bela M Trivedi said it was sitting in a combination of two and according to a reference order on the matter, it should go before a bench of three judges for disposal.
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