The forms for simplified income tax returns are anything but Saral, Sahaj and Sugam: for many readers these would have a familiar ring particularly in the month of July.
It can possibly happen only in Bihar. The names of rich including chartered accountant, government employees, shopkeeper of Public Distribution System and even dead have been allotted job cards and they have drawn money as wages under the National Rural Employment Guarantee Act in the state.
Puneet Gupta, a consultant (Tax and Regulatory Services) with Ernst & Young, took just 24 days of leave for dedicated exam study.
A local court on Wednesday extended police remand of Shivraj Puri, the main accused in the alleged Rs 400 crore (Rs 4 billion) Citibank fraud, by 2 more days till January 14 as police is yet to recover iPad considered to be vital evidence.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Describing the chartered accountants as 'the watchdogs of new corporate world', he said, 'the dynamism of globalised capital market and emergence of knowledge based economy has posed major challenges to accurate and speedy financial reporting.' Addressing a diamond jubilee celebrations of Institute of Chartered Accountants of India, he said role of the accounting profession is also critical in lending credibility to the financial markets.
Here's a quick round up on what has changed over the past year and a few other tips to get your tax filing done.
Widening the scope of its enquiry regarding practices adopted by foreign auditing firms to operate in India through surrogate entities, ICAI has asked 11 more domestic chartered accountancy firms to furnish details of operational arrangement with them.
The body of 26-year-old Anup Kumar Agarwal was recovered from railway tracks between Byappanahalli and Krishnarajapuram stations on December 23, a few days after the company discovered the fraud and his alleged role in it.
Believe it or not, it's really not all that tough. All you need to do is to get a bit proactive and collect some important documents, something you would need to do anyway, even if you use the services of a professional.
Rediff reader Mrityunjay Bhatt, 27, from Indore, Madhya Pradesh tells us what he learned from his father Mahendra Mohan Bhatt.
The application is fast catching on with internet users in India.
"The government has always believed in stable policies. I am sure that this will continue in the coming budget," ICICI Bank's non-executive chairman, K V Kamath, told reporters on the sidelines of a function organised by the Institute of Chartered Accountants of India in Mumbai.
Firms denied peer review certificate may be barred from auditing
It is the ICAI which has the wherewithal to understand what the professional issues involved are and it is they who should be in charge of the solution, believes Rahul Roy.
Hyderabad-based Four Soft and Chennai-headquartered Take Solutions, providers of IT products and solutions in the supply chain management (SCM) space, today announced their intent to merge. The combination will create a global, comprehensive company offering one of the largest SCM products.
Option can be exercised only for self-applications and after a year of non-payment.
"In view of the statements of the cabin crew attendants and other circumstances, at this stage, it cannot be held that there are reasonable grounds that the accused has not committed the alleged offence," Additional Chief Metropolitan Magistrate Rajesh Kumar Goel said.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
"There will always be brilliant fraudsters who will find newer ways. The need is for utmost vigilance, diligence and honesty on the part of those who are entrusted with the job of regulation and auditing."
Aroon Purie, Editor-in-Chief, India Today, talks about his career and the various issues that concern today's youth.
Sandeep Ohri has been waging a lone battle against Reliance and is intervener between the power utility and the power regulator.
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
A woman on Tuesday allegedly jumped to death from the 19th floor of a residential building along with her two children at suburban Malad in Mumbai. Nidhi Pawan Gupta, a chartered accountant, left a suicide note in which she said that nobody was responsible for the extreme step, said the police. The bodies of Gupta, 30, her son Gaurav, 6, and daughter Mahika, 3, were taken to nearby civic run Bhagwati hospital for post mortem, police said.
A Bench headed by Justice S H Kapadia has posted the matter for the hearing on December 9. PWC had challenged the Calcutta high court's judgement that held that the firm had failed to furnish its true and correct particulars of accounts while filing the returns.
Promises have been made in the past about cleaning up bank boards, revamping processes, purging vested interests. How far away is that Promised Land?
The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants.
Priyanka Chopra talks about her upcoming film 7 Khoon Maaf and clarifies her stand on the Income Tax raid at her house.
To me, these are all characteristics of a scam. It is time that the derivative issue is christened as one. Given this scenario, it is time the RBI interfered in this matter. In the alternative a Joint Parliamentary Committee probe into the entire issue may well be in order.
Payment for imports do not require these two forms.
On the back of the Satyam episode, the ICAI is planning to seek more power for chartered accountants so that they are not mere qualifiers. In case they see any divergence in the numbers provided by the company, there must be a way to compel a restatement of accounts, according to the ICAI. It has asked its members to 'to be much more vigilant and rely on external information than be dependent on what the management provides.'
They play a key role in managing rescue and liquidation processes envisaged under the Code
Get Ahead reader Vinayak Gupta has contributed this review of Samsung Wave S8500 in response to our reader invite.
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