A recent clarification by the Institute of Chartered Accountants of India regarding disclosure norms for derivative contracts had specified that companies would have to disclose mark-to-market losses from such transactions, financial year 2007-08 onwards. Sources now say companies have the leeway to avoid reporting losses on derivative contracts, as there are enough mechanisms in accounting standards that lay out the guiding principles in this regard.
26 chartered accountants associated with such shell companies have also been identified
The Central Bureau of Investigation has named 10 non-government organisations, including the US-based Omidyar, as accused in the case of allegedly conspiring to illegally facilitate the registration and renewal of Foreign Contribution (Regulation) Act licences.
The government today expanded the three-member Satyam board to six to include S Balakrishnan of Life Insurance Corporation, Tarun Das, chief mentor of the Confederation of Indian Industry and T N Manoharan, former president of the Institute of Chartered Accountants of India.
"We will ensure that, to any person who has not worked according to our standards and our expectationsm severe punishment be given," ICAI President Ved Jain said after the financial wrong doings by India's fourth largest IT company were unearthed. He added that that under the Indian Penal Code any person party to a fraud or cheating can be convicted.
Filing your taxes is not as big a headache as you may make it out to be. All you need is to be clear on some fundamentals and have your papers in place. Here's help.
Already, public sector companies, a firm of chartered accountants or company secretaries or advocates that have been allotted a permanent account number, individual chartered accountants and advocates with PAN among others are authorised as e-return intermediaries.
facilities at Bangalore one understands the financial year end frenzy at these establishments and the slipshod slippages in timeframes, quality of overhaul, servicing and quality control across the board, for aircraft and equipment alike,' says Group Captain Murli Menon (retd).
Market regulator Sebi has barred 197 foreign funds, including those managed by global financial conglomerates like HSBC, Deutsche Bank and Standard Chartered, and 342 sub-accounts from further trading in stock market.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
Indian pace ace Irfan Pathan has decided to tie the knot with his long-time friend Shivangi Dev, a chartered accountant working in Australia. Irfan, 24, met Shivangi, 22, in Canberra in 2003 when the Indian team was touring Australia and proposed to her when she was on a visit to Vadodara three years back. Shivangi, daughter of a diplomat now posted in Spain, promptly said 'yes' when Irfan asked whether she would marry him, Irfan's father Mehbubkhan Pathan said.
The Institute of Company Secretaries of India is looking forward to expanding the conventional roles of chartered accountants to non-statutory areas like labour law audit and certification, secretarial audit of hotel and banking industries.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
With economic offences seeing an increase, the CBI has written to the Institute of Chartered Accountants of India (ICAI) to probe the growing number of white collar crimes.
The Indian Merchants Chamber and Bombay Chartered Accountants Society has made an appeal to finance minister P Chidambaram to simplify the process of filing income tax returns by restoring the Saral forms.
According to sources in the Excise department, the Sahara Airlines, while submitting opinion of its Chartered Accountant on service tax, had allegedly backdated it to 2003 in which it was stated that Rs 1442 crore (Rs 14.42 billion) income from advertising services provided to its group company was not taxable under advertising services.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
The Delhi high court granted bail to arms dealer Suresh Nanda, his son Sanjeev and two others who allegedly manipulated evidence in the case of alleged kickbacks in the Barak missile deal
The government's agenda also includes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Kate Forbes studied at Woodstock School for 3 years, and lived in India for 8 years. 'She has a heart for service and we are excited she has reached great heights at such a young age,' said her teacher Sanjaya Mark.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Meanwhile, company secretaries' body ICSI is also writing to the company secretary of Satyam Computer today to submit a report on corporate governance in a week. ICSI president Keyoor Bakshi said the government had earlier asked the institute to look into the revelations made by Satyam Computer's founder President Ramalinga Raju.
In fact, the ministry of corporate affairs announced that role of directors and auditors at Satyam will be scanned by ICAI and the apex body of company secretaries.
PwC's comments are still awaited. Following a letter from the Satyam chairman, who accepted that he had misrepresented facts in the company's balance sheet, role of auditors and accountants for the company has also come under scanner.
Rehan Yar Khan of the Indian Angel Network discusses how young entrepreneurs should go ahead with their startup companies.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Indian Institute of Chartered Accountants in Mumbai dismissed the batsman's claim for Rs 22 lakh.
Under the Companies Act, 2013, auditors have the responsibility of reporting frauds, at entities being audited by them.
If time is what you have to offer, Dignity offers several options.
It said Naisar Kothari, a resident of Bhavnagar in Gujarat, was arrested under sections of the Prevention of Money Laundering Act (PMLA) and he has been sent to the ED custody till December 22 by a court.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Sisodia was arrested after nearly eight hours of questioning on various aspects of the excise policy for 2021-22, which the probe agency says suffered from irregularities both in its formulation and implementation, allegedly intended to benefit people with links to the AAP.
If you are a new taxpayer or one who is struggling to obtain a foothold in the world of taxes, our attempt at simplifying the tax filing process seeks to help you sail through this. Read on. . .
Get Ahead reader Sunil Agarwal tells you how a a low EMI can reduce your stress levels.
The government said in Friday it was negotiating aggressively at the World Trade Organisation to facilitate easy movement of professionals across borders to deliver services.
The latest passion of the Institute of Chartered Accountants of India (ICAI) is not selling blazers. Nor is it inauguration of residential courses. It is IFRS, IFRS and IFRS. Or International Financial Reporting Standards.
Those running from pillar to post to get their Income Tax refund dues can seek solace in Right to Information Act, which is fast becoming a potent tool to get refund faster.
The CBI has alleged that Gorantla's role in the formulation and implementation of the now-scrapped Delhi Excise Policy 2021-22 caused 'wrongful gain' to Hyderabad-based wholesale and retail licensees and their beneficial owners.
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