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.
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.
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.
The government's agenda also includes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
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.
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
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.
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.
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.
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.
"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.
The country's per capita income is likely to grow by close to 70 per cent to $4,000 by fiscal 2030 from $2,450 in fiscal 2023, helping it become a middle-income economy with $6-trillion GDP, more than half of which will be coming in from household consumption, says a research report. Per capita income/GDP has risen from $460 in fiscal 2001 to $1,413 in fiscal 2011 and further to $2,150 in fiscal 2021. The biggest growth driver will be external trade which may nearly double to $2.1 trillion by 2030 from $1.2 trillion in fiscal 2023 when the GDP printed in at $3.5 trillion, Standard Chartered Bank said in a weekend report which assumes a 10 per cent nominal GDP growth annually from now on.
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
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.
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Under the Companies Act, 2013, auditors have the responsibility of reporting frauds, at entities being audited by them.
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One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
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.
The CBI on Sunday deferred the questioning of Deputy Chief Minister Manish Sisodia in connection with the Delhi Excise policy scam case after he sought time from the probe agency citing the city government's ongoing budget exercise.
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The National Stock Exchange (NSE), which is once again in the eye of a storm due to the co-location scandal, has said it has taken several transformational steps in the past few years on the regulatory, technological, and surveillance fronts to help improve stakeholder experience and to protect investors. Senior officials of the exchange briefed the media over the steps the exchange has taken on various fronts following changes at the helm with former managing director and chief executive officer Chitra Ramkrishna's ouster in December 2016. "Over the last few years, we have been looking to modernise and transform the entire value chain of technology.
The Institute of Chartered Accountants of India has offered technical information for drafting the rules for valuing employee stock options for calculating the fringe benefit tax.
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