Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
'Nirmalaji must consider herself a very lucky finance minister, partly because of the government's response to covid and partly because we as a nation have done very well as an economy, post pandemic.'
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
Except for Pakistan, the defence ministers of all other member countries attended the meeting in person. It is learnt that the Pakistani representative joined the deliberations virtually.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
A chartered accountant by training, Bala understands the nuances of electoral politics.
Sources claimed that Singhal was "evasive" in her replies and hence was arrested.
The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now.
It's better to inform your new employer about income earned and deduction availed with the previous one.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
The disbursal included Rs 1,000 crore for migrant welfare and over Rs 1,392 crore for procurement of Covid vaccine doses.
The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
Lok Sabha and Rajya Sabha proceedings were adjourned for the day amid protests by the Opposition in both the Houses demanding removal of Ajay Mishra as Union minister and withdrawal of the suspension of MPs.
Revenue department would come out with more clarifications through FAQs on the Undisclosed Foreign Income and Assets Act.
Idea is to bring stakeholders together and explore ways to increase export of services from India.
If losses from F&O, intra-day trades are below Rs 20,000-30,000, it's best not to claim them and opt for ITR-2.
The share capital of the company is Rs 1 crore (Rs 10 million).
The application for narco analysis test assumes significance as the agency yesterday alleged that Karti was not cooperating in the investigation and was 'evasive' in his replies.
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
Thomas Bach has called on Ukraine to drop threats of a boycott of the 2024 Olympics over the participation of Russian and Belarusian athletes.
In a circular dated May 20, Sebi had directed the listed companies to evaluate the impact of Covid-19 on their capital and financial resources, profitability, liquidity position, assets, and ability to service debt. Instead, companies have spoken about the number of plants, warehouses and distribution centres that have resumed operations; work-from-home and safety measures undertaken for employees; and the labour shortage they are facing.
The young party sees a stream of volunteers from outside Delhi. Illustration: Uttam Ghosh/Rediff.com.
The Aam Aadmi Party office in Delhi has been seeing a steady flow of volunteers offering their services to the party free of cost.
Adani Ports and Special Economic Zone (APSEZ) on Monday started the first debt buyback programme since billionaire Gautam Adani's conglomerate was targeted by a US short-seller in January. APSEZ floated a tender to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four quarters, it said in an exchange filing, as it looks to regain investor confidence by showing that its liquidity position is comfortable. Shares of Adani group companies pummelled after Hindenburg Research in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation.
Retirement fund body EPFO is all set to start online transfer of provident fund accounts in the first fortnight of October, a move that will benefit over 13 lakh applicants every year.
The affidavit was filed in response to a petition seeking a direction to declare the PM CARES Fund a 'State' under the Constitution to ensure transparency in its functioning.
Sanjay Singh, Sushil Gupta and Narain Dass Gupta were selected as AAP's Rajya Sabha nominees.
'This is not only a fight against corruption and black money, this is also a fight against terrorism and counterfeit currencies.'
Special CBI Judge Prashant Kumar passed the order noting that the investigation was at its initial stage, and the accused was required to be quizzed.
However, the report pointed out that the implementation of the grievance redressal process still has many gaps as "only 22 per cent of the consumers involved in a grievance redressal process were satisfied due to the uncertain timelines involved". The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016.
Indian talent may soon be allowed to work in France without a degree from a French institute.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The ministry has also made Udayen Sen of Deloitte, and Kalpesh Mehta and Sampath Ganesh of BSR as respondents as they were the signatories of the audit reports of the company.
To send a notice under money laundering law.
The Election Commission on Thursday issued a set of draft "revised" guidelines to political parties asking them not to give cash to their candidates in a bid to curb the menace of black money in elections.
Unless Punjab has a chief minister who is able to look beyond community/vote bank politics, carry all sections of society, stop appeasing while addressing genuine concerns and break the stranglehold of the SGPC over Sikh affairs, my beloved home state is bound to die and conversions will be rampant, warns Sanjeev Nayaar.
After taxpayers file returns, IT department checks them.
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