Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
The court had on Wednesday extended the judicial custody of Bhujbal and his nephew Sameer Bhujbal till May 25.
With the Supreme Court not getting into the valuation part and leaving it to the two parties, lawyers said there was nothing much for Mistry Group to negotiate.
The Enforcement Directorate had last week arrested Chhagan Bhujbal's associate and chartered accountant Sunil Naik in connection with the case.
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.
A whopping Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. This money is almost half of Vivo's turnover of Rs 1,25,185 crore, it said without stating the time period of the transaction. The crackdown on the leading Chinese company came after the federal probe agency found that three Chinese nationals, all of whom "left" India during 2018-21, and one other person from that country incorporated as many as 23 companies in India in which they were also helped by a Chartered Accountant, Nitin Garg.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
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.
Game streaming is becoming a serious professional choice for youth, as it allows them to make good money.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
A chartered accountant by training, Bala understands the nuances of electoral politics.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
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.
'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.'
It's better to inform your new employer about income earned and deduction availed with the previous one.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Sources claimed that Singhal was "evasive" in her replies and hence was arrested.
The share capital of the company is Rs 1 crore (Rs 10 million).
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.
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.
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.
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.
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.
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.
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.
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.
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.
'This is not only a fight against corruption and black money, this is also a fight against terrorism and counterfeit currencies.'
Sanjay Singh, Sushil Gupta and Narain Dass Gupta were selected as AAP's Rajya Sabha nominees.
Thomas Bach has called on Ukraine to drop threats of a boycott of the 2024 Olympics over the participation of Russian and Belarusian athletes.
Indian talent may soon be allowed to work in France without a degree from a French institute.
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