Leading accountants will meet the Government this week to plead for protection as they prepare for a surge in litigation from investors trying to recover their losses from big company failures. The Big Four — Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers (PwC) — are braced for an increase in legal action from investors and […]
CAPITAL adequacy ratio—the minimum amount of capital banks have to set aside while lending—of Indian banks would continue to remain higher than the minimum regulatory requirement of 9% even if sticky loans, or NPAs, were to more than double. Addressing a seminar at the the London Business School on Thursday, RBI deputy governor Rakesh Mohan […]
Listed companies have to disclose to stock exchanges the voting rights break up of shareholders for each class of security issued, a SEBI amendment to the Equity Listing Agreement has specified. “It has been decided to amend clause 35 of the Equity Listing Agreement to provide additional format for disclosure of voting rights pattern in […]
The Supreme Court on Monday asked the Income-Tax department to explain why actor Amitabh Bachchan was allowed to withdraw his security expense claim amounting to 30% of around Rs 6.90 crore, the actor’s income from popular TV game show ‘Kaun Banega Crorepati’ in 2001-02. The department said while Bachchan had in his original income tax […]
In the said notification, in the preamble, for the brackets, letters and words “(b) Bongaigaon Refineries and Petrochemicals Limited, or” , the brackets, letters and words “(b) Indian Oil Corporation Ltd., Bongaigaon Refinery, or” shall be substituted.
Institute of Chartered Accountants of India (ICAI) is mulling over bringing about some changes in the chartered accountancy course syllabus, ICAI President Uttamprakash Agrawal said on Wednesday. “Indian chartered accountants are capable enough not just to fight the economic downturn, but also guide the world on how to come out of it,” he said.
The Income-Tax department routinely imposes cost on assesses for late filing of returns or delayed tax payment. For a change, it was at the receiving end when the high court imposed a cost of Rs 25,000 for retaining books of accounts impounded from a city builder for almost five years. Justice D V Shylendra Kumar, […]
Despite the auditors of the fraud-hit Satyam Computer Services pleading ignorance, the Central Bureau of Investigation (CBI) has accused them of colluding with the company’s erstwhile management. “It is revealed that as per the records maintained by the Institute of Chartered Accountants of India, S Gopalakrishnan and Talluri Srinivas are partners in the firm Price […]
Developers of special economic zones (SEZ) and units operating in them will have to wait until a new government is formed to get a keenly-awaited exemption on service tax payments for services availed inside the zones. The Election Commission (EC) has refused to allow the finance ministry to pass a notification allowing the exemption while elections are on because it could result in direct benefits […]
