The Supreme Court has issued a notice to the Union finance ministry in connection with a PIL saying there have been no guidelines by the ministry and the Reserve Bank of India (RBI) while writing off loans by banks and the debts recovery tribunal (DR
Country’s largest lender State Bank of India (SBI) today raised deposit rates by up to 150 basis points or 1.5 per cent across various maturities, a move that will provide better returns to people with fixed deposits in the bank. The new rates will b
Find out the latest update on EPF interest as the Lok Sabha informs that the additional quantum of interest on Employees Provident Fund deposits will be exempt from income tax. Learn about the decision made by the Central Board of Trustees and its benefits for 4.71 crore employees in public and private sectors.
Peer Review is directed towards maintenance and enhancement of quality of attestation services and to provide guidance to members to improve their performance and adhere to various statutory and other regulatory requirements. Essentially, through a r
A chartered accountant who is not a member of the Institute of Chartered Accountants of India but impersonating as one can be charged under the Indian Penal Code or under other laws for offences, the Supreme Court stated while allowing the appeal of the institute. The Madhya Pradesh high court had taken a different view. In this case, ICAI vs Vimal Kumar, the institute filed a complaint before the police alleging forgery and impersonation. The trial court ruled that there was no basis for framing charges under IPC. The high court rejected the appeal of the institute stating that though a case was made out under the Chartered Accountants Act, the complaint was not under that Act, but under IPC. The institute appealed to the Supreme Court which set aside the high court judgment and directed prosecution under IPC.
The finance ministry has taken the view that the International Financial Reporting Standards (IFRS) needs to be adopted only on consolidated accounts of corporate groups as is the practice in Europe. It feels the proposed fair-value-based accounting
State Bank of India (SBI) has revised the interest rates on term deposits with maturities ranging from 15 days to 10 years upwards. These revised rates will be effective from tomorrow, that is December 7. The hike will be in the range of 50-150 basis points across various maturities. Deposits with a maturity of 46-90 […]
ASIC has accepted an enforceable undertaking (EU) from KPMG Sydney auditor Mr Christopher Neville Whittingham. The EU follows an investigation into Mr Whittingham’s conduct in relation to his audit of the financial report of Allco Financial Group Lim
All of our esteemed Employers may kindly take note that a host of online services are now available through the applications portal www.esic.in In order to enable Employers to avail of these services, log in id and passwords have also been sent by co
Introduction of a Goods and Services Tax (GST) could be delayed further with the Centre and the states failing to reach common ground at the meeting of the Empowered Committee of state finance ministers today. The meeting was attended by only eight state finance ministers. Finance ministers of the Bhartiya Janata Party (BJP)-ruled states were not present. The issue of a constitutional amendment was not discussed and there was no headway on the GST structure.
