BJP today rapped the city government for large scale financial irregularities as pointed out by the just-released CAG report and said it will approach the Central Vigilance Commission and Delhi Lokayukta for appropriate action against those involved in bunglings.
The panel discussion here tomorrow is a landmark attempt by the Comptroller General of India to view the audit and results of audit through the perception of the stakeholders in specific and in general. The panel discussion will provide a forum for insight into what the stakeholders i.e., government, political leaders, media and other financial sector experts as well as public, expect from the audit against what they are actually getting.
The Lok Sabha Speaker Mrs Meira Kumar has pointed out that it was necessary to re craft the legal framework in a manner that enables the CAG to effectively discharge his constitutional responsibilities. She emphasized that the legal framework has to be suitably strengthened so that any ambiguities or inadequacies in the powers of the CAG, to discharge his mandate in the present day scenario, can be removed. The Speaker was inaugurating the XXVth Conference of the Accountants General in New Delhi today.
The respondents-partners were, in addition to their share in profits, entitled to salaries for services under the firms. The sole controversy turns on whether the sums so drawn as salaries were wholly liable to income-tax or only to the extent of 40% thereof which fell within the non-agricultural sector.
All stock exchanges are advised to ensure compliance with this circular and carry out the amendments in their Listing Agreement as per the Annexure to this circular
Pan card has to be submitted for financial transactions. otherwise, tax burden will go up. The start of this new financial year requires additional effort from tax payers, as they need to be vigilant about their tax deduction at source (TDS). For some years now, there have been efforts made to ensure a particular procedure is followed for TDS and this includes disclosing the permanent account number (PAN).
The Institute of Chartered Accountants of India (ICAI) has decided to review financial statements of 150 listed companies across bourses as part of its policy to tighten accounting standards in the country after the Rs 8,000-crore Satyam scandal. Any anomaly discovered would be forwarded to the ministry of corporate affairs (MCA) and market regulator Sebi for appropriate action.
Let’s start with the bad news this week. Accounting principles say losses are tax deductible, but CBDT says no! Not if they are forex derivative losses. Last week, the Central Board of Direct Taxes or CBDT issued an internal circular which says that a loss arising from an outstanding Marked to Market forex derivative transaction is, “contingent in nature and cannot be allowed to be set off against taxable income. The same should therefore be added back for the purpose of computing the taxable income of an assessee.’
Accounting regulator Institute of Chartered Accountants of India (ICAI) probe panel has hit out at banks for not doing due diligence on Satyam Computer Services before giving loans, and wondered why the government put Deepak Parkeh on its board despite his HDFC group being a major creditor to Ramalinga Raju’s company.
The Institute of Chartered Accountants of India (ICAI) is planning to crack down on local chartered accountant (CA) firms that would indiscriminately use the brand names of the global firms they associate with. A high-powered committee of ICAI set up to look into the accounting loopholes that were exploited during the Satyam scandal has recommended that there should be clear terms and conditions between the Indian CA firm and the foreign one for use of brand names.
