The Institute of Chartered Accountants of India has expressed concern over the inordinate delay in preparation, finalisation and audit of the accounts of many government companies and other State-owned enterprises, which results in financial mismanag
In an additional affidavit, the RBI reiterated before the Division Bench, comprising Chief Justice J. Chelameswar and Justice P.R. Ramachandra Menon, that non-banking financial companies were required to comply with all requirements of the RBI Act an
Accounting Standards are the policy documents issued by the relevant Statutory Authority/ Apex Accountancy body for recognition, measurement, presentation and disclosure of the events and business transactions having economic consequence on an enterp
Permanent Account Number (PAN) and Tax Deduction and collection Account Number (TAN) allotted by the Income Tax Department should be mentioned. TAN is mandatory in cases where-
Details of changes in VAT audit report format Version 1.2.1 1. Part 1- 2(B)(b) Schedule and annexure as applicable to be ticked, compare to be score out which were not applicable. A welcomed change, in earlier report no one was took effort to
The Securities and Exchange Board of India (SEBI) has doubled the limit for maximum application for individual investors from Rs 1 lakh to Rs 2 lakhs across all public issues. However, there is no increase in the percentage allocation. This helps inv
The more successful a fraud case is against Lehman’s executives, the less likely EY or any of its partners will suffer any consequences for their acquiescence to or complicity in the fraud. That’s not to say the firm won’t suffer slowly and painfully
THE Chartered Accountancy course, supposed to be one of the toughest, has a pass percentage of 5-10 per cent. In an attempt to increase it to 20 per cent, efforts are on start satellite-based education across the country, including the tier-II cities
The Madras High Court bench here has ruled that the Employees Provident Fund Organisation (EPFO) cannot claim damages from employers for delayed payment of their contribution “if there is no intention to commit a prohibited act or actus reus” (action
The draft guidelines on how foreign banks can convert themselves into wholly owned subsidiaries of their parents, have been delayed, with the Reserve Bank of India (RBI) awaiting clarity from tax authorities. The guidelines were to be have been relea
