The income-tax department’s hands are tied by the law even if it wants to go after Ottavio Quattrocchi, following the observations of the Income Tax Appellate Tribunal (ITAT). Sections 148 and 149 of the Income Tax Act prevent authorities from reopening assessment in any case that goes beyond six years.
Corporate Affairs Minister Salman Khurshid today said the April 2011 deadline for the transition of Indian accounting standards to international norm IFRS will be met and all issues, especially those related to tax implications, have been resolved.
Citibank fraud under RBI scanner too Realising the magnitude of the Citibank fraud estimated at Rs 300 crore, the Reserve Bank of India today said it will go into the entire gamut of the scam, even as it is being looked into by market regulator Seb
Concerned over high inflation, Union Home Minister P Chidamabaram today expressed doubt on whether the government had all instruments to check price rise. Inflation is high, food inflation is very high… we are not sure whether we have all the too
Master blaster Sachin Tendulkar is understood to have finalised a three year endorsement deal estimated around Rs 20 crore with beverage major Coca Cola, after rival PepsiCo dropped him about two-and-half years back. According to industry sources, Co
The government is working on procedures to enable NRI,s to vote soon. Addressing the curtain raiser press conference of PBD-2011, here today, the Minister of Overseas Indian Affairs, Shri Vayalar said that the Parliament has passed the bill on Voting
The Election Commission of India has approached the Institute of Chartered Accountants of India (ICAI) to frame accounting formats exclusively meant for political parties. These, once made mandatory, are expected to bring in more financial accountabi
Seventeen companies/entities have been awarded the ICAI Awards for Excellence in Financial Reporting for the year 2009-10. The Awards were presented here yesterday by Shri Salman Khurshid, Minister of Corporate Affairs, on the inaugural day of the th
The quest for a solution in the area of Financial Reporting alongwith the capabilities of XML for electronically reporting financial information gave birth to XBRL (eXtensible Business Reporting Language). In the recent times, XBRL has emerged as a p
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