A former partner at the accounting firm Ernst & Young was found guilty on Friday of securities fraud for an insider trading scheme but not guilty of conspiracy charges. A jury in United States District Court in Manhattan found that the ex-partner, James E. Gansman, who worked at the firm until October 2007, was guilty […]
In order to make books of accounts of public sector entities more transparent, accounting regulator ICAI on Thursday said their foreign branches also should be audited by the CAG. “Foreign branches of the public sector undertakings are not audited… this is one issue which needs to be looked into by the Comptroller and Auditor General of […]
After its attempt to tax industrialist Nusli Wadia on his land deals ran into trouble, the income tax department is exploring another avenue. Two years ago, the I-T department demanded Rs 31 crore as tax for the money Wadia made by selling around 110 acres of land at Mindspace along the Goregaon-Malad Link road. Wadia’s appeal […]
The Reserve Bank on Thursday said 926 branches of private and public sector banks have been designated for receiving advance income tax in Mumbai and Navi Mumbai. “Arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches, 862 are public sector bank bank branches, 35 HDFC bank branches, […]
The government is likely to soon give its nod to the Serious Fraud Investigation Office (SFIO) for initiating prosecution against the persons involved in the Rs 7,800 crore-accounting fraud at Satyam Computer Services. The ministry of corporate affairs is in consultation with the law ministry and will take a decision on filing cases in the Satyam […]
The finance ministry on Thursday indicated to an industry delegation that it should not expect a further lowering of corporate, excise and service taxes in the Budget to be presented by the next finance minister. “Revenue secretary Mr P V Bhide . . . indicated that no further relaxation in excise and service taxes could be […]
As you are kindly aware, the Central Board of Direct Taxes has issued an Instruction no.12/2008 dated 5th September 2008 for clearing the large pendency of returns for the Assessment year 2007-08. We heartily appreciate the efforts being taken by the Central Board of Direct Taxes to meet up its target for speedier processing of returns.
Harried investors of Pramod Agrawal’s Mahadeo Developers Private Limited and Kalamna Market Urban Credit Cooperative Society gathered in front of the income tax office at Saraf Chambers, Sadar, on Tuesday. They were protesting against the income tax department for taking action against both the entities. The investors alleged that it was the income tax raid […]
NOTICE The following benches will not function during the period 18.05.09 to 22.05.09:- “B-1, G, J, K, L, WT & SMC “
One lakh rupees is no longer considered ‘high value’ in banking parlance. Until recently, a cheque amounting to over a lakh was considered high value and would be swiftly cleared on the same day itself, if deposited before 11 am. Now that a lakh is no longer what it used to be, although it can still buy you […]
