The Institute of Chartered Accountants of India (ICAI) is planning to set up a rating system for corporate governance for listed and unlisted entities. It is aiming to bring in internationally best practices and new code of conduct. The apex statutory body of CAs, established under the Chartered Accountants Act, 1949, is in the process […]
The global auditing firm PricewaterhouseCoopers is overhauling its India operations, two months after starting an investigation into fraud at one of its clients here. The auditor, which has nine offices and thousands of clients in India, said Thursday that it would make a number of sweeping changes to “re-emphasize quality.”
The Institute of Chartered Accountants of India (ICAI), the body that regulates the profession of chartered accountancy in the country, plans to set up a board to randomly scan the audit reports of banks, financial institutions and state-owned enterprises to avoid Satyam-like episode. ICAI president Uttam Prakash Agarwal said the new board, to be called […]
The I-T search was conducted simultaneously at Jain’s residence at Sterling Apartments and Jai Corp.’s corporate office at Embassy Centre, Nariman Point, as well as its office at the Navi Mumbai SEZ The investigation wing of the income tax (I-T) department in Mumbai on Thursday searched the offices and residence of Anand Jain, chairman of […]
The Government on Thursday appointed former ICAI President Ved Jain and noted tax lawyer O P Vaish on the board of Maytas Infra, a company promoted by the kin of Satyam Computer founder B Ramalinga Raju. Ved Jain has been appointed director on the board also of Maytas Properties, another company promoted by the Raju […]
The Mumbai income tax department has detected that self assessment tax worth Rs 1,000 crore has not been paid since September 2008. Self assessment tax is the amount payable by the taxpayer’s own admission in the return filed by him. Despite this information, many taxpayers have not paid the tax till now. Self assessment return […]
It’s a move that is bound to raise the hackles of the special economic zones (SEZ) lobby. On Tuesday, the Finance Ministry came out with a new notification on the levy of service tax for SEZ developers and units. As per the new norms, SEZ developers and units will get an exemption on service tax. […]
Special Economic Zones (SEZ) units and developers will now be able to claim refund for tax paid on all input services, irrespective of whether they are consumed inside or outside the zone. The government’s decision to refund taxes implies that all developers and units in SEZs will now have to first pay a tax on […]
The merger of Reliance Pertroleum (RPL) with Reliance Industries (RIL) is the latest in a long string of amalgamations and mergers that have taken place over time in the Reliance group. As per the arrangement announced by RIL, RPL shareholders of RPL will get one share of RIL for every 16 RPL shares held by […]
ICAI – A brief report on the meeting with the officials of Central Bureau of Investigation held at CBI Headquarter, New Delhi Pursuant to initiatives taken by the Professional Development Committee of the Institute of Chartered Accountants of India, the Central Bureau of Investigation has shown keen interest in the diverse role performed by Chartered […]
