The Institute of Cost and Works Accountants of India (ICWAI) is all set to mandate a three-year articleship against thesix-monthatpresent. ICWAI newly-elected president Chander Wadhwa told FE that the governing body has decided to go for a longer tra
E-filing of income tax returns is likely toincrease sharply to 3 million in the current financial year (2007-08),up from around 322,000 in 2006-07. Non-corporate assessees, whose accounts are auditedunder Section 44AB of the Income Tax Act, are
Not paying your taxes in time could soon result in heftier fines and longer prison sentences if proposals being considered by the income-tax department are any indication. According to sources, as part of its proposed restructuring of penalties for t
In addition to the present shortage of 25,000 qualified finance professionals, there will be a demand for 10 lakh accountancy-trained personnel in the next 10 years at a the junior level, says Mr Chandra Wadhwa, the newly elected President of the Ins
The Tax Return Preparer (TRP) scheme of the Income Tax department is facing an uncertain future, or so it appears. A cross section of TRPs accept that the scheme has not generated much income. No wonder many are contemplating to quit. The pilot schem
The Supreme Court has ruled that the companies have statutory obligation to deduct tax at sources (TDS) on interest payments for the loans taken in the name of its directors. The revenue department is empowered to impose interest on such a company fo
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What are books of account? In a recent case, the Madras High Court concluded that P&L account and balance-sheet are not books of account as contemplated under the I-T Act. T. C. A. Ramanujam Computation of business income under the income-tax law has
Auditors are preparing for particularly careful scrutiny of companies' assumptions about valuation and the risks posed to their businesses in the light of current market volatility.Two of the Big Four UK accountancy groups have issued internal memos
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