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Professional Updates for Chartered Accountants

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Over Burden on Chartered Accountants: ICAI submits 3rd Representation to CBDT for Due Date Extension

As the due date for submitting Tax Audit Report for income tax purpose is fast approaching, the Institute of Chartered Accountants of India ( ICAI ) has submitted its third representation to the Central Board of Direct Taxes (CBDT) for an extension. The ICAI requested the Board to extend the last date for filing returns to 31st O...

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If NFRA spreads its wings too wide its failure may not be ruled out: Amarjit Chopra, Chairman, NACAS

With the economy struck by a series of corporate frauds, the Modi government has approved setting up of National Financial Regulatory Authority (NFRA), an independent regulator for the auditing profession that will replace National Advisory Committee on Accounting Standards (NACAS). The regulator would not be a game changer and may n...

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Risky trade-offs to stabilize the rupee

Earlier this month, Union finance minister Arun Jaitley argued that there was no need for a knee-jerk reaction to the sharp rupee depreciation since it was driven by global factors. This is true, but only partly so. While global factors have played a major role, they have done so in the context of India’s domestic fundamentals. Nev...

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Who is a ‘politically exposed person’ and does it matter?

If you want to start investing in a mutual fund, you first have to complete the KYC process and declare whether or not you’re a politically exposed person (PEP). How do you know if you’re a PEP and why does it matter? PEP is a person who is authorised to perform prominent public functions in a country and include governors of ...

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RBI not on high-level panel to resolve stress in power sector

New Delhi: The Reserve Bank has refused to be part of a high-level committee headed by the Cabinet Secretary which was constituted to resolve stress in the power sector as it is not willing to relax norms to deal with bad loans, people familiar with the matter said. “The RBI has shown its unwillingness to attend the meeting of th...

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Your spouse can be a vehicle for tax savings

our spouse not only helps you in meeting your social and personal but also helps you in saving income tax as well. There are certain tax benefits by way of which you can enhance you tax savings through your spouse. Let us discuss some of important provisions. Expenses incurred for your children Medical Insurance For home...

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Government, RBI should follow the 2013 playbook to stabilize the rupee

The rupee rebounded on Wednesday, on news that the government may announce measures to support the currency after a planned review of the economy by the Prime Minister this weekend. What measures can the government and the Reserve Bank of India (RBI) take? We have a handy precedent in the methods adopted and the instruments used d...

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Are suggestions to abolish Hindu Undivided Family (HUF) justified?

Recently, the Law Commission, in a consultation paper on the Reform of Family Law, recommended the abolition, at the central government level, of the concept of coparcenery under Hindu law, which forms the basis of a Hindu Undivided Family (HUF). In other words, the recommendation is to abolish the system of HUF altogether all over R...