Changes to the original draft of the direct taxes code will cost taxpayers
Jul 14, 2010 direct tax code
The changes to the original draft of the direct taxes code are going to cost taxpayers, with the government planning to significantly alter the slabs. While the slabs are yet to be reworked, officials indicated the highest one could be in the range of Rs 10-15 lakhs (Rs 1-1.5 million), instead of the Rs 25 lakhs (Rs 2.5 million) proposed when the first draft was released last August.
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Tags: dtc, Ernst & Young, parliament, pranab mukherjee, United Progressive Alliance-II
Taxability of Free ESOP announced by Infosys to its staff
Jul 9, 2010 Income Tax
One can feel the excitement in Infoscian Yojita Pai’s voice. This 23-year-old will soon be the proud owner of seven shares of Infosys Technologies. Last week, the company, to mark its 30th anniversary, allocated a minimum five equity shares to every eligible employee. In addition, every employee will get an incremental share for each year of service.
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Tags: Deloitte Haskins & Sells, Ernst & Young, Homi Mistry, Infosys Trust, Pai
E&Y announces its intention to appoint non-executive directors to its global advisory board
Jul 8, 2010 Audit
The world’s four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing “window dressing” for Lehman Brothers’ risky financial structures, today became the first of the “big four” auditors to announce its intention to appoint in non-executive directors to its global advisory board.
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Tags: Ernst & Young, Jim Turley, Lehman Brothers, pricewaterhousecoopers
Corporate affair ministry will initiate talks with commerce ministry and RBI to allow global audit firms
Jun 8, 2010 Audit
The corporate affairs ministry will initiate talks with the commerce ministry and RBI to allow global audit firms like KPMG, Deloitte, Ernst & Young and PriceWaterhouseCoopers to open shops in the country. “This matter is not for us alone (to decide), it is a matter which involves the RBI as also the commerce ministry
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Tags: commerce ministry, corporate affairs ministry, DELOITTE, Ernst & Young, global audit firms, KPMG, pricewaterhousecoopers, RBI
PricewaterhouseCoopers improved it’s commend on FTSE 100 companies
Jun 4, 2010 Audit
PricewaterhouseCoopers has improved its commend of FTSE100 audit clients increasing its share of the top flight to 41 in the second quarter of this year. According to the Hemscott adviser rankings PwC remains the biggest auditor among Blue Chips though overall KPMG has improved its position among to maintain the firm’s lead in having the most audit clients among listed companies.
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Tags: BDO, DELOITTE, Ernst & Young, FTSE100, Grant Thornton, Hemscott adviser, KPMG, PWC
List of tax-exempt port, airport services soon
May 20, 2010 Service Tax
THE finance ministry will soon put out a small list of essential services that will not be taxed at airports or ports, as it kicks off experimental enclaves of a comprehensive service tax regime that could be extended nation-wide later.
Tags: abatement, airport, airport services, Ernst & Young, port, tax exempt port
ICAI asked local audit firms to furnish details of tie-ups with MNCs to check surrogate practices
Apr 20, 2010 ICAI
Tightening the noose around the audit companies having arrangements with global firms, the accounting regulator ICAI has sought details of their tie-ups with MNCs to check surrogate practices. The decision to seek tie-up details from CA firms, especially those associated with the Big 4– PWC, Ernst & Young, KPMG and Deloitte–follows a report by an Institute of Chartered Accountants of India (ICAI) committee on the multi-crore Satyam scam.
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Tags: DELOITTE, Ernst & Young, KPMG, PWC
Fewer students are passing the CA final exams, why?
Feb 18, 2010 ICAI
The low pass percentage in the latest CA final exams is causing the supply of good chartered accountants to stay low. Call it a result of the economic downturn, the Satyam effect or simply turning off the tap by the Institute of Chartered Accountants of India (ICAI). The Chartered Accountancy final examination results touched a record low in the November 2009 attempt.
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Tags: CA Exams, DELOITTE, Ernst & Young, final examination, KPMG, pass percentage, pricewaterhousecoopers
Ex-Ernst & Young LLP partner sentenced to a year and a day in prison
Feb 15, 2010 Chartered Accountant
NEW YORK—A former Ernst & Young LLP partner was sentenced to a year and a day in prison on Monday after he was convicted last year of fraud charges in an insider-trading scheme where he allegedly tipped a Pennsylvania broker about pending corporate takeovers.
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Tags: Ernst & Young, James Gansman
ICAI will propose time line to dispose of the complaints that arise against its members
Feb 15, 2010 ICAI
The Institute of Chartered Accountants of India (ICAI), the apex regulator of accountancy profession in the country, will propose a time line to dispose of the complaints that arise against its members. The institute had recently recommended disciplinary action against two of its member chartered accountants after they were charged with professional misconduct while conducting the audit of Global Trust Bank for the year 2000-01.
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Tags: deloitte touche, Ernst & Young, global trust bank, KPMG, pricewaterhousecoopers