AUDITING NEWS
You won’t get any income tax refund unless you verify your ITR; here’s how to verify ITR online, offline
Income tax return verification: You filed income tax return will be cancelled if you don't verify it within 30 days of filing of ITR. There are multiple ways to verify an filed ITR including a offline process. Read below to find out various ways of verifying a income tax return (ITR) online and offline.
Sebi extends deadline for annual submissions by stock brokers, depository participants till Oct 31
The provisions of this circular are effective immediately. It mandates that stock brokers must submit their annual audited accounts by October 31. Additionally, depository participants (DPs) are required to provide their net worth certificates for the year ending March 31 by the same deadline.
Q-comm audits; modest Q1 for IT firms
Happy Wednesday! Due to recent hygiene lapses by quick commerce, the government has intensified surprise inspections of their warehouses. This and more in today’s ETtech Morning Dispatch.
Zero factual inaccuracies with our Adani research: Hindenburg on Sebi notice | Read short seller's full response here
Adani-Hindenburg Case: US-based short-seller Hindenburg Research stated Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead it simply named the K-India Opportunities fund and masked the “Kotak” name with the acronym “KMIL”
Explained: Expense ratio in mutual funds and how your money is spent
In other words, it is the per-unit cost of running and managing the mutual fund. The expense ratio differs from fund house to fund house. The expense ratio is calculated as a percentage of daily investment value.
What qualities must the new James Bond possess? No script to be used for audition, casting director says. Details here
Casting Director Debbie McWilliams said that the new James Bond will have to be extremely charismatic, fit and prepared for his life to change. She admitted that it is not everybody who wants that kind of stardom.
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JM Financial shares fall 5% on SEBI ban from managing debt public issues
Shares of JM Financial declined by 5% to Rs 83 during Friday's intraday trading on the BSE. This drop followed a decision by the markets regulator SEBI on Thursday, confirming interim measures to prohibit the company from serving as a lead manager for public issues of debt securities until March 31, 2025.
DGFT implements automated system for adhoc input-output norms fixation
The Directorate General of Foreign Trade (DGFT) has introduced a new automated system to establish adhoc input-output norms, aimed at facilitating foreign trade procedures. This initiative allows exporters to import duty-free raw materials for manufacturing goods meant for export under advance authorisation. Exporters can now apply for customized adhoc norms through a rule-based, automated process if standard norms do not meet their specific requirements.
Sebi modifies duration for call auction in pre-open session for IPOs
During the pre-open call auction for some IPOs and relisted stocks, unusually large orders were placed at inflated prices, only to be cancelled shortly before the session closed. This pattern suggests potential market manipulation. In order to curb the misuse of the call auction session, Sebi has decided to modify the current provisions related to call auction sessions for IPO and relisted scrips and introduce additional surveillance measures at stock exchanges.
Nearly a dozen Lok Sabha candidates seek EVM-VVPAT check
The Election Commission of India has received fewer than ten requests from candidates who lost in the recent Lok Sabha elections for verification of electronic voting machine-voter verifiable paper audit trail (EVM-VVPAT) units. Requests have come from various parties, including BJP's Sujay Radhakrishna Vikhepatil from Ahmednagar and BJD's Dipali Das from Jharsuguda. Most requests are for verification of 1-3 EVM-VVPAT units, with very few seeking more.
Evergrande liquidation law firm probing PwC, others for potential claims
Lawyers for China Evergrande Group's liquidators are investigating its former auditor, PwC, and other service providers to recover losses for creditors. Ordered into liquidation in January due to defaulting on $23 billion in offshore debt, Evergrande's extensive $300 billion liabilities make its case a potential model for future Chinese corporate liquidations. The probe focuses on potential wrongdoing that led to Evergrande's financial collapse.
Sebi restrains PFS' acting chairman Mishra from holding director post for 6 months
The company's former MD and CEO, Pawan Singh, has been barred from holding any position as a director or key managerial personnel in any listed company or any intermediary registered with Sebi for two years. Furthermore, the regulator imposed a fine of Rs 25 lakh on Singh.
Kotak Bank's credit profile to improve over next 12 months: S&P
Despite the Reserve Bank of India's (RBI) restriction on onboarding new customers online and issuing fresh credit cards, Kotak Mahindra Bank is expected to improve its credit and funding profile over the next 12 months, according to S&P Global Ratings analyst Nikita Anand. Although the restrictions may impact the bank's growth and profitability, particularly in its high-yielding credit card segment, the bank has made significant technological advancements, including hiring a Chief Technology Officer.
NCPCR chief blames authorities for fire at children's hospital in Delhi
Twelve newborns were rescued from the facility but seven of them died. Five babies are undergoing treatment at another hospital.
PSU railway stocks rally up to 8%. What’s the good news?
Shares of railway PSU stocks RVNL and IRFC surged on Tuesday, with RVNL jumping 8% to Rs 322 and IRFC rising 5% to Rs 181 on the BSE. This rally was triggered by the Q4 profit growth reported by these companies. Additionally, IRCON International shares soared 8% to a new high of Rs 296 ahead of its Q4 results, scheduled for release today.
Income tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you
Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax department has launched online, offline using Java and Excel based utilities. But which one is better?
A 6-step guide to assess corporate governance for retail investors
The separation of management and ownership within the company structure gives rise to an agency problem — the conflict of interest between the company's management and its stockholders.
Stocks in news: HUL, LTIMindtree, Indian Hotels, Axis Bank, Tata Consumer, Cyient DLM
FMCG company Tata Consumer Products reported 19% fall in its consolidated net profit at Rs 216 crore for the quarter ended March 2024.
Pakistan Tehreek-e-Insaf urges IMF to audit Feb 8 elections before talks with govt over bailout package
While addressing a press conference in Islamabad on Wednesday, PTI leaders Barrister Gohar Ali Khan, Omar Ayub, Meher Bano Qureshi, and Muzammil Aslam have revealed details regarding PTI's letter to IMF.
Global audit framework for local bodies in the works: CAG
Apex auditors, including India's Comptroller and Auditor General (CAG) Girish Chandra Murmu, are developing an international framework for auditing regional and municipal bodies to assess their performance. India aims to host a conference in September to deliberate on a preliminary draft of auditing standards for such entities.
AIIMS-Delhi starts 'Smart Card' facility to cover all departments; no cash payment from April
The All India Institute of Medical Sciences (AIIMS) said that no cash payment will be accepted at any counters other than the 'AIIMS Smart Card' top-up counters. According to the order other than electronic payments via UPI, debit cards, credit cards, etc., 'AIIMS Smart Card' will be the only way to make payments for all investigations and procedures.
Adani auditor EY faces inquiry by India’s accounting regulator
The National Financial Reporting Authority (NFRA) in India has launched an inquiry into EY member firm S.R. Batliboi, one of the longtime auditors of the Adani Group, according to sources. NFRA has requested files and communications related to the audits of Adani Group companies dating back to 2014. It is unclear how long the inquiry will take or what consequences it may have.
Britney Spears' 'The Notebook' Audition: All you may want to know
Britney Spears' 2002 audition for 'The Notebook' has emerged after 21 years. The emotional tape, unveiled by The Daily Mail, shows Spears auditioning with Ryan Gosling, eventually losing the part to Rachel McAdams. The release coincides with her new memoir, 'The Woman In Me,' sharing personal insights, including a difficult revelation about her past.
Who has to get their accounts audited before filing ITR
The Income Tax Act, 1961 has mandated certain taxpayers to get their books of accounts audited and submit a tax audit report by September 30. This audit is different from audit done under any other Act like Companies Act, 2013, etc. Read here to know who is required to get their accounts audited for income tax purposes.
Income tax audit deadline is over for these taxpayers; will have to pay penalty
Income tax department has not extended the deadline for income tax audit under section 44AB. This means that now individuals with business or professional incomes above a specified turnover must pay the penalty for not submitting audit report and then file the ITR by October 31.
Four things to check in income tax audit report
An income tax audit is a regulatory requirement for certain categories of individuals and businesses. How as a good practice, certain things must be known by the individual liable for tax audit. This will help make sure that a correct tax audit report is being sent to the income tax department.
When is the last date to submit an income tax audit report?
Certain category of businessmen and professionals are mandated by the Income tax law to get an income tax audit conducted by a chartered accountant. The last date for income tax audit is September 30, 2023 for FY 2022-23 (AY 2023-24). And the last date for ITR filing along with audit report is October 31, 2023.
What is the penalty for not getting income tax audit done when mandatory?
An income tax audit report has to be mandatorily uploaded on the income tax return (ITR) portal by September 30 for those who are required to conduct an income tax audit. However even if the deadline is missed, one still has to upload the audit report by paying a penalty.
What are the documents required to be maintained for an income tax audit?
There are various documents which an individual has to maintain following specific accounting principles and format in order to successfully complete an income tax audit. Further in cases of certain specified professionals like medical, legal, engineering, etc some additional documents are also required to be maintained in addition to the list of documents required for income tax audit.
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