sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« General »
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank
 When you may have to visit income tax department’s compliance portal
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea

ICAI slaps notices on PwC India
February, 14th 2012

The inflow of over Rs 200 crore 'sundry income' into several PricewaterhouseCoopers India entities from undisclosed sources is spelling trouble for the global audit major as regulator ICAI has dashed off notices to it, seeking explanations.

Jaydeep Shah, president of Institute of Chartered Accountants of India, said they have sought details from PwC India over the presence of the huge amount of undisclosed money in its entities.  

"We have sent a communication to them, asking them to tell us about the source of the sundry income and how it has been dealt with. We are yet to get a response from them," Shah said.  

When contacted, PW India denied receiving any query from ICAI. "PW has not received any notices so far from ICAI on the alleged inflows," a representative of the firm said. ICAI's action comes close on the heels of an inquiry that the government ordered on the matter after TOI exposed the sundry income in a report published in its January 17 edition.  

Corporate affairs minister Veerappa Moily has directed officials to look into the financial inflows - from undisclosed sources - in audit firms Price Waterhouse (PW) and Lovelock & (LL) and consulting company PricewaterhouseCoopers Pvt Ltd (PwCPL). According to reports accessed by TOI, the PricewaterhouseCoopers India entities would have ended 2010-11 with losses without the large amounts of "sundry income" from undisclosed sources.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions