Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: list of goods taxed at 4% :: empanelment :: cpt :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TDS :: VAT RATES
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

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 2017 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