« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  ‘No proposal to bring big farm firms under tax net’... The govt`s tax collection arms suffer too many heads... » RBI lifts ban on audit firm PwC March, 15th 2008 The Reserve Bank of India has withdrawn the blanket ban imposed on the international audit and consultancy firm PricewaterhouseCoopers (PwC) from auditing banks and non-banking finance institutions.   According to sources close to the development, the central bank has sent a written communication to banks and NBFCs confirming the withdrawal.   The banking regulator reportedly reviews every penalty after a specific period of time. PwC, however, did not respond to a questionnaire that was faxed on Wednesday evening.   PricewaterhouseCoopers was banned from auditing banks and NBFCs following its association with the now defunct Global Trust Bank as its auditor for financial years 2002 and 2003.   The RBI had found that the audit company under-provided for non-performing assets. As a result, it barred PwC from bank audits in December 2004 and non banking finance companies in February 2005.   The case was also referred to Institute of Chartered Accountants of India. PwC subsequently filed an appeal in Kolkata High Court against the RBI order and the High court in turn stayed the RBI ban.   The banking regulator had also filed an affidavit in response to the stay.   Global Trust Bank had incurred losses as overexposure to the capital markets had eroded its net worth.   It had tried to rope in a strategic partner Newbridge Capital but RBI did not approve the proposal as there were concerns related to the source of funds.   Since the bank was not in a position to make up for its losses, the RBI had imposed a three-month moratorium on the ground of misleading financial disclosures.   The bank was merged with Oriental Bank of Commerce within two days.