« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  ‘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 » RBI lifts ban on audit firm PwC March, 15th 2008 The Reserve Bank of India has withdrawn the blanket ban imposed on the international audit and consultancy firm PricewaterhouseCoopers (PwC) from auditing banks and non-banking finance institutions.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.