« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  SC issues notices to I-T in Morgan BPO case... Advance tax collection to be higher in Q2... » Auditors wary of appointment leeway September, 19th 2006 Banks allowed to appoint statutory auditors without Reserve Bank of India approval. The governments decision to allow chairmen of public sector banks the freedom to appoint statutory auditors without approvals from the Reserve Bank of India (RBI) has led to chaos. Statutory auditors have expressed to the RBI their unwillingness to be engaged directly by the banks and have also accordingly made a representation to the government seeking a review. Also, some public sector banks have declined to enjoy the freedom and want to continue to avail of the services of the auditors empanelled by the the RBI. Since this requires the RBI to continue with the practice of selecting a panel of auditors, the banking regulator has written to the finance ministry for clarifications. The confusion has delayed finalisation of the new panel of auditors for auditing public sector banks accounts in the current financial year. Some are of the view that the stalemate may result in PSBs being forced to get their financial statements for the half year ending September 30 audited by the old panel of auditors. According to sources, auditors fear doing away with the practice of RBI maintaining a panel of auditors might lead to a conflict of interest. They felt that audit firms might lose their freedom in recording their qualifications if they are chosen by chairmen of PSBs themselves. Auditing financial statements of banks has become risky following blanket ban on PricewaterhouseCoopers. The firm has been debarred from auditing banks and non-banking finance companies after the RBI found some discrepancies in the financial statements of the erstwhile Global Trust Bank. RBI had stated that the audit firm had understated the non-performing assets (NPAs) of the bank. However, the firm later made a representation to the RBI saying the NPAs of the bank were clearly stated in the annual report.