The audit regulator seeks info on audit processes, number of clients, non-audit work done for them and fees.
Indian business houses are setting up family trusts in places like Malta and Dubai to keep their money safe.
NFRA has said that Deloitte had failed to comply with auditing standards in carrying out statutory audit of IL&FS.
The fear for companies such as Google, Facebook, Netflix, Amazon and LinkedIn is that if the servers sit in India, it would be seen as a PE and will attract higher tax. Some are also exploring another route for tax saving. They may consider creating a separate company that would own servers and the main entity would only pay “rent” for using it.
DHFL is in the process of finding a resolution after a recent proposal of lenders was rejected by the RBI. ET was first to report on October 19 that the RBI had rejected a proposal by banks that would have allowed them provisioning relief to the tune of Rs 6,000 crore on borrowings by DHFL. Most banks will have to now take this into account for the December quarter.
The tax department had arrested several promoters on the basis of suspicion that they gamed GST rules.
The govt may raise the FDI limit in insurance to 74% in the February budget, up from the present 49%.
The Cabinet is likely to approve relevant changes to the three-year-old Insolvency and Bankruptcy Code at the earliest. This will bring much-needed confidence to buyers of distressed assets, acquirers who were otherwise wary about the over-reach of the investigative authorities. Amendments to the IBC, which came into effect in December 2016, will require eventual parliamentary approval.
Reversal of credit would lead to an increase in cost by anywhere between Rs 200 to Rs 500 crore for banks.
Input tax credit refers to a mechanism under the GST framework wherein the tax a company pays when it buys raw materials or other services can be passed on to the buyer when the goods or services are sold. Many real estate developers were asked to pay penalties as they did not pass on the benefits of the input tax credit to the customers.
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