Acting on a petition Indian audit firms sent to prime minister Narendra Modi recently the corporate affairs ministry has constituted an expert group to delve into the issues related to the operations of audit firms In the country,
The elected expert group members former competition commission of India. (RBI) deputy governor NS Vishwanathan will study the operating structures of multinational audit firms implementation of audit rotation and use of restrictive covenants by global investors. They have two months to engage with relevant stakeholders and make suitable recommendations to the government. It’s a positive order for auditing firms in india.
The government has clarified that the Jan Dhan accounts can be opened with zero balance and there is no requirement of maintaining a minimum balance. The Government would, however look info media report that Rs 1was deposited in many accounts to reduce the number of zero balance accounts.
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The government is set to use the information collected under various international tax agreements to identify suspected tax dodgers and urge them to come clean through the ongoing black money scheme that expires on September 30.
The income-tax department will soon write to such individuals that they have been identified on the basis of information received under the foreign account tax compliance Act (FATCA) from the US, various tax information exchange agreements as well as other sources. It will also give these individuals the option of declaring their unaccounted income. Chartered accountant in New Delhi
Tax authorities are getting information from various sources, including foreign countries. Letters would be sent out. The idea is to get people know that information is available with the department and If the sources of income are unaccounted, it is time to declare them now,” said a tax department official.
These letters will not make people ineligible for making a declaration under the new black money window as these do not fall in the category of formal notices issues by the tax department.