Government is setting up an independent body, National Financial Reporting Authority (NFRA) to check Financial Statements, prescribe Accounting Standards and take disciplinary action against devious accounting professionals. Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of 2 years or more by the Ministry of Corporate Affairs (MCA), Government … Continue reading “Strict action to be taken against devious Accounting Professionals”

If someone has recently spent any expensive thing or service or made a big investment, but according to all its declared income, then the income tax department will not scrutinize its accounts.

Bank accounts opened between July 1, 2014 and August 31, 2015 need to submit self-certification by April 30 to comply with FATCA.