Financial Statement News

Market

Missed the deadline for filing India ITR? Here is what you can do

Indian tax laws allow a taxpayer to file a belated ITR either by the end of relevant assessment year or before the completion of revenue audit by the tax authorities, whichever is earlier

4 min read20 Sep 2018
Companies

Snap Fact | Are companies gaining more market power?

By global standards, markups at Indian firms was relatively low at 1.32 in 2016, a 0.34 points increase from 1980. However, within Asia, the Indian markup increase ranked third ahead of Japan, Indonesia, and China

1 min read10 Aug 2018
Companies

Over 2 lakh shell companies to be struck off from records in FY19

The government says these firms have not filed their financial statements for the two financial years FY16 and FY17 and hence are chosen for removal from the register of companies

1 min read3 Aug 2018
Industry

RBI tightens banks’ statutory auditor rules

The RBI says it will take action against banks' statutory auditors in case of any lapses in their auditing process such as misstatement of a bank's financial statement or wrong information in audit report

1 min read4 Jul 2018
Market

Shell companies: Govt may have applied Companies Act retrospectively to bar directors

Section 164 (2) (a) of Companies Act 2013, enforced on 1 April 2014, allows for disqualifying directors of a company that hasn't filed financial statements or annual returns for three consecutive fiscal years

3 min read20 Sep 2017
Market

Switch to Ind AS boosted 72 firms’ net worth by Rs1.65 trillion: Study

A one-time provision for marking fixed assets to fail value a major factor for spurt, show restated March 2016 financial statements

7 min read8 Aug 2017
Industry

Snapchat said to plan to publicly file for IPO late next week

Snapchat is aiming to raise as much as $4 billion in its IPO

1 min read28 Jan 2017
Companies

Tata Steel says financial statements present true and fair value

Tata Steel's statement came in response to a request for clarification from the stock exchanges

1 min read27 Oct 2016
Politics

Govt forms panel to examine issues related to audit firms

Panel to examine issues related to audit firms, including possible adverse impact from restrictive shareholder agreements

1 min read30 Sep 2016
Industry

Government tweak rules for companies’ audit committee meetings

As per the rules, audit committee meetings for consideration of accounts were barred from being conducted through video conferencing or other audio visual means

1 min read18 Aug 2014
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Budget

The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared

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