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ICAI Guidance Note on Audit of Banks (2024 Edition)
Introduction: The Auditing and Assurance Standards Board of The Institute of Chartered Accountants of India (ICAI) has released the 2024 edition of the “Guidance Note on Audit of Banks.” This comprehe...
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ICSI Announces Revised Secretarial Standards: SS-1 & SS-2
Introduction: The Institute of Company Secretaries of India (ICSI) has recently announced significant revisions to Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetin...
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Beware of Fake GST Summons: How to Verify – Ministry of Finance Advisory
In an important announcement made by the Ministry of Finance on 10th February 2024, taxpayers have been cautioned against an alarming trend of receiving fake and fraudulent summons for GST violations....
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Message to Micro and Small Enterprise/Suppliers (Manufacturing) – Section 43B(h)
The Kerala Textiles and Garments Dealers Welfare Association (KTGA) has issued a critical message to micro and small enterprises/suppliers (manufacturing) in light of recent amendments to the IT Act,...
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Direct Tax Collections Surpass 80% of FY 2023-24 Targets
The fiscal year 2023-24 has witnessed a remarkable performance in Direct Tax collections in India, as of February 10, 2024. The provisional figures indicate a robust growth in Gross Direct Tax collect...
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White Paper on Indian Economy issued by Government
On 8th February 2024, the Ministry of Finance, Government of India, unveiled a comprehensive White Paper on the Indian Economy, marking a significant milestone in the country’s economic discourse. Thi...
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SEBI Consultation Paper: Relaxing FPI Material Change Disclosure Timelines
The Securities and Exchange Board of India (SEBI) has released a consultation paper aiming to gather feedback on proposed relaxations in the timelines for Foreign Portfolio Investors (FPIs) to disclos...
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SEBI Consultation Paper: Flexibility for FPIs Post-Registration Expiry
The Securities and Exchange Board of India (SEBI) has released a consultation paper addressing the challenges encountered by Foreign Portfolio Investors (FPIs) following the expiration of their regist...
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Chhattisgarh Tax Raid Exposes Rs. 13 Crore Scam – Ministry Report
On January 31, 2024, the Income Tax Department, under the aegis of the Ministry of Finance, launched a significant search and seizure operation in Chhattisgarh. Targeting a Politically Exposed Person...
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Draft IRDAI (Rural, Social Sector & Motor Third Party Obligations) Regulations, 2024
Introduction: The Insurance Regulatory and Development Authority of India (IRDAI) continuously refines regulations to streamline operations within the insurance sector. Recently, the Exposure Draft on...
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CAIT Urges Action Against Flipkart and Amazon: Anti-Competitive Practices
Introduction: The Confederation of All India Traders (CAIT) serves as the apex body for India’s trading community, advocating for their interests and addressing their grievances. In a recent communica...
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Empanelment for Concurrent Audit with Union Bank of India
Union Bank of India, headquartered in Mumbai, announces an opportunity for Chartered Accountant Firms to be empaneled as Concurrent Auditors for the fiscal year 2024-25. The bank, in its endeavor to m...
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ICAI Issues Revised Auditing Standards: SA 800, SA 805, SA 810 (2024)
The Institute of Chartered Accountants of India (ICAI) has recently announced the issuance of revised Standards on Auditing (SAs), including SA 800, SA 805, and SA 810. These revisions aim to enhance...
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ICAI’s revised SA-810-Engagements to Report on Summary Financial Statements
Auditors must have understanding of standards for reporting on ICAI’s revised summary financial statements. Get informed on new responsibilities and objectives of auditor under SA-810. ICAI’s revised...
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ICAI’s Revised SA 805: Audits of Single Financial Statements & Specific Elements
ICAI’s revised SA 805-Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement Introduction Scope of this SA 1. The Standards on...
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ICAI’s Revised SA 800: Audits of Financial Statements under Special Purpose Frameworks
ICAI has revised SA-800-Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks. Introduction Scope of this SA 1. The Standards on Auditing (SAs)...
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CBDT notifies Tax Information Exchange Agreement: India-Samoa
The Ministry of Finance, India, recently issued Notification No. 21/2024, highlighting an agreement signed between India and Samoa concerning the exchange of tax information. This article delves into...
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Exemption of Income Tax for Dairy Cooperative Society
Introduction: In a bid to bolster the dairy cooperative sector, the Ministry of Fisheries, Animal Husbandry & Dairying has introduced several measures, including income tax exemptions for cooperative...
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MSME Development and Credit in the Country
Ministry of Micro, Small & Medium Enterprises (MSME) has been at the forefront of empowering small businesses through various credit facilitation schemes. The Ministry of Micro, Small & Medium Enterpr...
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Education & Health Cess: Collection, Utilization and Government Policy
In the Lok Sabha, Shri S. Venkatesan raises pertinent questions regarding the Education and Health Cess, seeking clarity on its collection, utilization, and government’s policy stance. This article de...