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DPIIT Issues Quality Control Orders for Wood Laminates & Insulated Containers
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has recently announced two new Quality Control Orders (QCOs) for ‘Resin treated compress...
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Consultation Paper on Prudential Norms for Clearing Corporations’ Exposure
The Securities and Exchange Board of India has released a consultation paper on prudential norms for exposure of clearing corporations (CCs). The paper aims to address concentration risks and ensure d...
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DGFT Advance Authorisation Scheme: Duty-Free Imports for Export Inputs
Inistry of Commerce & Industry’s Directorate General of Foreign Trade (DGFT) implements the Advance Authorisation Scheme, enabling duty-free import of inputs for export purposes. Recent enhancements i...
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Further Deferment of Peer Review Mandate – ICAI Announcement
The Institute of Chartered Accountants of India (ICAI) has made an announcement regarding the deferment of the second phase of the Peer Review Mandate. The decision to mandate the Peer Review process...
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AML & CFT Guidelines for Professionals with CoP (ICAI, ICSI, ICMAI)
We have published below AML & CFT guidelines for professionals with Certificates of Practice (CoP) from ICAI, ICSI, and ICMAI. These guidelines aim to prevent money laundering, terrorist financing, an...
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GST Council Newsletter for the month of June 2023
Six years after the rollout of the biggest indirect tax reform of India, the consistent monthly revenue of Rs 1.5 lakh crore from the Goods and Services Tax (GST) has established itself as the new nor...
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Appeal to Review the GST Council’s Decision on Online Gaming Taxation
The recent decision by the GST Council to tax online gaming at par with lottery and gambling has sparked controversy and criticism. This Representation by CAIT delves into the catastrophic implication...
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Govt launches CRCS – Sahara Refund Portal for Cooperative Society Depositors
Union Home Minister and Minister of Cooperation, Shri Amit Shah launches the CRCS – Sahara Refund Portal https://mocrefund.crcs.gov.in/ in New Delhi today This portal has been developed for submission...
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Reporting Entity under Prevention of Money Laundering Act, 2002: ICSI
The Institute of Company Secretaries of India (ICSI) has issued a communication regarding the reporting entity’s obligations under the Prevention of Money Laundering Act, 2002. This article provides a...
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Amendment to Income-tax rule 11UAC – Relocation of Fund & Movable Property
Ministry of Finance amends rule 11UAC of Income-tax Rules 1962, specifically addressing the relocation of funds and movable property vide Notification No. 51/2023-Income Tax | Dated: 18th July, 2023....
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Guidance for Filing Public Announcements via BSE & NSE Circular
Guidance on filing of public announcements through Stock Exchange – BSE and NSE Circular dt: July 14, 2023 SEBI vide its Notification No. SEBI/LAD-NRO/GN/2023/131 dated June 14, 2023 further amended t...
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Income Tax Rules 1962 Amendment: IFSC Proposals in Finance Act 2023
Amendment of the Income Tax Rules 1962 in view of IFSC related proposals in Finance Act 2023 The Ministry of Finance, under the Central Board of Direct Taxes, has issued Notification No. 50/2023-Incom...
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DGFT Advance Authorisation Scheme: Duty-Free Import for Export
The Ministry of Commerce & Industry oversees the Directorate General of Foreign Trade (DGFT), which implements the Advance Authorisation Scheme. This scheme allows for the duty-free import of inputs s...
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PFRDA Invites Feedback on Proposed Amendments to Point of Presence Regulations
Pension Fund Regulatory and Development Authority (PFRDA) invites public feedback on the proposed changes to the PFRDA (Point of Presence) Regulations 2018. Learn about the key areas of change and how...
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ED Cracks Down on Pigeon Education Technology for Illicit Financial Activities
The Enforcement Directorate (ED) has made substantial strides in their ongoing investigation of Pigeon Education Technology India Pvt. Ltd. The ED’s recent actions have brought to light dubious financ...
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Draft SRS 4400 (Revised), Agreed-Upon Procedures Engagements
EXPOSURE DRAFT STANDARD ON RELATED SERVICES (SRS) 4400 (REVISED) AGREED-UPON PROCEDURES ENGAGEMENTS Standard on Related Services (SRS) 4400 (Revised), Agreed-Upon Procedures Engagements, should be rea...
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Draft SA 540 (Revised), Auditing Accounting Estimates & Related Disclosures
EXPOSURE DRAFT STANDARD ON AUDITING (SA) 540 (REVISED) AUDITING ACCOUNTING ESTIMATES AND RELATED DISCLOSURES Standard on Auditing (SA) 540 (Revised), Auditing Accounting Estimates and Related Disclosu...
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Draft SA 315 (Revised), Identifying & Assessing Risks of Material Misstatement
EXPOSURE DRAFT STANDARD ON AUDITING (SA) 315 (REVISED) IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT Introduction Scope of this SA 1. This Standard on Auditing (SA) deals with the audit...
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Draft SA 250 (Revised), Consideration of Laws & Regulations in an Audit of Financial Statements
EXPOSURE DRAFT STANDARD ON AUDITING (SA) 250(REVISED) CONSIDERATION OF LAWS AND REGULATIONS IN AN AUDIT OF FINANCIAL STATEMENTS Standard on Auditing (SA) 250(Revised), Consideration of Laws and Regula...
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Draft SA 220 (Revised), Quality Management for an Audit of Financial Statements
EXPOSURE DRAFT STANDARD ON AUDITING (SA) 220(REVISED) QUALITY MANAGEMENT FOR AN AUDIT OF FINANCIAL STATEMENTS Introduction Scope of this SA 1. This Standard on Auditing (SA) deals with the specific re...