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CBDT notifies Form ITR-A & rules for modified return by successor entity
CBDT notifies new Income Tax Rule 12AD modified return of income under section 170A to be furnished by a successor entity to a business reorganisation and relevant Form ITR-A vide Notification No. 110...
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Amendments in IBBI Liquidation & Voluntary Liquidation Process Regulations
Amendments in IBBI (Liquidation Process) Regulations, 2016 and IBBI (Voluntary Liquidation Process) Regulations, 2017 1. Streamlining the constitution of SCC Present framework ❖ Reg. 31A -*Stakeholder...
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What are Professional Misconducts of a Chartered Accountant
PART- 1 Don’ts 1. A Practicing Chartered Accountant abstain from soliciting clients or professional work either directly or indirectly by circular, advertisement, personal communication, or interview...
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Representation on Income Tax outstanding demand collection drive
KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R.) Date: 19th September 2022 To, Smt. Nirmala Sitharaman Hon. Union Minister of Finance and Corporate Affairs Government of India Hon’ble Madam, SUB...
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Representation to extend due date of filing of Income Tax Audit reports
Representation to extend the due date of filing of Audit reports under Income Tax Act, 1961, from 30th September, 2022 to 31st October, 2022. ALL INDIA FEDERATION OF TAX PRACTITIONERS Dated: September...
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Exposure Draft of AS 113, Fair Value Measurement
Accounting Standards Board The Institute of Chartered Accountants of India 19th September, 2022 Exposure Draft of AS 113, Fair Value Measurement The Indian Accounting Standards (Ind AS), as notified b...
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Income Tax Audit Clinic
Direct Taxes Committee The Institute of Chartered Accountants of India 12th September, 2022 Tax Audit Clinic Dear Professional Colleagues, As you are aware that the Direct Taxes Committee of the ICAI...
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Banking sector to make a big contribution to make India a developed nation
Banking sector has to make a big contribution to making India a developed nation by 2047: Union Finance Minister Smt. Nirmala Sitharaman at 75th AGM of Indian Banks’ Association Union Finance Minister...
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Better utilize AI, data-analytics & other technologies to identify tax evasion
Finance and Corporate Affairs Minister inaugurates ‘Kendriya GST Parisar’ residential complex for CGST officers at Kharghar, Navi Mumbai We need to better utilize AI, data-analytics, IoT and other tec...
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GST Council Newsletter for the month of August, 2022
GST Revenue collection for August, 2022 ₹1,43,612 crore gross GST revenue collected in the month of August, 2022 The gross GST revenue collected in the month of August, 2022 is ₹1,43,612 crore of whic...
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Net Direct Tax collections for FY 2022-23 have grown at 23%
Gross Direct Tax collections for the Financial Year (FY) 2022-23 register a growth of 30%. Net Direct Tax collections for the FY 2022-23 have grown at 23%. Advance Tax collections for the FY 2022-23 s...
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HPZ Token Bitcoin fraud – ED carried out search operations under PMLA
Directorate of Enforcement (ED) has carried out search operations under the Prevention of Money Laundering Act (PMLA), 2002 (on 14.09.2022) Press Release 16.09.2022 Directorate of Enforcement (ED) has...
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ICSI Request for exemption from delayed filing fee for Charge related forms
Keeping in view the technical difficulties faced by stakeholders, ICSI request MCA to consider granting exemption from delayed filing fee for these 5 charge related forms, i.e., Form CHG-1, CHG-4, CHG...
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CBDT notifies Form 52A & rule 121A for producers of cinematograph films
CBDT notifies Rule 121A. Form of statement to be furnished by producers of cinematograph films or persons engaged in specified activity and Form N0. 52A Statement to be furnished under section 285B of...
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ED searches in respect to investigation relating to Mobile Gaming Application
ED has carried out search operations under PMLA, 2002 (on 10.09.2022) at 06 premises in Kolkata, in respect to an investigation relating to the Mobile Gaming Application. Cash amounting to Rs 17.32 Cr...
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Request to include CAs as Technical Member of GST Appellate Tribunal
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) ICAI/IDTC/2022-23/Rep/4 8th September, 2022 Hon’ble Shri Dushyant Chautala Deputy Chief Minister, Haryana and Convenor...
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Exposure draft of SSAE 3000 Assurance Engagements on Sustainability Information
Exposure Draft Standard on Sustainability Assurance Engagements (SSAE) 3000 Assurance Engagements on Sustainability Information (Last date for comments: October 3, 2022) Issued by Sustainability Repor...
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Six Years Imprisonment with Fine of Rs. 1.50 Lakh to then DCIT
SIX YEARS IMPRISONMENT WITH FINE OF Rs. 1.50 LAKH TO THEN DEPUTY COMMISSIONER OF INCOME TAX (IRS-1989) IN A CBI CASE The Special Judge, CBI Cases, Lucknow (Uttar Pradesh) has today sentenced Shri Arvi...
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EOW cracked a major PAN India income tax refund scam
being operated from Delhi NCR area. Economic Offences Wing, Bhubaneswar arrested accused Neeraj Singla (28 years age), a resident of Faridabad, Haryana, on 09.09.2022 in connection with EOW PS Case No...
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Application of funds by trust can be made only on actual payment basis
ICAI clarified that application of funds can only be made on actual payment basis in case of charitable trusts. This amendment is made vide Finance Act, 2022 and is applicable for assessment year 2022...