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Archive: 19 February 2018

Posts in 19 February 2018

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3039 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Key points while filing petition/application before NCLT court

February 19, 2018 97338 Views 10 comments Print

As we all knows that Central Government notified NCLT Rules, 2016 on 21st of July, 2016 through notification in the official gazette. The provisions specify the professionals i.e., Company Secretaries, Chartered Accountants and Advocates who can practice before the NCLT or NCLAT.

The Great Jewel Scam. Is It System Failure?

February 19, 2018 10824 Views 0 comment Print

The great jewel scam that is rocking the nation has opened up a Pandora Box on how the banks have become soft target for unscrupulous scam creators in connivance with the bank officials. It is apparent from the modus operandi of the operations that it is a systematic, well conceived and planned loot of the Indian Banking system.

What is the Nirav Modi scandal?

February 19, 2018 22878 Views 6 comments Print

It is textbook banking fraud. Let’s start with a brief overview of how trade in diamonds is settled. Rough diamonds are very expensive, easy to transport, and cutting – polishing them adds little value to the final product. This makes rough diamonds an excellent tool for round-tripping funds into India via fake invoices. Diamond firms raise credit abroad […]

MSME- Overview, Registration and incentives

February 19, 2018 17820 Views 2 comments Print

Any entrepreneur having valid Aadhaar Number i.e Registration under MSME can be done by both Manufacturing Enterprise and Service Enterprise. They can be classified as follows on the basis of Annual Turnover:

5 Advantages of Investing Early 20s

February 19, 2018 3321 Views 0 comment Print

The youth of today earn higher salaries enabling them to make intelligent investment decisions from their early career. When you start early, you are able to enjoy financial independence and security. However, most early 20s youngsters do not consider saving and investments one of their top priorities. Their financial freedom, education loan burden, and the […]

OBC warns Concurrent Auditors to duly Verify all Outward SWIFT messages

February 19, 2018 24072 Views 0 comment Print

It is reiterated that all Concurrent Auditors are required to:- To cross verify that all outbound SWIFT messages vis-a-vis their corresponding entries are reflecting in. To ensure & confirm that second checking has been done by the Branch official who are not associated with SWIFT messages.

Glitches in GSTN portal, cumbersome procedures major areas of concern

February 19, 2018 8640 Views 1 comment Print

Amongst the key issues faced with respect to GST implementation, the industry has highlighted glitches in GSTN portal, cumbersome procedures and documentation and cost of compliance as the major areas of concern that need to be addressed.

Implementation Guide to Standard on Auditing (SA) 701

February 19, 2018 5238 Views 0 comment Print

In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report

Whether GST is applicable on interest charged by Del credere Agent

February 19, 2018 10125 Views 0 comment Print

It was decided that interest charged by Del credere Agent on amount of short term loans to end customers, is covered under Sl. No. 27 of the Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 and hence such interest amount will not attract GST.

​Revised DTAA between India and Kenya notified

February 19, 2018 9645 Views 0 comment Print

The Double Taxation Avoidance Agreement (DTAA) between India and Kenya was signed and notified in 1985. Subsequently, the DTAA was renegotiated and a revised DTAA was signed between both countries on 11th July, 2016. The revised DTAA has been notified in the Official Gazette on 19th February, 2018.

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