1. (1) These rules may be called the Companies (Audit and Auditors) Amendment Rules, 2018. (2)They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Audit and Auditors) Rules, 2014, in the Annexure, for Forms ADT-1 and ADT-2, the following forms shall be substituted, namely:-
There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given any such instructions.
It is well settled that where two non jurisdictional High Court’s decisions are opposed to each other, the one in favor of the assessee is required to be followed by the Tribunal.
The Delhi High Court has upheld the constitutional validity of the second proviso to Section 5 (1) of the Prevention of Money-laundering Act, 2002 (PMLA).
The party vide its letter dated 16.10.2017 (copy enclosed), informed that their eligible ITC credit for the month of July, 2017, was Rs 16,948/ each under CGST and SGST and that while taking credit, the SGST credit, due to server error, was credited in their GSTR 38 of July, 2017, as Rs 16,94,76,948/-. Further, the party has informed that, they have mailed twice to GST help desk for rectification (copy enclosed).
Merely on the reasoning that liability in respect of some of the sundry creditors have remained outstanding for about three years the assessing officer has concluded that they have to be treated as income of the assessee in the impugned assessment year as they have ceased to exist as per section 41(1) of the Act.
Large number of Trustees of Charitable Trusts who are engrossed in philanthropic work are unwary to compliances imposed by relevant statutes. Enlisted below are few such points which could enable stakeholders to understand applicable statute and ensure its compliance:
The GST Legislation has incorporated an Anti-Profiteering clause (‘APC’) under Section 171 of Central Goods and Services Tax Act, 2017 (‘CGST Act’). The basic idea behind such clause is to keep a check on the Inflation (if any) arising out of the introduction of GST in India.
Substitution of Section 42 is one of the key amendments proposed in Companies (Amendment) Act, 2017 (Amendment Act). While, the Amendment Act is being enforced in phases, stakeholders have been awaiting the draft rules in relation to private placement. MCA on 15.02.2018 issued draft Companies (Prospectus and Allotment of Securities) (Amendment) Rules, 2018
As a part of the day to day functioning of the Department, officers are/will be required to issue letters, notices, orders to Income Tax assessees or other addressees within the Department or outside by using digital signature. CBDT has already mandated filing of APAR online through ITBA-HRMS system.
