"22 October 2021" Archive

ICAI Takes action against 22 Members | 490 extra Audit- 490K Penalty

F. No. PR/245/2014/DD/258/2014/DC/605/2017 22/10/2021

ICAI has issued 22 Notifications Dated 22nd October 2021 by which it has Taken action against 22 Chartered Accountants for Violation of Code of Ethics and for Professional Misconduct. In one case ICAI has Taken against a member and member has been ordered to pay a fine of Rs. 1000/- for each case of audit […]...

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Consultation Paper Capping of ISINs for Corporate Bonds

With a view to boosting liquidity in corporate bonds, SEBI, vide circulars dated June 30, 2017 and March 28, 2018 on consolidation and re-issuance of debt securities (ISIN circulars), provided specifications related to International Securities Identification Number (ISINs) for corporate bonds....

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Posted Under: CA, CS, CMA |

HC issues notice on Plea challenging Constitutional Validity of CGST Rule 90(3)

Neogen Chemicals Ltd. Vs Union of India (Gujarat High Court)

Rule 90(3) read with the Circular dated 18.11.2019 providing for fresh application after deficiency memo to also be filed within limitation for original application is ultra vires...

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Working Capital Adjustments In Transfer Pricing

What is Transfer Pricing? Transfer pricing is an accounting practice followed to establish an agreed price at Arm’s length during a transaction between associated enterprises. The transactions can be in terms of goods and services. There are five methods which can be used to get to the agreed price where the profits are divided fairly [...

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Posted Under: CA, CS, CMA |

Withdrawal of tax exemption for interest accrued on EPF in specified cases

Withdrawal of tax exemption for interest accrued on Employees Provident Fund (EPF) in specified cases Finance minister Nirmala Sitharaman in her budget speech had proposed to cap the tax exemption for interest accrued on Employees Provident Fund (EPF) and Voluntary Provident Fund (VPF) in the third Union Budget she presented. The Income...

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Posted Under: CA, CS, CMA |

Battle of levy of Interest on reversal of input tax credit wrongly availed

Recently, many taxpayers have received notices from the GST authorities demanding interest on subsequent reversal of input tax credit (‘ITC’) wrongly availed by them. The said demands are generally pertaining to initial years of GST wherein the lawmakers and taxpayers, both were evolving to adopt the newly introduced statute. Due to t...

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Posted Under: CA, CS, CMA |

Buy Latest GST Ready Reckoner by CA Raman Singla

We are pleased to introduce a short, crisp and problem-solving addition of our GST Book titled 'GST Ready Reckoner'. This new version would not only facilitate the apparent needs but also addresses the inherent challenges and complexity of this law in the most simplified manner for its users....

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Posted Under: CA, CS, CMA |

RBI releases draft Master Direction on Prudential Regulation for AIFIs – 2021

Press Release: 2021-2022/1084 22/10/2021

Reserve Bank of India Date : Oct 22, 2021 RBI releases draft Master Direction on Prudential Regulation for AIFIs – 2021 The Reserve Bank has today placed on its website the Draft Reserve Bank of India (Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant Investments, Classification, Valuation and Opera...

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Shri Piyush Goyal calls for free trade within rules-based multilateral trading system

The Minister of Commerce and Industries, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyaltoday called for free trade within a rules-based multilateral trading system with honesty and transparency as core values....

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Posted Under: CA, CS, CMA |

Mock Test Papers Series – II for December, 2021 CA Examination

ICAI is commencing Mock Test Papers Series-II from November 8, 2021 for students appearing in CA Foundation, IIPC & Intermediate; Final Old & New December 2021 examination....

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Posted Under: CA, CS, CMA |

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