2 Archive - 04 February 2022

"04 February 2022" Archive

ICAI removes name of 4 CA members for from Register of Members

Notification No. PPR/P/052/18/DD/12/ INF/19/DC/1355/2020, No. PR/22/16-DD/88/16/DC/1018/2019, No. PR/219/17-DD/216/17/DC/995/2019 and No. PR-52/2015-DD/58/2015-DC/781/2018 04/02/2022

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 4th February, 2022 (Chartered Accountants) No. PPR/P/052/18/DD/12/ INF/19/DC/1355/2020.— In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accoun...

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Transitional credit will be subjected to provisions of Rule 4(1) of CCR, 2004

Heavy Vehicles Factory Vs Commissioner of GST & CE (CESTAT Chennai)

Heavy Vehicles Factory Vs Commissioner of GST & CE (CESTAT Chennai) provisions of Rule 4 are very clear as regards the time limit for availment of Cenvat credit. We find that the provisions of Rules cannot be read in isolation. The entire set of Rules covering availment/utilization of credit i.e., CCR, 2004, has to be […]...

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DRI is not a Proper Office for issue of SCN: CESTAT Delhi

Toyota Material Handling India Private Limited Vs Principal Commissioner of Customs (Import) (CESTAT Delhi)

Toyota Material Handling India Private Limited Vs Principal Commissioner of Customs (Import) (CESTAT Delhi) The issue that arises for consideration is whether the Principal Additional Director General, DRI had the jurisdiction to issue the notice. This precise issue was examined by the Supreme Court in Canon India. The Supreme Court obser...

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Interactive intelligent panel Having CPU cannot be classified as Monitors

Cloudwalker Streaming & Technologies Pvt Ltd Vs Commissioner of Customs (NS-V) (CESTAT Mumbai)

Cloudwalker Streaming Technologies Pvt Ltd Vs Commissioner of Customs (CESTAT Mumbai) In valuation, rejection of the declared amount is a pre-requisite because the relevant Rules afford consequential alternatives but rejection of declared classification at the outset carries the burden of saddling the exercise with re-classification that ...

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Highlights of Income Tax Proposals – Union Budget 2022-23

In the Union Budget, 2022, there is no proposal for changing the rates of tax applicable for individuals or HUFs or AOPs or BOIs or Artificial Juridical persons or Firms or Co-operative societies or companies. Therefore, tax rates applicable for such persons would remain unchanged for the A.Y. 2023-24. Likewise, the basic exemption limit ...

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Guidelines on Accounting with respect to Indian Accounting Standards (IND AS)

Circular No. SEBI/HO/IMD-II/DOF8/P/CIR/2022/12 04/02/2022

SEBI vide notification dated January 25, 2022 amended SEBI (Mutual Funds) Regulations, 1996 (MF Regulations), which, inter-alia, mandated that the AMCs shall prepare the Financial Statements and Accounts of the Mutual Fund Schemes in accordance with IND AS with effect from April 01, 2023....

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Committees as a Watchdog: Board of Directors acting in lieu of corporate governance

Abstract In this paper I would like to cover the different committees use for the governance the work of board of director. Also in this i would like to raise the question and answer that why is the need of the different committee in the company?  I would like to raise the question “What are […]...

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Posted Under: CA, CS, CMA |

Provisional Attachment as per Section 83 of CGST Act, 2017

1) Meaning of Attachment of Property If the government attaches the property of a person, the person cannot transfer the said property to anyone else. Even if he does manage to transfer the attached property, the transfer shall be deemed void and thus not recognised by law. Even bank accounts can be attached – he […]...

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Posted Under: CA, CS, CMA |

Loan to Director under Section 185 of Companies Act

In this article we are going to discuss provisions of Section 185 of Companies Act 2013, under this article we are undertaking question when a company can give loan to its director and what are the conditions to give such loans. This section is applicable to both Private as well as Public companies. The section […]...

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Posted Under: CA, CS, CMA |

Key Changes In GST In Finance Bill 2022

It is that time of the year when we have to learn, Unlearn and Re-Learn few things. Yes, the Budget 2022 has brought in few amendments via  Finance Bill, 2022. Though, the changes this year are quite few it is important to keep ourselves abreast with latest updates. This Article Summarises certain significant amendments brought […...

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Posted Under: CA, CS, CMA |