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Archive: 24 November 2023

Posts in 24 November 2023

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 6087 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Impact of DPDP Act, 2023 on Insurance: IRDAI Forms Task Force

November 24, 2023 993 Views 0 comment Print

Explore the formation of a task force by IRDAI to analyze the implications of the Digital Personal Data Protection Act, 2023 on the insurance sector. Learn about key members and the expected impact

Provision of fixing time limit for making payment under SVLDRS Scheme is directory in nature

November 24, 2023 2103 Views 0 comment Print

Madras High Court held that provision of fixing time limit under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019 (SVLDRS Scheme) is directory in nature and not mandatory. Accordingly, time limit for making payment of tax under SVLDRS Scheme is directory in nature.

Circular issued by Tax Research Unit clarifying classification of polypropylene woven and non-woven bags quashed

November 24, 2023 780 Views 0 comment Print

Delhi High Court held that in the absence of a conferral of any power upon the Tax Research Unit (TRU), it cannot issue clarification regarding the classification of polypropylene woven and non-woven bags under the Customs Tariff Act, 1975. Accordingly, Circular dated 31 December 2018 issued by TRU is quashed and set aside.

Addition towards inadequate reflection of stock unsustainable as assessee is only a commission agent

November 24, 2023 498 Views 0 comment Print

ITAT Mumbai held that addition towards suppression of profit by not reflecting properly the opening and closing stock unsustainable as assessee is only a commission agent and assessee has recorded the transactions to square up the sales and purchases in its Books of Accounts and declared only the commission income as its main source of income.

Draft SA 240 Auditor’s Responsibilities Relating to Fraud in Audit of Financial Statements

November 24, 2023 3585 Views 0 comment Print

Explore the auditors responsibilities in detecting and addressing fraud in financial statements. Understand fraud risk factors, prevention, detection, and audit procedures

Exposure Draft SA 230 Audit Documentation

November 24, 2023 1989 Views 0 comment Print

Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for effective preparation, retention, and assembly

Exposure Draft of SA 300: Planning an Audit of Financial Statements

November 24, 2023 2724 Views 0 comment Print

Explore the significance of Standard on Auditing 300 in planning and executing financial statement audits. Learn the requirements, strategies, and considerations

Section 137(1) Violation, non filling of Financial Statements: MCA Imposes Penalty

November 24, 2023 711 Views 0 comment Print

Read the adjudication order by the Registrar of Companies, Kerala, penalizing EMTEX INTERNATIONAL LIMITED for non-filing of financial statements under Section 137(1).

Draft Standard on Auditing 210 Agreeing the Terms of Audit Engagements

November 24, 2023 1209 Views 0 comment Print

Explore the importance of agreeing audit engagement terms, preconditions, responsibilities, and legal considerations. Learn from the comprehensive analysis

Draft: SA 200 – Independent Auditor’s Objectives and Audit Conduct

November 24, 2023 810 Views 0 comment Print

Explore the overall objectives of the independent auditor and the essential elements of conducting audits in accordance with auditing standards. Learn the ethical requirements and key considerations for a comprehensive financial statement audit

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