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Archive: 25 November 2023

Posts in 25 November 2023

Draft SA 299 Joint Audit of Financial Statements

November 25, 2023 591 Views 0 comment Print

Explore the principles, planning strategies, and reporting guidelines for effective joint audits of financial statements. Understand the responsibilities and coordination among joint auditors

Draft SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance & Management

November 25, 2023 1476 Views 0 comment Print

Explore SA 265, guiding auditors on communication of internal control deficiencies. Learn about the requirements, objectives, and application for effective audit practices

Draft SA 260 Revised Communication with Those Charged with Governance

November 25, 2023 1155 Views 0 comment Print

Explore the essential Standard on Auditing (SA) that outlines the auditor’s responsibilities in financial statement audits, emphasizing effective communication with governance. Learn about planned audit scope, significant findings, and the importance of two-way communication. Stay informed on key audit communication requirements

Draft SA 250 Consideration of Laws & Regulations in Audit of Financial Statements

November 25, 2023 459 Views 0 comment Print

Explore the auditors role in ensuring compliance with laws and regulations in financial audits. Learn about responsibilities, procedures, and reporting for effective risk management

Bombay High Court Directs Swift Action on MSTT Website Development

November 25, 2023 390 Views 0 comment Print

Bombay High Court’s directive to Maharashtra on the development of Maharashtra Sales Tax Tribunal’s website. Progress update and next hearing on 28th November 2023.”

Zomato and Swiggy Face Rs 750 Crore GST Demand

November 25, 2023 1554 Views 0 comment Print

Introduction: Zomato and Swiggy, two giants in the food delivery sector, are now grappling with GST demand notices amounting to a staggering Rs 750 crore, as revealed by a report from the Directorate General of Goods and Services Tax Intelligence (DGGI). The crux of the matter revolves around the nature of food delivery services and […]

TNVAT: Recovery proceedings cannot be initiated until Investigation is completed

November 25, 2023 612 Views 0 comment Print

In a Madras High Court ruling, recovery proceedings against Shewil Trading Company are halted until the Cyber Crime Cell completes its investigation. Know the case, implications, and the direction given by the court.

GST Demand Notice cannot be enforced during pendency of Stay Application

November 25, 2023 1815 Views 0 comment Print

Kerala HC disposed of writ petition directing Revenue Department to process Stay Application in one month without enforcing Demand Notice during pendency. Mathew Scaria v. Deputy Commissioner case under KGST Act.

GSTN Advisory: Act on Reclaimed ITC Reversals by November 30, 2023

November 25, 2023 4038 Views 0 comment Print

Understand the new Electronic Credit and Re-claimed Statement feature, reporting obligations, and reconciliation procedures. Key dates: November 30, 2023, for reporting and December 31, 2023, for amendments.

Upfront lease premium on lease-hold land allowable as deduction u/s. 37(1) of Income Tax Act

November 25, 2023 4188 Views 0 comment Print

ITAT Kolkata rules on upfront lease premium, corporate guarantee fee, and royalty income. Key points from ACIT Vs Britannia Industries. Full order analysis.

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