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ICAI President’s Message – August 2022

August 1, 2022 777 Views 0 comment Print

Chartered Accountants are acknowledged and respected all across the Globe not only because of their expertise in the fields of Accounts, Finance & Taxation but also due to their adaptability to cope with the changes that are taking place in the emerging areas such as Sustainability, Forensic, Information Technology etc.

Cut-off-date for admission/registration/enrollment of CMA students extended

August 1, 2022 1062 Views 0 comment Print

Cut-off-date for admission/registration/enrollment of students for December-2022 term of Examination is extended up to 10th August (Wednesday), 2022. In a similar line, the 2nd installment payment for students already admitted/registered/enrolled in Foundation/Intermediate/Final Course also stands extended up to 10th August (Wednesday), 2022 for December-2022 term of Examination. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA Ref. […]

ITAT disallows Golf Club membership fees partially

July 29, 2022 5592 Views 0 comment Print

Vipul Ltd. Vs ACIT (ITAT Delhi) it can be observed that as far as the subscription fee to Clubs is concerned the nature of business activity of the assessee company is such that for procurement of business the Managing Director may have to attend the clients and entertain them occasionally at clubs. However, the four […]

RBI advisory on Restriction on Storage of Actual Card Data

July 28, 2022 1410 Views 0 comment Print

There shall be no change in the effective date of implementation of the requirements – all entities, except card issuers and card networks, shall purge the CoF data before October 1, 2022.

Responsible Innovation through Regulatory Sandbox (RS)

July 28, 2022 504 Views 0 comment Print

Regulatory Sandbox (RS) nurtures responsible innovation in Financial/Pension/Retirement Planning services to promote efficiency, which eventually benefits the investors, Subscribers, consumers and users.

Regulation of Payment Aggregators – Timeline for submission of applications for authorisation – Review

July 28, 2022 513 Views 0 comment Print

Reserve Bank of India RBI/2022-23/94 CO.DPSS.POLC.No.S-761/02-14-008/2022-23 July 28, 2022 All Payment System Providers and Payment System Participants Madam / Dear Sir, Regulation of Payment Aggregators – Timeline for submission of applications for authorisation – Review Reference is invited to Reserve Bank of India (RBI) circulars DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 and CO.DPSS.POLC.No.S33/02-14-008/2020-2021 dated March 31, 2021 on “Guidelines on […]

IBBI suspends registration of IP for a period of one year

July 28, 2022 420 Views 0 comment Print

The DC notes that RP is required to seek a vote of the members who did not vote at the meeting on the matters listed for voting, by electronic voting system in accordance with the provision of regulation 25(5) & 26 of the CIRP Regulation. Regulation 25(5) states that voting window shall be kept open […]

MahaRERA: Declaration of Separate Bank Account for real estate projects

July 27, 2022 20358 Views 0 comment Print

Every promoter at the time of registration of a real estate project in addition to providing the bank details of the separate bank account in the application for registration shall provide a Declaration about the separate bank account for the real estate project on the Letterhead of the promoter in the manner as detailed in Format ‘A’ annexed hereto.

Subscriber Centric Services through DigiLocker to NPS holders & Intermediaries

July 27, 2022 588 Views 0 comment Print

DigiLocker offers the following benefits to NPS stakeholders: i. Access of ePRAN card through DigiLocker for existing subscribers (by searching ePRAN in Digilocker). ii. Access of Account Statement through DigiLocker for existing subscribers (by searching Account Statement in DigiLocker).

Expenditure incurred by trust outside India cannot be considered as application of income

July 26, 2022 6447 Views 0 comment Print

Church’s Auxiliary For Social Action Vs ACIT (ITAT Delhi) In the case of India Brand Equity Foundation vs. Assistant Commissioner of Income Tax (E), Trust, Ward-II, New Delhi [(2012) 23 com 323 (Del)] it was held that amount spent outside India for participating in a fare held outside India cannot be treated as application of […]

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