CA Amresh Vashisht

Rule 17AA: Key Insights, Compliance, and Implications

Income Tax - Explore significance of Rule 17AA from Finance Act, 2022, its impact on charitable institutions, compliance, and penalties for non-compliance....

Filing & Reporting Form 10B (From A.Y. 2023-24 & Onwards)

Income Tax - Form 10B notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year 2023-24 onwards i.e. for A.Y. 2023-24 and upcoming years. However, old Form 10B is also available on portal and is applicable till Assessment Year 2022-23 only....

Charting New Paths: Exploring Mediation Opportunities for Chartered Accountants

Income Tax - The Mediation Act, 2023, is enacted by the Parliament of India and notified recently to promote and facilitate mediation as a means of resolving disputes, including commercial disputes. The act also aims to enforce mediated settlement agreements and establish a body for the registration of mediators. Additionally, it encourages community ...

Decoding Form 10B & 10BB for Charitable & Educational Institutions

Income Tax - Learn about latest changes in Form 10B and Form 10BB for 2023, their applicability, key differences, consequences of non-compliance, and complexities of tax reporting for charitable and educational institutions....

The Revision of Tax Audit Reports

Income Tax - Tax audit is a cross-examination of the books of accounts of the taxpayer by a practicing Chartered Accountant under the Income Tax Act 1961.  Section 44AB deals with the conditions under which Tax audit becomes mandatory for some taxpayers. The underline idea of a tax audit is to verify the accuracy of the financial records […]...

Allahabad Bank – Empanelment for Concurrent & Revenue Audit

Income Tax - Application For Concurrent / Revenue Audit ( Year 2015-16 )- 1. Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent / Revenue Auditor in the Bank....

Today is last day to submit form to secure Unstructured CPE learning Hours

Income Tax - As per CPE learning which is eligible for CPE credit for Unstructured Learning Activities(ULAs), the members are required to submit their Self-declaration in the form enclosed once in a year before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous year. These forms would have to be submitted to the con...

Soon you will be able to Download your TDS Certificate online; Deductor will not be required to issue manually

Income Tax - Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. The generation of firm 16/16A shall be based on the Form 26Q submitted by the Deductor. The tax credit shall be directly linked to the submission of TDS Returns. Every 16 /16A Form shall also have a unique Numb...

Afresh attempt of ICWAI to rename its organisation to ICMAI fumes ICAI

Income Tax - ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost & Management Accountant of India has been resurfaced again because of sub-clause II of clause (i) of Se...

Appointment of statutory auditor for Public sector bank for 2009-10

Income Tax - Allocation of Banks and finalisation of Statutory Branch Auditors are in process. It is expected that the same shall be completed by the end of first week of March.As you know there are 26 public sector banks and like previous year Fifteen banks shall opt for autonomy .But in practical ,there will not be change of any policy as these Bank...

ST- Service Tax Levied On Presumptive Basis Not Sustainable

Al-Faheem Meatex Private Limited Vs Commissioner of Service Tax, Meerut (CESTAT Allahabad) - Show cause notice was issued without scrutiny of the taxable value on which service tax was due from the appellant. He submitted that had Revenue scrutinized the entire transaction that was reflected in balance sheet, Revenue would have come to know that the freight charges reflected in balance shee...

IF Valuation referred by AO, then DVO valuation shall be final sale consideration for computing capital gain

Sudha Garg Vs ITO (ITAT Delhi) - Sudha Garg Vs ITO (ITAT Delhi) The assessing officer made the assessment order u/s 147/143(3). The only issue involved in this appeal is regarding computation of long term capital gain on sale of property located at Ghaziabad. The assessee has declared the long term capital gain on the sale of the s...

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Recent Posts in "CA Amresh Vashisht"

Rule 17AA: Key Insights, Compliance, and Implications

Explore significance of Rule 17AA from Finance Act, 2022, its impact on charitable institutions, compliance, and penalties for non-compliance....

Posted Under: CA, CS, CMA |

Filing & Reporting Form 10B (From A.Y. 2023-24 & Onwards)

Form 10B notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year 2023-24 onwards i.e. for A.Y. 2023-24 and upcoming years. However, old Form 10B is also available on portal and is applicable till Assessment Year 2022-23 only....

Posted Under: CA, CS, CMA |

Charting New Paths: Exploring Mediation Opportunities for Chartered Accountants

The Mediation Act, 2023, is enacted by the Parliament of India and notified recently to promote and facilitate mediation as a means of resolving disputes, including commercial disputes. The act also aims to enforce mediated settlement agreements and establish a body for the registration of mediators. Additionally, it encourages community ...

Posted Under: CA, CS, CMA |

Decoding Form 10B & 10BB for Charitable & Educational Institutions

Learn about latest changes in Form 10B and Form 10BB for 2023, their applicability, key differences, consequences of non-compliance, and complexities of tax reporting for charitable and educational institutions....

The Revision of Tax Audit Reports

Tax audit is a cross-examination of the books of accounts of the taxpayer by a practicing Chartered Accountant under the Income Tax Act 1961.  Section 44AB deals with the conditions under which Tax audit becomes mandatory for some taxpayers. The underline idea of a tax audit is to verify the accuracy of the financial records […]...

Posted Under: CA, CS, CMA |

ICAI- Is it certain that the future is uncertain?

The professional work of a Chartered Accountant is undergoing major changes that will continue, and potentially intensify, in the future. There is a dire need to check the recent erosion of professional opportunities. Our profession is statute backed and as long as we are having a backing of such laws in our favour, the profession [&helli...

Unbeatable Discrimination of Small CA Firms/Small City firms

It is unlawful to discriminate on the ground of the profession, trade, occupation or calling discrimination as reasonable in some circumstances. The freedom to practice any profession, or to carry on any occupation, trade or business is well defined in the Constitution of India.  Article 19 (1) (g) of Constitution of India provides right...

Posted Under: CA, CS, CMA |

Decoding ICAI Elections 2021

The voting for the elections of the twenty-fifth council for thirty-two seats from five regions and twenty-fourth regional councils from five regional constituency of The Institute of Chartered accountants of India will be held on 3rd and 4th December in cities having 1000 or more members and on 4th December 2021 in other cities/towns. Ya...

Posted Under: CA, CS, CMA |

Are Small Company Audits vanishing?

Recently, the news of abolition of Statutory Audit for small companies spread like a wildfire and social media have emerged as a comforting shoulder for the Chartered accountants, who are mostly dependent on the small company audits. There was no official version of the said story but it was not an unexpected one as across […]...

Posted Under: CA, CS, CMA |

ICAI Elections 2021 – Ringing Bells

A bell’s not a bell ’til you ring it, A song’s not a song ’til you sing it, Love in your heart wasn’t put there to stay, Love isn’t loving ’til you give it away! So is our ALMA MATER ICAI, We have to take care in selecting the strong council and regional councils to […]...

Posted Under: CA, CS, CMA |

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