Goods and Services Tax : ICAI clarified that ITC wrongly reversed under Table 4(B)(1) instead of Table 4(B)(2) can still be reclaimed within statutory time...
CA, CS, CMA : The FAQs explain how the 60 Tax Audit assignment ceiling will operate through the UDIN system from 1 April 2026. ICAI clarified wh...
CA, CS, CMA : Banks are asking CAs to issue end-use and KYC certificates without regulatory support. RBI confirms no such requirement exists, hi...
Company Law : The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakenin...
Corporate Law : The Bar Council of India has officially confirmed that the IGNOU-ICAI B.Com (Accountancy & Finance) degree meets all eligibility c...
CA, CS, CMA : ICAI has announced Live Virtual Revisionary Classes for CA Intermediate students appearing in the September 2026 examinations. The...
CA, CS, CMA : ICAI's Board of Studies has invited Expressions of Interest from qualified professionals and academicians for empanelment as facul...
CA, CS, CMA : ICAI has notified the Information Systems Audit (ISA) Assessment Test for 25 July 2026 in CBT mode. The announcement specifies eli...
CA, CS, CMA : ICAI has clarified that members coaching students or having relatives appearing in the examinations are not eligible for Observer ...
CA, CS, CMA : The Sales Tax Bar Association requested reconsideration of Bar Council of India rules prohibiting advocates from entering partners...
CA, CS, CMA : The Delhi High Court held that one of the meetings relied upon for automatic vacation of the petitioner’s seat was convened with...
CA, CS, CMA : The Court examined whether a complaint arising from a family dispute can be entertained in misconduct proceedings. It held that su...
CA, CS, CMA : The High Court held that a direct appellate challenge to the final removal order was not maintainable. The appeal was withdrawn wi...
CA, CS, CMA : The court affirmed disciplinary action where an auditor failed to detect ever-greening of assets and misreporting in audit account...
Income Tax : The ITAT Delhi has deleted a ₹25,000 penalty under Section 271A, ruling that F&O turnover for a trader should be calculated base...
CA, CS, CMA : ICAI notifies removal of 12 chartered accountants from membership rolls, with suspension periods, fines, and reprimands in select ...
CA, CS, CMA : ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not...
CA, CS, CMA : The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory r...
CA, CS, CMA : The issue involved disciplinary action for professional and other misconduct under the Chartered Accountants Act. The authorities ...
Corporate Law : The amended guidelines mandate minimum CPE hours for all practicing members. Non-compliance will lead to discontinuation of the Ce...
This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountants, 46A, Madhav Kunj, Pratap Nagar, Agra.
The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on Draft Rules of Composition, Input Tax Credit, Determination of Value of Supply, Transitional Provisions, Registration, Tax Invoice, Debit & Credit Notes, Refund, Accounts & Records, Appeals & Revision, E-way Bill, Return, Advance Ruling, Assessment & Audit.
Rule 2(3) of the draft GST Refund Rules provide that where any deficiencies are noticed, the proper officer shall communicate the deficiencies to the applicant in FORM GST RFD-03 through the Common Portal electronically, requiring him to file a refund application after rectification of such deficiencies. However, the time limit for issuing FORM GST RFD-03 by proper officer has not been provided and only time limit of 15 days is provided for issuing acknowledgement FORM GST RFD-02.
1. Advance voucher and refund voucher Rule 5 of draft GST Tax invoice, Credit and Debit Notes Rules provides for issuance voucher for receipt of advance. However no formats have been prescribed for the receipt voucher or refund voucher. Suggestion It is suggested the words …..in the formats prescribed… be added and suitable formats be prescribed. […]
1. E-Way Bill required to be simplified Rule 1 requires the use of e-Way bill for all removals including those involving supply. Issue When invoice is already issued, issuance of e-way bill increases the compliance at the time of removal of goods. This is not in line with ease of doing business. Hence, comprehensive suggestion […]
1. Exclusion of Input Service Distributors (ISD) & OIDAR Rule 1(1) of draft GST Registration Rules provides that every person (other than a non-resident taxable person, a person supplying online information and data base access or retrieval services from a place outside India to a non-taxable online recipient referred to in section 14 of the […]
1. Intimation of Composition Levy Rule 1(1) of draft GST Composition Rules provide that any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration. 16 and who opts to pay tax under section 10, shall electronically file an intimation in FORM GST CMP-01, duly signed, on the Common […]
1. Documentary requirements and conditions for claiming input tax credit Rule 1 of draft GST ITC Rules requires that input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely: – a) an invoice issued by the supplier of goods or services […]
1. Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day Rule 1 of draft GST Transitional Provision Rules requires voluminous details like the amount of tax or duty availed or utilized by way of input tax credit under each of the existing […]
Issue 1: Whether provision for unspent Corporate Social Responsibility expenditure is required to be made as per Ind AS? Response: Paragraph 14 of Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets states:
