NFRA reiterates that auditors shall understand their responsibility under CA 2013 and SA 600 with their concomitant responsibilities in related SAs such as SA 200, SA 220 (Revised), SA 230, SA 240, SA 300, SA 315 (Revised 2019), SA 320, SA 330, SA 450 and SA 701 towards obtaining sufficient and appropriate evidence in support of the auditor’s opinion on the group financial statements and carry out audit procedures accordingly.
September 2024 GSTN advisories on ITC reversal, Invoice Management System, GST return data archival, and notices without digital signatures.
Key tax changes from the July 2024 Budget effective October 1. Covers TDS rates, share buyback taxation, VSV 2.0, and other important reforms for taxpayers.
CBDT issues comprehensive guidelines for condonation of delay in filing returns claiming refunds or losses under Section 119(2)(b) of the Income-tax Act, 1961.
GST taxpayers for FY 2017-20 can avoid interest and penalties by paying the demanded tax by March 31, 2025, under the newly introduced Section 128A of the CGST Act.
Key GST compliance tasks for FY 2023-24 before filing October 2024 returns, including ITC, e-invoicing, reconciliations, and reverse charge mechanisms.
ICAI calls for suggestions on simplifying the Income-tax Act, mitigating litigation, and reducing compliance burdens. Submit inputs by 15th October 2024.
ICAI establishes a group to improve work-life balance and stress management for Chartered Accountants through workshops, wellness programs, and peer support networks.
Understand GST relaxation on Input Tax Credit claims for FYs 2017-2021, including legal updates and provisions for taxpayers.
ICAI extends the last date for payment of Membership/COP fee for 2024-25 to December 31, 2024, due to technical issues with the KYM form submission.
