News

IBBI Discussion Paper on Voluntary Liquidation Process

Section 59 under Chapter V of Part II of Insolvency and Bankruptcy Code, 2016 (Code) read with the IBBI (Voluntary Liquidation Process) Regulations, 2017 (Voluntary Liquidation Regulations) provides that a Corporate Person (CP) may initiate voluntary liquidation proceedings if two conditions are met: (a) the CP has no debt or is in a posi...

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Cabinet approves Amalgamation Scheme of Lakshmi Vilas Bank with DBS Bank

Union Cabinet has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). On 17.11.2020, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the Banking Regulation Act, 1949, LVB had been under mora...

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ICAI reschedule CA exam for few cities due to Nivar cyclone

The rescheduled Intermediate & IPC Examination shall be held on 9th December, 2020 and the Final (Old & New) Examination shall be held on 11th December, 2020 for the above-stated centres only at the same time....

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Join Certification Courses on GST, Customs & FTP and Income Tax

Join Professional Development & Certification Courses on GST, Customs & FTP and Income Tax by TaxGuru Edu. TaxGuru Edu, an educational wing of TaxGuru, announces Online Professional Development Courses on GST, Customs & FTP and Income Tax to help you in learning them in a practical way. Course 1 – Professional Developmen...

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Momentum of reforms continues during pandemic & will continue: FM

In the present pandemic times when the headwinds to growth have exacerbated, the reforms momentum has continued, and will continue in the future as well, said Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman while addressing the National MNCs Conference 2020 organised by the Confederation of Indian Industry (CII) h...

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Direct Tax Vivad Se Vishwas Act, 2020- Issues & Suggestions

Chamber of Tax Consultants has made a representation to Hon’ble Finance Minister on Direct Tax Vivad Se Vishwas Act, 2020 brought to its attention some technical issues in implementation of Vivad Se Vishwas and suggestions to overcome those issues. It  also submitted the same to CBDT Chairman and Revenue Secretary (CBDT).  Text of the...

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Covid-19 Regulatory Updates by ICSI

The pandemic while having disrupted the economic activities has impacted the economic growth of nations globally. But as the famous axiom goes, it has been a hard struggle but I can see a glimmer of light at the end of the tunnel....

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Extension of last date to submit comments on exposure draft of Guidance Note on Auditing Standards on Secretarial Audit (CSAS-4)

The Institute of Company Secretaries of India 17th November, 2020 Dear Sir/Madam, Subject: Extension of last date to submit comments on exposure draft of Guidance Note on Auditing Standards on Secretarial Audit (CSAS-4) The Institute of Company Secretaries of India had issued first four Auditing Standards namely CSAS-1: Auditing Standard ...

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SOP to open and operate FCRA Account

SOP to open and operate the FCRA Account as provided under Section 17(1) of the amended Foreign Contribution (Regulation) Act, 2010 with SBI, New Delhi Main Branch in terms of FCRA (Amendment), 2020...

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Report on disclosures pertaining to analyst meets, investor meets & conference calls

The issue of information asymmetry between various classes of investors arising out of limited disclosures in respect of analyst meets/ institutional investors meet/ conference calls was discussed by Primary Markets Advisory Committee (PMAC) in the meeting in July, 2020....

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Consultation Paper on Review of requirement of Minimum Public Offer for large issuers

The objective of this consultation paper on Review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957 is to seek comments/ views from the public and market intermediaries on Review of requirement of Minimum Public Offer to large issuers in terms of Securities Contracts (Regu...

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EPFO’s clarification on misleading article published in newspaper

EPFO) stated that an article was published in a section of media on 18.11.2020 under the caption EPFO subscribers, firms down in Oct. In this regard, EPFO has categorically clarified that the information contained in the article is incorrect and unsubstantiated....

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Income Tax searches at various locations in Uttar Pradesh

The Income Tax Department started a search and survey action on 18/11/2020 in the case of a leading cattle feed producer in Northern India. The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana....

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Consultation paper on review of SEBI (Delisting of Equity Shares) Regulations, 2009 

SEBI vide notification dated June 10, 2009 notified the SEBI (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations), thereby superseding the earlier SEBI (Delisting of Securities) Guidelines, 2003. Since then, several amendments have been carried out in the Delisting Regulations according to the changing needs and developm...

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Webcast on GST, E-Invoicing, Return, Departmental Audit, Risky Exporters & Litigation

Webcast on GST E-Invoicing (For 100 Crs + Taxpayers) Implementation vide GSP – End to End Analysis, How to deal with Recent Changes in GST Return, Preparation for Departmental GST Audit, How to Handle Risky Exporters & GST Litigations....

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ICAI Advisory to students, writing threatening mails to Exam Centres

It has been reported by some Examination Centres that they are receiving threatening e-mails from some of the candidates appearing for the CA Examination scheduled for November, 2020....

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Relaxation to CA Students during Curfew in city of Ahmedabad

It has come to our knowledge that State of Gujarat has announced that there will be Curfew in the city of Ahmedabad during 21st and 22nd November, 2020 on the days on which Chartered Accountant Examinations November 2020 are also scheduled at the centres in the city of Ahmedabad....

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Observations of Candidates on Question Papers of CA Exams Nov 2020

It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2020 by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 15th D...

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ICAI changes 2 exam centers at Delhi & Ahmedabad- Nov 2020 Exams

Change of certain Examination Centre / minor correction in the address for November 2020 - 1. L. D. Arts College, Opp. IIM Ahmedabad, Vastrapur 2. Mayo International School, Delhi....

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Initiatives & Interventions of MSME Ministry to tackle COVID-19

Technology based Initiatives & Interventions of MSME Ministry to tackle COVID-19 challenge leads to Effective response to Prime Minister’s call of Atmanirbhar Bharat & Make in India The Step Results in lowering the cost of Medical items including Hand Sanitizer; It leads to reducing imports and making exports possible of several C...

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ICAI announces dates for Jan/Feb 2021 Examination

In continuation of Announcement dated 7th November 2020, it is informed that January/February 2021 examination will commence from 21st January 2021 in all cities where exam are currently scheduled for November 2020 Examination. Further details related to schedule of examination and admit card will be intimated soon after the last date of ...

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Detailed information on GST e-invoice help options

e-Invoice Support To report any issues or for support on integration of E Invoice system, following options are available. 1. Through self-service system at : https://selfservice.gstsystem.in/ 2. Through toll free number : 1800-103-4786 Before reporting the issue, users are encouraged to go through the following web sites to acquaint them...

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Request to implement OTS in Punjab VAT Assessment cases of small taxpayers

Request to implement One Time Settlement (OTS) in VAT Assessment cases of small taxpayers from Punjab i.e. below annual turnover One Crore and avoid Exparte  orders in other cases...

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ICAI Changes venue of 5 Examination Centres for November 2020 Exam

ICAI Change of certain Examination Centre / minor correction in the address for CA November 2020. It is hereby informed that due to un- avoidable circumstances, certain examination centre(s), as per details give below has been changed....

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Notice to Candidates Appearing for the ICAI Exam November, 2020

The Institute has come across postings in the Social Media by some students stating that despite being tested Covid positive, they intend to appear for the CA Examinations - November, 2020....

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Important Announcement For November 2020 CA Examinations

You are aware that November 2020 ICAI Examinations are scheduled from 21st November 2020 at 1085+ examination centres at global level. While understanding the impact of COVID-19 Pandemic, ICAI has already announced that a separate examination will also be conducted from 21st January 2021 besides May 2021 examination....

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Healthcare Tests for ICAI members & dependents at 15% by Dr. Lal Path Labs

Arrangement of the Discounted Diagnostic and Related Healthcare Tests for the Members of ICAI & their dependents : An initiative by the Committee for Members in Practice (CMP), ICAI...

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GST Council Law Committee to meet & discuss fake invoices on Nov 18

An urgent meeting of the Law Committee of the Goods and Service Tax (GST) Council has been convened tomorrow in New Delhi to discuss in detail the issue of fake invoices to claim input tax credit under the indirect tax regime. The meet will deliberate on ways of further tightening of the GST registration process […]...

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Ministry of I&B requests compliance of policy on FDI in digital media within a month

Union Ministry of Information and Broadcasting has today issued a public notice to facilitate eligible entities involved in uploading/streaming of news and current affairs through digital media, to comply with the decision of Union Government on 18th September 2019, which had permitted 26% FDI under Government approval route....

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Representation on deficiency in functioning of GST Portal

It has been more than 3 years that GST has been implemented and it has been a system driven legislature. The GST portal is the back bone of functioning of GST and to make GST law a success a robust GST portal and infrastructure should be in place. However, the GST portal has been disappointing in last 3 years with respect to its performan...

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Exposure Draft on Standard Vector Borne Disease Health Policy

In order to make available a standard Vector Borne Disease specific health insurance product addressing the needs of insuring public for getting health insurance coverage to specified Vector Borne Diseases, an exposure draft on 'Standard Vector Borne Disease Health Policy' along with standard terms and conditions (Annexure -1), Customer I...

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EPFO facilitates multiple options for submission of Digital Life Certificate by EPS pensioners

All pensioners of Employees’ Pension Scheme 1995 (EPS’95) are required to submit Jeevan Pramaan Patra (JPP) / Digital Life certificate (DLC) each year to continue drawing pension. In the current scenario of COVID-19 pandemic, the Employees’ Provident Fund Organization (EPFO) has facilitated multiple options for EPS pensioners to sub...

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ICAI President’s Message – November 2020

Dear Professional Colleagues, Prudent corporate governance practices are always the backbone of development and progress of economic ecosystem of any country. After globalisation and liberalisation were introduced to the largest democracy of the world, international businesses looked at India with a new perspective and exploited untapped ...

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ICAI: Change & corrects address of Exam Centres for Nov 2020

Change of certain Examination Centre / minor correction in the address for November 2020 CA Exams. It is hereby informed that due to unavoidable circumstances, certain examination centre(s), as per details give below has been changed....

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ICAI Submits Pre-Budget Memoranda-2021 on Direct & International Tax

The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Pre-Budget Memorandum - 2021 on Direct Taxes and International Tax to the Government. The memorandum contains suggestions for the consideration of the Government while formulating the tax proposals for the year 2021-22....

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ICMAI notification- Merged Intermediate & Final Exams- Dec 2020

The Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examination in December, 2020 in Online Mode. This is the merged examinations of both June 2020 term and December 2020 term....

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ICMAI Instruction for Foundation Examination December 2020

Instruction for Foundation Examination December 2020 The Institute of Cost Accountants of India has decided to conduct a Foundation Examination of December, 2020 in home based online mode due to pandemic Novel Corona Virus (COVID-19) to ensure the interest of all the stakeholders. All candidates/students will have to appear in the Foundat...

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Representation to FM to Widen Scope of Benefit of 20% for flats

Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 per cent for the purpose of Income tax. ...

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DGFT Update | MEIS for 2019-20 & 2020-21 | New DGFT Policy & Portal

Please find below synopsis of recent important updates issued by DGFT for your quick reference: ​​Office Memorandum: F. No. 605/58/2015-DBK (Pt. II) dated 12 Nov 2020: The MEIS, introduced in April 2015, will be wound up by 31 December 2020. The government has already announced the Remission of Duty or Taxes on Export Products (RoDTEP...

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Required Information/Documents for Company Incorporation

Following details/information are required of all the subscribers. 1. Requirements to get DSC For Indian Applicant PAN-Self attested Address Proof (either Passport, Voter ID, Aadhar card, bank statement or copy of utility bill-not older than two month) – Self attested Email IDs & Mobile Numbers Two Physical Photograph of the per...

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SOP for Grievance Redressal Mechanism for Complaints related to CRC

Stakeholder/professionals can raise a complaint on MCA website through link http://www.mca.gov.in/mcafoportal/userComplaintDetails.do A complaint number (ticket number) would be issued to the complainant and it would be resolved within 3 working days....

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Due dates to file Form GSTR-3B – October 2020 to March 2021

Due dates for filing of Form GSTR-3B for the Tax Periods from October, 2020 till March, 2021 1. Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No. 82/2020 – Central Tax, dated 28th October, 2020 , has added sub rule (6) to Rule 61 of the Central Goods and Services Tax Rules, […]...

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Atmanirbhar Bharat Rojgar Yojana Subsidy Support for EPFO registered Companies

The Finance Minister on Thursday 12/11/2020 announced the Atmanirbhar Bharat Rojgar Yojana to incentivise job creation during Covid-19 recovery phase. This is eligible for EPFO (EPF) registered companies hiring new workers at monthly wages (Wages as per Supreme Court rule) less than Rs.15000/- per month. The scheme is as under, 1. Central...

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CA exams will be conducted as per notified schedule: ICAI

The forthcoming CA examinations are scheduled to commence from 21st November 2020 to 14th December 2020 and it is once again reiterated and clarified that the examinations will be conducted as per notified schedule....

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SEBI Consultation Paper on Applicability & role of Risk Management Committee

Considering the multitude of risks faced by listed entities, risk management has emerged as a very important function of the board. The Covid-19 pandemic has also reinforced the need for a robust risk management framework....

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Guidelines for Other Service Providers in BPO & ITeS Sectors

With an aim to qualitatively improve the Ease of Doing Business of the IT Industry particularly Business Process Outsourcing (BPO) and IT Enabled Services, the Government has drastically simplified the Other Service Provider(OSP) guidelines of the Department of Telecom. The new guidelines tremendously reduce the compliance burden of the B...

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CMA Notification for Merged Intermediate & Final Exam, Dec 2020

The Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examination in December, 2020 in Online Mode. This is the merged examinations of both June 2020 term and December 2020 term....

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PM to Inaugurate Office-Cum-Residential Complex of Cuttack Bench of ITAT Tomorrow

Justice P. P. Bhatt, the President of Income Tax Appellate Tribunal, today briefed the media regarding inauguration of Office-Cum-Residential Complex of Cuttack Bench of ITAT by Prime Minister Shri Narendra Modi tomorrow. Prime Minister of India, Shri Narendra Modi Ji, will inaugurate a state-of-the-art office-cum- residential complex of ...

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ICAI invites suggestions for improvement in functioning of MCA-21 Portal

The Ministry of Corporate Affairs (MCA) has taken up to build a new MCA21 v3 system – upgraded version of MCA- 21 portal to enable easy and secure access of MCA services. It is expected to be filled with latest features and technology. The core objectives of MCA21 v3 system are promoting automation, integration with external regulatory,...

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Representation on mis-selling of GST database on Social Media

It is our prayer that your Honorable Self needs to intervene and get to the bottom of this to ascertain how much and how such information got leaked in public domain from the GST portal in the form of 24 Lacs Database Records consisting of GSTN Number, Business Name, Contact details and Turnover details etc....

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DTPA submits 15 GST Pre Budget Suggestions for 2021

ITC availment Restriction limit Rule 36(4) of CGST Rules, 2017 specifies that Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 10 per cent of the eligible credit available in res...

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DTPA submits 33 Income Tax Pre Budget Suggestions for 2021

At the outset we convey your honour our Congratulations on introducing Faceless Assessment and Faceless Appeal Schemes and also introducing new Taxpayers Charter. Direct Taxes Vivad Se Vishwas Scheme is also a commendable step to reduce litigations. We assure your honour of our full support in the implementation of the same....

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New e-TDS/TCS RPU Version 3.4 & FUV version 6.9 & version 2.165

Key Features of e-TDS/TCS Return Preparation Utility Ver. 3.4 for Regular & Correction Statement(s) from FY 2007-08 onwards 1. Section codes 194LBA(a) and 194LBA(b) for Form 26Q:- Existing section code 194LBA has been sub-divided into below mentioned two sections: 194LBA (a) – Certain income in the form of interest from units of...

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MSME Udyam Registration without PAN and GST upto 31.3.2021 as transitional arrangement

New online system of MSME/Udyam Registration stands the test of Time & Technology. Totally seamless & smooth system also shows stability & resilience. More than 11 lakh MSMEs already registered since its launch on 1st July, 2020...

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ICAI announces Procedure & details for availing OPT–OUT facility

In case the student appears for some of the papers in a particular group and subsequently he/she opts out for any of the reasons as mentioned in (a) to (c) above, then he/she has to appear for all papers of the Group in the next examination cycle i.e. shifting of some of the paper(s) of the same Group is not allowed;...

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CREDAI’s recommendations on GST November 2020

CREDAI has issued its recommendations on following 15  issues related to GST- 1. Affordable Housing 2. Works Contract 3. GST on Inputs for Housing 4. GST on land and land related benefits 5. Slum Rehabilitation Projects 6. Removing Input Tax Credit (ITC) restrictions 7. GST on development rights for commercial development 8. GST on elect...

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MEF 2020-21 extended till 10th November 2020

It has been decided to extend the last date for filling the Multipurpose Empanelment Form for the year 2020-21 for further 4 days, i.e., till 10th November 2020, Tuesday to mitigate the difficulties being faced by the firms in uploading of necessary data....

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COVID 19 Ex Gratia to borrowers for difference in interest : FAQs

The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st ...

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Fare bands for domestic flights extended upto 24th February 2021

Ministry of Civil Aviation Fare bands for domestic flights extended upto 24th February, 2021 Daily passenger traffic reached over 2 lakhs Posted On: 05 NOV 2020 The fare bands within which the airlines have to operate have been extended upto 24th February, 2021 by the Ministry of Civil Aviation. These fare bands came into force […]...

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MSME Ministry Letter Granting Loan & Requesting Rs 1000 as Processing Fee is Fake

An approval letter allegedly issued by the Ministry of MSME is granting a loan and requesting a payment of ₹ 1000 on the pretext of processing fee. This letter is Fake. Ministry of MSME does not directly deal with individual beneficiaries for any of its credit schemes....

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CBI Arrests A Deputy Commissioner & A Superintendent of Customs

CBI Arrests Four Accused Including A Deputy Commissioner of Customs; A Superintendent & Private Persons In An on-Going Investigation of Two Separate Cases...

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No Change in CA Exam Schedule- SC satisfied with ICAI clarification

Amit Jain & Ors. Vs Union of India & Anr. (Supreme Court)

During the course of hearing, ICAI informed the Hon'ble Court that it had verified the position from the concerned examination centres and was informed by the said examination centres that they are not falling in any containment zones....

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Clarification on news of increase in service charges by banks

There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs).  In this context, the factual position is as follows:   ...

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Rent Agreement of LLP

RENT AGREEMENT This Rent agreement is executed at Place, on this XX day of September XXXX between Mr./Mrs./Ms. Name of Landlord R/o Residential Address of landlord hereinafter called “THE LESSOR” AND Name of Designated Partner R/o Residential Address of Designated Partner hereinafter Called “THE LESSEE” The Expression of the Lesso...

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Guidance Note on Accounting for Share-based Payments

Recognising the need for establishing uniform accounting principles and practices for all types of share-based payments for the companies following Accounting Standards under Companies (Accounting Standards) Rules, 2006, as amended under Section 133 of Companies Act, 2013, it is heartening to note that the Research Committee of the Instit...

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Guidance Note on AS 25 & Measurement of Income Tax Expense for Interim Financial Reporting

‘Guidance Note on Applicability of AS 25 to Interim Financial Results’ which was issued in the year 2008 and ‘Guidance Note on Measurement of Income Tax Expense for Interim Financial Reporting in the context of AS 25’ which was issued in the year 2006 to issue as ‘Guidance Note on Applicability of AS 25 and Measurement of Income...

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Draft LLP Agreement

LLP AGREEMENT (As per Section 23(4) of LLP Act, 2008) This Agreement of LLP made at DELHI this 20th Day of September 2019 BETWEEN 1. Name of 1st Partner S/o Father’s Name , R/o Address which expression shall, unless it is repugnant to the subject or context thereof, include their legal heirs, successors, nominees and […]...

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ICAI Clarifies on Misleading Admit Card Image Circulated on Social Media

Clarification of Image Circulated on Social Media- ICAI places on record that an Image of Admit Card circulated is misleading & all Admit Cards have ICAI Official Emblem & Sign as Seal of Authenticity. Appropriate Action is being initiated against those spreading Misleading info Source- Tweet by ICAI...

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Exposure Draft of Revised AS 21, Effects of Changes in Foreign Exchange Rates

Exposure Draft of revised AS 21, The Effects of Changes in Foreign Exchange Rates, has been issued by the ASB for comments with the last date being December 3, 2020...

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FAQs on admit cards- CA exams

1. How do I get my admit card? Admit cards in respect of all eligible candidates admitted to the Foundation, Intermediate (IPC), Intermediate, Final and Final-New examination, with their photographs and signatures on them, will be hosted on https://icaiexam.icai.org/ No physical admit cards will be sent to any candidate. Candidates are re...

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Background Material of Diploma in International Taxation

Background Material of Diploma in International Taxation (2020 – Fifth edition) containing: -International Tax – Transfer Pricing -International Tax – Practice (Part I & II) Tax laws in India are becoming more and more complex. Globalization of economies, signing and review of free trade agreements, increase in the number of...

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Technical Guide on BEPS Action Plans and Multilateral Instrument

Technical Guide on BEPS Action Plans and Multilateral Instrument (MLI) – 2020 – First edition   Considering the issue that profits should be taxed where the economic activities take place and no profit should suffer double taxation, in September 2013, the Finance Ministers of the G20 nations came out with a comprehensive action p...

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Futuristic vision combined with decisiveness provided India with a solid Startup ecosystem

Union commerce and Industry Minister Shri Piyush Goyal today said that Futuristic vision combined with decisiveness has provided India with a solid Startup ecosystem. At the inauguration of 1st Shanghai Cooperation Organisation (SCO) Startup Forum, he said that Youth is our wealth, and in these times of vulnerability & uncertainty, they h...

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Basics of International Taxation

Basics of International Taxation – 2020 (fourth edition) – (Earlier known as Aspects of International Taxation – A Study) International Taxation due to its dynamic and ever changing nature has always been a complex subject not only to study but to practice. Due to increase in cross border transactions, mergers and acquisitions, ...

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Guidance Note on Transfer Pricing Report U/s. 92E of Income Tax Act, 1961

ICAI has released the 8th Edition (August 2020) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was last revised in November, 2019. The ICAI has revised Guidance note on Report under Section 92E of the Income Tax Act, 1961 (Transfer Pricing) based on […]...

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Widen scope of Vivad Se Vishwas Scheme: DTPA

Representation on Widening the scope of Vivad Se Vishwas Scheme by permitting cases in which Prosecution proceedings has been initiated and the tax involved is within Rs. 5 Crore and also raising other practical issues and difficulty in uploading Form 1 where department has filed appeal or may file appeal....

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November-2020 CA Exam – Admit card – Issues- Helpline

Students who may have any concern related to above stated admit card for containment zone may submit the same at the below link for the attention of Examination Department. It is also directed that only students may fill up these details and any pseudo-unauthorised use will attract severe action for any impersonation....

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Detection of evasion of customs duty by exporter on export of Iron Ore Fines

On the basis of specific intelligence, under the direction of the Commissioner of Customs (Preventive), Bhubaneswar Shri Debashish Sahu, investigation was initiated and relevant business premises of Exporter and Customs House Agent at various places was searched....

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November-2020 CA Examinations – Admit card

In continuation to the Announcements dated 15th July, 8th,13th and 23rd October 2020 made regarding revised schedule of Chartered Accountant November 2020 Examinations and uploading of Admit Card for November2020 CA Examinations; it is hereby notified for general information that Admit Card for Chartered Accountant November 2020 Examinati...

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Advisory Regarding ICAI November 2020 Examinations

Advisory to Students and Public at Large Regarding ICAI November 2020 Examinations Students and Public at large are hereby requested to note: > The ICAI Examinations to be held in November 2020 sill be held as per schedule horn 21st November 2020 announced as per Announcement Dated 13th October 2020 – https://www.icai.org/resourc...

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Income Tax Department conducts searches in Bihar

The Income Tax Department has carried out searches on 29.10.2020 in the cases of four prominent contractor groups based in Patna, Bhagalpur, Hilsa, and Katihar. In addition, surveys have been conducted on some traders of mined rocks in Gaya....

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Waiver of Condonation Fees by ICAI for All Members, Firms & Students

Further extension in the last date for Waiving-off Condonation fees due to late filing of various application Forms related to Students, Articled Assistants, Members & Firms amidst COVID-19 Pandemic – (31-10-2020) M&C-MSS SECTION The Institute of Chartered Accountants of India 31st October, 2020 Important Announcement Amid t...

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Preliminary status of Students registered till 27th Oct for CSEET Scheduled on 21.11.2020

Please note that the preliminary status of students registered up to 27th October 2020 for the CSEET scheduled to be held on 21St November 2020 has been made available at the following link:...

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CS Executive Entrance Test on 21.11.2020 through Remote Proctored Mode

On Account of Covid 19 Pandemic precautions, the Council of the Institute has decided to conduct the next CSEET on Saturday, 21st November 2020 as per following, arrangements:...

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One More Attempt under 2012 Old Syllabus – ICSI

ICSI has decided that the students of Executive and Professional Programme (2012 old syllabus) shall be allowed one more attempt during the June, 2021 session of examinations....

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ICSI: Carry Forward of Examination Fees To June, 2021 Exam Session

In view of the present COVID-19 crisis, some of the students enrolled for June, 2020 session (merged with December 2020 exam session) and students enrolled afresh for December 2020 exam session may wish to appear in June 2021 session of examination, instead of appearing for December 2020 examination session....

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“WE CARE”- An Initiative of ICAI for Senior Chartered Accountants

The Institute of Chartered Accountants of India (ICAI) since its very inception has always provided thought leadership to the generations in a proactive and progressive manner. ICAI has been playing a key role nationally, regionally and globally not only towards the growth of the profession, but also has been contributing to the business,...

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Shipping Ministry issues draft ‘Coastal Shipping Bill, 2020’ for public consultation

In accordance with Prime Minister Shri Narendra Modi’s vision for augmenting people’s participation and transparency in the governance, Ministry of Shipping has issued the draft of Coastal Shipping Bill, 2020 for suggestions from the stakeholders and general public....

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List of All GST Forms

Under the new taxation regime Taxpayers have to file various monthly and Quarterly Returns and Forms under the Central Goods and Service Tax Act, 2017 to comply with the provisions of the Act. Let us summarize all the returns in the one table. Forms Particulars GSTR-1 Filed by all registered taxpayers for Outward Supplies GSTR-1A [&hellip...

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Exposure Draft of Interest Rate Benchmark Reform – Phase 2

Globally, many jurisdictions have been taking steps for replacing existing Interbank offered rates (IBORs) with some alternate benchmark rates as a result of recommendations of Financial Stability Board. In this regard, IASB identified two groups of accounting issues that could affect financial reporting due to the reform:...

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For filing Form-27, patentees would get 6 months, instead of current 3 months

Patents (Amendment) Rules, 2020- streamlining of the requirements related to filing of Form 27 and submission of verified English translation of priority documents. Patentee would get flexibility to file a single Form-27 in respect of a single or multiple related patents. This will ease compliance burden & boost innovation...

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Income Tax Department conducts searches in Uttar Pradesh

Ministry of Finance Income Tax Department conducts searches in Uttar Pradesh Posted On: 29 OCT 2020 A search action was started by the Income Tax Department on 28.10.2020 in the case of a Bijnor based group engaged in real estate business and it’s associates. There were allegations that the group companies were having huge security pre...

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Income-tax Exemption on deemed LTC fare for non-Central Government employees

In order to provide the benefits to other employees (i.e. non-Central Government employees) who are not covered by the above mentioned OM, it has been decided to provide similar income-tax exemption for the payment of cash equivalent of LTC fare to the non-Central Government employees also....

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ICAI Increases Structured CPE hours to 20 & Due date extension

Increase in the no. of Structured CPE hours being granted in online mode from 15 CPE hours to 20 CPE hours and extension of last date for completion of 20 Structured CPE hours through Digital Learning Hub or Virtual CPE Meetings from 31st October, 2020 to 31st December, 2020...

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Income Tax Department conducts searches in Tamil Nadu

The Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully...

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Extension of ESI Scheme to Arunachal Pradesh

In its continuous endeavor to cover more workers under ESI Scheme, Govt. of India has now extended the Employees 'State Insurance (ESI) Scheme for the first time to Arunachal Pradesh, with effect from 1st November, 2020. A notification to this effect has been issued by the Central Government for notifying the district of Papum Pare,under ...

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CG borrows & transfers Rs. 6,000 crore to 16 States as GST compensation

The Government of India has evolved a special borrowing window to addressthe shortfall in the GST collection during the year 2020 – 2021. 21 States and 2 Union Territories opted for this special window involving back-to-back borrowing coordinated by the Ministry of Finance....

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18 more individuals declared as terrorists under Unlawful Activities (Prevention) Act, 1967

Under the strong and iron-willed leadership of the Prime Minister, Shri Narendra Modi, the Central Government had amended the Unlawful Activities (Prevention) Act, 1967 in August 2019, to include the provision of designating an individual as a terrorist. Prior to this amendment, only organizations could be designated as terrorist organiza...

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GIFT IFSC prescribes framework for listing of Depository Receipts

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Depository Receipts (DRs)....

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