Saturday, 24 November 2018

24 November 2018 Updates

👉Government authorizes and empowers Heads & Chiefs of PSU Banks to Directly request the Authorities for issuance of Look-Out Circular against Wilful Defaulters and prevent them from fleeing from the country.

👉National Highways Authority of India (NHAI) files Draft Papers with SEBI to raise up to Rs 10,000 Crore through Bonds to finance its various projects.

👉State Bank of India(SBI) is set to raise Rs 3,000-Rs 5,000 Crore by selling Perpetual Bonds, a Quasi-Debt Instrument, likely signalling that it has begun to expand lending

👉The Committee of Experts, constituted by Ministry of Corporate Affairs (MCA), has released its report on regulating audit firms and the Networks last month wherein the committee suggested to permit the Chartered Accountants and CA firms to advertise to solicit the clients subject to conditions. The report has been released for public comments and feedback

Non-individual entities who have do not have PAN but conduct a transaction of Rs 2.5 lakh or more in a single financial year will now mandatorily have to get a PAN before May 31of the following financial year. This is as per a notification issued by the Income Tax Department dated November 19, 2018.

GSTR-9A is the annual return to be filed once in a year by taxpayers who have opted for the Composition Scheme under GST for the period July 17 to March 2018 . It includes all the information furnished in the quarterly returns filed by the composition taxpayers during that financial year.

RBI and the government are likely to engage in tough negotiations over the composition of the panel that will review the regulator’s capital requirements, including who will head the committee.

The expert committee to examine the economic capital framework (ECF) of the RBI will be formed within a week, adding that it will submit its report by the end of February.

ICAI launches 3 days hands on session on PRACTICAL GUIDE TO ISA from 30 Nov-02 Dec at Noida. Visit www.icai.org

👉🏻Annual return Tab enabled on GST Portal
(GSTN has enabled the option by creating a tab for filing GST Annual Return on GST Portal, there are high chances that GST Annual Return Utility may be released very soon)
👇🏻 👇🏻 👇🏻
https://goo.gl/K1YZaF

👉🏻Application for Appointment of Internal auditor for TEQIP-III Project of Punjab Engineering College
(TEQIP III is a Central Sector Scheme of the Ministry of Human Resources Development (MHRD) and is expected to cover around 26 States and 200 institutions.)
👇🏻 👇🏻 👇🏻
https://goo.gl/QXewDP 

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Supreme Court quashes HC Order on CA Misconduct for Acts not related to Professional Work [Read Judgment]

Read more at: http://www.taxscan.in/supreme-court-quashes-hc-order-ca-misconduct-acts-related-professional-work/30907/
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Chartered Accountants seeks Huge Penalty on Fake CAs

Read more at: http://www.taxscan.in/chartered-accountants-penalty-fake-cas/30919/
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Disclosure of Demonetized Currencies from FY 2017-18: ICAI Withdraws Implementation Guide

Read more at: http://www.taxscan.in/disclosure-demonetized-currencies-icai-implementation-guide/30934/
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Delay in getting Signature of MD of Company is a ‘Sufficient Cause’ for Condonation of Delay: ITAT [Read Order]

Read more at: http://www.taxscan.in/delay-getting-signature-md-company-sufficient-cause-condonation-delay-itat/30924/