ICAI - 69th Annual Report and Audited Accounts of the Institute for the year 2017-18 - (28-11-2018) - https://www.icai.org/new_post.html?post_id=15251&c_id=219
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ICAI - Standards on Internal Audit (SIAs) as issued by the Institute of Chartered Accountants of India - (27-11-2018) - https://www.icai.org/new_post.html?post_id=597
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CSR expenditure increases 11% to Rs 10,030 crore in FY18
India Inc’s social spending crossed Rs 10,000 crore last year, led by Reliance Industries and Oil & Natural Gas Corporation.
Spending on corporate social responsibility projects increased 11% to Rs 10,030 crore in 2017-18, according to an analysis of 1,080 of 1,795 companies listed on the National Stock Exchange by PRIME Database Group.
“CSR expenditure by NSE-listed companies has grown at a healthy CAGR of 16% over the last three years,” said managing director of PRIME Database Group.
The number of companies that spent on CSR increased to 1,016 (94% of the companies analysed) in 2017-18 from 931 (92%) in 2016-17. The top 10 companies together accounted for 36% of the total spending on CSR.
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Government may push RBI to lift lending curbs on some banks
The Indian government will push its central bank to ease lending restrictions for some weak banks and review rules governing its functioning at a board meeting next month, people with knowledge of the matter said.
The members, including government nominees, will press for some of the weak banks to be removed from the so-called prompt corrective action list, particularly those ones that have been consistent in recovering outstanding debt, the people said, asking not to be identified as the plan is not public. There are 11 state-run lenders on the list, which curbs their ability to lend.
The proposals suggest another potentially tense board meeting on Dec. 14 amid an ongoing dispute between the Finance Ministry and the central bank over a number of issues, including the transfer of surplus funds, easing of lending rules and providing liquidity to the shadow-banking sector. The two sides signaled a truce at the most recent board meeting earlier this month.
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Provisions of S. 269SS not applicable to Loan Transaction between Husband and Wife: ITAT [Read Order]
Read more at: http://www.taxscan.in/provisions-s-269ss-applicable-loan-transaction-husband-wife-itat/31138/
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Where no return was filed in compliance of notice issued under section 148, issuing of notice under section 143(2) was not required for making assessment. [2018] 99 taxmann.com 83 (Jammu & Kashmir) HIGH COURT OF JAMMU AND KASHMIR.
Bihar state Legislative Assembly passed the Bihar Goods and Services Tax (Amendment) Bill, 2018 with voice vote amid pandemonium by the opposition over another issue pertaining to "deteriorating" law and order situation.
Punjab and Haryana High Court has issued notices to the finance ministry, the commerce ministry and GST Council for restricting the benefits of advance authorisation licence for exporters under the GST regime. An advance authorisation licence is issued to allow duty-free import of inputs, which are physically incorporated in export products.
RBI Governor strongly stressed on the need to protect the autonomy of the central bank before a parliamentary panel, but stayed away from any direct criticism of the government.
ICAI recommends the adoption of the SIAs by non-members of the ICAI who are performing internal audits so as to ensure a consistent approach and quality in the discharge of their professional duties.
ICAI clarified that Non-graduate chartered accountants with three years of experience can now become registered valuers, with the Ministry of Corporate Affairs amending the rules in this regard.
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CBDT explains Scope of ‘Limited Scrutiny Cases selected under CASS where issues referred by Law-Enforcement/Intelligence etc
Read more at: http://www.taxscan.in/cbdt-explains-scope-limited-scrutiny-cases-selected-cass-referred-law-enforcement-intelligence/31144/
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Extension in Timeline of GST-TDS Return
NN-66/18 dt 29-11-2018 extends the due date of filing monthly GST-TDS return for October'18 to December'18 months till 31-01-2019.
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ICAI announces Date for Advanced ICITSS – Adv. IT Test
Read more at: http://www.taxscan.in/icai-advanced-icitss-adv-it-test/31157/
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👉The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted and initiated insolvency proceedings against Mumbai-based Ariisto Developers and has appointed an interim resolution professional (IRP) to manage the company.
👉Reserve Bank of India (RBI) Governor Urjit Patel told a parliamentary committee that the current level of currency reserves in the central bank is necessary keeping in mind international volatility and to maintain high creditworthiness.He said RBI wants to maintain close to 99 per cent of current reserves to maintain a robust balance sheet and keep the AAA rating -- so that if it wants to borrow, it can borrow quickly.
👉The capital market regulator is at an ‘advanced stage’ of investigation against five top brokers in the ?5,500 crore National Spot Exchange (NSEL) scam, said two people familiar with the matter. Securities and Exchange Board of India had issued a show cause notice against them alleging that they are no longer ‘fit and proper’ to function as a registered broker in the commodities market.
👉Fitch Ratings Director (Financial Institutions) Saswata Guha said Relaxation of lending norms to spur growth is "never a good strategy", he said, adding the legacy problem loans will continue to be a bigger drag on the MSME sector's asset quality until March 2019.
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Govt extends Eligibility Criteria for Registration for GST Practitioners Exam
Read more at: http://www.taxscan.in/govt-extends-eligibility-criteria-registration-gst-practitioners-exam/31159/
