Urgent Attention Desired :-
Last date of online upload of Unstructured CPE Hours for the Year 2018 is 31st May, 2019. So please upload if not yet uploaded. Also to note that Combined CPE of 40 Hours (Structured & Unstructured) are mandatory for 2018.
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👉🏻Auditors may be debarred from non-audit work
(There may be a relook at the non-audit services. The issue is whether audit companies should be allowed to offer non-audit services or not. They do packaging and offer services which are not allowed)
👇🏻 👇🏻 👇🏻
http://bit.ly/2EHSN2R
👉🏻Banks can use Aadhaar for KYC with customer's consent - RBI
(RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts)
👇🏻 👇🏻 👇🏻
http://bit.ly/2QzSXht
👉🏻Last Date for availing FREE Unstructured CPE Hours is 31st May 2019
(Members are required to submit their Self-declaration form any time online as per their convenience on or before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous calendar year)
👇🏻 👇🏻 👇🏻
http://bit.ly/30SzehL
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Process of Approval of Form CG-1 to be filed for Condonation of Delay:
1. Form CG-1 filed along with application and other necessary documents;
2. The form is processed at MCA Headquarters, New Delhi;
3. It takes time period of around 1.5 to 2.5 Months for receiving the approval;
4. The Annual Filing of the Company should be completed;
5. After the approval mail received wait for the order copy as the copy of the CG order for said condonation is being sent by post to the Company at their registered office address;
6. It takes a time period of approximately 2-3 weeks for the preparation, signing and dispatching of the order as the CG does not prepare orders individually; and
7. In case you don’t receive the order copy within a month kindly inquire for the same as the order issued by CG is also required to be filed in INC-28 within 45 days of the date of the order.
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Income Tax Department continues to focus and enhance the skills of Assessing Officers to detect black money laundered through shell companies. At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current liabilities, loans and advances, which could be used for tax evasion.
GST Council has set up two sub-groups to look into the policy and technical aspects, such as turnover threshold and mode of generation, for e-invoice generation by businesses. While one sub-group will examine the business process, policy and legal aspects for generation of e-invoice, the other will recommend technical aspects for its roll-out.
GST Network said it has started offering free accounting and billing software to MSMEs with an annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses. This software would help businesses create invoices and account statements, manage inventory and prepare GST returns. Download www.gst.gov.in
MCA is looking to amend the Companies Act in an effort to tighten regulations for auditors. The role of auditors, who sign off on the books of companies, has come under scrutiny following a string of high-profile cases such as the IL&FS fraud.
Sebi proposed a regulatory sandbox for financial institutions wherein exemptions could be provided from various regulations for developing new products and services. By participating in the sandbox regime, the companies will get an opportunity to test their solutions on real customers/investors.
RBI has increased the Real Time Gross Settlement (RTGS) time window for customer transactions (initial cut-off) from 4.30 pm to 6 pm. This follows a robust year-on-year increase in the number of transactions by 8 per cent to 1,335 crore in March 2019
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👉The Supreme Court suggests to the High Courts not to grant Anticipatory Bail to those who default on the GST, reminding them that the SC has upheld the Telangana HC’s decision not to grant bail to such defaulters. Hence, SC Clarifies that No anticipatory bail, GST violators can be arrested without FIR.
👉CBDT enables the ITR-5 for e-filing by the tax payers. This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals).
👉RBI allows that Banks can now use Aadhaar for KYC verification if the customer gives consent. RBI also updated Aadhaar to its list of documents eligible for identification of individuals.
👉RBI Constitutes Task Force on Secondary Market for Corporate Loans. In India, Banks sell their stressed loans to the ARCs only, but has practically no other alternatives. However, globally, there is a Healthy Corporate Loan Market where banks can offload their Stressed Assets and those get traded. Credit Default Swaps (CDS) against these loans also get developed as a result. The task force would design the market structure for loan sales/auctions
👉To develop the Housing Finance Securitisation Market in India, the RBI forms a committee to review the existing state of Mortgage Securitisation and suggest ways to develop the market further under the chairmanship of Harsh Vardhan, Senior Advisor, Bain & Co.
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GST Legal updates:
1. Deeming provisions of Rule 9 - Where the officer could not intimate the defects in the application within three days on account of technical snags, the petitioner's application cannot be rejected on any factors outside the scope of GST as there is no provision under the GST Act or Rules insisting production of any documents as listed by the Department. The writ petition is disposed of.
2019-VIL-235-KER
2. National Anti-Profiteering Authority – Sale of ready-to-move-in villa- Benefit of input tax credit was not passed by way of reduction in price. It was revealed that the ratio of Input Tax Credit to the taxable turnover during the pre-GST period was to the extent of 0.61% as compared to post GST period of 3.45% thus, there was net benefit of 2.84% of Input Tax Credit to the Respondent. An amount of Rs. 41.82 lakhs has been computed as the profiteered amount. Held, such act of the Respondent appears to be conscious violation of S.171 of the CGST Act, 2017 by not only having collected extra amount from the buyers but also compelled them to pay more GST on the additional amount realised. Respondents are liable for penalty for an offence u/s 122 (1) (i) of the CGST Act.
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GST: Govt weighing scheme for fast refund of levies to exporters:
READ MORE- https://www.gststation.in/gst-govt-weighing-scheme-for-fast-refund-of-levies-to-exporters/
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Dear Professional Colleagues,
UDIN already implemented
As you are already aware that the full time practicing Chartered Accountants have to mandatory generate UDIN for the documents certified/ issued by them. As per the mandate schedule of ICAI, UDIN was made mandatory for all certificates from 1st Feb., 2019 onwards and for all GST & Tax Audit Reports from 1st April, 2019.
From 1st July 2019 onwards
The attention of Members is invited to the fact that with effect from 1st July, 2019, UDIN will be mandatory for all other Attest / Assurance/Audit functions including Company Audit Reports.
With this communication, we wish to remind the members that they should chalk out the audit plans well in advance by sensitizing their clients so as to meet the last dates for filing of Annual Accounts and Annual Returns as UDIN will not be generated after the signature dates of Certificates/Report/Certificates/Audit Reports.
We wish to further inform you that ICAI in near future may not allow the grace period of 15 days for generation of UDIN after signing the Certificates/Document/Audit Reports etc. which is in force right now.
For the clarification of doubts in the minds of some Members we would like to submit that UDIN is applicable in all signature whether signed digitally or otherwise (For example All MCA Forms, 15CB Form etc.)
Non-Compliance of UDIN directive will attract Disciplinary Proceedings as per Clause 1 of Part II of Second Schedule of Chartered Accountant Act,1949.
We are pleased to share that the number of UDINs generated has already crossed One Million
The members may visit the UDIN Portal https://udin.icai.org/ for the Process, FAQs and helpdesk. In case of any further information/ clarification, please email at udin@icai.in
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GST rate cut boosts housing sales by 30%:
READ MORE- https://www.gststation.in/gst-rate-cut-boosts-housing-sales-by-30/
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👉🏻Income Tax Dept trains officers to detect tax evasion in shell companies
(AOs have been asked to look closely at books of accounts and income tax returns for current liabilities, loans and advances, which could be used for tax evasion)
👇🏻 👇🏻 👇🏻
http://bit.ly/2VZFZdL
👉🏻Appointment of External Concurrent Auditor for CMPFO
(Appointment of External Concurrent auditor for 3 years from FY 2018-19 to 2020-2021 to examine, verify and report whether the fund managers have followed the investment patter, investment guideline and the terms of agreement entered into with CMPFO)
👇🏻 👇🏻 👇🏻
http://bit.ly/2EEF5O5