Banks have been forced to put nonperforming assets (NPAs) worth Rs 40,000 crore up for sale in sectors such as power, roadways and telecom in the first half of the fiscal year to September because of delays in the resolution process under the Insolvency and Bankruptcy Code (IBC).
MCA extends the last date for filing of CRA-4 (cost audit report) for all eligible companies for the FY 2018-19, without payment of additional fee till 31st December, 2019 vide General Circular No. 12/2019 Dated:- 24th October, 2019. General Circular No. 12/2019.
Last Date to File TDS Q2 is 31st Oct 2019 Penalty is Rs. 200/- per day subject to TDS Amount.
Last date to file TAR is also 31st Oct 2019. Non Filling of Tax Audit Report: Penalty a Sum equal to 0.5% percent of the total sales, turnover or gross receipts but not more that Rs. 1.5 Lakhs.
Additional Fees to file MCA forms after Due dates:
A. LLP- 8 30/10/2019 Rs. 100/- per day
B. MSME half yearly NA
C. AOC- 4 29/10/2019* Rs. 100/- per day
D. AOC-4 XBRL 29/10/2019* Rs. 100/- per day
* Extension of ROC filling
Keeping in view the requests received from various stakeholders seeking extension
of time for filing of financial statements for the financial year ended 31.03'2019 on
. account of various factors ,
it has been decided to extend the due date for filing of e-forms
AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and e-form MGT-7 upto 31.12.2019, by
companies without levy of additional fee
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Quality Review Board (QRB) publishes the Report on Audit Quality Review for 2018-19 - http://lunawat.com/Uploaded_Files/Attachments/F_4388.pdf
It also revises the procedure for Quality Review of Audit Services of Audit Firms for accounting periods beginning on or after 1.4.2018 - http://lunawat.com/Uploaded_Files/Attachments/F_4389.pdf
This is important as it can now review Audit Firms referred by NFRA and also auditors of firms not covered by NFRA (who are doing audit of unlisted Companies).
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👉🏻Income Tax notices can be sent to old address - SC
(SC has made it clear that the notice sent to the wrong address of the assessee due to non-updating of new address in PAN is not ‘bad in law.’)
👇🏻 👇🏻 👇🏻
http://bit.ly/2pWDY8a
👉🏻Government starts hiring process for NFRA
(NFRA is looking into alleged accounting issues at IL&FS and Infosys, following directives from the Government.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2PsfoXb
👉🏻IBC resolutions exceed new time limit of 330 days prescribed by Govt
(The average time taken for completion of 156 CIRPs that have yielded resolution plans has overshot the government's revised deadline of 330 days for completion of the process)
👇🏻 👇🏻 👇🏻
http://bit.ly/31R65mh
👉🏻Notice issued to a person not existing in the eyes of law - Valid or not?
(Notice issued to a person not existing / not alive in the eyes of law - Valid or not explained by Adv (CA) Kapil Goel)
👇🏻 👇🏻 👇🏻
http://bit.ly/2q2dd1S
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GST fraud worth Rs 138 crore unearthed in Odisha, 4 arrested:
READ MORE- https://www.gststation.in/gst-fraud-worth-rs-138-crore-unearthed-in-odisha-4-arrested/
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Government is considering tax relief for individuals as it looks at measures to accelerate consumer demand and boost economic growth. Govt is mulling a proposal to hike the taxable income limits, especially the 1 million rupee slab, which attracts a 30% rate at present.
Government is considering a five-year extension of tax benefits for units in Special Economic Zones (SEZs) by extending the sunset clause beyond March 31, 2020 to boost investor sentiment. “There is a feeling in the Commerce Ministry that an extension of SEZ tax benefits could be critical in kick-starting the investment cycle.
Finance Minister said efforts will be made to further simplify GST, and expressed hope that it will help in further improving India's ranking in the World Bank's ease of doing business index. India has jumped 14 places to rank 63rd in the World Bank's ease of doing business ranking index and the country aims to be within 50 in the next few years.
Supreme Court ruled in favour of the government on the AGR (adjusted gross revenue) issue, with grave implications for the sector, pushing the stocks of telcos down sharply.
Ethical Standards Board of the ICAI has announced that members in practice are not allowed to listing with certain online Application based service provider Aggregators, wherein other businessmen, technicians, maintenance workers, event organizers etc. are also listed.
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Two held for evading Rs 108 crore GST by fudging documents:
READ MORE- https://www.gststation.in/two-held-for-evading-rs-108-crore-gst-by-fudging-documents/
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👉People with orthopaedic physical disability will pay a lower GST of 18% on vehicles up to 4 metre in size, according to a notification issued by the Department Of Heavy Industry (DHI).
👉ICICI Bank sells entire stake in GST Network to 13 state governments for aggregate cash consideration of Rs 1 crore.
👉Tata Mutual Fund moves NCLT to recover Rs 120 cr from Dewan Housing Finance Corporation (DHFL).
👉RBI sells gold on high reserve, surplus transfer to Centre. RBI has sold gold worth $1.15 billion so far in its business year (July-June), along with buying gold worth $5.1 billion.
👉US market regulator Securities and Exchange Commission (SEC) to seek Sebi's cooperation into whistleblower allegations against Infosys.
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