⚫US President has reiterated America's support for india's permanent membership on a reformed UNSC and its entry into the Nuclear Suppliers Group during his first meeting with PM Modi.
⚫PM Modi said that when Indians make progress, it also gives an impetus to the development of the world as its growth is linked with the globe.When India grows, the world grows. When India reforms. The world transforms.
⚫CBIC extends re-export timeline for imported containers by 3 months. Currently, duty free imports of containers are allowed with the condition of re-export in the next six months. However, keeping containers beyond six months is considered as deemed import and thus import duty is levied, a policy aimed at ensuring faster turnaround of containers.
⚫ED said it has frozen shares worth Rs 700 crore after raids against Karvy Stock Broking Limited CMD and others as part of a money laundering investigation against them.
⚫India has developed the world's first DNA vaccine that can be given to everyone older than 12.
⚫India will export eight million coronavirus vaccine jabs by the end of October after ending its ban on sending doses abroad.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether a member, who is the statutory auditor of a company, can let out property owned by his Hindu Undivided Family (HUF) to the said Company?
👉 Ans :HUF is treated as separate entity for the purposes of assessment under the Income Tax Act,1961; however, since the individual member and the Karta of the HUF are practically the same person, such a transaction should be avoided from an independence perspective.
🏵️ FAQ: Whether a member in practice is generally permitted to write script/story for a movie?
👉 Ans :A script/story for a movie may be based on a Book written by a member in practice. However, merely writing a script/story for a movie would not fall within the general permission provided under the Appendix (9) to CA Regulations. Such a member would require prior and specific permission of the Council in this regard.
🏵️ FAQ: Whether a member in practice can also practice simultaneously as an Actuary?
👉 Ans :*No*,the members in practice have not been permitted by the Council to practice as Actuary simultaneously. .
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⚫Kharif foodgrain output likely to touch record 150.5 mt this year. In 2020-21, pulses production went down by 6.65% between the first and fourth advanced estimates.
⚫Bharti, Reliance Jio tooled up for indigenous 5G network trials. The move is significant because building indigenous network capabilities will go a long way in making India in a key player in the 5G Open RAN network arena.
⚫LIC agents to steer awareness campaign for retail investors ahead of IPO. Move comes ahead of India's largest IPO, expected later this year.
⚫No fresh equity to be infused in cash-strapped Voda Idea. The telecom package is expected to reduce its cash flow for the next four years of the moratorium by around Rs 1.1 trillion.
⚫Johnson & Johnson says Covid-19 booster shot is 94% effective
⚫India has called the UK Govt’s move to treat fully vaccinated Indians as unvaccinated a “discriminatory policy” and indicated that it has the right to take reciprocal action.
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⚫The Govt launched the much awaited national single window system for investors & businesses. The portal will integrate the existing clearance systems of the Centre and states.
⚫India and the UAE have formally launched negotiations on a Comprehensive Economic Partnership Agreement that aims at expanding bilateral trade and investment between the two nations.
⚫PM Modi, who is visiting the US for the 7th time after assuming office in 2014, said his visit would be an occasion to strengthen the Indo US Comprehensive Global Strategic Partnership and consolidate ties with Japan and Australia.
⚫FDI into the country more than doubled to $20.42 billion during the April-July period of the current fiscal.
⚫US stocks ended sharply higher as investors took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon.
⚫India may fully vaccinate all adults by April next year. At 5.6 mn daily doses, entire adult population can get one jab by November.
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⚫PM Modi described India and America as "natural partners" as he held the first in-person meeting with USA VP during which they decided to further cement the Indo-US strategic partnership and discussed global issues of common interest, including threats to democracy, Afghanistan and the Indo-Pacific.
⚫States are in consensus with the Centre on the Rs 3-trillion power distribution reforms scheme.The new 'Reforms-based and Results-linked, Revamped Distribution Sector Scheme' seeks to improve the operational efficiencies and financial sustainability of all discoms/power departments by providing conditional financial assistance to discoms for strengthening of supply infrastructure.
⚫The Ministry of Defence placed an order with the Ordnance Factory Board for 118 indigenous Arjun Mark 1A main battle tanks for the army.
⚫Acknowledging that some users continued to experience difficulties on the e-filing portal, Infosys said it was working “expeditiously” with the I-T dept to further streamline end user experience.
⚫According to the health ministry, 2/3rd of India’s adult population has received the first dose of the Covid vaccine and nearly 23% is now fully vaccinated.
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DIRECT TAX CASE LAW
Sadruddin Tejani vs. ITO (Bombay High Court)
▶️The DTVSV Act, 2020 is an Act to provide for resolution of disputed tax and matters connected therewith or incidental thereto. The emphasis is on disputed tax and not on disputed income. From a plain reading of the provisions of the DTVSV Act, 2020 and the Rules set out above, it emerges that the Designated Authority would have to issue Form 3 as referred to in section 5(1) specifying the amount payable in accordance with section 3 of the DTVSV Act. In the case of the declarant who is an eligible appellant not falling under section 4(6) nor within the exceptions in section 9 of the DTVSV Act, 2020, which fact appears to be undisputed
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👉🏻Accounting regulator NFRA raps ‘EY arm’s’ Audit of IL&FS firm
(NFRA has rapped ‘EY group firm’ SRBC & Co. LLP for failing to detect several problems in the IL&FS group’s transport venture while undertaking its statutory audit in 2017-18. Understatement of losses runs up to more than ₹2,000 Cr)
👇🏻 👇🏻 👇🏻
https://bit.ly/3ukPzep
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether the Chartered Accountant who is appointed as a liquidator of a company can do the audit of that company?
👉 Ans :No, Clause (4) of Part I of the Second Schedule to the Act and Regulations framed there under may be referred.
🏵️ FAQ: Whether a statutory auditor can accept the system audit of same entity?
👉 Ans :Yes, the statutory auditor can accept the assignment of a system audit of the same entity, provided it did not involve any scrutiny/review of financial data and information.
🏵️ FAQ: Whether a Chartered Accountant is qualified to be appointed as statutory auditor of one associate company when he is the internal auditor of another fellow associate company.?
👉 Ans :Yes, the statutory auditor of one associate company can accept internal audit of the fellow associate company, because there is no holding-subsidiary relation between such companies, and therefore there is no violation of provisions of Companies Act, 2013.
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⚫The advance tax mop up in the 2nd quarter stood at Rs 1.72 trillion, a growth rate of 52.2%.
⚫Modi will address the General Debate of the 76th Session of the United Nations General Assembly. The theme is Building Resilience through hope to recover from COVID, rebuild sustainably, respond to the needs of the planet, respect the rights of people, and revitalise the United Nations.
⚫FM said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion. She further said that the confidence in the Indian stock market is growing as retail and small investors are keenly investing money in the share market.
⚫China’s regulators intensified the country’s crackdown on cryptocurrency with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain related stocks.
⚫Daikin to set up Rs 1,000 crore AC mfg plant in Andhra Pradesh under the PLI scheme for white goods.
⚫Bharat Biotech's nasal vaccine may be used with Covaxin. The idea is to see which combination induces better and long lasting immune response.
⚫NHAI to put four more expressways on the fast track. They are the Ahmedabad-Dholera, Delhi-Amritsar-Katra, Bengaluru-Chennai and Kanpur-Lucknow stretches, which would be taken up next.
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🛡️Ethical Case Law A Week🛡️
📌Opening of Branch Office without Member in Charge
🎯Where a Chartered Accountant kept the Branch Office without putting a Member in charge thereof thereby committing a breach of clause (i) of Section 27 of the Act.
_✍️Held that the fault was only technical which had been made good and ordered the papers to be filed._
(Re:- Page 774 of Vol. IV of the Disciplinary Cases and pages 396-399 of February, 1969 issue of the Institute’s Journal - Judgement delivered on 12th November, 1968)
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