⚫Laying emphasis on the importance of data privacy and on safeguarding client data, FM said India has the highest fintech adoption rate as compared to a much lower global average. The value of digital transactions has jumped to Rs 6 trillion in Jan-Aug 2021 from Rs 4 trillion last year.
⚫The defence ministry has dissolved Ordnance Factory Board with effect from October 1 and transferred its assets, employees and management to seven PSUs.
⚫Infrastructure funds deliver 91% over the past year. Of the 21 schemes in the category, seven have given a return of more than 100% in an year.
⚫SEBI has given its approval for the launch of silver exchange-traded funds (ETFs) in the country. Sebi approved an amendment to mutual fund rules to enable the introduction of silver ETFs with certain safeguards in line with the existing regulatory mechanism for gold ETFs.
⚫SEBI eased the delisting framework, a move seen as boosting M&A activity in the country. It also cleared the framework to roll out social stock exchanges and gold spot exchanges.
⚫Serum Institute gets nod to start Covovax trials on children above 7 yrs.
⚫Pay your Annual Membership/COP Fee for the Year 2021-22 latest by 30th Sept 2021. Pay on line through SSP Portal
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether a member in practice will be liable, if he fails to disclose a material fact known to him which is not disclosed in a financial statement, but disclosure of which is necessary to make the financial statement not misleading?
👉 Ans : Yes, as per Clause (5) of Part I of Second Schedule to the Act a member in practice shall be deemed to be guilty of professional misconduct, if he fails to disclose a material fact known to him which is not disclosed in a financial statement, but disclosure of which is necessary to make the financial statement not misleading.
🏵️ FAQ: Whether a member in practice will be liable if he fails to report a material mis statement known to him to appear in a financial statement with which he is concerned in a professional capacity?
👉 Ans :Yes, as per Clause (6) of Part I of Second Schedule to the Act, a member in practice shall be deemed to be guilty of professional misconduct, if he fails to report a material misstatement known to him to appear in a financial statement with which he is concerned professional capacity.
🏵️ FAQ: Whether a member in practice will be liable if he is grossly negligent in the conduct of his professional duties.?
👉 Ans :Yes,as per Clause (7) of Part I of Second Schedule to the Act, a member in practice shall be deemed to be guilty of professional misconduct, if he does not exercise due diligence or is negligent in the conduct of his professional duties.
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Due Date of Filing DIR-3KYC for FY 2020-21
Please note that the Due Date of filing DIR-3 KYC for FY 2020-21 is 30th Sep 2021.
Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC before 30th September of the immediately next financial year.
What will happen if you forgot to do DIR-3 KYC on the Due Date or DIR 3 KYC DUE DATE has Lapsed ?
After the expiry of the respective due dates, the system will mark all non-compliant DINs against which the DIR-3 KYC form has not been filed as ‘Deactivated due to non-filing of DIR-3 KYC’.
For Completing KYC after the due date, a fee of Rs.5000 shall be payable.
Which details are required to be filled in the DIR-3KYC form ?
Name (as per PAN database),
Father’s Name (as per PAN database),
“Date of Birth (DoB)” (as per PAN database),
PAN Number (mandatory for citizens of India),
Personal Mobile number, and
Personal Email Address and Permanent/ Present address.
Further, Aadhaar is mandatory, if it is assigned. If not, then Voter ID or Passport or Driving License shall be attached. Accordingly, copy of any one of the above selected information is to be attached. .
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether a member in practice will be liable in a case where he was alleged to have signed two balance sheets on two differ ent dates for the same financial year, the first one with a clean report and the second one with a qualified report?
👉 Ans : Yes, the action of the member in signing two balance sheets on two different dates for the same financial year will constitute professional misconduct under Clause (7) of Part I of Second Schedule to the Act, which states that a member in practice shall be deemed to be guilty of professional misconduct, if he is grossly negligent in the conduct of his professional duties.
🏵️ FAQ: Whether a member in practice will be liable if he fails to obtain sufficient information to warrant the expression of an opinion or his exceptions are sufficiently material to negate the expression of an opinion?
👉 Ans : Yes, as per Clause (8) of Part I of Second Schedule to the Act , a member in practice shall be deemed to be guilty of professional misconduct, if he fails to obtain sufficient information to warrant the expression of an opinion or his exceptions are sufficiently material to negate the expression of an opinion.
🏵️ FAQ: Whether a member in practice will be liable if he fails to invite attention to any material departure from the generally accepted procedure of audit applicable to the circumstances?
👉 Ans :Yes,as per Clause (9) of Part I of Second Schedule to the Act, a member in prac tice shall be deemed to be guilty of professional misconduct, if he fails to invite attention to any material departure from the generally accepted procedure of audit applicable to the circumstances.
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✅Today is the last date to pay ICAI annual membership/COP fees
Please note that the payment of fee shall be made online through Self-Service Portal (SSP) at the link https://eservices.icai.org/
Kindly ignore if already paid
✅The Due Date of filing DIR-3 KYC for the financial year 2020-21 is 30th September 2021. Otherwise department will mark the DIN of such director as ‘Deactivated due to Non-filing of DIR-3 KYC’ and Penalty for non compliance is INR 5,000.
✅Today 30-9-2021 is the last date for payment of Income Tax under Vivad se Viswas Scheme without additional payment.
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FROM THE NFRA CONSULTATION PAPER
Worrisome Statistics
The data indicates the following key features of MSMCs:
(i) Payments to Auditors12 ((Refer Table 1.6 in Annexure 2 and Annexure 3)
There are a large number of Companies (1,81,392 Companies, nearly 30.26%) that have
reported NIL Payments to Auditors. This perhaps could be data input error indicating lack
of adequate accounting professionals with many of these companies.
A large majority of Companies (2,48,218 Companies accounting for 41.41%) have
reported small amounts of Payments to Auditors i.e., below ₹25 Thousand. Of these
Companies, 40,708 Companies have reported extremely small amounts of payments to
Auditors i.e., below ₹5 Thousand. The estimated standard cost to perform a reasonably good quality audit, in compliance with the letter and spirit of the SAs, for an MSMC, with Turnover below 50 Crores, is in the range of ₹1.50 lakhs to ₹ 8.43 lakhs (Refer Annexure 3). This estimated audit cost is several multiples higher as compared to the presently reported audit fee ranges i.e., a very large percentage of MSMCs have reported Payment to Auditors of less than ₹ 25 thousand. (ii) Turnover (Refer Table 1.4 in Annexure 2): Of the total number of 5,99,487 MSMCs considered in NFRA’s preliminary research, there are a large number of Companies (2,09,122 Companies accounting for 34.88%) that have reported Nil Turnover (in some cases, there could be data input errors in MCA21).
Among the MSMCs that have reported Turnover, a large number of Companies (3,67,019)
i.e., nearly 61.22% have very low turnover i.e., below ₹ 50 Crores.
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NFRA consultation paper is out to abolish the Statutory audit of Small Companies. This is high time for Central leadership to act very fast and swift action is the need of hour Why so called Intelligent Cum Speakers had chosen by us failing again and again to convince the Government about the importance of Tax Audit, GST Audit and Now Statutory Audit.
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