🔹 Stocks in News
GR Infra: Received Letter of Award dated 30th Sep from National NHAI for "Construction of Four I Six lane Greenfield Ludhiana - Rupnagar National Highway (Positive)
Gas Companies: Domestic Gas Price Revised To $2.90 For Oct ‘21 To Mar ‘22 Period (Positive)
PNB Gilts: Crisil Assigns and reaffirms A1+ rating for the company. (Positive)
IIFL Wealth: IIFL AMC’s assets under management has crossed Rs 50,000 Crore mark. (Positive)
Welspun Corp: Saudi Arabia's Capital Market Authority has approved the IPO of its Saudi Joint Venture, East Pipes Integrated Company for Industry. (Positive)
Suryoday: To Discontinue ATM Banking Services from Today (Positive)
Asian Granito RE Sundaram Mutual Fund bought 1,68,128 shares in the company at Rs 37.75 per share on the NSE (Positive)
Rane Holdings: Increases stake in RT4U to 97.46%. (Neutral)
Phillips Carbon: The company launched its Qualified Institutional Placement issue on September 30, and approved the floor price at Rs 255.85 per share (Neutral)
Adani Green Energy: Subsidiary Adani Renewable Energy (MH) Energy has completed acquisition of 100 percent of the share capital and all the securities of Vento Energy (Neutral)
SPARC: The shareholders have approved raising of funds (Neutral)
Domestic gas price ceiling for difficult gas field set at $6.13 October ‘21 to March ‘22 period; up 84.6% (Neutral)
Maruti: Highlights shortage of Semiconductors Impacting October Production (Negative)
Just DIal: Nalanda Equity Fund Sold 5.17 Lakh Shares at Rs 991.44/ Share (Negative)
Banswara Syntex: Kotak Mahindra (International) sold 3.19 percent stake in the company via open market transaction on September 28 (Negative)
Dhanlakshmi Bank: Shareholders also rejected resolution to give authorisation to Board of Directors to appoint & fix remuneration of auditors. (Negative)
Bharti Airtel and Vodafone Idea: The Department of Telecommunications has issued notices to Vodafone Idea and Bharti Airtel to pay Rs 3,050 crore in cumulative penalties within three weeks (Negative)
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✅ GST Update CBIC issued Notifications No 6/2021 to Notification No 12/2021 Central Tax Rate (Similar Notification in Integrated Tax Rate) dated 30.09.2021 to implement changes in rates of goods and services as recommended by GST Council in its 45th Meeting.
These changes will be effective from today i.e. 1st October, 2021.
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✅ICAI Exams: Pls visit observer portal http://observers.icaiexam.icai.org and empanel yourself for CA Exams December 2021.
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👉🏻Over 1,000 auditors yet to file annual returns - NFRA
(NFRA disclosed the names of 1,011 auditors, including sole proprietorship firms, which have not filed NFRA-2 forms for the 2018-19 reporting period)
👇🏻 👇🏻 👇🏻
https://bit.ly/3uBgK4v
👉🏻GST collection for September crosses Rs.1.17 lakh Cr
The gross GST revenue collected in the month of September was 1,17,010 Cr rupees, which included CGST component of 20,578 Cr, SGST 26,767 Cr and IGST component of Rs. 60,911 Cr.)
👇🏻 👇🏻 👇🏻
https://bit.ly/3l38CqA
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CBDT notifies Rules for implementing the amendments made by the Taxation Laws(Amendment) Act, 2021
👉The Taxation Laws (Amendment) Act, 2021 (2021 Act), inter-alia, amended the Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012 (i.e., the date on which the Finance Bill, 2012 received the assent of the President).
👉The 2021 Act also provides that the demand raised for offshore indirect transfer of Indian assets made before 28th May, 2012 (including the validation of demand provided under Section 119 of the Finance Act 2012) shall be nullified on fulfillment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc. shall be filed and such other conditions are fulfilled as may be prescribed. The amount paid/collected in these cases shall be refunded, without any interest, on fulfillment of the said conditions.
👉The draft rules, to amend the Income-tax Rules, 1962, prescribing the specified conditions as referred above and providing the form and manner for furnishing of undertaking for withdrawal of pending litigation, claiming no cost, damages, interest, etc. were circulated in public domain on 28th August, 2021, inviting suggestions/comments from all stakeholders by the 4th of September, 2021.
👉After examining the stakeholder comments and incorporating several suggestions contained therein, the rules for implementing the 2021 Act have been published in the Official Gazette vide Notification No. GSR 713(E) dated 1st October, 2021 wherein the following rules have been inserted to the Income-tax Rules, 1962:
👉Rule 11UE which provides for the specified conditions in order to be eligible to claim relief under 2021 Act; and
Rule 11UF which provides the form and manner of furnishing the undertaking for withdrawal of pending litigation, claiming no cost, damages, etc.
👉The notification containing the above rules can be accessed at www.incometaxindia.gov.in.
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🛡️Ethical Case Law A Week🛡️
📌Misrepresentation of Experience
🎯Where a Chartered Accountant had misrepresented to a firm while seeking employment as an Accountant that he had worked for 3 years as a senior Assistant with another firm.
✍️Held he was guilty of “other misconduct” in terms of Section 21 of the Act.
(Re:- Page 872 of Vol. IV of the Disciplinary Cases and pages 254-255 of October, 1969 issue of the Institute’s Journal - Judgement delivered on 19th July, 1969).
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⚫The reforms unleashed in the last 7 years by the Govt during the Corona period, are set to boost the country's manufacturing and exports potential and make India a global economic hub, besides strengthening its capabilities in the technology space. India is leading player in the global markets in IT, Pharma and space technology, and with the development of research & innovation capabilities, the country's prowess in these areas would help reap the benefits of new-age technologies like AI and Robotics.
⚫Retro tax framework: Companies to indemnify govt against any future claims. The indemnity bond will have to be furnished by the company and any other interested party with the in-tax authority and it’s resolution panel
⚫The DoT has amended licence norms to rationalise the interest rate for delayed payment of licence fee, a move that is expected to ease financial burden on the telecom sector and promote ease of doing business.
⚫DU colleges declared 100% cut-offs for 11 courses, a section of educationist questioned the evaluation system of the Boards, even as others rejected the idea of entrance tests, saying it would encourage the coaching industry.
⚫Petrol and diesel prices soared to new record highs across the country on Saturday after rates were hiked again by 25 paise and 30 paise a litre, respectively.
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Why ICAI not protesting against anti-actions taken by goverment.
Tax audit limit extend to 10cr
GST audit abolished
Valuation abolished
Statutory audit come in darkness
Why ICAI passing CA now? To link pan with aadhaar?
Open message at IT portal that now no need of CA to file ITR.
Isn't ICAI take action against such slogan display at government portal.
CCM/RCM members are just to speak on podium to facilitate others.
Why members of every branch of India take a stand and protest against such anti-actions taken by goverment?
If this silence and ignorance continues then soon small firms has been disappeared. May be this is the reason of downfall in new admission in ICAI.
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Questions on clarification given by CA Amarjit Chopra PP ICAI on NFRA matter:
1. If the NFRA Chairman was not allowing any strategic role to ICAI & other CA members for 15 months than why not all of you resigned.
2. If NFRA do not have any power to issue such consultation paper, have you or ICAI has so far written to Hon'ble Minister of Corporate Affair to quash such a paper.
3. When the new of such proposal was aired by CNBC than President ICAI called it a rumor & said that he has confirmed it from reliable sources. Whether you was that reliable source.
4. NFRA did analysis of 13 lacs companies and issued 45 pages consultation paper. It would have taken atleast 6 month & a big team. Have you enquired who actually did this study for NFRA. It is surprised that 5 CA, comprising almost 50% of NFRA were remained unaware of such a deep conspiracy & study even when all were there for last more than 15 months & were attending all the meetings.
5. What the ICAI and you being a past president have done to restore GDT Audit. You always remain in regular interaction with CCMs & MCA & in ICAI programs.
6. Why not you all 5 resign immediate from NFRA under protest & declare non acceptance of any Govt Position or work till GST Audit is restored, this paper is quashed & MCA asdure that there would not be any such move in future.
7. Is it true that you went to media & MCA only when the NFRA Chairman objected on your appointment
8. On the one hand CCMs & You expect members to report on non compliance of all laws to respective regulator u/s 260 & 360 of Code of Ethics which neither are the domain of a CA nor are included in Statutory Audit scope & on other hand you are showing ur innocence of non bringing of this matter in NFRA Board.
9. Govt. has given almost 50% appointment on NFRA Board to ICAI & CAs, even than if you give such an excuse, is it not a gross negligence on ur part & passing buck on other.
10. Please tell me any 3 times when you people have called up the members to show unity for any matter for protection of Profession, SMP & Young CAs
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