30 October 2021 Updates

⚫PM said India remained committed to strengthening respect for shared values of multilateralism, rules based international order, sovereignty and territorial integrity of all nations.

⚫Power crisis brewing in China likely to hit Indian pharma co's. Delays in consignments, rising prices of key ingredients worry industry.

⚫I-T dept to help taxpayers with more info on their transactions, income. The Form will also enclose information on off-market transactions which are not settled on stock exchanges. The onus of reporting such transactions has been put on the relevant depositories or registrar and transfer agents.New information will also include particulars on the sale or purchase of a motor vehicle, opening of demat account with a depository, payment to a hotel, etc.

⚫India successfully test-fires Agni-5 missile having range of 5,000 km.

⚫Ration shops may soon start selling small LPG cylinders, financial products. Move meant to increase financial viability of fair-price shops.

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Income Tax Submission of Form 3CA-3CD,3CB-3CD for AY 2021-22, AY 2020-21 is enabled on e-Filing portal www.incometax.gov.in.

Download and use only the latest Offline Utility available in the "Download" section under "Income-tax Forms" page on the portal. This version of the offline utility can be used for Tax Audits in cases not involving large number of records. The next version will have CSV import/upload to accommodate large number of records in various schedules of the Form.

CBDT by order under section 285BB read with Rule 114-1(2) authorizes the Director General of Income-tax (Systems) to upload prescribed information in the Annual Information Statement in Form 26AS in assessee’s electronic filing account on the designated portal.

The information is required to be uploaded within three months from the end of the month in which the information is received; DGIT(Systems) to also specify the procedures, formats and standards for the purposes of uploading the information;

The information prescribed for this purpose is:

(i)     Foreign remittance information reported in Form 15CC,

(ii)    Information in Annexure II of the 24Q TDS Statement of the last quarter,

(iii)   Information in ITR of other taxpayer,

(iv)    Interest on Income Tax Refund,

(v)     Information in Form 61/61A where PAN could be populated,

(vi)    Off Market Transactions Reported by Depository/ Registrar and Transfer Agent  (RTA),

(vii)   Information about dividend of mutual fund reported by RTA, and

(viii)  Information about purchase of mutual fund reported by RTA

Last date for filing LLP-8 (Statement of Account & Solvency) for FY 20-21 by LLP, extended to 30.12.21. General Circular 16/2021 of 26.10.21.

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👉Multipurpose Empanelment Form (MEF) has been Activated for Empanelment of Bank Audit for the Year 2021-22. For Detail https://meficai.org/

Last date for submission of online Form and Declaration is 10th November 2021

👉31/10/2021 is last date to submit TDS Return statement for the period from July-21 to Sept-21, without any late fee.

👉Announcement by CL&CGC ICAI regarding Relaxation to pay additional fees in case of delay in filing Form-8 (Statement of Account and Solvency) by LLPs till 30th December, 2021 - (27-10-2021)

https://www.icai.org/post/clcgc-announcement-27102021

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⚫The Ministry of Power has fast-tracked the planning and approval process for power transmission projects, in a step towards achieving the Govt’s energy transition goal which focusses on renewable power.

⚫Private banks' Q2 profit soars 26% as economy shows signs of recovery. Helped by lower provisions & contingencies, which fell 26%; asset quality was broadly stable with 1% rise in GNPAs

⚫The RBI allowed premature withdrawal of deposits under gold monetisation scheme before the lock-in period, in case the original depositor died.

⚫The Govt extended the nationwide Covid-19 containment measures till Nov 30 as there has been localised spread of the virus in a few states and the disease continues to be a public health challenge in the country.

⚫Luxury shopping gets a festive lift after a lacklustre year and a-half. Going with the mood, Delhi's luxury hotels, too, are pulling out all the stops when it comes to food and hampers.

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👉🏻HC notice to Centre on petition challenging faceless income tax assessment

(The Madras High Court has issued notice to the union government on a writ petition challenging the constitutional validity of the faceless assessment system under the Income Tax Act)

👇🏻 👇🏻 👇🏻

https://bit.ly/3mpDLoF

👉🏻CBDT expands Form 26AS info list; includes foreign remittances, MF buys

(The income tax department has expanded the list of high-value financial transactions which would be available to taxpayers in their form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers)

👇🏻 👇🏻 👇🏻

https://bit.ly/3mmoHYY

👉🏻Empanelment for certification and filing of GST Annual Return in form GSTR 9 and GSTR 9C

(Empanelment for certification and filing of GST Annual Return in form GSTR 9 and GSTR 9C for CONCOR)

👇🏻 👇🏻 👇🏻

https://bit.ly/3nAXEIR

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MCA Update

29th October,2021

No additional Fee upto 31.12.2021

Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013 | 160 KB

https://www.mca.gov.in/content/mca/global/en/home.html 

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Income tax department has expanded the list of high-value financial transactions which would be available to taxpayers in their form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers.

Income Tax Audit Submission of Form 3CA-3CD,3CB-3CD for AY 2021-22, AY 2020-21 is enabled on e-Filing portal www.incometax.gov.in.

CBIC issued instructions on dt 26/10/2021 regarding Indiscreet issue of SCNs by Service Tax Authorities. Proper verification & reconciliation required on difference in ITR-TDS data (Form 26 AS) and Service Tax Returns for issue of SCN.

ICAI issues advisory to file Form NFRA-2 Annual Return for the reporting period 2018-2019 and also for the year ending 31/03/2020, immediately without any delay, if not filed already.

Multipurpose Empanelment Form has been Activated for Empanelment of Bank Audit for the Year 2021-22. For Detail https://www.linkedin.com/redir/general-malware-page?url=https%3A%2F%2Fmeficai%2eorg%2F

Last date for submission of online Form and Declaration is 10th November 2021

31/10/2021 is last date to submit TDS Return statement for the period from July-21 to Sept-21, without any late fee.

SEBI has authorized Practicing Cost Accountants to issue Share Reconciliation Capital audit Report.

NOTIFICATION NO. SEBI/LAD-NRO/GN/2021/53 Dated 27.10.2021

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MCA UPDATE

No additional fees shall be Levied on filling of e-forms AOC-4/AOC-4 CFS/AOC-4 XBRL and MGT-7/MGT-7A for the FY 20-21 upto 31.12.2021.

👉Keeping in view of various requests received from stakeholders regarding relaxation on levy of additional fees for annual financial statement filings required to be done for the financial year ended on 31.03.2021, it has been decided that no additional fees shall be levied up to 31.12.2021 for the filing of  e-forms  AOC-4, AOC-4 (CFS), AOC-4XBRL, AOC-4Non_ XBRL and MGT-7/MGT-7A in respect of the financial year ended on 31.03.2021. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.

Tax Audit Auditor Appointment

👉1. Login to ITD Portal using Clients Credentials

2. Click e-File

3. Go to Income Tax Forms

4. Click on File Income Tax Forms

5. Search for Form 3CA/Form 3CB

6. Click on File Now

7. Fill in the Form as Below or search for Added CA from Drop Down or Add New CA. Attach Supporting Document like Appointment Letter (Optional) and Click on Continue.

8. Finally you will get a confirmation on Successfully adding CA

9. Now Login to ITD Portal Using CA Credentials and Click on Pending Actions Highlighted in Red and then click on View Worllist

10. Then Click on Accept or Reject

11. On successfully Accepting you will get a confirmation like this on the portal and on your registered mail id.

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⚫Growth of eight core industries dropped to 4.4% in Sept from 11.5% in the previous month due to flat fertilizer production, decline in crude oil output and slowdown in expansion of electricity generation.

⚫RBI said that housing and vehicles, credit cards, etc -- showed an accelerated growth rate of 12.1% in Sept 2021 against 8.4% in Sept 20. Credit to agriculture and allied activities registered a growth rate of 9.9% in Sept 2021 against 6.2% in Sept 2020.Credit to large industries continued to contract at 1.0% in Sept 2021 as compared to a contraction of 0.2% an year ago. 

⚫RBI relaxed rules for opening current accounts with the banking system’s exposure of less than Rs 5 crore. The RBI asked banks to take an undertaking from borrowers that they will inform lenders when the credit facilities availed reaches Rs 5 crore or more.

⚫The Food and Drug Administration paved the way for children ages 5 to 11 to get Pfizer's COVID-19 vaccine.

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

27 October 2021 Updates

🔮 Ethics of the Day🕵🏻

🏵️ FAQ :Whether a member in practice can hold Customs Brokers Licence under section 146 of the Customs Act, 1962? 

👉 Ans : No, in terms of the provisions of Code of Ethics, it is not permissible for  the  member  in  practice  to  hold  Customs  Brokers  License under the  Customs  Act,  1962 Brokers 172. Licensing  Regulations,  2013.

🏵️ FAQ: Can  a  member  in  practice  print  QR  (Quick  response)  code  on  his visiting  cards,  facilitating  easy  access  to  information?

👉 Ans :Yes, printing  of  QR  Code  on  the  visiting  Cards  is  permissible,  provided that  it  does  not  contain  informatio n  that  is  not  otherwise  permissible  to be  printed  on  a  visiting  Card.

🏵️ FAQ:What are the Fundamental Principles which a Professional Accountant is required to comply?

👉 Ans :As per paragraph R110.2 of Volume-I of Code of Ethics, a professional accountant shall comply with the following fundamental principles set out in Paragraph 110.1 A1 :

👉🏻 (a) Integrity

👉🏻 (b) Objectivity

👉🏻 (c) Professional Competence and Due Care

👉🏻 (d) Confidentiality

👉🏻 (e) Professional Behaviour.

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MCA Update

Due date of LLP Form - 8 (The Statement of Account & Solvency) is extended from 30/10/2021 to _30/12/2021

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FORM GSTR-2B - ADVISORY

 

Q.1 What is GSTR-2B?

👉GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by his suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor). The statement indicates availability and non-availability of input tax credit to the taxpayer against each document filed by his suppliers.

Q.2 When it is generated and made available to taxpayer?

 

👉It may be noted that process of GSTR-2B generation starts after ending of IFF, GSTR-5 and GSTR-6 due date on 13th midnight and therefore GSTR-2B can be made available to the taxpayer in the afternoon of 14th of the month. Further, GSTR-2B is a static statement and is made available for each month on the 14th day of the succeeding month. For example, for the month of July 2020, the statement was generated and made available to the registered person on 14th August 2020. Details of all the documents in GSTR-2B is made available online as well as through download facility.

Q.3 What are the inputs of GSTR-2B?

 

  👉 All the B2B information/documents filed by suppliers in their monthly or quarterly GSTR-1, IFF and GSTR-5 filed by NRTP taxpayers.

  Information filed by ISD taxpayers in their GSTR-6.

  Information of ITC of IGST paid on import of goods filed in ICEGATE.

Q.4 What is the cut-off dates for GSTR-2B generation?

 

👉Cut-off dates for GSTR-2B generation are on the basis of due dates of GSTR-1, GSTR-5 and GSTR-6 as illustrated below.

  For monthly GSTR-1 filers, any GSTR-1 filed between the due date of furnishing for previous month (M-1) to the due date of furnishing of GSTR-1 for the current month (M). For example, GSTR-2B generated for the month of Jan, 2021 contains the details of all the documents filed by suppliers in their monthly GSTR-1 from 00:00 hours on 12th Jan, 2020 to 23:59 hours on 11th Feb 2020.

 

For quarterly GSTR-1/IFF, GSTR-5 and 6 filers, any IFF/GSTR-1/5 and GSTR-6 filed between the due date for previous month (M-1) to the due date of furnishing for the current month (M). For example, GSTR-2B generated for the month of Jan, 2021 contains the details of all the documents filed by suppliers in their quarterly GSTR-1/IFF, GSTR-5 and 6 from 00:00 hours on 14th Jan, 2021 to 23:59 hours on 13th Feb 2021.

 

The documents furnished by the supplier in any GSTR-1/IFF, GSTR-5 and 6 would reflect in the next open GSTR-2B of the recipient irrespective of the date of issuance of the concerned document. 

For example, if a supplier furnishes a document INV-1 dt. 15-5-2020 in the FORM GSTR-1 for the month of July, 2020 filed on 11th August 2020, the details of INV-1, dt. 15-5-2020 will get reflected in GSTR-2B of July 2020 (generated on 12th August 2020) and not in the GSTR-2B of May, 2020.

Q.5 What should be done if IGST of imports is not featuring in GSTR-2B?

👉GSTR-2B also contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units / Developers. This is made available from GSTR-2B of August 2020. In case any Bill of entry is not being reflected in your GSTR-2B, then you can fetch the missing records from ICEGATE by a self-service functionality provided by GSTN. A detailed advisory is already issued in this respect which can be accessed at https://www.gst.gov.in/newsandupdates/read/505

Q.6 What about reverse charge entries?

 

👉It may be noted that reverse charge credit on import of services is not a part of this statement and will be continued to be entered by taxpayers in Table 4(A)(2) of FORM GSTR-3B. However, reverse charge on import of goods is auto populated from ICEGATE.

Q.7 Where does ITC available and not-available summary shown?

   

👉 ITC Available Summary is captured in Table-3 of GSTR-2B which shows the ITC available as on the date of generation of FORM GSTR-2B. It is divided into following parts:

A. Part A captures the summary of credit that may be availed in relevant tables of FORM GSTR-3B.

B. Part B captures the summary of credit that shall be reversed in relevant table of FORM GSTR-3B.

  ITC not-available summary is captured in Table 4 of GSTR-2B which shows the summary of ITC not available as on the date of generation of FORM GSTR-2B, under the specific scenarios detailed at Sr. No. 11 below. Credit reflected in this table shall not be entered in Table 4(A) of FORM GSTR-3B.

  Credit shown as "ITC Not available" in Table 4, Part A covers the following scenarios only: -

i. Invoice or debit note for supply of goods or services or both where the recipient is not entitled to input tax credit as per the provisions of sub-section (4) of Section 16 of CGST Act, 2017.

ii. Invoice or debit note where the Supplier (GSTIN) and place of supply are in the same State while recipient is in another State.

However, there may be other scenarios for which Input Tax Credit may not be available to the taxpayers as per other legal provisions. Taxpayers are advised to exercise caution and self-assess & reverse such credit in their FORM GSTR-3B.

Q.8 What does taxpayers need to ensure?

 

👉Taxpayers are advised to ensure that the data generated in GSTR-2B is reconciled with their own records and books of accounts. Taxpayers shall ensure that

i. No credit shall be availed twice for any document under any circumstances.

ii. Credit shall be reversed as per GST Act and Rules in their FORM GSTR-3B.

iii. Tax on reverse charge basis shall be paid. 

  Detailed and section wise instructions are provided in GSTR-2B and taxpayers may view the same.

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✅ CBDT enabled Tax Audit Utility (3CA-CD & 3CB-CD) for AY 2020-21 and AY 2021-22

CBDT enabled Tax Audit Utility (3CA-CD & 3CB-CD) for AY 2020-21 and AY 2021-22

👉🏻 The CBDT has enabled common offline utilities for filing statutory Income-tax forms (Form 3CA-CD & 3CB-CD). The form is enabled for AY 2021-22 and AY 2020-21, prior years would be available shortly.

👉🏻 The Offline Utilities can be accessed at: https://www.incometax.gov.in/iec/foportal/downloads/income-tax-forms

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IRB Infra - India’s largest toll road developer

 BUY for TP 550 - Bound to get Rerated

 BIGGEST DEVELOPMENT

 Largest equity fund raise by a listed Indian infrastructure developer in the Roads and Highways Sector

▪️Cintra INR Investments BV, a Subsidiary of Global infrastructure giant Ferrovial S.A would invest equity capital of up to INR 3,180 Cr for 24.9% stake in IRB

▪️GIC through its affiliate, would invest equity capital of up to INR 2,167 Cr into IRB for 16.9% stake

▪️These equity fund raises will help achieve the twin objectives of Deleveraging and Access to Growth Capital to participate in the massive infrastructure development and monetization plan of the Govt. of India

These Transactions will result in a strong balance sheet as well as improved cashflows and profitability at IRB

▫️It will result in Net Debt/EBITDA reduce from 2.1x to just 1.2x

▫️Interest Coverage Ratio will improve from 2x to 2.8x

 New entrants will provide Debt at very low interest rates

 The National Infrastructure Pipeline has been subsumed under recently announced PM Gati Shakti Master Plan

▪️Roads with 19% has received the lion’s share of allocation among infrastructure sectors

▪️20 Lakh Crore of Capex in the Roads Sector by FY25

▪️2 Lakh Kms of highway length to be achieved by FY25

 IRB has approx 20% share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.

▪️The Company has strong track record of constructing over 13,095 lane Kms pan India in 2 decades and has an ability to construct over 500 Kms in a year.

 Considering the Stature of the new Investors, IRB is bound to get Rerated with much improved financials in the quarters to come.

 We advise a strong BUY for TP 550.

 Above TP is subject to market conditions. Personal due diligence advised

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👉🏻Tax Audit Utility for Form 3CA-CD & 3CB-CD enabled by CBDT

(Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD & 3CB-CD )

👇🏻 👇🏻 👇🏻

https://bit.ly/3vQc2Ri

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

25 October 2021 Updates

🔮 Ethics of the Day🕵🏻

🏵️ FAQ :Whether a member holding CoP, who is an employee in a CA Firm, can be enrolled as GST practitioner? 

👉 Ans : Yes, he can enrol as GST practitioner (as this is not an attest function), subject to contractual obligations, if any, with the employer.

🏵️ FAQ: Whether  a  member  holding  CoP  on  part  time  basis,  working  as  an employee  in  an entity  other  than  a  CA  Firm,  can  be  enrolled  as GST  practitioner?

👉 Ans :A  member holding  CoP  on  part  time  basis  and  working  as  an  employee in  an  entity  other  than  a  CA  Firm  can enrol as  GST  practitioner,  subject to  contractual  obligations,  if  any,  with  the  employer.

🏵️ FAQ:Whether  it  is  permissible  for  a  member  to  mention  himself  as “GST  Consultant”? 

👉 Ans :No,  in  terms  of  provisions  of  Clause  (7)  of  Part ActI  of  First  Schedule  to ,  it  is  not  permissible  for  a  member  to  mention  himself  as  GST Consultant.

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GST Updates

1️⃣ Minutes of 43rd & 44th Meeting is available now, link is below below, cannot share due to size. http://gstcouncil.gov.in/meetings

2️⃣ Maharashtra AAR: Only supplier of goods or services can apply for a GST advance ruling.

3️⃣ Gujarat AAR: GST is not applicable on the amount collected from the employees towards canteen charges.

4️⃣ Telangana AAR: e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST.

5️⃣ TSAAR: Arbitration award to attract GST even if infra project was completed under earlier.

6️⃣ National Informatics Centre (NIC) has issued a list of GSTINs updated till October 18, 2021 generating IRN.

The List of GSTINs can be accessed at: https://einvoice1.gst.gov.in/Others/GSTINsGeneratingIRN.

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⚫Niti Aayog VC urged US-based Tesla to manufacture its iconic electric vehicles in India, while assuring the company that it will get the tax benefits it wants from the Govt.

⚫The Cabinet Committee on Economic Affairs approved Gati Shakti, or the national master plan for multimodal connectivity, which includes the institutional framework as well as the implementation.

⚫The credit dispensed by commercial banks in India rose by 6.47% on a YoY basis to Rs 110.3 trillion as on October 08, 2021:RBI. 

⚫Strong Q2 seen for capital goods co's as project execution picks pace. This is helped by the easing of the second wave, and as a result ironing out of supply chain issues, improving labour availability as vaccination picks pace and timely customer collections.

⚫The Supreme Court said farmers are entitled to protest against the Govt over three new agricultural laws but protesters cannot block a road indefinitely.

⚫India completed vaccination of 100 crore doses on October 21, 2021, in just about nine months since starting vaccination. This has been a tremendous journey in dealing with Covid-19, especially when we recall how things stood in early 2020. We remember how unpredictable the situation appeared then, as we were faced by an unknown and invisible enemy mutating rapidly.

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✅ Minutes of 43rd & 44th Meeting is available now, link is below below, cannot share due to size. http://gstcouncil.gov.in/meetings

✅ICAI- Exam Observers Empanelment

Re-opening of Online Empanelment of Members to act as Observers for December 2021 Examinations up to 26th October 2021

https://www.icai.org/post/re-opening-of-online-empanelment-of-members-dec2021

✅Electronic Credit Ledger cannot be used in respect of payment of pre-deposit for the purpose of filing appeal under GST Law - In Jyoti Construction v. Deputy Commissioner of CT & GST, Jajpur, the Hon’ble High Court of Orissa has pronounced its order.

✅MSME Samadhaan Portal – Ease of filing application under MSEFC, an Initiative from Ministry of MSME, GOI

https://samadhaan.msme.gov.in

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⚫The Govt expects the Indian electronics manufacturing sector to grow to around Rs 22.5 lakh crore by 2024-25. The govt is looking beyond devices and communication, with expansion plans looking at equipment and systems, and further to automotive and medical equipment.

⚫A four-layered scale based approach to regulate NBFC in the country will kick in from October 1, 2022 to ensure tight oversight of the sector. The RBI has set a limit of Rs 1 crore per borrower for financing subscriptions to IPO.

⚫The country's foreign exchange reserves rose by $1.492 billion to reach $641.008 billion in the week ended October 15

⚫The Supreme Court slammed the Govt over the delay in appointment of presidents and members in consumer fora, saying if it is not keen on filling up vacancies to allow full fledged functioning, then it can do away with the fora.

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🔮 Ethics of the Day🕵🏻

🏵️ FAQ :Whether  two  or  more  members  can  collectively  have  joint  training session  for  their  clients  on  GST,  and  share  the  fees  collected  from the  clients  thereof? 

👉 Ans : It  is *permissible* for two  or  more  members  can collectively  have  joint training  session  for  their  clients  on  GST,  and  share  the  fees  collected from  the  clients  thereof.

🏵️ FAQ: Whether  it  is permissible  for  a  Firm of  Chartered Accountants  to sponsor  an  event?

👉 Ans :It  is  *not  permissible*  for  a  member  in  practice  or  a  Firm  of  Chartered Accountants  to  sponsor  an  event.  However,  such  member  or  Firm  may sponsor  an  event  conducted  by  a  Programme  Organizing  Unit  (PoU) of  the  ICAI,  provided  such  event  has  the  prior  approval  of  Continuing Professional  Education  (CPE)  Directorate  of  the  ICAI.

🏵️ FAQ:Whether  members  in  practice  can  have  a  website  only  for  the purpose  of  Tax  services  and  Consultancy? 

👉 Ans :Yes,  however  it  will  be  governed  only  by  the  website  Guidelines  issued by  ICAI,  notwithstanding  that  only tax services and  consultancy are being  offered.

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CBDT issues refunds of over Rs 92,961 crore to more than 63.23 lakh taxpayers from April 1, 2021 to October 18, 2021. Income tax refunds of Rs. 23,026 crore have been issued in 61,53,231 cases and corporate tax refunds of Rs. 69,934 crore have been issued in 1,69,355 case," the Income Tax department tweeted. 

Income Tax Assessing Officer  cannot confirm addition merely based on AIR information. Case Name : Shri Rajesh Chunara Vs ITO (ITAT Jaipur)

ADG, DRI cannot Send Notice for Customs Duty or Interest Payment. Case Name : Modern Insecticides Limited Vs Commissioner of Customs (CESTAT Chandigarh)

Maharashtra bench of the GST Authority for Advance Rulings (AAR) has rejected an application filed by a Mumbai-based private company as it was not the supplier of goods or services, but the recipient. Additionally, it related to a supply that had already been completed as on the date of the application instead of being undertaken or proposed to be undertaken.

NIRC of ICAI is inviting applications for the empanelment of faculty for the ITT and Advanced ITT course. The objective of course is to transform our budding Chartered Accountants to refurbish their threats into opportunities and weaknesses into strengths. CA with D.I.S.A. (ICAI) having minimum 3 years’ experience in Information Technology related fields. Candidates who are interested to be empaneled as a faculty for the course may apply by filling relevant information available at the following link latest by 06, November, 2021. https://forms.gle/qSuSMoP6ZqH6kgiCA.

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⚫Fiscal deficit likely to stay at budget estimate of 6.8% of GDP in 2021-22. Tax revenues may not narrow deficit; food, fertiliser subsidies to overshoot BE

⚫The govt has given nod to 157 new medical colleges in India since 2014 and has invested Rs 17,691.08 crore on these projects. On completion, nearly 16000 medical undergraduate seats would be added.

⚫Rentals of high street retail are inching back to pre-COVID levels in Delhi NCR on the back of revival in business, as rents have risen 11-17% during July-Sept.

⚫As many as 438 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns totalling more than Rs 4.3 lakh crore.

⚫Of the states without a significant production capacity, Delhi is the only one that sold electricity in October, shows the latest data on power trading at the country’s two power exchanges.

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🔮 Ethics of the Day🕵🏻

🏵️ FAQ :Whether a member in practice can act as a mediator? 

👉 Ans : Yes, a member in practice can act as a mediator since acting as a ‘mediator’ would be deemed to be covered within the meaning of ‘arbitrator’, which is inter alia permitted to members in practice as per Regulation 191 of the CA Regulations.

🏵️ FAQ: Whether a member in practice who is the statutory auditor of a bank can accept Stock audit/Inspection Audit of the same bank?

👉 Ans :No, it is not permissible since stock audit/inspection audit is kind of management function, which cannot be done simultaneously with the statutory audit.

🏵️ FAQ:Whether a member in service can represent before the Income Tax Authorities on behalf of other employees /colleagues of the company?

👉 Ans :A member in service can appear as tax representative before tax authorities on behalf of employer, but not on behalf of employees/colleagues.

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22 October 2021 Updates

⚫PM will interact with CEOs and experts of the global oil and gas sector. This interaction marks the participation of global leaders who deliberate upon key issues of the sector and explore potential areas of collaboration and investment with India.

⚫Moody's has upgraded the outlook on the Indian banking system from “Negative” to “Stable” on the back of stabilising asset quality and improved capital.

⚫Auditor resignations continue to trickle in with 15 exits since April. On average, one auditor of a listed company has prematurely resigned every two weeks this FY. The pace seems to have picked up in September with 5 departures.

⚫Industry's share in bank loans at record low of 26%, shows data. Personal loans, including housing, now at 26.7% of bank credit, highest ever.

⚫India ranked 71st position in the Global Food Security Index 2021 of 113 countries.The GFS Index measures the underlying drivers of food security in 113 countries, based on the factors of affordability, availability, quality and safety, and natural resources and resilience.

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👉🏻Canteen services for employees out of GST net - AAR

(Canteen charges collected from employees will now be outside the gamut of goods and services tax following a tax ruling that offers some relief to several large industrial and manufacturing units)

👇🏻 👇🏻 👇🏻

https://bit.ly/2Z5jQTg

👉🏻RBI imposes Rs 1 Cr penalty on State Bank of India

(RBI imposed a monetary penalty of Rs 1 crore on the country’s largest lender, SBI, for not complying with directions issued by the central bank with regard to fraud classification and reporting by commercial banks)

👇🏻 👇🏻 👇🏻

https://bit.ly/3jkfLkN

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How to claim credit for taxes paid abroad?

👉World is turning out to be a global village. Everyone is moving here and there. Earning in one country may be subject to double taxation. However, there is a provision for credit of taxes in other country if taxes is already paid in the source country. Many such taxation provisions are regulated by Double Taxation Avoidance Agreement (DTAA).

👉Let us know more about the way of availing the credit towards taxes paid in other countries :

👉A. Procedural requirements for taking credit of taxes paid abroad is given in Rule 128 of the Income Tax Rules.

👉B. The credit of foreign taxes shall be available by filing Form 67 and filing the Income Tax return. Form 67 for claiming foreign taxes shall be filed on or before the due date of filing the return of income under section 139(1).

👉C. Credit of foreign taxes may not be available if form 67 is not filed within the due date of ITR.

👉D. Form 67 is available for filing in the online mode on the IT Portal.

👉E. Some documents to be attached with Form 67 for claiming FTC are:

👉Certificate or statement specifying the nature of income and the amount of tax deducted therefrom or paid by the assessee:

a) The statement specifying nature of income and tax paid in foreign country can be the return of income filed in the foreign country or certificate issued by the foreign tax authority.

👉(b) This can also be a certificate of tax deduction from the person responsible for deducting such tax in the foreign country just like Form 16/16A/16C furnished in India i.e TDS/TCS certificates or some other certificate specifying income and taxes.

👉c) In absence of the above-mentioned documents, the person claiming the credit of foreign taxes can also furnish self-attested/self-signed statement specifying the income offered and taxes paid abroad, but the said statement shall be valid only if it is accompanied by:

👉(i) an acknowledgement of online payment or bank counter foil or challan for payment of tax where the payment has been made by the assessee;

👉(ii) proof of deduction where tax has been deducted.

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⚫The Centre has asked PSBs to aggressively target financial inclusion, expand pension and insurance coverage and, at the same time, use financial technology to extend credit to borrowers during the festive season through co-lending arrangements

⚫Ahead of Diwali, domestic airfares soar 30%-45% on high frequency routes. Increased occupancy coupled with upward revision in fare bands by the Govt has translated into higher fares during the festive season.

⚫Micro loan portfolio of lenders shrunk by 7% to Rs 2.36 trillion in the Q1FY22 on economic disruption owing to second wave of Covid-19 pandemic.

⚫India is set to complete administering 100 crore doses of Covid-19 vaccines on Thursday, prompting the Govt to mark the "vaccine century" .

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 🔮 Ethics of the Day🕵🏻🌴

🏵️ FAQ :Can a member holding Certificate of Practice is entitled to own Agricultural land and continue agricultural activity? 

👉 Ans : Yes, member holding Certificate of Practice can own and hold agricultural land and continue agricultural activity.

🏵️ FAQ: Whether a member in practice can establish a Tax Information Network - Facilitation Centre (TIN-FC)?  Whether he can be franchise for a TIN-FC?

👉 Ans :A member in practice may establish a TIN-FC and as well establish a TIN-FC under franchise from the other entity which is already a TINFC.

🏵️ FAQ:Whether a member in practice can engage as GST practitioner? 

👉 Ans :Yes, a member in practice can engage as GST practitioner, as the activities to be performed by GST practitioner mentioned in CGST Act, 2017 read with CGST Rules, 2017 are within the purview of a member in practice as per the provisions of Act and CA Regulations framed thereunder.

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Income Tax : No reassessment beyond 4 years on issue already dealt during original assessment. Case Name : Saurabh Natvarlal Soparkar Vs ACIT (Gujarat High Court)



GST revenue collected in the month of September 2021 is ₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crore collected on import of goods).



GST: Canteen charges collected from employees will now be outside the gamut of goods and services tax following a tax ruling that offers some relief to several large industrial and manufacturing units. In a recent ruling, the Gujarat Authority for Advance Ruling (AAR) said that GST is not applicable on the amount collected from the employees towards canteen charges, which is paid to the canteen service provider.

Goods and Service Tax Networks (GSTN) has issued the Advisory for taxpayers on Form GSTR-2B wherein it was stated that availability of ITC made available to the taxpayers in the Afternoon of 14th of every month. Form GSTR-2B is an auto-drafted ITC statement that is generated for every normal taxpayer on the basis of the information furnished .

RBI report said that Investment of India’s rising foreign exchange reserves in equity funds, especially index funds, can fetch higher returns as interest rates which have been on a declining trajectory over the last four decades in advanced economies, have touched their historic lows.

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19 October 2021 Updates

⚫The Indian Govt remains committed to bring the economy on the path of fiscal consolidation in the near to medium term, setting the target to reduce fiscal deficit to 4.5% by 2025-26, FM said.

⚫FM met the Director General of WTO in the US amidst India's proposal for a temporary waiver of intellectual property rights on COVID-19 vaccines and medicines worldwide.

⚫Oil prices settled at a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus related travel restrictions spurs demand.

⚫The country's foreign exchange reserves rose by USD 2.039 billion to USD 639.516 billion in the week ended October 8,

⚫IL&FS seeks NCLT approval to place Rs 4,000 crore of assets in InvIT. With the NCLT approval, a total of 11 projects would be ready for monetisation through the InvIT route

⚫US will lift curbs on vaccinated foreign travellers on Nov 8.

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Availability of Input Tax Credit (ITC) for FY 2020-21-17/10/2021

1. As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due date for the GSTR-3B for September 2021 is either 20th October 2021 for monthly filers and 22nd or 24th October 2021 depending on the State/UT of registration of the taxpayer. In view of the same, the following may kindly be noted:

i) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients. Such records will reflect in “ITC Not Available” section of GSTR-2B and such ITC shall in turn not be auto-populated in GSTR-3B.

ii) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will also not reflect as “ITC as per GSTR-2A” in Table-8A of GSTR-9 of the recipients.

2. It is requested that the taxpayers may take note of the above and ensure that their records pertaining to Financial Year 2020-21 are reported on or before the due date of their GSTR-3B for the month September 2021, or for the quarter of July to September 2021 in case of quarterly GSTR-3B filers. Availment of ITC by the recipients contrary to the legal provisions in GST may entail action by the tax administrations in accordance with law.

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GSTN: Advisory w.r.t. availability of Input Tax Credit for FY 2020-21

The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated October 17, 2021 for taxpayers regarding the availability of Input Tax Credit (“ITC”) for Financial Year 2020-21.

As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due date for the GSTR-3B for September 2021 is either October 20, 2021 for monthly filers and October 22, 2021 or October 24, 2021 depending on the State/UT of registration of the taxpayer. In view of the same, the following may kindly be noted:

i.) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients. Such records will reflect in “ITC Not Available” section of GSTR-2B and such ITC shall in turn not be auto-populated in GSTR-3B.

ii.) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will also not reflect as “ITC as per GSTR-2A” in Table-8A of GSTR-9 of the recipients.

It is requested that the taxpayers may take note of the above and ensure that their records pertaining to Financial Year 2020-21 are reported on or before the due date of their GSTR-3B for the month September 2021, or for the quarter of July to September 2021 in case of quarterly GSTR-3B filers. Availment of ITC by the recipients contrary to the legal provisions in GST may entail action by the tax administrations in accordance with law.

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🔮 Ethics of the Day🕵🏻

🏵️ FAQ :Can  a  member  act  as  an  Insurance  Surveyor? 

👉 Ans : As  per Appendix  (9)  of  CA  Regulations,  a  member of  the  Institute  in practice  is  generally  permitted  to  act  as  a  Surveyor  and  Loss Assessor under  the  Insurance  Act,  1938 , provided  he  is otherwise a  member  can  perform  attest  functions.

🏵️ FAQ: Whether  the  members are  required  to  intimate  his  website  address to  the  Institute?

👉 Ans :No, members  are  not  required  to  intimate  the  Website  address  to  the Institute.  However,  the  Website  has  to  comply  with the  Guidelines issued  by  the  Institute.

🏵️ FAQ:Can  a  member  act  as  a  Tax  Auditor  and  Internal  Auditor  of  an entity? 

👉 Ans :No,  the  Council  has  decided  that an  internal  auditor  of  an  assessee, whether  working  with  the  organization  or  an  independently  practicing Chartered Accountant being an individual chartered accountant or a firm of chartered accountants, cannot be appointed as his tax auditor.

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⚫The Govt's National Telemedicine Service, eSanjeevani, has clocked 1.4 crore consultations so far. eSanjeevaniAB- HWC & eSanjeevaniOPD has over the time gained immense popularity in being able to deliver healthcare services through digital platforms.

⚫Equity investors saw their wealth rise by more than Rs 12.49 lakh crore as markets continued their rally for the seventh straight session on Monday. In the last seven sessions, the benchmark has rallied 2,575.86 points 

⚫ The Centre has infused Rs 1,31,000 crore to boost agriculture and allied sectors with special emphasis on becoming an export oriented economy as India has tremendous potential to satiate global demand.

⚫BPCL privatisation likely to face a bump on rising fuel prices in India. A major chunk of the auto fuel price in the country consists of state and central taxes.

⚫The retail price of tomatoes rose to Rs 93 per kg in metros on sluggish arrival in mandis amid reports of crop damage, owing to unseasonal rains.

⚫The first term board exams for class 10 will begin from Nov 30, and the exams for class 12 from Dec 1: CBSE

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16 October 2021 Updates

🔮 Ethics of the Day🕵🏻

🌴

🏵️ FAQ: Can a member in practice be Promoter/Promoter Director of the Company?

👉 Ans :Yes, there is no bar for a member to be a promoter/signatory to the Memorandum and Articles of Association of any company. There is also no bar for such a promoter/signatory to be a Director Simplicitor of that company irrespective of whether the objects of the company include areas, which fall within the scope of the profession of Chartered Accountants. Therefore, members are *not required* to obtain specific permission of the Council in such cases. There is also no bar on holding any number/percentage of shares in the company.

🏵️ FAQ:Can a member in practice be a sleeping partner in family business concern? 

👉 Ans :Yes, a member in practice can be a sleeping partner in a family business concern provided he takes prior and specific permission from the Council in terms of Regulation 190A of CA Regulations. He will,however, not be entitled to do attest functions.

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👉🏻GST Network blocks Rs. 14,000 Cr input tax credits of 66,000 taxpayers

(The Goods and Service Tax Network (GSTN) on Tuesday said it has blocked ₹14,000 crore worth of input tax credit (ITC) of 66,000 businesses registered under the GST)

👇🏻 👇🏻 👇🏻

https://bit.ly/3lzVWri

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⚫India will witness close to double digit economic growth this FY22, which would be the highest among the major economies of the world, FM said. 

⚫The India-China trade volume looks set to cross the record figure of USD 100 billion this year despite a chill in bilateral relations due to the continuing military standoff between the two countries in eastern Ladakh.

⚫The IMF has projected the Govt debt, including that of the Centre and the states, to rise to a record 90.6% of GDP during 2021-22.

⚫The Centre abolished the basic customs duty on crude varieties of palm, soybean and sunflower oil and also slashed the agri-cess on them till March 2022, barely days after it authorised states to impose stock limits on oilseeds and edible oil.

⚫Govt removes additional restrictions on UK citizens arriving in India.

⚫Over 960 million Covid-19 vaccines administered in India.

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👉Choose Your Booth for  Election voting

👉OPTION TO GET POLLING BOOTH RE-ALLOTED

A member as on 1st April 2021 as a voter can cast vote in any nearest booth of NIRC subject to 14 days prior intimation and May cast vote at any booth in any region of India subject to 21 days prior intimation to the election officer.

You can change the nearest polling booth at the link https://changebooth.icai.org

Check your booth in current

https://appforms.icai.org/elections/knowyourbooth2021.html

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13 October 2021 Updates

⚫India’s equity market is on the cusp of overtaking that of the UK in value to join the world’s top five club.The likely feat comes as record low interest rates and a retail-investing boom propel stocks to record highs.

⚫Airlines will be able to operate at 100% capacity from October 18, with the civil aviation ministry lifting all restrictions on domestic flight movements.

⚫The RBI issued a small finance bank licence to the Centrum Group BharatPe consortium. Incorporated as Unity SFB, the lender will start operations in some weeks with a Rs 1,500-crore loan book.

⚫The Govt has received financial bids for strategic divestment of Central Electronics Ltd, taking the privatisation process of the PSU to the concluding stage.

⚫Apple Inc is likely to cut down production of its iPhone 13 by as many as 10 million units due to the global chip shortage.

⚫In a boost to its electric vehicle push, Tata Motors closed a deal to raise Rs 7,500 crore from TPG Rise Climate and Abu Dhabi’s ADQ. This is the first major fundraising by an Indian carmaker to push clean mobility.

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⚫The RBI kept its policy rates and stance unchanged, but decisively moved to withdraw excess liquidity from the system through its least disruptive liquidity management tool.

⚫Tata Sons wins bid: Air India may see turnaround as debt eases by 75%. Air India reported an operating profit of Rs 1,787 crore in FY20 on a consolidated basis but reported a net loss of Rs 7427 crore due to interest and depreciation costs.

⚫Ministry of Power issued guidelines for operationalising optimum utilisation of generating stations as per the requirement in the electricity grid. It has been brought to the notice of the Govt that some power plants are not generating to their full capacity at any given time and the unutilised capacity remains idle as they are tied up under power purchase agreements.

⚫Tesla car to be affordable in India, will cost Rs 35 lakh.

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👉Notification for Online Assessment Test (AT) for Certificate Course on Financial Market and Securities Laws on 23rd & 24th Oct 2021 at 10:00 AM -12:00 Noon IST. - (08-10-2021)

https://resource.cdn.icai.org/66911ccmip53932b.pdf

👉Notification for Online Assessment Test (AT) for Certificate Course on Fundamental Analysis and Technical Analysis with Equity Research on 30th & 31st Oct 2021 at 10:00 AM -12:00 Noon IST. - (08-10-2021)

https://resource.cdn.icai.org/66910ccmip53932a.pdf

👉Exchange rates Notification No.80/2021-Cus (NT) dated 07.10.2021

https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-nt2021/csnt80-2021.pdf

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⚫PM Modi and denmark PM held "fruitful" talks with a focus on expanding cooperation in a range of key areas such as health, agriculture, water management, climate change and renewable energy.The two sides also inked four agreements that will provide for deepening of cooperation in areas of science and technology, climate change and skill development.

⚫Air India employee unions pledge support to Tata Sons, Mood upbeat among AI employees over disinvestment but concerns persist over arrears, salary cuts, medical benefits.

⚫The country's exports are growing at a healthy rate and now exporters can aim for USD 450-500 billion of outbound shipments during the next fiscal year.

⚫The I-tax Dept detected "unaccounted" income of Rs 550 crore and seized over Rs 142 crore cash after it recently raided Hyderabad based Hetero pharmaceutical group.

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⚫Aggressive marketing of products, timely implementation of FTA's that are under negotiations and affordable credit to MSME players would help in taking the country's merchandise exports to USD 500 billion in the next FY.

⚫With several states and power discoms pressing the panic button on coal supply and shortfall in electricity, the Ministry of Coal and Power has rushed in to scotch any rumours of a blackout or power cuts.

⚫Credit growth turned positive YTD at 0.1% in September for the first time in FY22, reflecting gradual pick-up in demand. RBI data shows that bank lending rose Rs 7,283 crore till Sept 24.

⚫Tata group may need to invest $1 billion to upgrade Air India fleet. The Govt is expected to issue a LOI to Tata Sons next week, following which the share purchase agreement will be formalised.

⚫The ICAI has defended its stance, saying it is not for exempting MSME firms from mandatory statutory audit and that the NFRA has no jurisdiction over MSME's.

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✅ Due Date For GST -

For Taxpayer who is opting for QRMP Scheme having Turnover up to 5 crores

GSTR 1 for SEP-2021 - 13-OCT-21

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🔮 Ethics of the Day🕵🏻

🏵️ FAQ :Whether  there  is  any  ceiling  on  the  number  of    Company  audit (Statutory  Audit)  ass ignments  that  can  be  taken  up  by  a  member in  practice or  a  Firm  of  Chartered  Accountants? 

👉 Ans : Yes,in  view  of  the  Chapter  VIII  of  Council  General  Guidelines,  2008 member  in  practice  or  a  proprietary  firm  of  Chartered  Accountant  can accept  30  audit assignments  whether  in  respect  of  private  Companies or  other  Companies,  with  the  exception  of  one  person  Companies  and dormant  companies.

🏵️ FAQ: Whether  “indebtednesss”  for  the  purposes  of  Chapter X  of Council  General  Guidelines,  2008  include  loan  taken  by  the m ember  against  a  Fixed  Deposit?

👉 Ans : Yes, indebtednesss for  the  purposes  of  Chapter X  of  Council General  Guidelines,  2008  includes  loan  taken  by  a  member  against Fixed  Deposit.  Accordingly,  it  is  not  permissible  for  him  to  accept  audit assignment  of  a  bank  in case  he  has  taken  loan  against  a  Fixed Deposit  held  by  him  in  that  bank.

🏵️ FAQ:Whether  there  is  any  minimum  audit  fee  to  be  charged  by  the members  of  the  Institute? 

👉 Ans :No,  there  is  no  mandatory  minimum  audit  fee  required  to  be  charged by  the  members  of  the  Institute.

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Validity of Partnership remuneration disallowed under Section 40A(2)(a)*

👉Problem based on provisions of Sections 40(b)(v) & 40A(2)(a) of the Income Tax Act, 1961.

👉PROBLEM :- M/s. XYZ & Co., a partnership firm consisting of three partners enhanced working partners salary from Rs. 25,000/- to Rs. 50,000/- per month for each partner. The increase was in accordance with terms and conditions of Partnership Deed /authorised by Partnership Deed.

👉The Assessing Officer during course of assessment contended that the remuneration paid to working partners @Rs 50,000/- per partner per month is excessive and applied Section 40A(2)(a) though the payment was within statutory limit as specified in Section 40(b)(v). Whether action of AO is right ?

👉LETS’’ CONSIDER PROVISIONS OF APPLICABLE SECTIONS

👉SECTION 40(b)(v) provides that : Remuneration to Partners exceeding the limit prescribed u/s 40(b) to be disallowed;

👉As per section 40(b)(v) any payment of remuneration to any partner who is a working partner, which is authorised by, and is in accordance with, the terms of the partnership deed and relates to any period falling after the date of such partnership deed in so far as the amount of such payment to all the partners during the previous year exceeds the aggregate amount computed as hereunder will be disallowed:

👉(a) on the first Rs.3,00,000 of the book-profit or in case of a loss Rs.1,50,000 or at the rate of 90 per cent. of the book-profit, whichever is more;

👉(b) on the balance of the book-profit at the rate of 60 per cent.

👉Explanation 3 to section 40(b) defines “book-profit” as to mean the net profit, as shown in the profit and loss account for the relevant previous year, computed in the manner laid down in Chapter IV-D as increased by the aggregate amount of the remuneration paid or payable to all the partners of the firm if such amount has been deducted while computing the net profit.

👉SECTION 40A(2)(a) deals with powers of disallowance of expenditure on related party by Assessing Officer;

👉Where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub- section, and the Assessing Officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the business or profession of the assessee or the benefit derived by or accruing to him therefrom, so much of the expenditure as is so considered by him to be excessive or unreasonable shall not be allowed as a deduction:

ANSWER TO ABOVE QUERIES:

👉The facts of the case are similar to the facts in CIT Vs. Great City Manufacturing Co.(2013) 351 ITR156, wherein the High Court observed that Section 40(b)(v) prescribed the limit of remuneration to working partners , and deduction is allowable up to such limit while computing the business income. *If remuneration paid is within the ceiling limit provided under Section 40(b)(v) , then recourse to provisions of Section 40A(2)(a) cannot be taken.*

👉The Assessing Officer is only required to ensure that the remuneration is paid to the working partners mentioned in Partnership Deed, the terms and conditions of the Deed provided the payment of such remuneration to the working partners and the remuneration is within the limits prescribed under Section 40(b)(v) of the Act, 1961. If these conditions are complied with ,then the AO cannot disallowed any part of remuneration on the ground that it is in excess or it is excessive.

👉In view of the above  judgement , the increased remuneration ,which is authorised by the Partnership Deed and is within limits specified under Section 40(b)(v) and paid to working partners , cannot be disallowed by invoking provisions of Section 40A(2)(a) of the Income Tax Act, 1961.

👉The action of Assessing Officer in above mentioned case was not appropriate.

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⚫Commerce and Industry Minister held bilateral meetings with his counterparts from South Korea, Australia, South Africa, the US, Brazil, China, and the European Union, among others, at the G20 ministerial meeting in Sorrento, Italy, to give more impetus to trade ties with these nations.

⚫The Union Cabinet is expected to approve the national master plan for multimodal connectivity or PM Gati Shakti. Gati Shakti will be a digital platform that will bring 16 ministries, including rail, road, and shipping, to provide real-time access to information and data on various infrastructure projects and help in better coordin­ation among ministries.

⚫Govt may consider higher GST, fewer rates to simplify structure.

⚫Divestment push may boost PSU m-cap on bourses from all-time low currently. Nifty PSE index closes at highest level since January 2018.

⚫Diesel price on Monday breached the Rs 100-a-litre mark in Kerala and Karnataka as fuel prices were hiked yet again to align domestic rates with firming international oil prices.

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🔮 Ethics of the Day🕵🏻

🏵️ FAQ :Is there any recommended scale of fees chargeable for the work done by the members of the Institute? 

👉 Ans : The Institute has issued revised Minimum scale of Fees for the professional assignments of the members of ICAI. The recommended scale of Fees is to be charged as per the work performed for various professional assignments. The Fees has been recommended separately for Class-A, B and C cities. The members may refer the same at https://cmpbenefits.icai.org/wp-content/uploads/2020/02/Details-download.pdf

🏵️ FAQ: Whether a member of the Institute in practice is liable for professional misconduct, if he does not follow the direction given,by the Council or an appropriate Committee or on behalf of any of them, to the incoming auditors not to accept the appointment as auditors, in the case of unjustified removal of the earlier auditors?

👉 Ans :Yes,in exercise of the powers conferred by Clause (1) of Part II of the Second Schedule to the Act, the Council of the Institute issued Council General Guidelines, 2008, chapter XI of which specifies that a member of the Institute in practice shall be deemed to be guilty of professional misconduct, if he does not follow the direction given, by the Council or an appropriate Committee or on behalf of any of them, to the incoming auditors not to accept the appointment as auditors, in the case of unjustified removal of the earlier auditors.

🏵️ FAQ:What is the status of a Chartered Accountant who is a salaried employee of a Chartered Accountant in practice or a firm of such Chartered Accountants? 

👉 Ans :An associate or a fellow of the Institute who is a salaried employee of a Chartered Accountant in practice or a firm of such Chartered Accountants shall, notwithstanding such employment, be deemed to be in practice for the limited purpose of the trainin of articled assistants. He may hold Certificate of Practice but he is not entitled to do attest functions w.e.f. 1.4.2005.

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9 October 2021 Updates

Ministry of Finance on October 1 notified rules that when adhered to will lead to the government withdrawing tax demands raised using the 2012 retrospective tax law and any tax collected in enforcement of such demand is paid back. But the repayment, going by the timelines drawn in the rules, will take a minimum of 2-3 months. According to the rules.

Wef 1.10.21, Dynamic QR Code Mandatory on B2C Invoices for turnover above 500 cr. Otherwise, Penalty to be levied from 1.12.20. 

Gujarat bench of the Authority for Advance Rulings (AAR) recently held that corporate social responsibility (CSR) activities under the Companies (CSR Policy) Rules are excluded from the normal course of business.

Cost Auditor can submit Cost Audit Report of 20-21 to Co by 31 Oct. Co can e-file CRA-4 in 30 days from receiving it. General Circular 15/2021 of 27 Sep. 

Reserve Bank of India is likely to signal the start of an unwinding of its accommodative monetary policy, introduced to cushion the economic impact of the pandemic, at a meeting next week, economists at Standard Chartered Bank wrote in a research note

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⚫Moody's Investors Service changed its outlook on India's sovereign ratings to stable from negative. However, it retained the ratings, both on foreign and domestic currencies, at the lowest investment grade. Experts said this would have a beneficial impact on debt allocations by FPIs to Indian papers.

⚫India’s exports to its top trading partners such as the US, EU, nations in West Asia, among others, are expected to rise. Exports data during the first six months of the current fiscal year is emblematic of the fact that external demand has been robust.

⚫Coal crisis for thermal power plants could be good news in the long run. The endemic supply shortage for thermal power plants offers the chance to transition to gas.

⚫Industry has demanded that interest paid on ineligible input tax credit, which was availed but not utilised under the GST regime, be refunded.

⚫Corporate frauds likely to spike in post-Covid set-up, says survey. Over 62% of independent directors indicated that they believe fraud will increase over the next two years.

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⚫Moody's Investors Service raised the rating outlook for 18 Indian corporates and banks, including RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, IOC, HPCL, Infosys, SBI and Axis Bank, to 'stable' from 'negative'.

⚫The Union Cabinet approved the setting up of 7 Mega Integrated Textile Region and Apparel parks to position India strongly on the global textiles map.

⚫Govt to amend rules, allow 20% foreign investment in LIC IPO.

⚫The Dept of Telecom has slashed performance and financial bank guarantee requirement of telecom operators by 80%, according to a licence amendment note.

⚫Cumulative vaccine doses administered cross 926 million.

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👉🏻Govt forms committee for recommending names for appointment of Chairperson & full time members in NFRA

(Central Government hereby constitutes a search-cum-selection committee consisting of the following members for recommending names for appointment of chairperson and full time members in the NFRA)

👇🏻 👇🏻 👇🏻

https://bit.ly/3iDHgFU

👉🏻Applications for Empanelment of Forensic Auditors with Indian Bank

(Applications are invited from qualified Audit Firms for Empanelment of forensic auditors in the Indian bank)

👇🏻 👇🏻 👇🏻

https://bit.ly/3agSHyo

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⚫Blackstone acquired VFS Global, the world’s largest visa processing service provider, from Swedish private equity firm EQT Infrastructure in a $1.1-billion deal, pinning hopes on global travel rebound.

⚫The Govt advised extreme caution during the festive season, saying the next three months were crucial in the fight against Covid-19.The ministry cited examples of countries, including Russia and the Netherlands, where a spike in cases was seen after mass gatherings in certain public events.

⚫Asset quality back to pre-Covid levels. The RBI has started normalising its extraordinary injection of liquidity in a calibrated manner.

⚫Bank of Baroda reduced its home loan rate by 25 bps to 6.50%.

⚫Mahindra XUV700 clocked 25,000 bookings in its first 57 minutes on Thursday, M&M, termed it an “unprecedented milestone in the Indian automotive industry.

⚫The UK Govt added India to its vaccine eligible countries list, which would mean vaccinated Indians will no long be required to quarantine on arrival from October 11.

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5 October 2021 Updates

⚫Carmakers stare at nearly 500,000 units of booking backlog, and counting. Chip shortage disrupts production plans.

⚫Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic.

⚫The SEBI said that pooling of funds and units by stock brokers or clearing members shall be discontinued for mutual fund transactions.

⚫The Centre has ordered a multi-agency probe into the offshore secrets of wealthy elites unravelled in Pandora Papers—the latest leak of offshore financial records. The complex ownership structures and ringfencing of wealth in the records will be scrutinised by a CBDT.

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🇮🇳 India Daybook

🔹 Stocks in News

JSW Energy: Company signs 591 MW wind turbine procurement contract with Senvion India (From Agencies) (Positive)

ACE: ICRA Limited has revised the outlook to positive from stable for long term rating (Positive)

Tata Motors: Q2 Production seen at 170287 vehicles versus 111660 vehicles, Up 53% YoY (Positive)

HOCL: Resumption of operations at Kochi Plant On 03-10-2021 (Positive)

M&M Fin: Disbursals at Rs6450cr +60.1%YOY & +66.6%QOQ. (Positive)

HDFC Bank: Dep at Rs14060bn, up 14.4%YOY & 4.5%QOQ CASA at Rs6580bn, up 28.6%YOY & 7.5%QOQ (Positive)

Raymond: Press Briefing today for strategic business updates on Real Estate Business (Positive)

Andrew Yule: Company has received an upgraded credit rating from CRISIL Ratings Ltd (Positive)

RVNL: MoU with Tata Steel in connection with implementation of infrastructure projects (Positive)

Elpro International: MetLife International has entered into a share purchase agreement with IGE and Elpro International to acquire their total combined shareholding (Positive)

Banswara Syntex: Cofipalux Invest SA acquired 1.7 lakh equity shares in the company at Rs 168.35 per share on the BSE (Positive)

Oil Upstream Companies: US Crude futures surges to highest since February 2015 (Positive)

HFCL: The company has bagged an order of about Rs 287.96 crore from RailTel Corporation of India (Positive)

PVR: The company has reportedly tied up with Nodwin Gaming to stream gaming tournaments in its theatres. (Positive)

Munjal Auto: ICRA Limited has re-affirmed its rating assigned to Munjal Auto Industries Limited in respect of Long term/ Short term Bank Facilities (Neutral)

Hind Zinc: Mined metal production at 248,000 tons. Integrated metal production at 209,000 tons (Neutral)

Motherson: Company has issued Commercial Paper of INR 100 crore. (Neutral)

Gokaldas Exports: The company launched its qualified institutional placement issue on October 4 (Neutral)

Bharti Airtel: The company's Rs 21,000-crore rights issue will open on October 5 and close on October 21. (Neutral)

Adani Green Energy: The company has completed the acquisition of solar power producer SB Energy India for an enterprise value of $3.5 billion. (Neutral)

ICICI Lombard: AXA to sell 3.57% stake (1.75 cr shares) in ICICI Lombard via block deal (Negative)

Bharat Forge/Motherson: North America Class 8 truck orders slip 11.7% YoY & 28.7% MoM to 28,100 units.  (Negative)

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✅Offline Utilities for Income Tax Forms Form 15CA & Form 15CB issued by Income Tax India

✅ SEBI proposes minimum price ceiling for IPOs, Review of Price Band and Book Building Framework for public issues

✅New RBI Master Circular -  Prudential Norms on income recognition, Asset Classification and Provisioning pertaining to Advances.

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👉🏻GST registration can't be cancelled if business not carried out from premises due to Covid 19 norms, protocols - Calcutta HC

(The Calcutta High Court has ruled that goods and service tax registration cannot be cancelled if business was not carried out from the premises, due to the nationwide Covid pandemic)

👇🏻 👇🏻 👇🏻

https://bit.ly/3amug2V

👉🏻Govt extends Credit Guarantee Scheme for Subordinate Debt upto 31st of March 2022

(The scheme was launched to provide credit facility through lending institutions to the promoters of stressed Micro, Small and Medium Enterprises)

👇🏻 👇🏻 👇🏻

https://bit.ly/3ixyeKo

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NSE INDEX PROVISIONALLY ENDS UP 0.77% OR +131.05 POINTS AT 17,822.30

COAL INDIA: INDIA GOVT SAYS MINES THAT PRODUCE COAL SOLELY FOR OWN USE NOW ALLOWED TO SELL 50% ANNUAL OUTPUT IN OPEN MARKET

GODREJ CONSUMER PRODUCTS*: CO SAYS IN INDIA, EXPECT CLOSE TO DOUBLE-DIGIT SALES GROWTH IN Q2 || AT CONSOLIDATED LEVEL, EXPECT OPER MARGINS TO CONTRACT DURING Q2

GODREJ CONSUMER PRODUCTS: CO EXPECT SALES GROWTH IN LATIN AMERICA AND SAARC BUSINESSES TO BE SOFT IN Q2 || IN INDONESIA, EXPECT A MARGINAL DECLINE IN CONSTANT CURRENCY SALES

GODREJ CONSUMER PRODUCTS: CO SAYS WITNESSED BROAD-BASED SALES GROWTH IN OUR HOME CARE AND PERSONAL CARE CATEGORIES IN Q2

BAJAJ AUTO: CO SAYS A WHOLLY OWNED SUBSIDIARY CHETAK TECHNOLOGY LIMITED HAS BEEN INCORPORATED

FUTURE RETAIL: TERMINATION OF DEAL AS FUTURE-7 WAS NOT ABLE TO MEET TARGET OF OPENING STORES, PAYMENT OF FRANCHISEE FEES || TERMINATION OF DEAL WILL NOT HAVE FINANCIAL OR BUSINESS IMPACT ON CO

FUTURE RETAIL: CO SAYS EXECUTION OF MUTUAL TERMINATION AGREEMENT FOR MASTER FRANCHISE AGREEMENT FOR 7-ELEVEN

JAMMU AND KASHMIR BANK: RESERVE BANK OF INDIA EXTENDS TERM OF R. K. CHHIBBER AS CHAIRMAN, MD OF BANK

RAYMOND: RAYMOND REALTY TO DEVELOP GRADE 'A' COMMERCIAL & HIGH STREET RETAIL SPACE AT THANE SPREAD ACROSS 1 MLN SQ. FT

BSE LTD: CO UNIT GETS IN-PRINCIPLE APPROVAL FROM RBI FOR SETTING UP AND OPERATING TRADE RECEIVABLES DISCOUNTING SYSTEM - RTRS

ARIHANT SUPERSTRUCTURES: CO TO RAISE FUND AROUND 500 CRORES RUPEES VIA NCD'S AND QIP

DATAMATICS: CO INTRODUCES ENTERPRISE PRODUCTIVITY PLAN FOR INTELLIGENT AUTOMATION PRODUCTS

STAR CEMENT: FUTURE EXPANSION OF 3 MN TON CLINKERIZATION PLANT AT LUMSHNONG, MEGHALAYA & 12 MW WHRB PROJECT

BLS INTERNATIONAL: CO SIGNS RENEWAL CONTRACT WITH ROYAL THAI EMBASSY FOR VISA SERVICES

TATA MOTORS : CO UK SEP JLR SALES: 7196 VS 15450 (YOY)

KAMDHENU: UPDATE ON DEMERGER - CO HAS FILED THE 2ND MOTION PETITION PHYSICALLY WITH THE HON''BLE NCLT, CHANDIGARH BENCH, FOR ITS APPROVAL ON TODAY

IDFC FIRST BANK:

# BANK HOUSING LOAN REGISTERED STRONG QOQ GROWTH OF 11.0% IN Q2

# BANK CASA RATIO AT 51.9% VS 40.37% (YOY) II 50.86 (QOQ)

# BANK TOTAL CUSTOMER DEPOSIT AT 83,793 CR VS 69,368 CR (YOY) II 84,893 CR (QOQ)

# BANK GROS FUNDED ASSET AT 1,17243 CR VS 1,06,828 CR (YOY) II 1,13,794 CR (QOQ)

AURIONPRO: CO STRENGTHENS ITS POSITION IN THE APAC MARKET, SIGNS UP SOME DEALS IN BANKING & FINTECH SPACE

ALLIED DIGITAL: CO WINS ORDER WORTH 165 CRORE

CEREBRA INTEGRATED: CO IS PLEASED TO ANNOUNCE THAT IT HAS INCREASED ITS CAPACITY BY 100% FROM THE CURRENT RECYCLING & REFURBISHMENT CAPACITY FROM 20,000 METRIC TONS TO 40,000 METRIC TONS

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4 October 2021 Updates

⚫More than 2.5 crore unorganised workers have registered on the e-Shram portal, the labour ministry said. The e-Shram portal was inaugurated on August 26, 2021.

⚫Union minister Piyush Goyal assured that every stakeholder's interest will be taken into consideration while framing the e-commerce policy which would be robust and in the interest of every Indian.

⚫Country's largest insurer LIC is likely to file draft papers with Sebi by November for the largest IPO in country's history.

⚫NTPC to list 3 subsidiaries as part of Rs 15,000-crore asset monetisation.The three companies are NTPC Vidyut Vyapar Nigam, North Eastern Electric Power Corporation, and NTPC-Renewable Energy. 

⚫BSE is ready with its technology to introduce electronic gold receipts on its platform, which will help in creating uniform price structure of the yellow metal across the country.

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✅As per section 12(6) of the FCR Act, the FCRA registration shall be valid for a period of 5 years. However, the Ministry of Home Affairs (MHA) vide its circular dated 30th September, 2021, has extended the validity of the FCRA certificate

As per the said circular, if the FCRA registration expires between 29th September, 2020 to 31st December, 2021, then all such FCRA registration would be valid till 31st December, 2021. Therefore, all the organizations where FCRA registration expires between these dates, then such organizations shall be eligible to receive and utilize FC funds till 31st December, 2021

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👉🏻NFRA asks ICAI to reconsider structure of its accounting standards proposal

(These standards are for companies that are not required to follow Indian Accounting Standards. Most of these companies would be private, small with very small net worth or turnover or indebtedness, according to NFRA)

👇🏻 👇🏻 👇🏻

https://bit.ly/3B9mqFw

👉🏻No GST input tax credit on CSR expenses - AAR

(This is another classic case of divergent views on the same issue taken by two different benches of the AAR)

👇🏻 👇🏻 👇🏻

https://bit.ly/3l5VTmQ

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3 October 2021 Updates

🔹 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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