✅ CBIC issued much awaited Guidelines for disallowing debit in electronic credit ledger under Rule 86A of CGST Rules. 2017 on 02/11/2021
https://www.cbic.gov.in/resources//htdocs-cbec/gst/Guidelines%20on%20Rule%2086A.pdf;jsessionid=6295EF95D23345E33D222EBFD0464E66
✅ Government issued Notification for reduction of Excise duty on Petrol & Diesel -
https://www.cbic.gov.in/resources//htdocs-cbec/excise/cx-act/notifications/notfns-2021/cx-tarr2021/ce09-2021.pdf
✅ RBI issues revised Prompt Corrective Action (PCA) framework for Scheduled Commercial Banks which will be effective from 1st Jan, 2022
https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=12186&Mode=0
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DIFFICULTY IN EXERCISING OPTION TO GET POLLING BOOTH RE-ALLOTTED
👉Members may kindly refer to the Announcement dated 14th October 2021 vide which the procedure to exercise option to get polling booth re-allotted was specified in pursuance to Rule 5 and sub-rule 2 of Rule 6 of the Chartered Accountants (Election to the Council) Rules, 2006. The said Announcement is hosted on www.icai.org
👉Of late, certain instances have been brought to the notice specifying issues like :
👉- Delay in receipt of OTP through email;
👉- Requesting to do away with requirement of OTP through email;
👉- Registered Mobile Number and/or Email Id different than SSP; and
👉- Error message at the submission stage.
👉The entire online process of submission of options for re-allotment of polling booths as well its architecture was re-visited and no technical inconsistency or glitch came to notice. On further close examination, the following has been noted.
👉- Delay in receipt of OTP through email can be attributed to email host server being used by the member;
👉- OTP through email is a system authentication process and ought to stay;
👉 - Members may please get their mobile number and /or email updated on the Self-service portal of the Institute; and
👉- Error message at the submission stage could be a local internet issue at user end.
👉In all such cases where the member is unable to enter his request successfully for re-allotment of polling booth despite repeated attempts, he may send scanned image of his request letter in the format duly signed from his registered email id to election2021@icai.in.
👉The format by email only duly filled-in, signed and scanned image should be received by the undersigned on or before :
👉11th November, 2021 if the change sought is from a city to new city in a different regional constituency in terms of Rule 6(2).
👉18th November 2021 if the change sought is from a polling booth to another polling booth in the same regional constituency in terms of Rule 5.
👉It is however clarified that the Returning Officer, may at his discretion, permit such manual request wherever he is satisfied that the request is genuine.
Link to download the form
https://resource.cdn.icai.org/67390election2021-54189format.pdf
Link to changing the pooling booth
https://changebooth.icai.org/
Link to Check your Pooling Booth
https://appforms.icai.org/elections/knowyourbooth2021.html
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MEF UPDATE
LAST DATE FOR SUBMITTING MEF 2021-22 extended
FROM NOVEMBER 10 TO NOVEMBER 20,2021
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🔮 Ethics of the Day🕵🏻🌴
🏵️ FAQ : Whether the Chartered Accountant who is appointed as a liquidator of a company can do the audit of that company?
👉 Ans No, Clause (4) of Part I of the Second Schedule to the Act and Regulations framed there under may be referred.
🏵️ FAQ: Whether a statutory auditor can accept the system audit of same entity?
👉 Ans :Yes, the statutory auditor can accept the assignment of a system audit of the same entity, provided it did not involve any scrutiny/review of financial data and information.
🏵️ FAQ: Whether a Chartered Accountant is qualified to be appointed as statutory auditor of one associate company when he is the internal auditor of another fellow associate company.?
👉 Ans :Yes, the statutory auditor of one associate company can accept internal audit of the fellow associate company, because there is no holding-subsidiary relation between such companies, and therefore there is no violation of provisions of Companies Act, 2013.
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⚫The UK Govt said that India's Covaxin will be added to its list of approved COVID-19 vaccines for international travellers from November 22, meaning that those inoculated with the Bharat Biotech manufactured jab will not have to self-isolate after arrival in England.
⚫India’s stock exchanges have decided to jointly introduce the T+1 settlement cycle in phases from February 25, beginning with the bottom 100 stocks by market capitalisation.
⚫The Govt is again examining the proposal to tax the blockchain ecosystem, which includes cryptocurrencies and such digital tokens.
⚫The Great Return to office begins in IT after a long Covid-induced hiatus. TCS, the largest IT services player, has told all its employees to be back at their deputed locations by November 15
⚫RBI imposed several restrictions on Maharashtra based Babaji Date Mahila Sahakari Bank, including capping withdrawals at Rs 5,000 for customers, amid deterioration in the lender's financial position.
⚫India is poised to achieve an ambitious services export target of $1 trillion by 2030, commerce and industry minister. The minister said that the opening up of the domestic legal services sector will benefit Indian lawyers as they would get huge opportunities in countries such as Europe, Australia and America.
⚫FM is scheduled to meet heads of public sector banks next week to review performance of the lenders and progress made by them to support the economy battered by the COVID-19 pandemic.
Banks would be urged to sanction loans for productive sectors to accelerate revival of the economy.
⚫Over 2.38 crore income tax returns have been filed for 2020-21 fiscal so far, the I-T department said. Of this, over 1.68 crore ITRs have been been processed, while refunds have been issued in more than 64 lakh cases.
⚫RBI lifted restrictions on credit card issuer Diners Club International, allowing it to onboard fresh customers, in view of the satisfactory compliance of RBI norms on local data storage as stipulated by the central bank.
⚫The past year has seen an influx of new investors putting their hard-earned money into equities. What was unique this time round was that the investors chose to invest in stocks directly rather than opt for the mutual fund route.
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The Income Tax Department has announced the roll-out of a new statement - AIS (Annual Information Statement). This will give you all the details (well almost all!) about YOUR financial transactions during the year.
What is AIS (Annual Information Statement)
You know earlier Income Tax used to give statement 26AS. AIS is a much detailed one - with many more details included - like your Savings Interest, all Mutual Fund transactions during the year etc.
Will 26AS be stopped?
Now you can get both 26AS and also AIS.
Both put together, Income Tax department knows all your financial transactions.
You will find it very easy to know and submit details for your Income Tax returns.
How to access my AIS?
Log in to your Income Tax account at http://incometax.gov.in
Go to Services Tab
Last option in this tab is the AIS option.
It will open a new tab with below two options:
Left side - Tax Information Summary (TIS)
Right side - AIS
Both are the same. TIS is a summary and AIS is the detailed statement. You can download both. When you download you get a pdf statement (There is a jpeg option also, but let's stick to PDF now).
PDF will be password protected.
Password is ur PAN Number (in CAPITAL) + Date of Birth (DDMMYYYY)
AIS will capture all financial transactions of the previous year.
Stocks
Insurance
Credit Cards
Purchase of property
Mutual Funds
Salary or Business income
Dividends
Interest on SB A/c and Deposits.
The above list is just indicative. It is your overall financial profile and will getting fine-tuned to include more categories
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