⚫The net direct tax collection grew nearly 68% during April 1 to November 23 to more than Rs 6.92 lakh crore.
⚫Investments worth Rs 91,000 crore will be made for developing existing and new airports in different parts of the country, as several measures are being taken to boost the civil aviation sector.
⚫India's economic recovery strengthened in the July-Sept quarter, helped by a pick-up in consumer spending, though the spread of the Omicron coronavirus variant raised fears for the future. The economy has been seeing a rebound from last year's deep slump, boosted by rising vaccination rates and a pick-up in Govt spending.
⚫Nearly 33% of India's medical devices capacity lying unused. Industry faces stiff competition from China as imports from country rise 75% in FY21.
.
========>
.
⚫India economy remained on track to post the fastest growth among major economies this year as its GDP expanded by a better than expected 8.4% in the July-Sept quarter to cross pre pandemic levels.
⚫Financial markets fell sharply after the head of drugmaker Moderna said existing COVID-19 vaccines would be less effective against the Omicron variant. Stocks across the globe shed 1.39% a day after broad declines in Europe and Asia.
⚫The Govt’s fiscal deficit for the April-Oct period came in at Rs 5.47 trillion or 36.3% of the Budget estimates. In the corresponding period last year, the country’s fiscal deficit was 119.7%.
⚫The Govt asked states to ramp up testing for Covid-19 and monitor home-quarantined international passengers, responding to a new variant of the virus called Omicron. It extended the nationwide Covid-19 containment measures till December 31.
.
========>
.
⚫Govt working on new legal framework on tech, internet: MoS IT. The digitalisation of the govt and public services is going to be "rapid" and soon to be unveiled. Digital India 2.0 will seek to accelerate on the gains made over the past few years.
⚫The volatility in the Indian equity markets has led to a slowdown in mobilisation by equity funds, with inflows trending downward in the past few months as lump-sum investors have stayed away due to lofty valuations.
⚫Govt to amend banking laws to facilitate privatisation of two PSU banks.
⚫The Centre asked states and UT's to conduct rigorous screening and testing of all international travellers coming from or transiting through South Africa, Hong Kong and Botswana, where a new Covid-19 variant of serious public health implications has been reported.
.
========>
.
⚫The discovery of a new Coronavirus variant named Omicron triggered global alarm as countries rushed to suspend travel from southern Africa and stock markets on both sides of the Atlantic suffered their biggest falls in more than a year. The WHO said Omicron may spread more quickly than other forms, and preliminary evidence suggested there is an increased risk of reinfection.
⚫RBI stance signals easier framework for setting up banks, say experts. The RBI is yet to clearly spell out its position on conversion of NBFC's into banks.
⚫Blow to consumers as India's leading FMCG companies hike prices again by 5-10% across its product portfolio in this quarter.
.
========>
.
✅ New improved GSTR-1/ IFF
GSTN issued advisory on 26/11/21 regarding revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience
https://www.gst.gov.in/newsandupdates/read/513
✅ CBDT clarification for TDS/TCS u/s 194-O, 194Q & 206C(1H)
The CBDT vide Circular No. 20 dated 25/11/21 clarified that if the component of VAT, sales tax, excise duty, CST, GST, etc., have been indicated separately in the invoice, then TDS under section 194Q is to be deducted without including such indirect taxes and no TDS on sale through e auction
https://www.incometaxindia.gov.in/pages/communications/circulars.aspx
.
========>
.
⚫Britain, Germany and Italy detected cases of the new omicron coronavirus variant on Saturday, while more nations imposed restrictions on travel from southern Africa.
⚫The Farm Laws Repeal Bill, 2021 has been listed for introduction and passage in Lok Sabha on the first day of the Winter Session of Parliament on Monday. The ruling BJP and main opposition party Congress have issued whips to their MPs to be present on the day.
⚫Indian OMC's are unlikely to provide immediate relief to consumers from high petrol and diesel prices.
⚫Samples of two South African nationals in Bengaluru have been sent for further tests after the individuals tested positive for the coronavirus.
.
========>
.
⚫PM said India is leading the world in this field with more than 70 start-ups having crossed the valuation of USD 1 billion.
⚫International passengers to India must give 14 days' travel history and upload negative Covid test results, the Govt, revising its guidelines for, a new variant of Covid-19.
⚫Centre's expenditure budget for FY22-23 likely to remain flat. The fiscal deficit of the Union Budget for FY23 could stay around 6.8%, the same as expected for FY22.
⚫Parliament meets Monday for its Winter Session when the Govt will move a Bill to withdraw the three farm laws and the Opposition plans to seek debate on the Pegasus spyware, the economy, the women’s reservation bill and other issues.
.
========>
.
🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether a Chartered Accountant in practice can give public interviews and also whether he can furnish details about himself or his firm in such interviews?
👉 Ans :As per paragraph 2.14.1.6(iv)O under Clause (6) of Part I of the First Schedule to the Act, appearing in Volume-II of Code of Ethics, a Chartered Accountant in practice can give public interviews. While doing so, due care should be taken to ensure that such interviews or details about the members or their firms are not given in a manner highlighting their professional attainments, Any detail which is given must, in addition to meeting above requirements, be given only as a response to specific question , and of factual nature only.
🏵️ FAQ: Whether a member can appear on television, films, internet and broadcast in the Radio or give lectures at forums?
👉 Ans : Yes, Council direction under Paragraph 2.14.1.7(x) under Clause (7) of Part I of the First Schedule to the Act, as appearing in Volume-II of Code of Ethics prescribes that a member may appear on television, films and internet and agree to broadcast in the Radio or give lectures at forums and may give his name and describe himself as chartered accountant. Special qualifications or specialized knowledge directly relevant to the subject matter of the programme may also be given. Firm name may also be mentioned, however, any exaggerated claim or any kind of comparison is not permissible.. What he may say or write must not be promotional of him or his firm but must be an objective professional view of the topic under consideration.
🏵️ FAQ: A Chartered Accountant in practice during a TV interview, handed over a bio-data of his firm to the Chairperson. Such bio-data detailed the standing of the international firm with which the firm was associated. It also detailed the achievements of the concerned partner and his recognition as an expert in the field of taxation in the country. The chairperson read out the said bio-data during the interview. Is it a professional misconduct?
👉 Ans :Yes, Clause (6) of Part I of the First Schedule to the Act prohibits solicitation of client or professional work either directly or indirectly by circular, advertisement, personal communication or interview or by any other means since it shall constitute professional misconduct. The member would be held guilty of professional misconduct under Clause (6) of Part I of the First Schedule to the Act under the given circumstances.
.
========>
.
🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether an auditor is required to provide to the client or to main auditor of the Head Office of the same enterprise access to his audit working papers?
👉 Ans :No, working papers are the property of an auditor. An auditor is not required to provide the client access to his audit working papers. The main auditors of an enterprise do not have right of access to the audit working papers of the branch auditors. The auditor, may at his discretion, in cases considered appropriate by him, make portions of, or extracts from his working papers available to the client.
🏵️ FAQ: Whether Joint Auditors can demand the working papers of one another?
👉 Ans :No, the working papers are the property of an auditor. Therefore, no Joint Auditor can demand the working papers of the other auditor.
🏵️ FAQ: Whether a joint auditor will be responsible for the work done by other joint auditor?
👉 Ans :The Council direction under Paragraph 2.15.1.2(ii) under Clause (2) of Part I of the Second Schedule to the Act, appearing in Volume II of the Code of Ethics, prescribes that in respect of audit work divided among the joint auditors, each joint auditor is responsible only for the work allocated to him including proper execution of the audit procedures. However, on the other hand, all the joint auditors are jointly and severally responsible for the work which is not inter-se divided among the auditors.
.
========>
.
🌺 Extension of Last Date for Updation of UDINs at e-filing Portal
🎯 Dear Professional Colleague,
🌴 The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January, 2022.
👉 For any clarification, please write at udin@icai.in.
.
========>
.
🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether a Chartered Accountant in practice can use expression like Income Tax Consultant, Cost Accountant, Company Secretary, Cost Consultant or a Management Consultant?
👉 Ans :No, Council direction under Paragraph 2.14.1.7(ii) of Clause (7) of Part I of the First Schedule to the Act, appearing in Volume II of the Code of Ethics prescribes that it is improper for a Chartered Accountant to state on his professional documents that he is an Income-tax Consultant, Cost Accountant, Company Secretary, Cost Consultant or a Management Consultant
🏵️ FAQ: Can a Chartered Accountant in practice give the date of setting up the practice or date of establishment on the letterheads and other professional documents, etc.?
👉 Ans : No,Council direction under Paragraph 2.14.1.7(iv) of Clause (7) of Part I of the First Schedule to the Act, appearing in Volume-II of Code of Ethics prescribes that the date of setting up of the firm on the letterheads and the professional documents, etc. should not be mentioned. However, in the Website, the year of establishment can be given.
🏵️ FAQ: Can a Chartered Accountant in practice also practice as an Advocate?
👉 Ans :Yes, Council direction under Paragraph 2.14.1.7(v) under Clause (7) of Part I of the First Schedule to the Act , appearing in Volume-II of Code of Ethics prescribes that a Chartered Accountant in practice who is otherwise eligible may practice as an Advocate subject to the permission of the Bar Council but in such cases, he should not use designation 'Chartered Accountant' in respect of the matters involving the practice as an Advocate. In respect of other matters he should use the designation 'Chartered Accountant' but he should not use the designation 'Chartered Accountant' and 'Advocate' simultaneously.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
