🔮 Ethics of the Day🕵🏻♀️
🏵️ FAQ: Whether a CA Firm can be registered with the Institute as a Limited Liability partnership?
🌀 Ans: Yes, vide the Chartered Accountants (Amendment) Act, 2011, the definition of “Firm” has been amended to include the Limited Liability partnership as defined in Clause (n) of sub-section (1) of Section 2 of the Limited Liability Partnership Act, 2008.
🏵️ FAQ: Can a member in practice render Management Consultancy and other services?
🌀 Ans: Yes, however, the areas covered under the Management Consultancy and other services have been summarized by the Council.
🏵️ FAQ: Whether a member in practice is permitted to undertake the management of NRI funds?
🌀 Ans: No, the member is not permitted to undertake such assignment Frequently Asked Questions on Ethical Issues 4 because the same is not covered under “Management Consultancy and Other Services” permitted to be rendered by the practicing members of the Institute.
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✅ ITD Press release on number of ITRs filed
As per press release more than 3 crore ITRs filed on the new e-Filing portal of the ITD, Taxpayers who are yet to file their ITRs for AY 2021- 22 advised to file at the earliest.
https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/1026/Press-Release-More-than-3-crore-ITR-filed-on-the-new-e-Filing-portal-dated-05-12-2021.pdf
✅ GST - Module wise new functionalities deployed on the GST Portal for taxpayers
Various new functionalities are implemented on the GST Portal and available to view on official You Tube channel of GSTN
https://www.gst.gov.in/newsandupdates/read/496
✅ Vodafone confirms filing for retro tax dispute settlement with India
Vodafone Group has filed an application with the government to settle its ₹20,000-crore retrospective tax dispute.
https://economictimes.indiatimes.com/news/economy/policy/vodafone-confirms-filing-for-retro-tax-dispute-settlement-with-india/articleshow/88082563.cms
✅ Access to ICAI e-Journal for December-2021
http://anax8a.pressmart.com/TheCharteredAccountant
✅ IBBI Press Release for Syllabus for Limited Insolvency Exam w.e.f. 01/03/2022*
https://ibbi.gov.in//uploads/press/4a516765a9e826b156d77df5bbec5976.pdf
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⚫Govt makes largest ever payment for slashing oil bond dues. Total interest outgo to top Rs 1.6 trn, against bonds of Rs 1.44 trn since FY10.
⚫The finance ministry said over three crore income tax returns have been filed for the financial year 2020-21.
⚫The RBI Monetary Policy Committee is expected to hold lending rates when its decision is announced Wednesday.
⚫Microfinance business may attract closer scrutiny on the way it is done. The outstanding microfinance portfolio at Rs 236.1K crore as of June 2021 marks a 7% qoq de-growth and less than 1% in year-on-year growth.
⚫India reported seventeen cases of the Omicron variant of Covid-19, taking the total to 21 as states and cities stepped up testing travelers and enforcing safety measures.
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ITC on Import in 2A: Solutions?
Many taxpayers are facing technical issues on the GST Portal that Import ITC of some Bill of Entries is not getting reflected in GSTR 2A/2B. Due to this many taxpayers are receiving notices from the department for excess claims of ITC.
1️⃣ Click the Services > User Services > Search BoE option.
2️⃣ Enter the Port Code, BOE No, BOE Date, and Reference Date.
3️⃣ Check Search Results, Click History of ICEGATE to view the History of query ICEGATE.
4️⃣ Click the BACK button to go back to the Search BoE Records page.
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⚫The key benchmark indices extended Friday's fall as investors continued to adopt a cautious approach given the uncertainity around the Omicron virus and the upcoming RBI policy meeting on Dec 08.
⚫FPIs dump $2.1 bn worth bank shares in Nov, pump $2.7 bn into FMCG stocks.
⚫The finance ministry told Parliament that the Govt had no plans for boosting cryptocurrency sector in India.
⚫Cases of the Omicron coronavirus variant have risen to 23 in India in two days, as Govt announced more than half of the country’s eligible adult population is fully vaccinated against the disease.
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✅ The online examination application form for ISA-AT scheduled to be held on 8th January, 2022 has been hosted on https://isaat.icaiexam.icai.org. All the eligible members may apply for the same. The last date for submitting the ISA-AT exam application form is 10th December, 2021.
✅ Procedure under Section 148A & the Substituted Sections 147 to 149 & 151 applies to Reassessment initiated on or after 01.04.2021. Hence the Reassessment notice issued under Section 148 deserves to be quashed held by High Court of Rajasthan in the case of Bpip Infra (P.) Ltd. Vs. ITO, Jaipur
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Updates and Improvements in GSTR-1
A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. Here are the latest features.
1️⃣ GSTR-1/IFF has been grouped in two sections ADD RECORD Details and AMEND RECORD Details.
2️⃣ E-Invoice advisory and Help Button have been moved to the top of the dashboard page.
3️⃣ Table/Title Document Counts with color coding.
Saved- Green color
Pending- Brinjal color
Errored- Red color
4️⃣ B2B and CDNR Title- New Record Detail Table with the details of the recipient wise count of records.
5️⃣ Records per page increases to 50 records per page.
6️⃣ When new records has been added, the SUBMIT and PREVIEW buttons will be disabled till a new summary has been generated after updating records.
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⚫India and Russia are eyeing deeper participation in the infrastructure sector with a host of memorandums being signed during Russian President brief visit. The agreements cover crude oil supply deals, manpower training, technology transfer for oil refineries, and research in the field of metallurgical technologies.
⚫After inaugurating the Rs 8,600 crore Gorakhpur fertiliser factory, PM said soil nutrients NPK and urea accounted for central subsidies worth Rs 43,000 crore and Rs 33,000 crore, respectively this year.
⚫In a stern action against industries, the Commission for Air Quality Management ordered immediate closure of all those NCR industries which have not switched to cleaner fuels in industrial areas despite their availability.
⚫India unseats Brazil as No.1 food supplier to Arab nations after 15 years.
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⚫Fitch Ratings cut India's economic growth forecast to 8.4% for the year ending March 31, 2022, but raised GDP growth projection for the next financial year to 10.3%.
⚫GST recommendation may cause immediate spike in inflation. The 5% tax rate broadly covers most food items, so an increase here would directly impact the monthly grocery budget of households.
⚫Power ministry approves new inter-state projects worth Rs 15893 cr.
⚫UP, Delhi & Karnataka have emerged as top three states in terms of registration of electric vehicles in India.
⚫The Samyukt Kisan Morcha intends calling off protests against three agriculture laws, but only after receiving a final copy of Govt’s revised proposal about its demands.
⚫Over 93% of villages in the country now have mobile broadband coverage through 3G and 4G technologies.
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🌺 Tender for CA Firms
NBCC (India) Ltd., Greater Noida, Uttar Pradesh
👉Tender for Engagement of Partnership/ Limited Liability Partnership firms of Chartered Accountants firms for conducting a special audit of stalled projects of erstwhile Amrapali group being executed by NBCC (India) Limited under the direction of Hon’ble Supreme Court of India for the financial years 2021-22, and 2022-23.”
👉Last Date: 13/12/2021
Email : rbg.amrapali@nbccindia.com
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⚫Credit Suisse expects the economy to continue to show positive surprises and record up to 9% growth in the next fiscal.
⚫Top 500 Indian firms added $1.2 trn wealth so far in CY21. This comes on the back of record highs in the stock markets, caused by a fast-growing digital economy and greater optimism for the post-Covid growth trajectory.
⚫The third tranche of Bharat Bond ETF was oversubscribed 6.2 times against the base issue size of Rs 1,000 crore.
Bharat Bond ETF invests in the debt of public sector companies.
⚫The Ministry of Railways will get Rs 20,000 crore under the second tranche of the supplementary demand for grants. This will take the allocation for the railways’ capital exp to more than Rs 2.35 trillion in 2021-22.
⚫Normal international flights suspended till Jan 31 over Omicron scare.
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The due date for deposit of advance Tax is 15-12-2021. You are requested to please deposit upto 75% For 3rd installment on or before 15-12-2021 to avoid interest on income tax not allowable as expense , However Bank interest paid on advance tax is allowable as expense.
High Court of Delhi dismissed the vexatious appeal with cost filed against CA whose Audit report passed Judicial Scrutiny in the case of Wholesale Trading Services (P.) Ltd. Vs. Institute of Chartered Accountants of India.
Allahabad High Court admits assessee's appeal challenging ITAT order upholding TP-adjustment on account of corporate guarantee for AY 2014-15, frames 2 substantial questions of law; Admits question on whether ITAT was legally correct in holding that corporate guarantee given by the assessee on behalf of its AEs is an “international transaction” within the meaning of Sec.92B of the Act, without recording finding that the transaction is of such a nature as to have bearing on profits, income, losses or assets of the entity.
MCA clarified that the deadline for holding annual general meetings (AGMs) due in the current year (2021) will not be extended further. The deadline to conduct AGMs ended on November 30. However, it has decided to allow companies to hold their AGMs through video conferencing or other audio-visual modes till June 30, 2022, given the threat imposed by the new variant.
RBI has proposed issuing a discussion paper on all aspects of digital payment charges, including the ones incurred while using credit cards, debit cards, prepaid payment instruments, Unified Payment Interface (UPI), among others. The central bank also proposed launching a UPI-based payment product for feature phone users.
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⚫IIP growth dips to eight-month low of 3.2% in Oct as manufacturing drags.
⚫Govt fails to join IPO bandwagon, share of PSUs less than 5% in 2021. Only two PSUs have managed to launch their IPOs, together raising less than Rs 5,500 crore.
⚫The RBI has approved the LIC of India to raise its stake in IndusInd Bank by up to 9.99%. The insurer holds 4.95% in the private lender.
⚫In India, nearly 38% of the total population is fully immunised and 60% have received at least one dose of the vaccination by December 10, 2021.
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✅ICAI - Empanelment of Chartered Accountant firms/LLPs for the year 2022-2023 - (10-12-2021) - https://www.icai.org/post/empanelment-of-chartered-accountant-firms-llps-for-the-year-2022-2023
✅CBIC has amended Bill of Entry Regulations to ensure faster clearances of Imports. https://twitter.com/CASumitGarg3/status/1469518996332421120?t=1t31qQeso53hZQNyTM0WLQ&s=08
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Empanelment of Chartered Accountant firms/LLPs for the year 2022-2023
Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with the office of the Comptroller and Auditor General of India for the year 2022-2023 for considering for appointment as auditors of Companies as per Sections 139(5) and 139(7) of the Companies Act 2013 and of Statutory Corporations/Autonomous Bodies as per the provisions of their respective Acts. Online application form along with detailed instructions in this regard will be available on the *website www.cag.gov.in from 1 January 2022 to 15 February 2022.* The applicant firms/LLPs will have to fill/update the data showing the status of their firm as on 1 January 2022. After filling/updating the data, the firms/LLPs will be required to generate online acknowledgement letter for the year. If the firms/LLPs fail to generate online acknowledgment letter, their application would not be considered for empanelment. The firms/LLPs will be required to submit a print out of the acknowledgement letter generated online and also hard copies of the documents in support of their online application to this office by 28 February 2022.
[11/12, 3:56 pm] SN > CA Raj Chawla-2: Faith makes everything possible. Hope makes everything work. Love makes everything beautiful.Have all the three as you begin your day.
Every beautiful thing is not always GOOD. But every GOOD thing is always beautiful. being Important is not always GOOD. But being GOOD is always Important.
The deadline to file income tax returns (ITR) for assessment year 2021-22 is 31 December. Though the income tax (I-T) department has introduced an automated filing system, annual information statement (AIS) along with other initiatives to ease the filing process, filing tax returns can be cumbersome.
Delhi ITAT allows Vedanta Ltd. (Successor to Cairn India Ltd.) to withdraw its appeal for assessment year 2007-08 in pursuance of amendment to section 9(1)(i) made by Taxation Laws (Amendment Act), 2021 and Rules framed thereunder.
Due date to file GST Annual Return for F.Y.2020-21 is 31.12.2021. The requirement of filing annual return is given u/s 44 of CGST Act, 2017 read with rule 80 of CGST Rules, 2017. The substituted rule 80 effective from 01.08.2021 provides for the filing of annual return and a reconciliation statement on a self-certified basis. An option is also provided to the taxpayer to furnish information in certain tables of GSTR-9 & 9C.
Equity-linked mutual fund schemes saw net inflows of over Rs 11,614.73 crore in November, as per the data furnished by the Association of Mutual Funds in India (AMFI) on Thursday. In October, the net inflows had stood over Rs 5,214 crore.
Insolvency & Bankruptcy Board’s move to make the committee of creditors (CoC) more accountable for its actions appears to have run into rough weather. The government is apprehensive about handing the oversight of CoC to the Insolvency & Bankruptcy Board (IBBI), as proposed in the code of conduct, and this could delay its implementation.
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🌺 Breather for tax payer; AIS data not for tax calculation: CBDT December 08, 21
🌴 On the alleged discrepancies related to stock sale and purchase data of assessees on newly-introduced Annual Information System (AIS), the *Central Board of Direct Taxes (CBDT)* has said that AIS data is not being used for suo moto tax liability calculation as of now.
🎯 In many cases AIS is showing pledged shares as sale of shares, an entry which will enhance tax liability. The data on sale/purchase of shares is showing the day’s closing prices rather than prices at which the sale/purchase was executed.
🌀 Clarifying the points, a top official from CBDT, clarified that “The equity data being reflected in AIS is based on inputs from depositories.”
“
👉 The data is just
there to make the tax payer aware about transactions that have been reported to the tax department by depositories and other third parties.
🫐 We are not taking those transactions into account for pre-filling income tax return forms or calculating capital gains, etc, as of now, as it is a third party data,” the official added.
🥭 “No tax liability computation will be done based on the data,” the official pointed out.
🍑 The official also said that AIS gives an option in the drop-down menu for raising a red flag on data sourced from third parties.
🍍 The CBDT has rolled out AIS to capture information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittances, among others, for 360-degree profiling of tax payers to plug evasion.
🍓 It will replace Form 26AS. The data is collected from agencies like depositories, property registrars and asset management companies.
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🌺 The MCA vide General Circular No. 19/2021 dated December 08, 2021 issued clarification w.r.t. holding of Annual General Meeting (“AGM”) through Video Conference (“VC”) or Other Audio Visual Means (“OAVM”).
👉With reference to Ministry’s General Circular No. 20/2020 dated May 05, 2020 and General Circular No. 02/2021 dated January 13, 2021, it has been decided to allow the companies whose AGMs are due in the Year 2021, to conduct their AGMs on or before June 30, 2022 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated May 05, 2020.
👉It is clarified that this Circular shall not be construed as conferring any extension of time for holding of AGMs by the companies under the Companies Act, 2013 (“the Act”) and the companies which have not adhered to the relevant timelines shall be liable to legal action under the appropriate provisions of the Act.
👉The General Circular can be accessed at:
https://www.mca.gov.in/bin/dms/getdocument?mds=LzJdfoYrL7zlnxT8HWRv5Q%253D%253D&type=open
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