🌺 Empanelment of Chartered Accountant firms/LLPs for CAGs 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.
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👉 DoT moves NCLAT against resolution of Videocon; claims Rs 881.92 cr due from Videocon Telecom
https://economictimes.indiatimes.com/industry/telecom/telecom-news/dot-moves-nclat-against-resolution-of-videocon-claims-rs-881-92-cr-due-from-videocon-telecom/articleshow/88207695.cms
👉 Adoption of viable green steel-producing methods a decade away: Sajjan Jindal
https://economictimes.indiatimes.com/industry/indl-goods/svs/adoption-of-viable-green-steel-producing-methods-a-decade-away-sajjan-jindal/articleshow/88208481.cms
👉 ICAI - Empanelment of Chartered Accountant firms/LLPs for the year 2022-2023
https://www.icai.org/post/empanelment-of-chartered-accountant-firms-llps-for-the-year-2022-2023
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⚫GST Council likely to meet early Jan to discuss rate rationalisation. At the 45th GST Council Meeting, the Council had decided to rectify the inverted duty structure for footwear and textiles.
⚫India exports about US$ 10 billion worth of goods to Bangladesh, which is about 15% of total imports of Bangladesh.
⚫Micro-finance institutions want the RBI to hike the qualifying threshold of inflation adjusted household income for taking loans to Rs 3 lakh a year to widen the scope of eligible borrowers.
⚫RBI announces proposal to push UPI payments through feature phones.
⚫The Omicron coronavirus variant is more transmissible than the Delta strain and reduces vaccine efficacy but causes less severe symptoms according to the WHO.
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✅ Upcoming Due Dates
✅Clarification of holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio Visual Means (OAVM)
https://www.mca.gov.in/bin/dms/getdocument?mds=LzJdfoYrL7zlnxT8HWRv5Q%253D%253D&type=open
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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 benchmark indices fell on Monday amidst concerns about rising Omicron cases in Europe and the possibility of more aggressive tapering measures by the US Federal Reserve.
⚫Attendance at workplace rises to pre Covid levels. Power generation also moves higher than the previous week.
⚫NITI Aayog CEO said that the going forward India is determined to carry out more reforms across all sectors because the country needs more of them, not less.
⚫An online system that enables people to file corruption complaints with the Lokpal was inaugurated by the anti-graft ombudsman. It can be accessed by the citizens and complaints can be filed from anywhere, anytime at lokpalonline.gov.in
⚫Netflix cut the prices of all its four subscription plans in India, moving aggressively to expand its base in a country that is crucial for its business and still has millions of untapped users.
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💡⚖️MCA Update
Clarification of holdi of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio Visual Means (OAVM)-reg.
In continuation of Ministry's General Circular No. 20/2020 dated 05.05.2020, General Circular No. 02/2021 dated 13.01.2021 and General Circular No. 19/2021 dated 08.12.2021, it has also been decided to allow the companies who are proposing to organize AGMs in 2022 for the Financial Year ended/ending any time before/on 31.03.2022 through VC or OAVM as per the respective due dates by 30th June, 2022 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated 05.05.2020.
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Important_Announcement
ICAI_Convocation_Year_2021_22 scheduled for Members who have been enrolled as a Chartered Accountant (CA) between November, 2019 and August, 2021 and For Rank Holders of CA Final Examination held in July 2021.
Region Wise Schedule is Attached Hereby...
https://www.icai.org/post/convocation-2021-22
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⚫WPI-based inflation rate had galloped to 14.23% in Nov from 12.54% a month earlier. Higher food and fuel prices pushed the WPI rate to a record high, raising fears that this may translate into elevated retail inflation in coming months as well.
⚫Tata Group in talks with Taiwan co's to make chips in India. Indian conglomerate has a captive requirement for semiconductors.
⚫The RBI introduced a PCA framework for large NBFCs putting restrictions on para banks whenever vital financial metrics dip below the prescribed threshold.
⚫Cryptos may figure on RBI central board meet agenda on December 17. It is not unusual for the RBI board to deliberate on matters not listed on the agenda.
⚫World Trade Organization panel ruled in favour of Brazil, Australia and Guatemala in their trade disputes with India over sugar subsidies and asked New Delhi to conform with global rules. The rival producers alleged that India had broken WTO rules by providing excessive domestic support and export subsidies for sugar and sugarcane.
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