⏺️ Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Dated October 01, 2021
https://m.rbi.org.in//scripts/NotificationUser.aspx?Id=12171&Mode=0
⏺️ RBI issued one more clarification circular on IRAC norms pertaining to Advances -
RBI/2021-2022/158
DOR.STR.REC.85/21.04.048/2021-22
February 15, 2022
https://m.rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx
⏺️ ICAI Bank Audit Guidance Note 2022 edition including Relevant Master Circulars issued by RBI
https://www.icai.org/post/guidance-note-on-audit-of-banks-2022-edition
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Delhi Govt. issued guidelines for unblocking of ITC on expiry of 1 year from the date of blocking
1️⃣ The Department of Trade & Taxes, Government of N.C.T. of Delhi issued guidelines vide F.3(429)/GST/Policy/2022/1067-1072 dated March 08, 2022 regarding unblocking of ITC on expiry of one year from the date of blocking.
2️⃣ Rule 86A(3) stipulates that the ITC so blocked shall cease to have effect after the expiry of a period of one year from the date of blocking in case no action has been taken by the officers.
3️⃣ GSTN to introduce the functionality of automatically unblocking of such ITCs, which may result in such ITC becoming available to the taxpayers for utilisation.
4️⃣ An immediate field visit of all such GSTINs whose credit have been blocked, be conducted.
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👉 Online Examination of the 'Certificate Course on Indian Accounting Standards (Ind AS)' to be held on 24th April 2022
https://resource.cdn.icai.org/69628asb100322.pdf
👉 Enhanced Registration application user interface (UI)
https://www.gst.gov.in/newsandupdates/read/530
👉 CBIC notified the foreign currency exchange rates for Imports and Exports
https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2022/cs-nt2022/csnt10-2022.pdf
👉 Govt appoints ex-finance secretary Ajay Bhushan Pandey as NFRA chief for a period of three years.
https://www.news18.com/news/india/govt-appoints-ex-finance-secretary-ajay-bhushan-pandey-as-nfra-chief-4862378.html
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👉🏻CVC recommends Special CAG Audit of ICAI’s books
(The recommendations came after CVC was asked to examine complaints of alleged financial irregularities in the institute in the years 2019-20 and 2020-21)
👇🏻 👇🏻 👇🏻
https://bit.ly/3J8yc6O
👉🏻Prudential (IRAC) Norms on Advances and Clarifications in Bank Branch Audit
(NPA Identification & Classification as per IRAC Norms in Bank Branch Audit | Prudential (IRAC) Norms discussed by CA. Vivek Khurana)
👇🏻 👇🏻 👇🏻
https://youtu.be/t5CkgTRFxu0
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📜Major MCA Update : DSc
Ministry Back with old Associate DSC option
MCA Associate DSC Link💡👇👇
https://www.mca.gov.in/mcafoportal/showAssociateDSC.do
✅ The CBIC issued Circular No.169/01/2022-GST dated March 12, 2022 regarding the amendment to Circular No. 31/05/2018-GST, dated February 09, 2018 on ‘Proper officer under sections 73 and 74 of the Central Goods and Services Tax Act, 2017 (“the CGST Act”)* and under the Integrated Goods and Services Tax Act, 2017 *(“the IGST Act”)'.
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Some tips for current MCA Filing:
1. MCA site is crashing in Google Chrome
2. Please use internet explorer or Firefox
3. Associate DSC is working with few glitches
4. If any error is there please raise tickets immediately
5. In case challan problems - file form then go to track SRN and enter the SRN and download the challan copies - working fine in explorer and Firefox
6. Update Java and use latest version of emsigner/embridge
7. Please create additional Account for emergency purpose.
8. If unable to login in 2 attempts, wait for 20 minutes atleast and then login otherwise Id may get blocked for 2 hours.
9. Clear history, temp files on frequent basis.
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Income Tax dept reopening old tax assessments based on new algorithm tax assessments
Tax Assessments: Many people wait for their ITR refunds, the Income Tax Department has begun using an algorithm to reopen old assessment cases. The Income Tax Department is utilizing ‘INSIGHT,’ a platform that spits out the names of tax evaders after sifting through massive amounts of data.
Tax officials now take action based on the name generated by the platform, according to the new rule. Previously, tax officials reopened old tax assessments based on information that the assessee may have tried to conceal some income-related information.
The names are chosen at random. It’s possible that tax evasion took place four years ago, and already have evidence in the form of an income tax return. The INSIGHT system is also dependent on the information to be uploaded in order to throw up a name.
After being tipped by the algorithm, the I-T Department is required to send a preliminary notice to the concerned taxpayer under the newly created Section 148A of the I-T Act, informing him or her that his or her information has been flagged for a specific financial year. The system involves informing the assessee that their profile has been flagged as a “high-risk VRU (variable report upload)” under the “risk management system” by the Directorate of Income Tax (Systems), in accordance with the “risk management strategy” developed by the Central Board of Direct Taxes. After that, the taxpayer has one week to respond, after which the case will be automatically reopened.
If the new algorithm generates enough names, the I-T department can issue as many as 50,000 letters under section 148A in the Mumbai region alone, which accounts for 30% of all I-T collections.
Tax experts praised the move to give taxpayers a chance to explain themselves; they added that if the assessee responds satisfactorily, the case may not be reopened. Since, earlier cases were reopened without the taxpayer’s knowledge.
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⏺️Re-schedulement of Foundation Course Examination, May 2022 -
Starting date is now 24th June.
⏺️Employees' Provident Fund EPFO interest rate for 2021-22 slashed from 8.5% to 8.1%.
⏺️CBDT releases Detailed Circular regarding TDS and Income Tax Deduction on Salaries for AY 2021-22.
⏺️Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Dated October 01, 2021
https://m.rbi.org.in//scripts/NotificationUser.aspx?Id=12171&Mode=0
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👉🏻Banks Board Bureau shortlists MDs for four public sector banks
(BBB has identified managing directors for four lenders – Union Bank of India, Indian Overseas Bank, Punjab & Sind Bank and State Bank of India)
👇🏻 👇🏻 👇🏻
https://bit.ly/3MUKodV
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The CBDT issued Order vide F. No. 187/3/2020-ITA -I dated March 17, 2022 under section 119 of Income-tax Act, 1961 (“the IT Act”) providing exclusions to section 144B of the IT Act.
In partial modification of Order under section 119 of the Income-tax Act, 1961 (the Act) by F.No.187/3/2020-ITA-1 dated March 31, 2021 as modified by orders of even number dated September 06 2021, September 22, 2021 and December 16, 2021, the Central Board of Direct Taxes (the Board) in exercise of powers under section 119 of the Act, hereby directs that in addition to the exceptions as provided in the said orders, the following exception is hereby added as under:
vi. Assessment orders in all cases for which the time limit for completion expires on March 31, 2022 pending with the jurisdictional Assessing Officer as on March 15, 2022 or thereafter, which cannot be completed as per the procedure laid down under Section 144B of the Act due to technical procedural constraints in the given period of limitation.
Accordingly, the Board clarifies that assessment in cases at (vi) above shall be completed by the jurisdictional Assessing Officer.
The Board further reiterates that the exception at (vi) above is applicable only to the cases for which the time limit for completion expires on March 31, 2022.
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🌺 Relief for Taxpayers who have not filed Form 10-IC for AY 2020-21
👉CBDT has issued general circular condoning delay in filing form 10-IC for Asstt year 2020-21 to *claim concessional rate of tax of 22% under section 115BAA of the Act
👉Now this form can be filed up to 30.6.2022
👉Many companies though have opted for new lower rate of 22% tax in AY 2020-21 but has not filed this form which was statutory requirement to switch over to new rate. While processing return of AY 2020-21, huge demands were created as higher rate of 30% was applied in processing. This will be a big relief
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This is a very recent decision by Allahabad HC (DB) which elaborately discusses the meaning of issuance/electronic issuance of notice under Income Tax Act with reference to Information Technology Act, 2000.
I found it interesting and relevant for GST also. The correct understanding of meaning of "issuance" might help assessee(s) to challenge the validity of notice on the ground of limitation.
Held that "the point of time when a digitally signed notice in the form of electronic record is entered in computer resources outside the control of the originator i.e. the assessing authority that shall the date and time of issuance of notice under section 148 read with Section 149 of the Income Tax Act, 1961. "
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👉 Circular 6/2022: CBDT condoned delay in filing Form 10-IC for AY 20-21 subject to conditions attached.
https://www.incometax.gov.in/iec/foportal/sites/default/files/2022-03/Click%20Here.pdf
👉 Circular 5/2022: CBDT allowed filing of Form 3CF manually for limited period.
https://www.incometax.gov.in/iec/foportal/sites/default/files/2022-03/Click%20Here_0.pdf
👉 Banks in India may face headwinds from Russia-Ukraine crisis: S&P
https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-in-india-may-face-headwinds-from-russia-ukraine-crisis-sp/articleshow/90265065.cms
👉 Fewer EMI bounces point to drop in loan defaults
https://economictimes.indiatimes.com/industry/banking/finance/banking/fewer-emi-bounces-point-to-drop-in-loan-defaults/articleshow/90283489.cms
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