(NFRA Chairman said the inspections will take three weeks to complete and a draft report is expected before the end of the financial year)
👇🏻 👇🏻 👇🏻
https://bit.ly/3VAaerE
👉🏻New FAQs on e-Invoicing under GST.
(GST e-Invoice System has released updated e-Invoicing FAQs)
👇🏻 👇🏻 👇🏻
https://youtu.be/MOKzR5rAC0g
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👉🏻Expression of Interest of CA firm for Internal Audit of CECB.
(EOI for conducting the internal audit for FY 2018-19, 2019-20, 2020-21 & 2021-22 of the Board comprising the HO & 7 RO's located at Raipur, Bilaspur, Bhilai-Durg, Jagdalpur, Raigarh, Korba & Jagdalpur)
👇🏻 👇🏻 👇🏻
https://bit.ly/3FwoX0R
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.👉Residential MDP Programme for CAs organized by CMI&B jointly with IIM Jammu at from 7th to 9th December, 2022 at Srinagar , Off-Campus, IIM Jammu
https://resource.cdn.icai.org/72072cmib58000.pdf
👉Revised Regulatory Framework - Categorization of Urban Co-operative Banks (UCBs) for Regulatory Purposes
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12416&Mode=0
👉Govt to allow foreign funds to own over 51% in IDBI Bank
https://economictimes.indiatimes.com/industry/banking/finance/banking/india-to-allow-foreign-funds-to-own-over-51-in-idbi-bank/articleshow/96029007.cms
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👉RBI imposes penalty on 13 cooperative banks
https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-imposes-penalty-on-13-cooperative-banks/articleshow/96179366.cms
👉Master Direction – Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12424&Mode=0
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✅NRIs without PAN can manually file Form 10F till March 31, 2023, to avoid TDS on payments received.
✅More than 5.57 lakh companies struck off due to non-compliance with companies law provisions.
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👉Sovereign Gold Bond (SGB) Scheme 2022-23
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12429&Mode=0
👉NBFCs seen growing at 10-12 per cent this fiscal and next
https://economictimes.indiatimes.com/industry/banking/finance/nbfcs-seen-growing-at-10-12-per-cent-this-fiscal-and-next/articleshow/96251142.cms
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✅Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19.
Circular No. 183/15/2022-GST dt. 27.12.2022
✅Clarification on the entitlement of input tax credit where the place of supply is determined in terms of the proviso to sub-section (8) of section 12 of the IGST Act, 2017.
Circular No. 184/16/2022-GST dt. 27.12.2022.
✅Clarification with regard to applicability of provisions of section 75(2) of CGST, 2017 and its effect on limitation.
Circular No. 185/17/2022-GST dt. 27.12.2022
✅UIDAI enables ‘Head of Family’ based online address update in Aadhaar. Residents can update address in Aadhaar online with the consent of their Head of Family (HOF).
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👉🏻RBI to Audit 9,500 NBFCs to check on levels of compliance.
(RBI is likely to engage the services of external auditors to Audit majority of the 9,500-odd NBFCs to delve into their operations and check whether their registered office is at the place mentioned in their application for registration)
👇🏻 👇🏻 👇🏻
https://bit.ly/3WNMvEW
👉🏻Appointment of CA firm for Concurrent Audits of Bank of Baroda.
(Appointment of -1- Chartered Accountant Firm to carry out Concurrent Audits of Branches/CBOs/Other Units for each of the Zones / Groups of Bank of Baroda)
👇🏻 👇🏻 👇🏻
https://bit.ly/3GGHyIs
👉🏻Reconciliation of ITC mismatch in 3B and 2A/2B.
(Clarification to deal with difference in ITC availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19 )
👇🏻 👇🏻 👇🏻
https://youtu.be/r5pEInWD9Gs
👉🏻RBI to Audit 9,500 NBFCs to check on levels of compliance.
(RBI is likely to engage the services of external auditors to Audit majority of the 9,500-odd NBFCs to delve into their operations and check whether their registered office is at the place mentioned in their application for registration)
👇🏻 👇🏻 👇🏻
https://bit.ly/3WNMvEW
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Income-tax department has stepped up its enforcement efforts to recover about 40 percent of the outstanding tax demand, or Rs 7.7 trillion out of the total arrears of Rs 19.35 trillion, in the remaining months of the current financial year 2023.
Central Board of Indirect Taxes and Customs had issued Circular No. 187/19/2022-GST dated December 27, 2022, regarding Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016.
Government will likely roll out a merchant credit card (MCC) facility for traders in the MSME category this year to help these units tide over short-term liquidity woes. It is being designed along the lines of the Kisan Credit Card and will likely offer incentives such as short-term, collateral-free loans up to a limit at a cheaper rate to these units.
C&AG has issued Policy of Empanelment of CA Firms/LLPs and Selection of Auditors. Empanelment of CA firms/LLPs Chartered Accountant firms (firms) and Limited Liability Partnerships (LLPs) in India with at least one full time [1] FCA Partner/FCA Sole Proprietor can apply for empanelment with this office for the purpose of appointment of auditors of Companies as per Section 139 (5) and 139(7) of the Companies Act 2013 and of Statutory Corporations/Autonomous Bodies as per the provisions of their respective Acts.
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CBDT vide Circular No. 1 of 2023 dated 06.01.2023 has granted a further extension of timelines to comply with provisions of section 54 to 54GB for which the last date of such compliance falls between 01.04.2021 to 28.02.2022 (both days inclusive), such compliance may be completed on or before 31.03.2023.
Karnataka High Court dismisses Revenue's appeal against Wipro, follows Delhi High Court ruling Danisco India (P) Ltd. v. Union of India and Others (2018) 404 ITR 539 (Del.) and holds that when the recipient entity is eligible for benefit of DTAA, the TDS rate shall be taken as per the applicable DTAA and not as per the provisions of Section 206AA; - [CIT v. Wipro Ltd. [TS-1016-HC-2022(KAR)] (Karn.)]
RBI is likely to engage the services of external auditors to audit the majority of the 9,500-odd non-banking finance companies (NBFCs) to delve into their operations.
Failure of certain NBFCs due to idiosyncratic factors and several digital lenders violating extant regulations and guidelines on outsourcing and Fair Practices Code may be the trigger for the aforementioned audit.
The RBI cancelled the certificate of registration (CoR) of 3,110 NBFCs between FY15 and FY22, with the largest number of cancellations (1,851) being in FY19.
As on October 1, 2022, the CoRs of 5,451 NBFCs were cancelled by the central bank. The proposed audit exercise could lead to cancellation of CoRs of more NBFCs in FY24.
Several NBFCs violated extant regulations and guidelines on outsourcing and Fair Practices Code (FPC) and faced cancellation of license.
The focus of the proposed audit could be on NBFCs in the Base Layer (under the scale based regulation) comprising non-deposit taking NBFCs below the asset size of ₹1,000 crore and NBFCs undertaking activities such as Peer-to-Peer Lending (Platform), Account Aggregator and Non-Operative Financial Holding Company.
There are 11 types of NBFCs including Investment and Credit Company, Infrastructure Finance Company,Core Investment Company, Micro Finance Institution, Account Aggregator, Peer to Peer Lending Platform and Housing Finance Company.
Revised CAG Policy_2023-24 & Onwards https://care.cag.gov.in/policy/policy.htm
The results of Chartered Accountants Final and Intermediate Examination held in the month of November 2022 are likely to be declared on Tuesday, the 10th January 2023.
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If you are one of those individuals who missed the last date of December 31, 2022, to file a belated or revised income tax return for FY 2021-22. Budget 2022 has introduced the option to file an updated ITR (ITR-U) for those individuals who have missed the chance to file a tax return for a financial year.
Delhi High Court sets aside the reassessment notice for not disclosing the information/ material that formed the basis for initiating the reassessment proceedings; Directs Revenue to furnish the relevant information/material to the Assessee within four weeks from the date of receipt of a copy of this order; – [Bharat Agro Overseas (India) v. ACIT [TS-1007-HC-2022(DEL)] – Date of Judgement : 21.12.2022 (Del.)]
The Central Board of Indirect Taxes and Customs had issued Circular No. 184/16/2022-GST dated December 27, 2022, regarding Clarification on the entitlement of input tax credit for the transportation sector.
The Supreme Court maintained that recoveries under the SARFAESI Act with regard to the secured assets will prevail over the recoveries under the MSMED Act, 2006 to recover the amount under the award or decree passed by the facilitation council.
Results of the Chartered Accountants Final & Intermediate Examination held in November 2022 are likely to be declared on Tuesday, the 10th January, 2023 and will be available on the websiteicai.nic.in
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✅Reopening notice can be challenged with reassessment order before HC Anshul Jain Vs PCIT (Punjab and Haryana High Court)
✅Assessee can challenge reopening notice at the stage of challenging consequential Assessment order: HC Auroglobal Comtrade Private Limited Vs Chairman, CBDT & Others (Orissa High Court)
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Orissa High Court dismisses Revenue’s appeal against allowability of Section 11 exemption to an educational institution; Holds that the Revenue cannot take advantage of the changed legal position as a result of the Supreme Court ruling in New Noble Educational Society since Supreme Court clarified that the ruling shall operate prospectively; – [CIT(E) v. Sikhya ‘O’ Anusandhan [TS-04-HC-2023(ORI)]
CBIC said those applying for GST registration need not give their mobile phone number and email address. Instead, their PAN will be verified through a separate one time password to be sent to the mobile number and e-mail address linked to it.
MCA Filing of Forms GNL-2 (filing of prospectus related documents) and MGT-14(filing of Resolutions relating to prospectus related documents) due tomigration from V2 Version to V3 Version in MCA 21 Portal from 7th January, 2023 to 22nd January, 2023-General Circular No. 02/2023.
Release Plan of 45 company e-Forms in MCA 21 Version 3.0-Genral Circular No. 01/2023.
MCA is launching a second set of company forms covering 56 forms in two different lots on mca21 v3 portal. 10 out of 56 forms will be launched on 09th january 2023 at 12:00 am and the remaining 46 forms on 23rd january 2023.
Following forms will be rolled-out on 09th january 2023_spice+ part a, spice+ part b, run, agile pro-s, inc-33, inc-34, inc-13, inc-31, inc-9 and urc-1._ click here to view a list of 46 forms which will be rolled-out on 23rd january 2023. to facilitate implementation of these forms in v3 mca21 portal, stakeholders are advised to note the following points:
Company e-filings on v2 portal will be disabled from 07th january 2023 12:00 am to 08th january 2023 11:59 pm for 10 forms which are planned for roll-out on 09th january 2023.
Company e-filings on v2 portal will be disabled from 07th january 2023 12:00 am to 22nd january 2023 11:59 pm for 46 forms which are planned for roll-out on 23rd january 2023.
all stakeholders are advised to ensure that there are no srns in pending payment and resubmission status.
offline payments for the above 56 forms in v2 using pay later option would be stopped from 28th december 2022 12:00 am. you are requested to make payments for these forms in v2 through online mode (credit/debit card and net banking).
in view of the upcoming launch of 56 company forms, v3 portal will not be available from 07th january 2023 12:00 am to 08th jan 2023 11:59 pm due to 10 company forms roll-out and from 21st january 2023 to 22nd january 2023 for 46 company forms roll-out.
v2 portal for company filing will remain available for all the forms excluding above mentioned 56 forms.
Online application form along with detailed instructions in this regard are available on the website www.cag.gov.in from 6 January 2023 to 15 February 2023. The applicant firms/LLPs will have to fill/update the data showing the status of their firm as on 1 January 2023. After filling/updating the data, the firms/LLPs will be required to generate online acknowledgement letters for the year. If the firms/LLPs fail to generate online acknowledgment letters, their application would not be considered for empanelment.
The firms/LLPs will be required to submit a printout of the acknowledgement letter generated online and also hard copies of the documents in support of their online application in the office of the Comptroller and Auditor General of India at 10, Bahadur Shah Zafar Marg, Mata Sundari Railway Colony Mandi House, Vikram Nagar, New Delhi, Delhi 110002 latest by 28 February 2023. Interested members may avail the online application at the following: http://care.cag.gov.in/Authorised/Default.aspx For any query/issue, please contact O/o C&AG at sao...@cag.gov.in
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CBDT has abolished the limit of Rs. 5,000 applicable on interest income to report in the Statement of Financial Transactions (SFT) by the reporting entities. The board has modified Notification 2 of 2021, dated 20-04-2021 that provided such a limit.
Income tax department has extended the time limit for a number of compliances related to long-term capital gains tax exemption, till March 31, 2023.
Madras High Court, in case of "Easwaran Brothers India Private Limited Vs. AC (ST) (FAC)" has held that dealers cannot be compelled to carry forward Input Tax Credit (ITC) from pre-GST regime to the GST regime if the dealer chooses to avail refund instead. So, a dealer cannot be compelled to opt for one of the two i.e., refund or carry forward the ITC to GST regime. Under the GST law, it is an option given to the dealers.
SEBI, in a circular clarified that all payment mechanisms provided by banks and payment aggregators authorised by the RBI to be used for settlement of trades executed on the Request for Quote or RFQ platform.
MCA vide General Circular No. 01/2023 dated January 09, 2023 waived the payment of an additional late fee for the filing of 45 forms that are migrating to the V3 portal.
MCA is in the process of introducing certain company e-Forms in MCA21 Version 3.0 and thus these e-Forms will not be available in MCA21 Version-2 from January 07, 2023 to January 22, 2023.
Therefore, keeping in view the fact above, it has been decided by the Competent Authority to allow additional time of 15 days, without levying additional fees, to the stakeholders, in cases where the due dates for filing of these 45 e-Forms fall during the period between January 07, 2023 and January 22, 2023.
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CBDT has abolished the limit of Rs. 5,000 applicable on interest income to report in the Statement of Financial Transactions (SFT) by the reporting entities. The board has modified Notification 2 of 2021, dated 20-04-2021 that provided such a limit.
Income tax department has extended the time limit for a number of compliances related to long-term capital gains tax exemption, till March 31, 2023.
Madras High Court, in case of "Easwaran Brothers India Private Limited Vs. AC (ST) (FAC)" has held that dealers cannot be compelled to carry forward Input Tax Credit (ITC) from pre-GST regime to the GST regime if the dealer chooses to avail refund instead. So, a dealer cannot be compelled to opt for one of the two i.e., refund or carry forward the ITC to GST regime. Under the GST law, it is an option given to the dealers.
SEBI, in a circular clarified that all payment mechanisms provided by banks and payment aggregators authorised by the RBI to be used for settlement of trades executed on the Request for Quote or RFQ platform.
MCA vide General Circular No. 01/2023 dated January 09, 2023 waived the payment of an additional late fee for the filing of 45 forms that are migrating to the V3 portal.
MCA is in the process of introducing certain company e-Forms in MCA21 Version 3.0 and thus these e-Forms will not be available in MCA21 Version-2 from January 07, 2023 to January 22, 2023.
Therefore, keeping in view the fact above, it has been decided by the Competent Authority to allow additional time of 15 days, without levying additional fees, to the stakeholders, in cases where the due dates for filing of these 45 e-Forms fall during the period between January 07, 2023 and January 22, 2023.
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👉MEGA CA STUDENTS' CONFERENCE - ERNAKULAM on Wednesday & Thursday, 11th & 12th January 2023 at Gokulam Convention Centre, Kaloor, Ernakulam.
https://resource.cdn.icai.org/72411sseb58312.pdf
👉Basel III Capital Regulations - Eligible Credit Rating Agencies
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12435&Mode=0
👉CBIC notified the foreign currency exchange rates for Imports and Exports
https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2023/cs-nt2023/csnt02-2023.pdf
👉Axis Bank enters into revised pact with Max Financial Services for acquiring additional 7% stake in Max Life
https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-enters-into-revised-pact-with-max-financial-services-for-acquiring-additional-7-stake-in-max-life/articleshow/96885343.cms
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Trust imparting Vedic education beyond religious boundaries eligible for exemption. Bangalore ITAT sets aside CIT(E) order denying Assessee the registration under Section 12A as a charitable trust and consequently holding Assessee ineligible for approval under Section 80G; Holds that Assessee conducts teaching of Vedas regardless of caste, creed, religion or gender which is in the nature of education and the Assessee also conducts activities for relief of poor; [Shruthiparampara Gurukulam v. ITO [TS-07-ITAT-2023(Bang)] – Date of Judgement : 09.01.2023 (ITAT Bangalore)]
Commodity transactions in the regular course of business are not speculative transactions. Case Name : ACIT Vs Clothing Culture Ltd (ITAT Mumbai) Appeal Number : ITA No.495/Mum/2021 Courts : All ITAT ITAT Mumbai
GSTN has enabled the new functionality Letter of Undertaking (LUT) for the FY 2023-2024.
SEBI introduced the revised framework for share sales through offer for sale (OFS), paving the way for non-promoters to use this route.
Kerala High Court has held that contractual employees being terminated from service for 'unsatisfactory performance' have to be first given a notice regarding the same.
After DigiLocker for individuals, NFRA is looking to implement a similar mechanism for auditors to safely keep their audit files in a tamper-proof way.
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Trust imparting Vedic education beyond religious boundaries eligible for exemption. Bangalore ITAT sets aside CIT(E) order denying Assessee the registration under Section 12A as a charitable trust and consequently holding Assessee ineligible for approval under Section 80G; Holds that Assessee conducts teaching of Vedas regardless of caste, creed, religion or gender which is in the nature of education and the Assessee also conducts activities for relief of poor; [Shruthiparampara Gurukulam v. ITO [TS-07-ITAT-2023(Bang)] – Date of Judgement : 09.01.2023 (ITAT Bangalore)]
Commodity transactions in the regular course of business are not speculative transactions. Case Name : ACIT Vs Clothing Culture Ltd (ITAT Mumbai) Appeal Number : ITA No.495/Mum/2021 Courts : All ITAT ITAT Mumbai
GSTN has enabled the new functionality Letter of Undertaking (LUT) for the FY 2023-2024.
SEBI introduced the revised framework for share sales through offer for sale (OFS), paving the way for non-promoters to use this route.
Kerala High Court has held that contractual employees being terminated from service for 'unsatisfactory performance' have to be first given a notice regarding the same.
After DigiLocker for individuals, NFRA is looking to implement a similar mechanism for auditors to safely keep their audit files in a tamper-proof way.
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India's gross direct tax collections (before adjusting for refunds) have grown by about 24.58% to ₹14.71 lakh crore till 10 January of the current fiscal. After adjusting for refunds, the net direct tax collection stands at ₹12.31 lakh crore, which is 19.55% higher than the net collections for the corresponding period of last year.
Supreme Court disposes of Assessee’s SLP against Punjab & Haryana High Court order dismissing writ petition challenging reassessment proceedings as non-maintainable due to availability of alternate appellate remedy; [Red Chilli International Sales v. ITO [TS-12-SC-2023] – Date of Judgement : 03.01.2023 (SC)]
CBDT Notification No.1/2023 In SFT, information is to be reported for all account/ deposit holders where any interest exceeds zero per account in the FY excluding Jan Dhan Accounts. (Earlier this limit was Rs.5,000)
CBIC has notified the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023, which will come into effect from February 11.
SME IPOs hitting stock exchanges (BSE SME and NSE Emerge combined) jumped 84 per cent from 59 IPOs raising Rs 787 crore in the calendar year 2021 to 109 raising Rs 1,980 crore in 2022 - third highest after 144 SME IPOs in 2018 and 135 in 2017.
Committee on International Taxation of ICAI releases Technical Guide on Royalty and Fees for Technical Services, covering all the recent notifications, judicial updates and reporting requirements; Takes into consideration recent developments such as SC ruling in Engineering Analysis and CBDT Circular on MFN clause and its impact on determining taxability of royalty/FTS.
Online application on the CAG portal to empanel your firm for the year 2023-2024. Website Link: https://care.cag.gov.in/Authorised/Default.aspx Last Date for online application: 15th Feb, 2023 Last Date for submitting hard copies: 28th Feb, 2023.
Last date for registration for Overseas Campus Placement Prog at https://cmib.icai.org/ under Overseas Placement tab extended till 13th Jan,2023 (2:00 P.M.) Regards CMIB ICAI.
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Advisory on taxpayers facing issue in filing GSTR-3B
👉According to Hon’ble Supreme Court’s directive filing of TRAN forms was made available for aggrieved taxpayers during 01.10.2022 to 30.11.2022. It has been observed that, in the process of filing TRAN forms, few taxpayers have submitted their forms on the portal but did not finally File it within the specified time. After submitting the Tran Forms, only filing was to be done with e-sign. Further, it is seen that such taxpayers have not raised any ticket for difficulty faced by them in filing Tran Forms. Some taxpayers were also contacted by GSTN and they informed that they do not intend to file TRAN forms. As the TRAN forms of these taxpayers are submitted but not filed, these taxpayers are not able to file their GSTR-3B.
👉The TRAN filing window has already been closed. Hence, such taxpayers are advised to raise a ticket on GST Grievance Portal giving consent that their TRAN filing status may be reset by GSTN. Once the consent for resetting their unfiled TRAN forms is received, the TRAN forms will be reset and the taxpayer will be able to file their GSTR-3B.
Source- https://www.gst.gov.in/newsandupdates/read/567
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GST council meeting, the manner of dealing with difference in liability reported in statement of outward supplies (GSTR-1) and that reported in return (GSTR-3B) has been codified in the form of Rule 88C of the CGST Rules.
Cancelled GST registration can be restored upon fulfilment of conditions. Case Name : Pitchaiah Venkateshprumal Vs Superintendent of CGST & C. Excise (Madras High Court)
With businesses flooding the government with demands for production-linked incentive (PLIs) schemes for more sectors, the Centre may extend such incentives to over half a dozen new areas in the Budget for 2023-24.
Non-appearance of supplier cannot be reason for treating purchases as unexplained expenditure. Case Name : PCIT Vs Sanjay Dhokad (Bombay High Court)
Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial International Standard-setting stage itself, invites comments from public. The downloadable version is available at: https://resource.cdn.icai.org/72669asb58579.pdf
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CBDT Notifies Income Tax Exemption to Indian Institute of Science Education and Research, Tirupati. As per Notification No : F. No. 203/02/2022 issued by the CBDT In exercise of the powers conferred by clause (ii) of sub-Section (1) of Section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of subsection (1) of Section 35 of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962.
To claim deduction of 150% under section 35(2AA), the sum should have been paid by the assessee with a specification that the said sum shall be used for scientific research undertaken, under a program approved by the prescribed authority. This Notification shall apply with effect from the date of publication in the Official Gazette (i.e., from the Previous Year 2022-23) and accordingly shall be applicable for Assessment Years 2023-2024 to 2027-2028.
Delhi High Court in M/s. Hero Motocorp Ltd. v. Union of India & Ors [Review Petition 318/2022 in W.P.(C) 2032/2019 dated December 15, 2022] has dismissed the review petition filed by the Revenue Department, and upheld the order passed by the Hon’ble Delhi High Court quashing the Instructions which prohibited the Input Service Distributor (“ISD”) from transitioning accumulated unutilized CENVAT credit. Further, held that such instructions were not aligned with the decisions taken by the various courts and with the position of law as declared by judgments.
National Financial Reporting Authority (NFRA) has published draft requirements regarding preparation and publication of Annual Transparency Report (ATR) by auditors/audit firms. Rule 8(2) of the NFRA Rules 2018 empowers the NFRA to require an auditor to report on its governance practices and internal processes designed to promote audit quality, protect its reputation and reduce risks including risk of failure of the auditor and may take such action on the report as may be necessary.
NFRA intends to prescribe publication of ATR containing certain critical information about the auditor’s operational activities, management, governance and ownership structures, and policies and procedures necessary to deliver high-quality audits etc.
The information contained in the ATR will be useful to the Investors, Audit Committees, Independent Directors and public at large. The ATR requirements are proposed to be implemented in a gradual manner for PIEs starting with Statutory Auditors of Top 1000 Listed Companies (by market capitalization) with effect from the financial year ending on 31 March 2023.
The ATR has to be published within three months from the end of each financial year. NFRA has also decided to seek public comments/suggestions on the contents of the ATR by 16 February 2023.
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✅The Karnataka Authority of Advance Ruling (AAR) held *No GST will Charge on Reimbursement of Tree Cut Compensation paid to Farmers and Land Owners, If the Applicant qualify to be a Pure Agent*
✅Supreme Court to decide on the constitutional validity of Section 17(5)(d) of the CGST Act, 2017 which restricts the Input Tax Credit (ITC) on immovable property is listed on February 01, 2023. Chief Comm. of CGST vs. M/s Safari Retreats Pvt. Ltd.
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.The Central Board of Direct Taxes has said that banks will have to report "any interest income exceeding Rs zero" for all account and deposit holders in a financial year excluding Jan Dhan Accounts. The notification is effective January 5.
Central Board of Indirect taxes and custom had issued Notification No. 26/2022 – Central Tax dated December 26, 2022, regarding Seeks to make Fifth Amendment (2022) to CGST Rules. Following are the broad-level changes and impact thereof.
GST revenue collected in the month of December 2022 is Rs 1,49,507 crore of which : CGST is ₹ 26,711 crore, SGST is ₹ 33,357 crore, IGST is ₹ 78,434 crore (including ₹ 40,263 crores collected on import of goods) and Cess is ₹ 11,005 crore (including ₹ 850 crores collected on import of goods).Monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row.
Amendment to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: SEBI vide its notification dated January 17, 2023, has amended the LODR regulations.
A government panel has suggested that a corporate group insolvency framework under the Insolvency and Bankruptcy Code (IBC) should apply to only bankrupt entities that are already undergoing resolution or liquidation process, and not to the solvent firms of the group.
Delhi High Court directs non-eviction of property owned by Co-Owner of Property under PMLA editor2 | Corporate Law. Case Name : Sanjay Jain (IN JC) Vs Directorate of Enforcement (Delhi High Court)
Government is considering a new GST 1-time tax Amnesty scheme to reduce litigation, which may be announced in budget 2023. The Amnesty scheme may expedite 33,653 customs cases worth INR 38,293 crores stuck in litigation.
MCA has issued a notification dated 20/1/2023 w.r.t the Companies (Appointment and Qualification of Directors) (Amendment) Rules, 2023.
Government made it mandatory for social media influencers to disclose their "material" interest in endorsing products and services and violations can attract strict legal action, including ban on endorsements.
Government is likely to extend fiscal incentives for production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive (PLI) scheme to cover more high-employment potential sectors.
Borrower cannot escape from prosecution & criminal liability for dishonour of cheque Bimal Jain | Corporate Law. Case Name : Sri Karibasappa Vs Sri Mallikarjun (Karnataka High Court)
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.👉Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Addition of 1 entry
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12442&Mode=0
👉CBIC notified the foreign currency exchange rates for Imports and Exports
https://www.cbic.gov.in/resources/htdocs-cbec/customs/cs-act/notifications/notfns-2023/cs-nt2023/csnt05-2023.pdf
👉ET explainer: Yes Bank and the AT-1 bonds saga, what next for investors?
https://economictimes.indiatimes.com/industry/banking/finance/banking/et-explainer-yes-bank-and-the-at-1-bonds-saga-what-next-for-investors/articleshow/97246072.cms
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.The Appointments Committee of the Union Cabinet approves empanelment of 17 officers for the promotion to the grade of Principal Chief Commissioner of Income-tax for the panel year 2023; Also approves empanelment of 12 officers in the extended panel.
Supreme Court to decide the issue of applicability of MAT provisions on banks, insurance and electricity companies; Directs for listing of the batch of appeals on 01.02.2023; Also directs the parties to identify all the issues, if any, other than applicability of Section 115JB.
Foreign Tax Credit under DTAA cannot be denied for Delay in filing Form 67. Case Name : Rohan Hattangadi Vs CIT (A) (ITAT Mumbai).
The Assessing Officer has not pointed out any complexity in the accounts of the assessee while referring for special audit. Haryana State Industrial & Infrastructure Development Corpn. Ltd Vs. ACIT, 26/10/2021 ( ITAT - Chandigarh ) (Favour of Assessee)
6.35 lakh MSMEs are likely to benefit from better access to market, finance and credit under the Rs 6,000-crore Raising and Accelerating MSME Performance (RAMP) scheme for MSMEs, according to the finance ministry.
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Income Tax Section 234A interest not chargeable if Assessee filed return within due date. Case Name : Bokaro Power Supply Co. Pvt Vs Addl. CIT Special Range(ITAT Delhi)
The Central Board of Indirect taxes and customs had issued Circular No. 01/2023 – Customs and Notification No. 03/2023-Customs (N.T.) dated January 11, 2023, regarding Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023.
CBIC has got approval for setting up five inhouse digital forensic laboratories in the Directorate General of GST intelligence.This inhouse mechanism aims to facilitate investigation in tax evasion.
According to Interpol, digital forensics is a branch of forensic science that focuses on identifying, acquiring, processing, analysing, and reporting on data stored electronically.
The main goal of digital forensics is to extract data from the electronic evidence, process it into actionable intelligence and present the findings for prosecution. CBIC is already sharing data with partner law enforcement agencies for more targeted interventions.
RBI said that sovereign green bonds issued by the Indian government will not have any restrictions on foreign investment. Such securities will be counted as specified securities under the fully accessible route.
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CBDT notifies postings of CITs across the country. CBDT, vide office order dated 23.01.2023, notifies postings for 68 officers recently promoted to the grade of CIT.
Delhi High Court directed the Assessing Officer to open an online portal as assessee did not file reply to draft order due to technical error.
[I Money Wallet (P) Ltd. v. National Faceless Assessment Centre (2023) 146 taxmann.com 211 (Del.)]
Delhi ITAT dismisses Revenue’s appeal, upholds CIT(A) order allowing Section 54F benefit to the Assessee where property transfer effected through a registered power of attorney instead of a sale deed; – [ACIT v. Sanjay Choudhary [TS-35-ITAT-2023(DEL)].
Recently, a functionality of "Automated Drop Proceedings" of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. This functionality is available for the taxpayers who have filed their pending returns i.e. 6 monthly or 2 Quarterly returns. If such taxpayers have filed all their pending returns, the system will automatically drop the proceedings and revoke suspension.
The Central Board of Indirect taxes and custom had issued Circular No. 01/2023 – Customs and Notification No. 03/2023-Customs (N.T.) dated January 11, 2023, regarding Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023.
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Income Tax Appeal not heard for 3 Years – Calcutta High Court directs CIT(A) to decide within 4 months. Case Name : Rupahali Sarees Private Limited Vs Union of India (Calcutta High Court)
GST registration cannot be cancelled on mere statement of the receptionist. Case Name : Rohit Varma Vs Assistant Commissioner (Calcutta High Court).
India's federal power ministry has proposed allowing some power financing companies to issue tax-paid green bonds to raise cheaper finance for lending to clean projects. Power Finance Corp (PFC), REC Ltd, and Indian Renewable Energy Development Agency (IREDA) where the issuer pays for it instead of the investor.
MCA has launched a second set of (56) Company Forms related to Incorporation and Allied Matters on MCA21 V3 portal. Following 10 forms have been rolled-out in this phase: SPICe+ PART A, SPICe+ PART B, RUN, INC-13, INC-31, INC-33, INC-34, INC-9, AGILE PRO-S and URC-1. List of Other 46 Forms is available at the Link https://www.mca.gov.in/content/dam/mca/configurations/new-forms-20221226.pdf
RBI said the framework on securitisation of stressed assets (SSA) can be extended to standard assets with a certain ceiling. The current guidelines on SSA, standard assets eligible to be included, are in the special mention account (SMA) category.
ICAI has launched Practice Management software for CA Practitioners and CA firms. Link for the FREE OF COST REGISTRATION is https://cmpbenefits.icai.org/practice-management-software-2
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CBDT, vide Notification No. 2/2023, notifies the US-based pension fund ‘California Public Employees Retirement System’ as the specified person for the purposes of Section 10(23FE) in respect of the investment made by it in India on or after 25.01.2023 but on or before 31.03.2024.
Issue of completion certificate is proof that construction was as per sanctioned plan; High Court allows section 80-IB relief– [PCIT v. Vardhan Builders (2023) 146 taxmann.com 232 (Bom.)]
Terming GST one of the "most complicated" taxation system, Traders' body Confederation of All India Traders (CAIT) has urged Finance Minister Nirmala Sitharaman to announce review of GST taxation system and all Acts and Rules concerning retail trade and One Nation-One Licence Policy for domestic trade.
Opportunity of hearing to be granted before denying ITC where sufficient documents are available to show genuineness of the transactions Calcutta High Court in Vishal Kumar Arya v. Assistant Commissioner, State Tax, Ultadanga Charge & Ors. [M.A.T. No.2004 of 2022 with I.A. No. CAN 1 of 2022 dated January 20, 2023]
LIC is an investor in five Adani companies, with stakes ranging from 1% to 9% that was worth a total of 722.68 billion rupees on Jan. 24 - just before the Hindenburg report was published. India's largest life insurer is plowing more money into Gautam Adani's flagship unit, undeterred by a short seller's fraud allegations that wiped out more than $50 billion of the conglomerate's market value in two sessions.
This year's budget needs to tackle a markedly different set of challenges than 2022 - inflationary pressures, geopolitical disruptions (Ukraine war), and the looming threat of a recession in major western economies. These broader headwinds be as they may, the focus in India is shifting to growth from recovery - growth that will play an instrumental role in helping mitigate some of these headwinds.
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