ICAI forms Online Panel of Experts for addressing Bank Branch Audit related queries

Online Panel of Experts for addressing Bank Branch Audit related queries...

source https://news.caclubindia.com/icai-forms-online-panel-of-experts-for-addressing-bank-branch-audit-related-queries-22149.asp

SOP for scrutiny to be finalized ahead of the launch of GST Appellate Tribunal

Together Parliament cleaning the deck to establish GST Appellate Tribunal to resolve rising disputes under the nearly six-year-old indirect tax regime, the revenue department...

source https://news.caclubindia.com/sop-for-scrutiny-to-be-finalized-ahead-of-the-launch-of-gst-appellate-tribunal-22147.asp

FM grants GST exemption on cancer drug for minor

India's indirect taxes body gave a ₹7 lakh goods and services tax exemption for a cancer medication for a small girl....

source https://news.caclubindia.com/fm-grants-gst-exemption-on-cancer-drug-for-minor-22146.asp

No charges on bank account-to-account transaction in UPI

National Payment Corporation of India (NPCI) via its official Twitter handle has issued a statement clarifying that there is no charge to customers. ...

source https://news.caclubindia.com/no-charges-on-bank-account-to-account-transaction-in-upi-22144.asp

Delhi HC Restrains Institute of Cost Accountants of India from Using ICAI Acronym

In a civil suit filed by the ICAI for the infringement of its Trademark 'ICAI', the Hon'ble High Court of Delhi vide judgment dated 21.03.2023 has restrained the Institute of Cost Accountants of India from using 'ICAI' as an acronym ...

source https://news.caclubindia.com/delhi-hc-restrains-institute-of-cost-accountants-of-india-from-using-icai-acronym-22141.asp

Last date for linking of PAN-Aadhaar extended to 30th June 2023

In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions....

source https://news.caclubindia.com/last-date-for-linking-of-pan-aadhaar-extended-to-30th-june-2023-22140.asp

Use of data analytics, big data and AI/ML in tax administration to make it more effective

Both direct and indirect tax departments employ data analytics, big data and Artificial Intelligence/Machine Learning in tax administration to make it more effective, free of official discretion, business and taxpayers friendly...

source https://news.caclubindia.com/use-of-data-analytics-big-data-and-ai-ml-in-tax-administration-to-make-it-more-effective-22135.asp

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

Credit card payments for foreign travel will be brought under Reserve Bank’s Liberalised Remittance Scheme (LRS) to ensure that such expenses do not escape TCS (Tax Collection at Source)....

source https://news.caclubindia.com/credit-card-payments-on-foreign-tours-to-be-brought-under-lrs-to-ensure-compliance-with-tcs-22132.asp

Cabinet hikes Dearness Allowance by 4% for central government employees and pensioners

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today has given its approval to release an additional instalment of Dearness Allowance to Central Governments employees and Dearness Relief to Pensioners with effect from 01.01.2023. ...

source https://news.caclubindia.com/cabinet-hikes-dearness-allowance-by-4-percent-for-central-government-employees-pensioners-22129.asp

Finance Bill 2023: Amendments as introduced in Lok Sabha

Today, i.e. 24th March, Union Finance Minister Nirmala Sitharaman will move The Finance Bill, 2023 in Lok Sabha to give effect to the financial proposals of the Central Government for the financial year 2023-2024 be taken into consideration....

source https://news.caclubindia.com/finance-bill-2023-amendments-as-introduced-in-lok-sabha-22127.asp

Develop mechanism for online audit of GST: Parliamentary Panel on Finance

A high-level Parliamentary panel has suggested to the government to look into the possibility of developing a mechanism for online audit in GST, in order to make the process more efficient and less intrusive....

source https://news.caclubindia.com/develop-mechanism-for-online-audit-of-gst-parliamentary-panel-on-finance-22128.asp

आरंभ है प्रचंड | Aarambh Hai Prachand | Full Song | Without Lyrics

 

ICAI mandates CAs to file Know Your Members (KYM) from 2023-2024

ICAI has notified CAs to file 'Know Your Members' (KYM) from 23-24 onwards.KYM also called as "Know Your Member" is a yearly activity. It is mandatory for members to file for KYM 2023-24 onwards.One of the fundamental prerequisites ...

source https://news.caclubindia.com/icai-mandates-cas-to-file-know-your-members-kym-from-2023-2024-22126.asp

GSTN | HSN Code Reporting in e-Invoice on IRPs Portal

We would like to inform you that this requirement has already been implemented in the GST system, and we are now in the process of implementing the same at IRPs portal in collaboration with our IRP partners including NIC....

source https://news.caclubindia.com/gstn-hsn-code-reporting-in-e-invoice-on-irps-portal-22124.asp

ICAI releases Exposure Draft of Guidance Note on Transfer of Capital Reserve

Certain Ind AS require capital reserve to be created toward unrealised profits arising from certain transactions or other events. However, currently, there is no specific guidance on their subsequent transfer to retained earnings or other free reserve....

source https://news.caclubindia.com/icai-releases-exposure-draft-of-guidance-note-on-transfer-of-capital-reserve-22122.asp

GSTN issues advisory for taxpayers wishing to register as OPC in GST

Advisory for the taxpayer wishing to register as "One Person Company" in GSTAs per provision of section 2(62) of The Companies Act, 2013 "One Person Company" is defined as a company which has only one person as member. Some issues...

source https://news.caclubindia.com/gstn-issues-advisory-for-taxpayers-wishing-to-register-as-opc-in-gst-22121.asp

IT portal records highest number of ITR filing of 72,42,156 in a day as on 31st July 2022

72,42,156 is the highest number of ITR filing in a day on 31st July 2022...

source https://news.caclubindia.com/it-portal-records-highest-number-of-itr-filing-of-7242156-in-day-as-on-31st-july-2022-22118.asp

GST dept to scrutinise IT, MCA data to identify entities not paying taxes

The GST department will soon begin analysing ITRs filed by businesses and professionals and also MCA filings to ascertain if the entities are adequately discharging their GST liability and widening the taxpayer base....

source https://news.caclubindia.com/gst-dept-to-scrutinise-it-mca-data-to-identify-entities-not-paying-taxes-22116.asp

CESTAT to commemorate 40 years of glorious and successful journey

Customs, Excise and Service Tax Appellate Tribunal (CESTAT) to commemorate 40 years of glorious and successful journey...

source https://news.caclubindia.com/cestat-to-commemorate-40-years-of-glorious-and-successful-journey-22114.asp

ICAI join hands with CII as a Prime partner for B20

Taking forward India's economic growth story, ICAI join hands with CII as a Prime partner for B20Key highlights The Institute of Chartered Accountants of India has become prime partner with CII for B20, furthering the ambition of India to become ...

source https://news.caclubindia.com/icai-join-hands-with-cii-as-a-prime-partner-for-b20-22113.asp

ICAI releases Guidance Note on Audit of Banks (2023 Edition)

Guidance Note on Audit of Banks (2023 Edition)...

source https://news.caclubindia.com/icai-releases-guidance-note-on-audit-of-banks-2023-edition-22110.asp

UIDAI waives online Aadhaar update fee

The Unique Identification Authority of India has made document update facility online for Aadhaar free till June 14, an official statement said on Wednesday.Earlier, residents were required to pay Rs. 25 to update their documents on the Aadhaar porta...

source https://news.caclubindia.com/uidai-waives-online-aadhaar-update-fee-22109.asp

Income Tax department sends Rs 549 crore tax demand notice to AWS

The taxation department has approved a Rs 549 percent of the total tax summons to Amazon's corporation Amazon Web Service (AWS). Aws offers cloud storage. ...

source https://news.caclubindia.com/income-tax-department-sends-rs-549-crore-tax-demand-notice-to-aws-22108.asp

38.58 crore loans extended since inception of PMMY

26.35 crore loans (68%) extended to Women Entrepreneurs and 19.84 crore loans (51%) to SC/ST/OBC category of borrowers under PMMY...

source https://news.caclubindia.com/38-58-crore-loans-extended-since-inception-of-pmmy-22105.asp

GST Evasion of Rs 150 Crore discovered in TMT Bar Clearance

The Directorate General of GST Intelligence (DGGI), Chennai recently carried out coordinated search operations against three major taxpayers involved in the supply of TMT Bars. The investigation has revealed that these entities were engaged in the il...

source https://news.caclubindia.com/gst-evasion-of-rs-150-crore-discovered-in-tmt-bar-clearance-22104.asp

Gross Direct Tax collections rises 22.58% to Rs 16.68 lakh crore up to 10th March

The provisional figures of Direct Tax collections up to 10th March, 2023 continue to register steady growth. Direct Tax collections up to 10th March, 2023 show that gross collections are at Rs. 16.68 lakh crore...

source https://news.caclubindia.com/gross-direct-tax-collections-rises-22-58-percent-to-rs-16-68-lakh-crore-up-to-10th-march-22103.asp

Centre releases Rs 1.40 lakh crore tax devolution amount to states

Union Government releases 14th instalment of tax devolution to State Governments amounting to ₹1,40,318 crore to strengthen hands of States to accelerate their capital and developmental expenditure...

source https://news.caclubindia.com/centre-releases-rs-1-40-lakh-crore-tax-devolution-amount-to-states-22099.asp

Taxpayers to mention 6-digit HSN Codes for outward supplies if AATO exceeds Rs 5 Crores

A recent update issued by GST E-Invoice System dated March 09, 2023 stated that the E-Invoice System will not accept 4-digit HSN codes and the date for blocking e-Invoice generation having HSN code as 4-digits will be intimated Soon....

source https://news.caclubindia.com/taxpayers-to-mention-6-digit-hsn-codes-for-outward-supplies-if-aato-exceeds-rs-5-crores-22098.asp

E-way bill generation in Feb dropped to a 3-month low of over Rs. 8.18 crore

During fiscal year 2021-22, number of e-way bill generated in December was 7.16 crore which dropped to 6.88 crore in January but rose to 6.91 crore in February....

source https://news.caclubindia.com/e-way-bill-generation-in-feb-dropped-to-3-month-low-of-over-rs-8-18-crore-22096.asp

ICAI | Implementation Guide to SA 580 Written Representations

Implementation Guide to SA 580 Written Representations...

source https://news.caclubindia.com/icai-implementation-guide-to-sa-580-written-representations-22094.asp

RBI asks banks, NBFCs to promote digital payments

Launched in 2016, UPI has emerged as the most popular and preferred payment mode in India pioneering Person to Person (P2P) as well as Person to Merchant (P2M) transactions in India accounting for 75% of the total digital payments. ...

source https://news.caclubindia.com/rbi-asks-banks-nbfcs-to-promote-digital-payments-22093.asp

GSTN launches e-invoice registration services with private IRP

In another step towards further digitization of the business process flow, GSTN has launched the e-invoice registration services through multiple private IRPs at the recommendation of the GST Council....

source https://news.caclubindia.com/gstn-launches-e-invoice-registration-services-with-private-irp-22090.asp

CBDT notified Insolvency and Bankruptcy Board of India for exemption u/s 10(46)

CBDT vide Notification No. 09/2023 dated March 01, 2023 has notified Income Tax exemption to the Insolvency and Bankruptcy Board of India ("the IBB") under section 10(46) of the Income-tax Act, 1961 ("the IT Act")...

source https://news.caclubindia.com/cbdt-notified-insolvency-and-bankruptcy-board-of-india-for-exemption-under-section-10-46-22089.asp

Mastermind in fake GST billing case arrested

The state GST department in Gujarat Tuesday said it has apprehended Irfan Sabbirhussain Kazi, the mastermind who set up 10 fake companies, made counterfeit bills worth Rs 83 crore and passed on tax reliefs worth Rs 15 crore to beneficiaries....

source https://news.caclubindia.com/mastermind-in-fake-gst-billing-case-arrested-22088.asp

RBI launches 2 surveys to gather useful inputs for monetary policy

The Reserve Bank of India on Wednesday launched two key surveys, results of which provide "useful inputs" for the central bank's bi-monthly monetary policy....

source https://news.caclubindia.com/rbi-launches-2-surveys-to-gather-useful-inputs-for-monetary-policy-22087.asp