Directorate General of GST intelligence detects GST evasion of Rs 300 crore in Nagpur zone

Nagpur: The Directorate General of GST intelligence (DGGI) Nagpur Zonal Unit Thursday said it has detected good and services tax (GST) evasion amounting to Rs 300 crore across Nagpur zone, which includes Vidarbha, Marathwada and Nasik regions of Maharashtra. The Directorate General of

Decisions of Ethical Standard board of ICAI

FYI 🙏
*Decisions of Ethical Standards Board*

A CA Firm may register itself on Udyog Aadhar, a web portal of Ministry Micro, Small and Medium Enterprises.

There is no prohibition for internal auditor of a company to acquire/purchase shares of the said Company.

It is *not permissible for a member to use WhatsApp to send messages to make people aware about his practice, and mention the services provided therein*.

A Chartered Accountant in practice being Director Simplicitor in a Company cannot sign ROC Forms of the Company as it is a direct conflict of role.

A Chartered Accountant in practice can act as Authorized Representative of a Foreign Company, provided he is not the auditor of the said Company.

It is permissible for two or more Chartered Accountants in practice collectively to have joint training session for their clients on GST, and share the fees collected from the clients thereof.

A chartered accountant in practice can provide services through kiosk only if the services provided are professional activities of a practicing chartered accountant, permitted under the Act.

A Chartered Accountant in service is allowed to take e-return registration if it does not conflict with employment obligation. However, he cannot certify the return.

In case where Chartered Accountant in practice is a non-executive director in a company, he or a Firm in which he is a partner, should not accept the appointment as a statutory auditor of a Company which is a joint venture of the original Company, as it would impact independence.

A Chartered Accountant in practice may be an equity research adviser, but he cannot publish retail report, as it would amount to other business or occupation.

A Chartered Accountant, who is a member of a Trust, cannot be the auditor of the said trust.

A Chartered Accountant in practice may engage himself as Registration Authority (RA) for

NCLT appoints Aneesh Nanavati of Deloitte as RP for Reliance Communications

Mumbai: The bankruptcy tribunal Friday approved the appointment of Aneesh Nanavati of Deloitte as the resolution professional for Reliance Communications and its two subsidiaries--Reliance Telecom and Reliance Infratel.

According to RCom's own admission, financial creditors have made claims worth

Govt unveils tough rules to prevent GST evasion

The Goods and Services Tax Council, led by finance minister Nirmala Sitharaman on Friday introduced more stringent norms to check tax evasion and extended the tenure of the National Anti-Profiteering Authority (NAA) by two years to November 2021.
The federal indirect tax body, at its first meeting in the second term of the Prime Minister Narendra Modi administration, also decided that Aadhaar-based GST identification will now be sufficient for GST registration.
Aadhaar-based registration will not only simplify the process but also improve ease of doing

RFP for Internal Audit of Cotton Corporation India Limited

• Cotton Corporation India Limited, MUMBAI (10 Jun 2019) Development Of Web Browser Based Software For Internal Audit System
  Address :
  

Newly appointed Auditor in chief of Pakistan already facing conflict of interest issues

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Illustration by Maria Huma

Syed Shabbar Zaidi has helped many rich businessmen pay as little tax as they could. Now, as chairman of the Federal Board of Revenue (FBR), he needs to extract the maximum from them.
For four decades, he has worked as a chartered accountant at one of Pakistan’s top accountancy firms, A.F. Ferguson, having risen through its ranks to become its senior partner in 2014. His clients have

Vacancy for CA in Infosys

Company: Infosys Limited India
Job ID/Ref Code: Inf_EXTERNAL_10023907_82
Skill(s): Financial Accounting
Experience Range: 01-03 years
Primary Location:

Chartered Accountant found Guilty of Misconduct for incorporating Company without permission of ICAI

The Appellate Authority has recently held that the incorporation of a Company by Chartered Accountant with 90% Shares without the prior permission of the Institute of Chartered Accountants of India (ICAI) can be professional misconduct.
The main allegation against the appellant was that he incorporated a Company without the prior permission of the Council of ICAI. It was alleged that he engaged in other business as a Director of

The FAA Just Banned Flights Over Iranian Air Space. Here's What Fliers Need to Know

United Airlines has canceled some direct flights after the Federal Aviation Administration banned U.S. carriers from Iranian airspace following Iran’s shoot-down of a high-altitude U.S. drone in the area.
Other airlines around the world are following suit and avoiding the area.
The FAA order comes after Iran shot down an unarmed RQ-4 Global Hawk surveillance drone on Thursday that was “operating in the vicinity of civil air routes above the Gulf of Oman,” according to

Filing income-tax returns? Here are the five key mistakes to avoid

Selection of incorrect return form and not disclosing income on which tax doesn't have to be paid are key mistakes

Individuals and Hindu Undivided Families constitute almost 98 per cent of e-filers. This category tends to be most prone to making mistakes while filing returns. Begin collecting relevant documents and file returns before the July 31 due date. Here are common mistakes to watch out for:

The GST Council in its 35th meeting today extended the date for filing annual returns

The GST Council in its 35th meeting today extended the date for filing annual returns under the Goods and Services Tax (GST) regime by two months to August 30. The Council also decided to introduce a new one-form new GST return filing system, which will be applicable from January 1, 2020. Today’s meeting of the Council was its first after the recently concluded general elections. The

Vacant Land Tax May be proposed in upcoming budget

It is understood from social media platforms that the final nail in thte builders coffin is going to get announced as “ Vacant Land Tax “ in the forthcoming budget . Landholdings not classified as construction initiated project sites or as not yielding agricultural output are expected to be levied with 6.5 % of ready reckoner value as annual vacant land tax . This shall promote loosening up of land holdings &

GST RETURN UPDATE|MAJOR CHANGES IN GST RETURN FROM JULY 2019|NEW GST RETURN FILING PROCESS

GSTN issues clarifications on GSTR-9C

Taxpayers have reported some issues in filing their Form GSTR 9C, which are clarified below:

1. 1. Turnover for filing Form GSTR- 9C: Form GSTR-9C is to be filed by all those taxpayers whose aggregate turnover has exceeded Rs 2 crore in a financial year. Turnover of complete year i.e. from 1st April, 2017 to 31st March, 2018 has to be taken

Ministry of Corporate Affairs looks to freeze IL&FS ex-directors’ and former auditor's properties

MUMBAI: The Ministry of Corporate Affairs (MCA) is expected to move court for freezing the bank accounts and properties of some of the past directors of IL&FS group.
The ministry would soon apply before the National Company Law Tribunal to widen the net in the IL&FS probe, said persons familiar with the matter.
Till now, assets of executive directors of IL&FS group have been attached by the court.
“Now, the MCA is likely to request the court to extend the earlier orders to cover past directors,

Government Releases New Income Tax Compounding Rules, 2019

Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person's chances of getting relief in an income tax evasion offence beginning Monday, a latest directive issued by the CBDT

ITR filing: Income tax department makes disclosing LTCG from equity simpler

On 14 June, the Central Board of Direct Taxes (CBDT) relaxed the rules on how to disclose long-term capitals gains (LTCG) from equity-oriented investments while filing income-tax returns (ITR) for assessment year 2019-20 (AY20). Until now, you were required to disclose LTCG on each equity investment separately in the ITR returns, CBDT has now clarified that you only need to disclose the