MCA extends due date of filing Annual Return and Financial Statement

The Ministry of Corporate Affairs ( MCA ) has extended the due date of filing of Forms MGT-7 ( Annual Return ) and AOC-4 ( Financial Statement ) under the Companies Act,2013.

The MCA also relaxed additional fees of non-filing of MGT-7 and AOC-4.

The Circular said that, “it has been decided to extend the due date for filing of e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and e-form MGT-7 upto

Chartered accountants sweat over hyperinflation reporting

ZIMBABWEan chartered accountants (CAs) are in a fix as to which data to use for hyperinflation financial reporting (IAS 29) following the suspension of inflation data by government.

As such accountants are now considering the use of exchange rate in place of the general price index in the restatement of financial statements or both.

This follows a communique from the Public Accountants and Auditors Board (PAAB) a fortnight ago allowing preparers of financial statements to exercise professional judgment in considering the presentation of historical financial information as supplementary information which would be inflation-adjusted in terms of the requirements of IAS 29.

The IAS 29 lists factors that indicate an economy is in a hyperinflationary cycle. One of the indicators of hyperinflation arises when cumulative inflation over a three-year period approaches, or is in excess of 100%.

Presenting at the hyperinflation reporting workshop yesterday Chartered Accountants Academy chief executive Anesu Daka highlighted the pros of using the general price index which include that it is understood to be linked to inflation and also reflects change in general purchasing power.

Daka pointed out that delays in publishing monthly data, suspension of year-on-year inflation figures militate against the use of general price index.He further opined that prices of goods and services were not moving at the same rate as inflation as such it was difficult to employ the index.

According to Daka, using the exchange rate was noble as data is available on a daily basis, as well prices in Zimbabwe move in line with the exchange rate.He, however, said practitioners were wary of using the exchange rate as an index as it was not commonly used in normal cases.

“The ministry of finance said it will not be publishing year-on-year inflation. So what will happen? In one sentence of your financial statement you will say the finance ministry has stopped announcing year-on-year inflation figures. And them on another hand you say from my own calculation year-on-year inflation is like this. While government has stopped announcing figures people are using the month-on-month to

Bombay High Court haults all payments Dhfl to its FD holders

Dhfl sends following sms to its fd holders:

Government virtually rules out any cut in income tax rates

NEW DELHI: The government has virtually ruled out a reduction in personal income 

tax

, including in the forthcoming Budget, with well-placed sources citing examples of higher rates in several countries such as China, the US and the UK, apart from the lack of fiscal space to reduce the levy.

The government’s decision to slash corporation tax rate to 15% for new

PM and FM meeting going tax cut on cards

Lakshman Roy

CNBC Awaaz

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman are planning a series of tax alignments for equities in the coming weeks in a bid to further boost investor

Vacancy for CA in Amazon India

DESCRIPTION

JOB DESCRIPTION Amazon is seeking a Senior Tax Analyst to share the indirect tax compliance responsibilities to be based out of Bangalore, India. The job responsibilities would include the below:

Indian chartered accountants in UK to benefit as ICAI renews pact with ICAEW

NEW DELHI : The apex body for chartered accountants, Institute of Chartered Accountants of India, has renewed qualification reciprocity agreement with the Institute of Chartered Accountants in England and Wales (ICAEW) in order to increase mobility of professionals.
The pact, that was renewed on Wednesday, "demonstrates the strengthening ties and further

Service Of Notice On The Chartered Accountant Of A Company Who Acts As Its Agent Is Due Service : SC

Justice Uday Umesh Lalit and Justice Indu Malhotra

Holding that service of notice on the Chartered Accountant of a company who is acting as its agent is valid service of notice, the Supreme Court refused to recall a judgment which was passed ex-parte.
The order was passed by a bench comprising Justices U U Lalit and Indu Malhotra in the case

Ex CC member raises queries on ANNUAL Audited Accounts of ICAI for 2018-19

Very sorry state of affairs of Audited Accounts of 2018-19, looking to the nature of queries raised. Will any body reply....If in the Institute accounts, so many discrepancies are pointed out, how members can be expected to make compliances......

Queries on ANNUAL Audited Accounts of ICAI,.for 2018-19, published in Gazette of India..... By ex CC member Shashi kant Barve ji.....

I have requested clarifications from ICAI, New Delhi, in respect of a few  matters relating to  Annual Accounts for 20118-19. Have any other CA members requested for explanations on any other points please?

1. UNAUDITED accounts of the Northern India Regional Council have been consolidated—Serious

Imp Supreme Court Judgement On Disallowance Of Expenditure On Bogus Purchases

CIT vs. Odeon Builders Pvt. Ltd (Supreme Court)

S. 68/69 Bogus Purchases: Disallowance cannot be made solely on third party information without subjecting it to further scrutiny. The assessee has prima facie discharged the initial burden of substantiating the purchases through various documentation including purchase

Odisha govt cautions departments against depositing money in banks

• A letter titled, Precaution to be taken when depositing government funds in banks, was sent on 22 October to all departments by Principal Secretary of Finance Department AKK Meena,

• The Finance Secretary has written the letter to departments asking them to

If Return not filed no deduction

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1. INTRODUCTION

The Finance Act 2017 has introduced an amendment to section 80AC of the Income Tax Act 1961(for short 'Act') with effect from 01-04-2018 ie assessment year 2018-19. The effect of the

India should adopt Singapore's ‘GST voucher scheme' to help lower, middle income groups: Experts

SINGAPORE: Singapore's Goods and Services Tax (GST) voucher scheme should be adopted in India to bring huge positive impact for those in the lower and middle income groups, say tax experts.

“An interesting aspect of Singapore GST that can be adopted in India is the voucher system which provides benefits even to non-registered citizens of Singapore against the tax charged to them at the time of purchases made,” said Rashmi Deshpande, partner, Khaitan & Co, a consultancy firm that has a pan-India presence.

Steps to generate e-invoice under GST

Background: GST Council in its 37^thCouncil meeting held on 20 September 2019 approved the standard of E-Invoice and it has been publish on GST portal along with scheme.

What is E-Invoice?

E-Invoicing is a process in which all the B2B invoices created by accounting software will be authenticated electronically by GSTN for further use (like return preparation, E-way bill creation).

There are lot of myth or misconception about e-invoice. E-Invoice does not mean generation/creation of invoices from central portal or tax department because practically it is not possible it will create unnecessary restrictions on trade and industry and different industry have different business requirement, which cannot be met out by one software.

E-Invoice is a submission of already generated Invoices from accounting softwares to GST Portal and we all are aware that there are hundreds of accounting & billing softwares, which generate invoices, but they all use their own formats to store information electronically and data in such different-different formats cannot understand by the GST System, hence it was not possible to submit the data from accounting softwares (Like ERP/Tally/SAP) to GST System.

So, need was felt to issue a standard format (Schema) in which data will be shared with other systems, although from user prospective it's same as earlier, there would not any change in print or electronically creation of invoice.

Only standard schema needs to be implemented by all the accounting and billing software so that it can generate JSON of each invoice in such format which can be uploaded on GST Portal for further authentication and approval.

In short, E-Invoice is mechanism only specify invoice schema and standard for each data exchange among all accounting/billing software and all businesses.

E-invoice format issued by GSTN have some mandatory fields and some non-mandatory fields

Benefits on E-Invoicing System

1. One time reporting of B2B invoices and further authentication from GST Portal will auto prepare ANX-1, ANX-2 in new return format and GSTR-1 in current format up to B2B Supplies.
2. E-way Bill will also be created through E-Invoicing data only vehicles details needs to be updated.
3. Here once invoice which will be uploaded by supplier on GST system for authentication will be further shared with corresponding buyer on his mail id mentioned on e-invoice, hence buyer can do reconciliation with his purchase order and accept/reject on real time under New Return.
4. System level matching will be done for input credit and output tax.
5. E-Invoice will be created for Invoices, Debit Note, Credit Note and other document required by law.

Process of creation of E-Invoicing:
Generation of E-Invoicing will be the responsibility of the taxpayer who will be required to report the same to Invoice Registration Portal (IRP) for authentication, which in turn will generate a unique reference number (IRN) and digital sign the e-invoice and also generate a QR code and will return the invoice to the seller. IRP will also send the digital signed e-invoice to the recipient of the document on the e-mail provided in the e-invoice.

Step-1: Seller will create his invoice in his accounting or billing system, Invoice should be in conformity with e-invoice schema (standards) that is published and have the mandatory parameters

Supplier's software would generate a JSON against each B2B invoice that will be

People with orthopaedic disability to pay lower 18% GST on some vehicles

 People with orthopaedic physical disability will pay a lower Goods and Services Tax (GST) of 18% on vehicles up to 4 metre in size, according to a notification issued on Thursday by the department of heavy industry (DHI). The GST rate

CA / ICWA / CS / BCOM / MCOM and LLB Vacancy in JSW Group

The JSW Group has invited application for the post of AGM – Indirect Taxation from qualified CA / ICWA / CS / BCOM / MCOM and LLB graduates.

The JSW Group played a key role in India’s growth story. Ranked among India’s top business houses, JSW’s innovative and sustainable forays into the core

Accountants holding Certificate of Practice (CoP) are not allowed to list themselves and their services with Online Service Provider Aggregators: ICAI

The Institute of Chartered Accountants of India ( ICAI ) has banned its member holding Certificate of practice (CoP) to list themselves and their services with Online Service Provider Aggregators. In an announcement by ICAI said that, It has come to the notice of the Institute that members in practice are listing with certain online Application based service provider Aggregators, wherein other businessmen, technicians, maintenance

Govt to introduce online proficiency assessment test for independent directors

*MCA UPDATE*
1. *The Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019*:
MCA has issued the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 for amending Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 by providing *Compliances required by a person eligible and willing to be appointed as an Independent Director* vide its Notification dated October 22, 2019.
Link of Notification:

You can save tax on up to Rs 17,000 savings account interest: Here's how

Chartered Accountant Naveen Wadhwa, DGM, Taxmann.com says, "Section 10(15)(i) of the Income-tax Act, 1961, provides exemption in respect of interest, premium on redemption or other payment on certain deposits notified by the central government in this behalf. The government through notification number SO 1296(E), dated 3-6-2011, has prescribed that interest on post office saving account is exempt to the extent of Rs 3,500 in case of an individual account and Rs 7,000 in case of a joint account. Sections 80TTA and 80TTB

IRCTC to pay around Rs 1.62 lakh as compensation for late running of Tejas Express

Since it began commercial operations from October 6 for six days a week, the train has maintained a tight schedule. Under IRCTC's policy, an amount of Rs 100 will be paid in case the delay is for over an hour & Rs 250 for delay of over 2 hours.

A delay of more than three hours in the running of Delhi-Lucknow Tejas Express on October 19 has cost IRCTC around Rs 1.62 lakh which the railway subsidiary will pay through its insurance companies as compensationto around 950 passengers, a first in the history of Indian Railways, officials said on Monday.

The train started from Lucknow at around 9.55 am instead of its scheduled departure at 6.10 am and reached New Delhi at around 3.40 pm instead of 12.25 pm. It departed from New

A forensic audit of Dewan Housing Finance Corporation (DHFL) has found diversion of funds worth Rs 20,000 crore

A forensic audit of Dewan Housing Finance Corporation (DHFL) has found diversion of funds worth Rs 20,000 crore to private entities of the promoters, reports Moneylife.

The audit, carried out by KPMG, reveals that the funds were

This is how PMC Bank fraud is linked with DHFL, HDIL, PRAFUL PATEL AND IQBAL MIRCHI

➡PMC Bank gives loans to HDIL
➡HDIL is promoted by DHFL
➡DHFL Director's brother is director of Sunblink

MCA amends rules to allow Companies to comply with KYC norms

The Ministry of Corporate Affairs (MCA) has amended what is called the Rule 25A, to allow companies to make a filing about their directors and become compliant. The decision came in as a relief for companies that were marked ACTIVE non-compliant.

Oct 22, 2019, 10.08 AM IST

New Delhi: In a relief to companies that had been rendered inactive after they failed to comply with the know-your-customer rules, the government has given

Law Offices of Howard G. Smith Announces Investigation on Behalf of Infosys Limited Investors

Law Offices of Howard G. Smith announces an investigation on behalf of Infosys Limited (“Infosys” or the “Company”) (NYSE: INFY) investors concerning the Company and its officers’ possible violations of federal securities laws.

On October 21, 2019, Infosys disclosed that it had received whistleblower complaints alleging “unethical practices” by the Company’s management to inappropriately boost short-term revenue and profit. Moreover, the complaints alleged that the Company’s Chief Executive Officer, Salil Parekh, bypassed reviews and approvals of large contracts to avoid accounting scrutiny.On this news, the Company’s stock fell as much as $1.29, or over 12%, during intraday trading on October 21, 2019, thereby injuring investors.

If you purchased Infosys securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or

Whistleblower accuses Infosys of ‘unethical’ practices to boost numbers

An anonymous group calling itself “ethical employees” has complained to the board of Infosys and the US Securities and Exchange Commission (SEC) alleging that the company is taking ‘unethical’ steps to boost short-term revenue and

The Reserve Bank of India has stopped printing ₹2,000 notes

The Reserve Bank of India has stopped printing ₹2,000 notes to prevent money laundering and address fakes, BusinessLine reports. An RTI query by the New Indian Express reveals the central bank hasn’t printed a single ₹2,000-denomination note since April. Counterfeiting of the ₹2,000 note

CA/CS needed to file AOC 4 XBRL for 10 companies preferably with software

need someone to file AOC 4 XBRL for 10 companies preferably with software. Contact

Overseas campus placement for Chartered Accountants and Accountants

Sub : Revised schedule of Overseas campus placement for Chartered Accountants and Accountants  In continuation to our earlier announcement dated 7th October, 2019, members and students are hereby inform that Overseas Campus Placement drive has been rescheduled to be held from 12th – 14th December, 2019. The revised schedule of activities are as under:-

Download all RTPs, Mock Tests, and MCQs for CA Final New November 2019

CA Exams are approaching near. It' s high time, complete revision of all the subjects is very important and as tried and tested attempting mock Test Papers, and Revision Test Papers is a must before appearing for the Exam. Here we have compiled the Mock Test Series, Revision Test papers, and objective type questions released by the Institute of Chartered Accountants of India for CA Final

Sebi tightens norms to deal with abrupt resignations of auditors

The Securities and Exchange Board of India (Sebi) on Friday tightened the rules around resignations of auditors from listed companies. 

The market regulator has said that an auditor will have to provide review — limited or complete audit report — for the quarter during which it resigns. For

‘E-invoicing’ or ‘electronic invoicing’ for business to business (B2B) transactions from January 1, 2020 How does it work?

The GST Council, on September 29, 2019, has approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ for business to business (B2B) transactions from January 1, 2020. Once implemented, it can help arrest tax evasion as it enables pre-populating of GST returns with the

SEBI board may consider tighter norms for auditors

The Securities and Exchange Board of India (SEBI) may discuss new regulations for auditors, portfolio management services (PMS) and proxy advisory services at its upcoming board meeting on November 7.
Among the key proposals it is planning for the PMS, the board will consider increasing the minimum investment limit from Rs 25 lakh to Rs 50 lakh and also upping the minimum networth requirement

Bank officials replaced 44 loan accounts of HDIL with 21,049 fictitious accounts to camouflage huge loan defaults by the real estate group : PMC Bank directors

Mumbai: A Mumbai court on Thursday remanded Punjab and Maharashtra Cooperative (PMC) Bank's former director Surjit Singh Arora in police custody till October 22 in connection with the multi-crore scam at

Android phone users beware of this malware apps

Android phone users are being asked to delete 15 apps listed on the Google Play Store. These apps contain malicious software and could pose a risk for a major data breach, according to security experts at Sophos. A report suggests that some of these apps are able to disguise themselves as harmless system tools so that they are not detected and deleted. In fact, the report states that most of these apps appear as disturbing adverts that block the phone screen from time to time. The report adds that at least 1.3 million phones have installed one of these apps. Sophos further warns that other available programmes may too be able to perform similar tactics when downloaded.

The apps are:

• ImageProcessing
• Flash On Calls & Messages
• Rent QR Code
• Image Magic

• Generate Elves
• QR Artifact
• Find Your Phone

UltraTech Cement allots 1.39 crore equity shares

UltraTech Cement announced that pursuant to scheme of demerger amongst Century Textiles and Industries (Century) and UltraTech Cement, the company has allotted 1,39,61,960 equity shares of Rs. 10/- each to the shareholders of Century in the ratio of

EU and UK finalize draft deal on BREXIT

Labour leader Jeremy Corbyn said the deal sounded "even worse" than what was negotiated by the PM's predecessor, Theresa May, and "should be rejected" by MPs.
But European Commission President Jean-Claude Juncker said it was a "fair and balanced agreement".
Both he and Mr Johnson have urged their respective parliaments to back the deal.
No 10 sources have told the BBC's political editor Laura Kuenssberg that Mr Johnson will later ask EU leaders to reject requests for an extension to the Brexit deadline of 31 October.
MPs passed a law in September that requires the PM to request an extension on 19 October if

Get information about your Court case anytime, anywhere

Get information about your Court case anytime, anywhere using 2 easy ways.
1. Download eCourts Services Mobile App
2. Visit eCourts portal www.ecourts.gov.in

SBI cuts interest rates on savings bank accounts

The State Bank of India (SBI) on Wednesday cut interest rate on savings deposits, with a balance of up to Rs 1 lakh, by 25 bps to 3.25 percent from November 1, and slashed retail & bulk term deposit interest rates by 10 and 30 bps respectively for 1 year to

Income tax considerations for joint owners of properties

It is a common practice in India to buy a house property in joint names. In most cases, the buyer adds his/her spouse’s name as a joint holder for various reasons such as smooth succession and availing tax benefits. In such cases, the spouse is treated as a legal co-owner of the house property as his/her
Read more at: https://www.moneycontrol.com/news/business/personal-finance/income-tax-considerations-for-joint-owners-of-properties-4537751.html

Vodafone Rs. 199, Rs. 399 Prepaid Plans Now Offer Double Data Benefit

Vodafone has introduced double data benefits on its most popular prepaid packs in India. The telecom operator is offering 1.5GB extra data daily on its Rs. 199 prepaid plan, and 1GB extra data daily on its Rs. 399 prepaid plan. These benefits are showing up for select circles only, and are live for a

Bajaj e-scooter: 'Return of Chetak'

Income tax department releases data on crorepati taxpayers

If data from the income tax department's records is taken into account, India had more than 97,000 people earning a taxable income of over ₹1 crore in the financial year 2017-18.

The Central Board of Direct Taxes (CBDT) has now come out with a detailed break-up of

RBI governor faces board queries on financial frauds

Reserve Bank of India (RBI) governor Shaktikanta Das came under pressure at the bank’s board meeting last week, with two external directors questioning how a string of frauds that have surfaced

Two popular garba organizers under GST dept scanner

VADODARA: Two of the popular garba venues in the city have come under scanner of the office of goods and services tax.
The state GST officials have begun conducting survey at the offices of Palace Heritage Garba Mahotsav and United Way of Baroda. The GST officials are scrutinizing the account books and other financial details of the garba organizers.
“This is a survey to scrutinize their accounts. We are ascertaining if they have shown their revenues

Haryana assy polls:Govt declares holiday on Oct 21

In view of the Haryana assembly elections, the state government has declared October 21 to be a close day (holiday with wages) for all shops and commercial establishments falling within the jurisdiction area of Haryana only so as to enable

Maharashtra assembly polls: Public holiday on October 21

The holiday is for government and semi-government offices, corporations, state-run boards, public enterprises and banks

Ola inching closer to profitability, may float IPO in two years: Report

Ola, the Indian cab hailing major and Uber’s main competitor in the country, has its fingers in a lot of things: core taxi business, two-wheeler transportation and logistics, and a full-fledged e-mobility venture. In a new development, the $7 billion Bengaluru-based firm is said to be looking at an initial public offering, or IPO, in two years.
According to a report in financial newspaper Mint, Ola is inching closer to profitability and may just churn out a small bottomline in its FY19 financials, which it hasn’t been released so far. In FY18, ANI Technologies, which operates the Ola brand, had losses of Rs 2,842 crore and revenues of Rs 2,222 crore, according to the company filings. The loss figure is lower than Rs 4,898 crore in FY17

BREAKING NEWS|BIG RELIEF FOR TAXPAYERS IN GST|GST TRAN1 AND TRAN2 FILING DATE EXTENDED|

How to Earn More from ITC Reconciliation with minimum efforts?

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Today, most of the tax professionals are not doing Input Tax Credit reconciliation for their clients. It is understandable that doing ITC reconciliation for all the clients is very time consuming and the fees received from the client may not be sufficient. Also, there is a lack of understanding of customer transactions and required manpower to do ITC reconciliation when there are other compliances that needs to be done.

However, non-reconciliation of ITC may impact your clients adversely. Non-reconciliation may lead

ICSI releases Members whose names stand restored w.e.f 1-7-2019

Click to know more

RBI's big decision, now 2000 rupee notes will not come out of ATM

New Delhi: The largest bank in the country, State Bank of India (SBI), has essential news for people using ATMs. Now you will not be able to get 2000 rupee notes from SBI ATM. Large notes will gradually decrease in ATMs with SBI Bank. Following the signal from the Reserve Bank of India (RBI), SBI has started

Income tax dept says check your email or e-filing account as e-assessment begins

The income tax department has advised taxpayers to check their registered e-filing accounts and email ids as the first phase of the e-Assessment Scheme 2019 gets underway. In the first phase, the

Oil Minister made a vehement appeal to Finance Minister for bringing jet fuel and natural gas under the ambit of GST

Oil Minister Dharmendra Pradhan on October 14 made a vehement appeal to Finance Minister Nirmala Sitharaman for bringing jet fuel and natural gas under the ambit of GST to reduce multiplicity of taxes and improve business climate.
When GST was introduced on July 1, 2017 amalgamating over a dozen central and state levies, five

New proposal to claim GST input credit may have significant impact on cash flow

New proposal to claim GST input credit may have significant impact on cash flow October, 11th 2019 In a major overhaul of how input credit is availed by businesses, the Government has proposed in case where there is a mismatch or details have

GST Network to release new version of return filing interface on 22 October

• GST Network will release improved version of GST return filing interface on 22 October with an aim to further simplify the process
• At present, there are 12.3 million registered GST tax payers

New Delhi: GST Network (GSTN) will release improved version of GST return filing interface on 22 October with an aim to further simplify the process.
"Many of the suggestions were incorporated in version 2 which is in place right now. Version 3 is going to come on October 22 of this month," GST Network CEO Prakash Kumar said at a seminar

CA Rachana Phadke Ranade now also successful youtuber

Her journey as a youtuber started three years ago and by 2019 she is a successful youtuber posting very relevant videos much recently on stock markets. Her evolution as a youtuber is a journey you

Vacancy for Accounts officers in D-Mart

 

D-Mart is hiring Accounts Officers.
Desired Candidate Profile :
Experience: Min 2 yrs to 7yrs
Education: B.com Graduate is Must
Age: Up to 30years
Role Category: Accounts Executive/Accountant
Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
Industry: Accounting/Finance

This position will independently handle the following roles & responsibilities: 

1. Managing Day to Day Accounting work of Payables, Receivables, Bank Reconciliation, Ledger

Being a CA are you being exploited? here's the solution

Situation: Everyone in your social circle, if comes to know that you are a Chartered Accountant or a CA-in-making,  tries to take the fullest advantage out of you.
The problem does not lie in taking advantage. We are professionals and we are meant to provide our

GST implications on royalty paid to the government for mining

GST has always been confusing for the mining industry with its never-ending changes in GST rates for the infra works, subcontracted works with many conditions attached to it. When we talk about the mining industry, there are certain terms which are very common in the mining industry like seigniorage charges (royalty), DMF (District Mineral Foundation) and NMET (National Mineral Exploration Trust). In this article, an attempt is made to understand the GST implications on seigniorage charges, DMF and NMET.
A. Applicability of GST on seigniorage charges:

1. What is seigniorage charges?

Income Tax Department conducts searches on business group in Goa

Search operations have been concluded | File photo from PTI

Income Tax Department (I-T) on Friday conducted searches on a business group in Goa. The I-T covered six premises of two grops allegedly involved in the sale and purchase of hotel resort in Goa.
One of the groups covered currently owns a large property in Goa on which a five star resort project is being built.
The group is engaged primarily in hotels and hospitality, real estate and construction. The buyer, a

₹30 cr. seized from Namakkal school after income tax raids

Group’s undisclosed income estimated to be ₹150 crore

Officials of the Income Tax Department seized ₹30 crore while raiding the main school of a Namakkal-based educational group. They estimate that the group’s undisclosed income could be more than ₹150 crore.
Officials from Income Tax Department have been conducting raids since Friday at a school run by the

India 1st Private Train Lucknow Tejas Express full video review and ticket prices

Vodafone wages war against Jio launches Rs. 69 Prepaid Plan With 28 Days Validity

HIGHLIGHTS

• Rs. 69 Vodafone prepaid plan has been listed on the operator's site
• The plan in some circles offers 100 SMS messages
• It is visible in circles such as Delhi and NCR as well as Mumbai
• Vodafone has expanded its range of

Billionaire Dan Pena's Ultimate Advice for Students & Young People - HOW TO SUCCEED IN LIFE

Six new notifications issued by CBIC on GST

49/2019-Central Tax ,dt. 09-10-2019	View (174 KB)	देखें (1020 KB)	Seeks to carry out changes in the CGST Rules, 2017.
48/2019-Central Tax ,dt. 09-10-2019	View (210 KB)	देखें (140 KB)	Seeks to amend notification No. 41/2019 – Central Tax, dated the

Number of crorepati taxpayers up 20% to 97,689 in AY 2018-19: CBDT data

The number of crorepati taxpayers shot up 20 per cent to 97,689 during assessment year (AY) 2018-19, as per tax returns data released by the revenue department. The number such individuals

GST ITC restricted to 20% of claims notifies CBIC

Click here to download notification

The CBIC vide Notification No. 49/2019 - Central Tax dated October 09, 2019, has made certain important amendments in the CGST Rules, 2017 ("CGST Rules").

One of the important amendments is made in Rule 61(5) of the CGST Rules which deals with the "Form and manner of submission of monthly return" and states that where the time limit for furnishing FORM GSTR-1 and FORM GSTR-2 has been extended, then the Commissioner may, by

Banks Lost Rs 1.76 lakh Crore to 416 Loan Defaulters in 3 Years, Big Hike in Write Offs Seen After Demonetisation

The RTI replies demonstrate a constant surge in the amount written off by public sector banks and private banks in the country since 2014-15. Between 2015 and 2018, a total of Rs 2.17 lakh crore were written off as bad debts read more at:https://www.news18.com/news/business/banks-lost-rs-1-76-lakh-crore-to-416-loan-defaulters-in-3-years-big-hike-in-write-offs-after-demonetisation-2340213.html

LTCG exemption on sale penny stocks dismissed by Delhi High Court

SUMAN PODDAR vs. INCOME TAX OFFICER
HIGH COURT OF DELHI
 ITA 841/2019
Sep 17, 2019

Section 10(38), 68
Asst. Year 2014-15


Penny stock—Assessee had filed return of income which was selected for scrutiny—During assessment proceeding, AO noted that assessee had booked LTCG and sought exemption u/s

Niamh Gill of Cleaver Black celebrates being #ACA qualified with family at the Chartered Accountants of Ireland

6

11:53 PM - Oct 9, 2019

Twitter Ads info and privacy

See Brightwater NI's other Tweets

Niamh Gill of Cleaver Black celebrates being #ACA qualified with family at the @CharteredAccIrl conferring ceremony tonight in @HiltonBelfast pic.twitter.com/WWpgCye9co

— Brightwater NI (@BrightwaterNI) October 9, 2019

USA has officially increased the investment amount for EB5 immigration route

USA has officially increased the investment amount for EB5 from $500,000 to $900,000 effective on 21st of November, 2019. What does it mean for you and your family? If you want to do EB5 for

Vodafone Idea Says Their Customers Don’t Have to Bother About IUC With Unlimited Calls

Just hours after Reliance Jio announced that they will be charging an Interconnect Usage Charge (IUC) from customers for calls they make outside the Jio network, Vodafone Idea Limited (VIL) has responded saying they have no such intention of separately billing their users for calls made outside the Vodafone Idea network. Vodafone Idea says they do not want to burden customers with there read more at: https://www.news18.com/news/tech/vodafone-idea-says-their-customers-dont-have-to-bother-about-iuc-with-unlimited-calls-2339959.html

Writ rejected as petitioner-Co. was carrying on activity of filing complaints against CAs as organised activity

[2019] 109 taxmann.com 350 (Delhi)

HIGH COURT OF DELHI

Wholesale Trading Services (P.) Ltd.

v.

Institute of Chartered Accountants of India

Section 22 of the Chartered Accountants Act, 1949 - Professional or other misconduct - One 'HA' was a member of ICAI and was a practicing chartered accountant - Petitioner company filed a complaint with ICAI alleging that in respect

New ESIC Changes w.e.f. 1st October, 2019

The ESI Act 1948, encompasses certain health-related eventualities that the workers are generally exposed to; such as sickness, maternity, temporary or permanent disablement, Occupational disease

ICSI to conduct online quiz contest winners to get cash awards upto Rs.50,000

Click here to know more

Appointment of Consultant for conducting Financial & Tax Due diligence of Punjab National Bank,Oriental Bank of Commerce & United Bank of India Finance

Appointment of Consultant for conducting Financial & Tax Due diligence of Punjab National Bank,Oriental Bank of Commerce & United Bank of India Finance
Address :

Jio to charge 6 paise per minute for outgoing calls to Airtel, Vodafone: Here are all new plans

In a first, country's largest telcom operator Reliance Jio today announced that its customers will now have to pay 6 paise per minute for voice calls made to rival phone networks. However, the company also announced that it will compensate customers by giving free data of equal value. The 6 paisa

EOW likely to extend probe in PMC Bank to HDIL’s auditors

The Mumbai Police’s Economic Offences Wing (EOW) may expand its probe into the ₹4,355.43 crore Punjab and Maharashtra Co-operative (PMC) Bank Ltd fraud to include auditors of the bankrupt Housing Development and Infrastructure Ltd (HDIL), which has been at the centre of the

Those who bought flats in Ekta, kalpataru radiance and others please note today's notice

http://newsyoucanusebeta.blogspot.com/2019/10/those-who-bought-flats-in-ekta.html

Diwali Gift for Govt Employees as Dearness Allowance Hiked By 5% to 17%

Ahead of the festive season, the Cabinet on Wednesday decided to hike Dearness Allowance of government employees by 5 per cent to 17%. The move was announced by Union Minister Prakash Javadekar and will benefit 50 lakh government employees and 62 lakh pensioners.
The DA now stands at 17%, an increase from last year's 12%, Javadekar said, calling it a "Diwali

GST's new RCM from 1st october 2019

9 important changes in GST w.e.f 1st October 2019

The 9 important changes effective from 01-10-2019 are as follows:
1. Applicability of RCM on renting of motor vehicle:
Service of renting of motor vehicle by any Individual/Firm/LLP to any body corporate shall be liable

The Aurora station marks the milestone for space tourism

Hotels on earth are too mainstream, the luxury space hotels are the future. Developed by the Houston-based company Orion Span , the Aurora...

Hotels on earth are too mainstream, the luxury space hotels are the future. Developed by the Houston-based company Orion Span, the Aurora station is the world's first space hotel.

The station will orbit 200 miles above the Earth’s surface and it is scheduled to launch in 2021. The luxury hotel will include private suites for two. Meanwhile, it will be a 12-day stay where the station

ICSI UDIN and eCSIN Guidelines mandatory w.e.f. 1st October, 2019

Dear Professional Colleague
Subject : ICSI UDIN and eCSIN Guidelines mandatory w.e.f. 1st October, 2019
The role of the Company Secretaries as governance enablers in the Indian corporate scenario has been well acknowledged, both by the corporates and the Regulators. Company Secretaries, both in

Vacancy for CA/Semi qualifieds and articleship in G P Kapadia & CO

Job Description: Required audit exposure under ERP for manufacturing and service industries and willing to travel. Required for Direct and indirect taxation department too.

JobTitle: CA and Semiqualified

Experience Required: Freshers and experienced

Minimum Education: IPCC cleared and CA. For Articleship as per ICAI guidelines

Job location: Mumbai

Company's/Employer's Address:

Appointment of Chartered Accountants to undertake work of Internal Audit of Railtel Corporation Of India Limited

• Railtel Corporation Of India Limited, Maharashtra (23 Sep 2019) Appointment of Chartered Accountants to undertake work of Internal Audit (Quarterly Intervals) for its Regional Office at Mumbai
  Address :
  

NICSI invites online bids against open tender for Proposal for Hiring of CA firm for empanelment as Internal Auditor.

• National Informatics Centre Service Incorporated, New Delhi, Delhi (11 Sep 2019) NICSI invites online bids against open tender no NICSI/ INTERNAL AUDITOR /2019/06 for Proposal for Hiring of CA firm for empanelment as Internal Auditor.
  Address :
  

Faceless E-Assessment for taxpayers launched

New Delhi:Dubbed as a major initiative in the direction of taxation reform, the Income-Tax Department on Monday launched a faceless e-assessment scheme to eliminate interface

The indirect tax board has removed a “controversial” circular that imposed goods and services tax (GST) on post-sale discounts by dealers

ld not

The indirect tax board had removed a “controversial” circular that imposed goods and services tax (GST) on post-sale discounts by dealers, but it has done little to clear the confusion around the many issues that arose with the circular.
In June, the Central Board of Indirect Taxes and Customs (CBIC) had issued a circular which said

Income tax benefits on gold bonds: Subscription open at ₹3,788 per gram

Amid the festive season, when gold buying is expected to witness an uptick, the latest tranche of sovereign gold bonds opened for subscription. The Sovereign Gold Bond Scheme 2019-20 - Series V opened at issue price of ₹3,788 per gram. Investors applying online and making payment online get a

Senior Accountant Vacancy in MasterCard

The MasterCard has invited applications for the post of Senior Accountant from qualified Chartered Accountants.
The MasterCard is the global technology company behind the world’s fastest payments processing network. The Company is a vehicle for commerce, a connection to financial systems for the

India Gets First Tranche of Swiss Account Details, Will Help Govt Uncover Black Money

The sharing of the data that was prepared by all Switzerland-based banks under a direction from the Swiss government marks a significant milestone in the fight against black money suspected to be stashed abroad. India figures among 75 countries with which Switzerland's Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global read more at https://www.news18.com/news/india/india-gets-first-tranche-of-swiss-account-details-under-automatic-exchange-framework-2336595.html

ICAI clarifies on postponement of CA November 2019 exams

1st October, 2019

Subject: No Postponement of CA November 2019 Exams It has been brought to our notice that certain announcement is being circulated in social media that the CA Exams will be held in December instead of November 2019. In this connection, it is hereby clarified that the above announcement has not been issued by the

MCA plans to amend CA Act

The Ministry of Corporate Affairs is planning to amend the Chartered Accountants Act to build disciplinary mechanisms for removing possible conflicts of interest between audit firms and companies they audit.

The government is also looking at ways to address the gaps in the law with respect to network entities of which audit firms are part.

“We need to strengthen the Chartered Accountants Act. Many entities need to be brought within the regulatory remit to create accountability and transparency," a senior government official told

Last date to rectify any mistakes in gst return 2018-19 to availed ITC

Government vacancy for |CA Inter|B.com|CMA Inter 2019 in PSPCL

Vacancy for CA in P&G

Description

Would you like to apply your education and skills in exciting and meaningful ways from day one? Are you passionate about data analysis to drive strategy in a substantial way?

If so, we have the perfect role for you.

This is a unique opportunity to obtain insights into the world of finance through a fast-moving consumer goods company and benefit from:

• Business topics at the heart of today’s news – Evolving channels (Discounters, E-commerce), competition, and customers' reality makes working in a consumer

REoI for Consultancy Services for Internal Audit of Department of Agriculture

• Department of Agriculture, Maharashtra (20 Sep 2019) REoI for Consultancy Services for Internal Audit of PoCRA
  Address :
  

Appointment for Chartered Accountants for - Internal Auditors of Department Of Tourism and Cultural Affairs

• Department Of Tourism and Cultural Affairs, Mumbai, Maharashtra (05 Oct 2019) Appointment for Chartered Accountants for - Internal Auditors from AY 2013-14 onwards till 2019-20, 2020-21 & 2021-22.
  Address :
  

SIAM releases auto sales figures for the month of August

Auto industry has been going through a prolonged slump. Total vehicle sales in India witnessed the steepest fall in August since industry body SIAM started recording wholesale vehicle sales data in 1997-98. Overall vehicle sales in the

Public and private sector banks have an exposure of Rs 27,580 croreto the beleaguered financial services conglomerate IndiaBulls Group

Public and private sector banks have an exposure of Rs 27,580 crore, in the form of loans and non-convertible debentures, to the beleaguered financial services conglomerate IndiaBulls Group, whose promoters are facing allegations of financial irregularities.

Public sector lender State Bank of India has the highest cumulative exposure of

Imp CBDT Circular Clarifies Law On Set-Off Of Losses & MAT Credit Under Newly Inserted S. 115BAA

The CBDT has vide Circular No.. 29/2019 dated 2nd October 2019 clarified the law in respect of option exercised under section 115BAA of the Income-tax Act, 1961 inserted through The Taxation Laws (Amendment) Ordinance, 2019. The CBDT has stated that representations have been received

Vacancy for CA/ICWA in Oil India Limited

Click here to apply

Expression of interest appointment of an Internal Auditor of Institute Of Banking Personnel Selection

• Institute Of Banking Personnel Selection, Mumbai, Maharashtra (01 Oct 2019) Expression of interest appointment of an Internal Auditor
  Address :
  

42 political parties issued notice for failure to submit accounts statements

ISLAMABAD:The Election Commission of Pakistan (ECP) has issued notices to 42 political parties for their failure to file accounts details, an annual legal requirement.
The parties issued notices included Awami National Party (ANP), Balochistan Awami Party (BAP),

EOI are invited from Chartered Accountant firms for Appointment of Professional Consultant of SNDT Women's University, Mumbai

EOI are invited from Chartered Accountant firms empanelled with the Comptroller & Auditor General of India separately for Appointment of Professional Consultant for the Financial Year 2019-20 onwards at all campuses Churchgate, Juhu & Pune

You can get credit for TDS deducted on cash withdrawals of over Rs 1 crore from bank account

The Central Board of Direct Taxes (CBDT) has notified the rules regarding claiming of tax credit for tax deducted at source (TDS) by banks on withdrawal of cash from an account exceeding Rs 1 crore in a financial year.
Through a notification dated September 27, the CBDT has stated that only the bank account holder (i.e., the individual in whose name the bank account is held) will be able to get tax credit on the TDS

Structural changes in the examination system of ICAI

Yes, structural changes are required in the Examination system of ICAI to save the reputation of this profession as I believe that if students in a country are not happy, then we cannot have bright future of the country.
All those who belong to CA Fraternity are aware of the fact that there are some issues with the examination system of ICAI. It all started when the Institute released two lists of pass students for

Got an income tax notice? Check if its valid:CBDT

NEW DELHI : If the taxman is not satisfied with your submission in the Income Tax Returns (ITR) or has a question for you, the Income Tax department might send you a notice, letter or in serious cases even summon you. Now taxpayers have been given the facility to verify the validity of all such

These 8 changes in financial sector to impact your expenses from October

Financial changes brought from October 1

For those who are unaware, your pocket expenses are being affected by a number of changes that have been brought in the financial sector, beginning October. From EMIs on loans to GST rates, these changes have been brought into effect since the onset of October this year, i.e. October 1. Mentioned below is a summary of the changes that you need to be aware of.
# No cashback on card payments at petrol pumps
In order to promote digital payment, a cashback offer was introduced by some state-owned oil companies more than two-and-a-half years ago. However, beginning 1st October, the bankers have

GST NEW AMENDMENTS FROM 1st OCTOBER 2019 | CHANGES IN GST APPLICABLE ON 01 OCTOBER 2019

Introduction of OMR answer sheets in respect of the Multiple Choice Questions (MCQs) in Paper 6 of Final (New) Examination ( Elective paper), w.e.f November 2019 examination

Important Announcement

1st October, 2019

Introduction of OMR answer sheets in respect of the Multiple Choice Questions (MCQs) in Paper 6 of Final (New) Examination ( Elective paper), w.e.f November 2019 examination In Paper 6 (Elective paper held on open book methodology) of Final (New Syllabus) examination,

Diwali gift from Govt: a cut in personal income tax rate in offing

of the options is to introduce a 10 per cent slab for people having taxable income between Rs 5 lakh and Rs 10 lakh. Currently, this slab attracts a 20 per cent tax rate. There are also options to remove cess, surcharge and several tax exemptions and reduce tax rate of the highest slab from 30 per cent to 25 per cent, the report said.
"Depending on the impact the decision could have on revenue, various scenarios are being considered. But the idea is to give at least a 5 percentage point benefit to every taxpayer," the report

Vacancy for CA in Morgan Stanley

Analyst - Finance

:  Non-Japan Asia-India-Maharashtra-Mumbai (MSA)

Education Level:  Bachelor's Degree
Employment Type:  Full Time
Job Level:  Analyst

DIR-3 KYC filing due date extented till 14.10.2019 [Read Notification]

Ministry of Company Affairs due to technical error in filing Form DIR-3 KYC, last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th October 2019. so carefully file