Extended due dates of Income returns, ITR and GSTR 9 and GSTR9C as on 30th December 2020

 

TAX AUDIT AND ITR DUE DATE EXTENDED ON PORTAL|GST PORTAL NOT WORKING

 

Writ Petition filed in Bombay High court wrt extension of ITR due date

 

Income tax site crashes 5 days before due date of filing returns

 

GST: Restriction on utlization of ITC credit (Electronic Credit Ledger) U/r 36(4) & 86B

 

Please take note of the following important amendments. 

Rule 86B: Restriction on utilization of Electronic Credit Ledger w.e.f. 1st Jan 2021:

CA dies at 40 due to high work pressure

 

GST and Income Tax due date extention almost certain

CA arrested in Mumbai in GST fraud case

Central Goods and Services Tax, Mumbai West, Investigation team has announced the arrest of Mr. Chandraprakash Pandey, Partner of M/s. C.P. Pandey & Associates. He was arrested on account of indulging in

Big Diwali Dhamaka in Gst return filing wef 10/11/2020

https://youtu.be/91hDxCPcrbw

Another CA removed by ICAI for professional misconduct

 The Institute of Chartered Accountants of India (ICAI) notified the removal of a Chartered Accountant after finding him guilty of professional misconduct. The CA was

Important notification wrt to CA exams

 

TaxAudit Checklist u/s 44AB of Income tax Act, 1961 brought out by Direct Taxes Committee & Taxation Audit Quality Review Board of ICAI

Institute of Chartered Accountants of India - ICAI (@theicai) Tweeted:

#TaxAudit Checklist u/s 44AB of Income tax Act, 1961 brought out by Direct Taxes Committee & Taxation Audit Quality Review Board of ICAI

CA guilty of Non Reporting of non-compliance of section 40A(3) & 40(a)(ia) ICAI remove name of CA from Register of Members

CA Ishaq Esmail Lakkadghat Versus Income Tax Officer, 11 (3) -1 Mumbai vide APPEAL NO. 10/ICAI/2018  wherein the Tax auditor was held guilty by the disciplinary committee of ICAI of lack of exercising due

BIG RELIEF IN GSTR-1 FILING NOVEMBER 20 |OPTION TO AMEND INVOICES FOR FY 19-20 IN GSTR1

 

CBIC has released a guidebook for Faceless Assessment

https://www.cbic.gov.in/resources//htdocs-cbec/deptt_offcr/Guidebook_Faceless_Assessment_29Oct2020.pdf;jsessionid=1CC87B4E8C1C3F02820F799E8BD1708C

Increase in fake CA certification

 

GST Audit date further extended

 

Finance Ministry: Extension of due date of furnishing of Income Tax Returns and Audit Reports

https://pib.gov.in/PressReleasePage.aspx?PRID=1667281

Income Tax Department has released New Tax Audit utility - Schema Version 1.21

 

Free Income tax Return filing for senior citizens for FY 2019-20

 We at CANEWSBeta are happy to announce Free Income tax Return filing for senior citizens for FY 2019-20. Following are the terms and conditions:

Analysis of of Tax Collected at Source TCS under Section 206C (1H) of the Income Tax Act, 1961 on sale of goods wef 1st October 2020

 

Tax Collected at source (TCS) is Income Tax which is required to be collected by the seller (Collector) from the Buyer along with the Price of Goods and applicable taxes. Provisions relating to tax Collected at Source has been enumerated in section 206C of the Income Tax Act, 1961. There are various goods on which tax has to be collected at source which is given below :-

GSTR9/9C Big Update|Gstr9 Big Relief By Cbic|New Clarification By cbic

 

ICAI announces postponement of Foundation exams and Op-out scheme for all students appearing in November 2020 exams

 https://www.icai.org/post/important-announcement-nov2020-exams

TCS new provision wef 1st October 2020 in simple chart

 

Subramanyam Swami on possibility of postponing CA exams scheduled in November 2020

 

TCS on sale of goods under Income Tax wef 1st Oct 2020

GSTR-9 DUE DATE EXTENSION UPDATE|GSTR 9 FILING|GST ANNUAL RETURN

 

Live Webinar Series -2 on “ICAI in Conversation with its Students”

 

BOS (Academic) & SSEB of ICAI presents “ICAI in Conversation with its Students”, a Live Series-2 Interactive Session with students on

MCA Due Dates September 2020

High lights of the RACP Bill 2020 introduced in Lok Sabha.(Bill no- 116 of 2020)

 

Direct Taxes 

High lights of the RACP Bill 2020 introduced in Lok Sabha.(Bill no- 116 of 2020)

1) ITR filing for AY 2019-20 is to be extended from 30th Sep to 31-3-2021.

2) ITR filing for AY 2020-21 is to be extended from 30th Nov. to 31-3-2021.

3) Filing of audit reports under any provision for AY 2020-21 is to be extended from 31st Oct to

GST DATA FOR JULY 2017 DELETED FROM GST PORTAL|GST RETURN FROM GST PORTAL REMOVED

ICAI announces financial assistance to its members and their dependants suffering from Corona virus

ICAI has announced financial assistance  of Rs. 1.5 lakhs to its members and their dependants suffering from Corona virus. This is being done through Chartered Accountants Benevolent Fund

ICAI clarifies on the news article by Times of India with regard to use of acronym "ICAI" by Institute of Cost Accountants of India

Click here to download the clarification

5 income tax-related deadlines

The government has extended the deadline for filing income tax returns or ITRs for 2018-19 fiscal to September 30, from July 31. This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 fiscal. In March, the due date was extended from March 31 to June 30.

ICAI launches MSME Business continuity checklist

Click here to download

ICAI Vice President Latest Update on Nov 2020 CA Exams

NFRA bars former Deloitte head from audit for 7 years over lapses at IL&FS

Former Deloitte Haskins & Sells CEO Udayan Sen was banned from auditing for seven years and fined Rs 25 lakh by the National Financial Regulatory Authority on July 22 for auditing lapses at IL&FS.

The watchdog found Sen guilty of professional misconduct and not maintaining independence and quality in auditing accounts of the financial company.

Sen was the engagement partner of IL&FS in 2017-18. He stepped down as CEO in March 2015 and retired as a partner of the firm in March this year.

MCX India Auditor Selection Norms for Cyber Security & Cyber Resilience Audit of Member

Cyber Security & Cyber Resilience Audit

Cyber Security & Cyber Resilience Audit of Member

In view of the circular issued regarding Cyber Security & Cyber Resilience Audit of Trading Members of the Exchange issued by SEBI, the members using trading software are required to conduct Cyber Security & Cyber

Vacancy for CA Inter in Meridian Enterprises Pvt. Ltd

Chief/ Senior Accountant

Nariman Point, Mumbai

ICAI announces Reduction of fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final Students

Students Skills Enrichment Board, BOS (O) The Institute of Chartered Accountants of India 3rd July, 2020

ANNOUNCEMENT

Reduction of fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final Students In view of the ongoing spurt of COVID-19 virus pandemic and subsequent suspension of IT and Soft Skills Classes all across the country, the competent authority has decided that the students of Final course exam (May 2019, November 2019, July, 2020 & November,2020) as one time measure, can undergo MCS and Advanced IT Course through Virtual Mode and has further decided to

SC adjourns hearing on CA exams to next week

High Court directs IT department to refund Rs.833 crores to Vodafone Idea Ltd within 2 weeks

In a huge relief to Vodafone Idea Limited, the Bombay High Court last Friday directed the income tax department to refund Rs.833 crores to the telecom operator within two weeks "without fail." 

Division bench of Justice RD Dhanuka and Justice Madhav Jamdar pronounced a 14-page oral order via video conference granting relief after hearing the petitioner Vodafone Idea and the Assistant Commissioner as well as

ICAI issues guidance note on CARO 2020

https://resource.cdn.icai.org/60117aasb48979-a.pdf

ICAI BOS IMPORTANT ANNOUNCEMENT FOR NOV. 2020 CA EXAMS RELEASED

BIG CHANGE IN CASH WITHDRAWAL FROM 01.07.2020 TDS ON CASH WITHDRAWAL

AAR tweaks definition of aggregrate turnover to include interest from PPF, Bank savings and loans used for GST registration threshold

---

The Authority for Advance Ruling (AAR) has said the value of exempted income, like interest on PPF, savings bank account and loans given to family or friends, will now be included along with taxable supplies while calculating the threshold limit for obtaining GST registration.
For businesses and individuals, they are required to obtain GST registration if their aggregate

Goods purchased, sold overseas liable to GST in India: AAR

Domestic company buying goods from abroad and selling to another country will have to pay GST on such transactions even if the said products are not entering the Indian territory, the Authority for

Gutkha baron Wadhwani siphoned GST money to Pakistan, Dubai, court told evades Rs.233 crores GST

Indore, June 19 (IANS) The Directorate General of Goods and Services Tax Intelligence (DGGI) on Thursday told a local court that it apprehended that Rs 233 crore siphoned through tax evasion by ''gutkha baron'' Kishore Wadhwani has been illegally transferred to Pakistan and Dubai.
The central agency investigating the case of GST evasion of GST through illegal trading of pan

PWC loses its own case in ITAT: held that dividend-bearing securities should be considered for disallowance under Rule 8D(2)(iii) of the Income Tax Rules.

The Income Tax Appellate Tribunal (ITAT) in the PwC case held that dividend-bearing securities should be considered for disallowance under Rule 8D(2)(iii) of the Income Tax Rules.
The appellant PricewaterhouseCoopers Private Limited is in the business of providing, inter alia, management consultancy services, and also accounting and business advisory services. The

Supreme Court order provides big relief to auditors of IL&FS ie Deloitte and BSR & Associates

NEW DELHI: In a big relief to BSR & Associates LLC, and Deloitte Haskins and Sells, both former auditors of IL&FS Financial Services Ltd, the Supreme Court (SC) on Tuesday refused to stay the Bombay High Court (HC) order to quash all prosecution against the two firms pending before the National Company Law

Dhiraj Khandelwal tweets on extention of old course for CA final

ICSI postpones CS examinations which were scheduled to be held in July

National Student's Union of India writes to ICAI and ICSI to postpone exams to be held in July 2020 in view of pandemic

‘Postpone Examinations Till November’, demand ICAI Students on twitter

With less than two months to go, anxiety is looming large among lakhs of candidates appearing for CA July 2020 exams due to the corona-virus pandemic and the subsequent lockdown, which they say has derailed their preparations. 

While many state education board postponing the exams, CA students demanded that the ICAI July

GST LATE FEES WAIVED OFF FROM JULY 17 TO JAN 20|Gst Council Meeting Big DECISIONS|

Parotta and roti are separate: Authority for Advance Rulings' Karnata bench hence different GST rates applicable to both

If you like your parotta, you are not going to like what's coming.
As per a recent rule by the Authority for Advance Rulings' Karnata bench, parotta and roti are separate. Distinguishing between the two Indian varieties of shortbread, the GST ruling said that

TWO OPTIONS TO BE GIVEN FOR GST LATE FEES|GSTR3B FILING AND LATE FEES WAIVER

EOW arrests Congress MLC and Chairman of Shivajirao Bhosale Co-op Bank based on FIR filed by Chartered Accountant appointed as RBI Auditor

MLC Anil Bhosale (right)
PUNE: The city police’s economic offences wing recently filed a chargesheet against Nationalist Congress Party’s sitting MLC Anil Bhosale and three other accused, pegging the total embezzlement

RBI asks SBI to appoint a qualified chartered accountant as CFO whose estimated package is Rs.1 crore

The Reserve Bank of India (RBI) has asked State Bank of India (SBI) to appoint a qualified chartered accountant (CA), with relevant experience, as its chief financial officer (CFO). At present, SBI does not have a CA in its top ranks — deputy managing director (DMD) or chief general manager.
A senior SBI executive said due to the central bank's directive, the bank has decided to opt for an

Will ICAI be able to conduct exams in July

Thank fully ICAI is taking all efforts to conduct examinations on revised schedule but the fact remains that situation is way away from normal. The ground reality is many states have started converting schools and colleges into quarantine centres due to increasing spread of covid 19. So obvious question arises is as to how institute proposes to conduct exams in these states where

Whatsapp can be used for virtual hearing by GST and Excise Authorities says CBIC

Whatsapp communication will also be used by the authorities to send out personal hearing memos in PDF form after the hearings conclude.

Virtual hearing of all demand notices relating to indirect taxes including goods and services tax (GST) can be done through Whatsapp, authorities in Thane tax zone said a notice while issuing

GST applicable on Director's Remuneration

Goods and services tax authorities in some states have sent notices to companies seeking information about the remuneration of directors and the tax paid on them. This comes as only a few companies have started operations following the staggered opening up of the nationwide lockdown to counter

Free Online Revision classes for CA Final, Inter & Foundation

*Revision classes for CA Final, Inter & Foundation (no fees)*

1.) *International Tax Course* starting from *9th May 6PM* 8 weekends, 16 classes, 1.5 hours each, Practical Experience
Course coverage:- Basic to Best

ICAI postpones all CA exams to July 2020

https://resource.cdn.icai.org/59333examicai020520.pdf

Revised MHA order dated 1/5/2020 w.r.t guidelines on permitted activities in Red, Orange and Green zones

Click here to see the quidelines

ICSI postpones all CS examinations to be held in June 2020

https://www.icsi.edu/media/webmodules/Postponement_of_CS_Examinations_June-2020_session.pdf

Is India economic super power in making with unprecedented fall in crude oil prices

Huge savings in freight cost and yes this will be kind of permanent savings to most of the extent. Why permanent? With electric vehicles penetration in passenger and goods vehicle oil demand was anyways falling nine pins with point of no return. India can reap benefits out of this opportunity like never before. Freight cost is the major cost for all industries especially manufacturing. Take any

Contribution to PM CARES Fund qualifies as CSR expenditure, Contribution to CM’s Relief Fund does not: MCA

Ministry of Corporate Affairs, Government of India has clarified that a contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure under Item No viii of Schedule

CANeWsBeta*- Monthly Top Commentator Contest win Rs.1000/- p.m

Seasons Greetings to all our viewers!

CANeWsBeta is happy to announce Top Commentator Monthly Contest. Now win Rs.1000 talktime or recharge of utility bills or DTH services by just commenting on the our news articles at :https://canewsbeta.blogspot.com/

Terms & Conditions of the contest:

ICAI ICSI AND ICMA contribute to PM CARES fund

DO NOT DO THESE MISTAKES IN GSTR3B FOR FEB TO APRIL 20|GST RETURN FILING

How to withdraw from EPF if you need money due to coronavirus

The government has recently amended the EPF withdrawal rules which allow an EPF member to withdraw money in case of emergency due to COVID-19.
The government announced last week that you can withdraw a certain amount from your Employees' Provident Fund (EPF) corpus, if you are facing financial problems due to the coronavirus-related

Vacancy for CA in P&G

Description

 

About Procter & Gamble:

Procter & Gamble is one of the largest FMCG (Fast Moving Consumer Goods) company in the world with strong brands like Pampers, Ariel, Always, Gillette and Oral B just to name a few. For more

Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI) for the financial year 2020-21.

• Apr, 15 2020
• The Institute of Chartered Accountants of India, Multi Location, Multi State
  Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI) for the financial year 2020-21.
  Address :
  

Notice Inviting Expression of Interest for engagement of Chartered Accountant Firms for Internal Audit of various units of the Institute of Chartered Accountants of India (ICAI) for the financial year 2020-21.

• Apr, 15 2020
• The Institute of Chartered Accountants of India, Multi Location, Multi State
  Notice Inviting Expression of Interest for engagement of Chartered Accountant Firms for Internal Audit of various units of the Institute of Chartered Accountants of India (ICAI) for the financial year 2020-21.
  Address :
  

Tender for chartered accountant services for Nathdawara Temple Board

• Apr, 15 2020
• Nathdawara Temple Board, Nathdwara Rajasthan
  Tender for chartered accountant on retainer ship.
  Address :
  

GST NEW DUE DATES SUMMARY FROM FEBRUARY , MARCH , APRIL MAY 2020

ICAI: Standard 12 Students Can Provisionally Register For CA Course

Announcement

5th April 2020

Sub: Allowing provisional registration in the Foundation Course of Institute of Chartered Accountants of India (ICAI) for students who have been allotted either admit card and/or appeared in one or more papers of Class XII examinations Due to the outbreak of the COVID -19 pandemic, the CBSE/ICSE/State Boards have postponed Class 12th Board examinations that were to be held from 19th March 2020 and onwards. In view of above, such candidates who are not able to register themselves in the Foundation due to non-appearance in all papers of class 12th Examination, the Competent Authority has decided to relax the eligibility criteria for registering in Foundation Course, as a one-time measure, which is as

Request for Proposal (RfP) for Appointment of Chartered Accountant firm / LLP / company for Handling Direct Tax matters of DICGC for FY 2020-2021

• Apr, 07 2020
  Request for Proposal (RfP) for Appointment of Chartered Accountant firm / LLP / company for Handling Direct Tax matters of DICGC for FY 2020-2021
  Address :
  

Statewise official Active Covid-19/Coronavirus cases in India as on 6/4/2020 9 a.m alongwith detailed analysis of statewise increase/decrease

S. No.	Name of State / UT	Total Confirmed cases (Including 66 foreign Nationals)	Cured/Discharged/ Migrated	Death
1	Andhra Pradesh	226	1	3
2	Andaman and Nicobar Islands	10	0	0
3	Arunachal Pradesh	1	0	0
4	Assam	26	0	0
5	Bihar	30	0	1
6	Chandigarh	18	0	0
7	Chhattisgarh	9	3	0
8	Delhi	503	18	7
9	Goa	7	0	0
10	Gujarat	122	18	11
11	Haryana	84	25	1
12	Himachal Pradesh	13	1	1
13	Jammu and Kashmir	106	4	2
14	Jharkhand	3	0	0
15	Karnataka	151	12	4
16	Kerala	314	55	2
17	Ladakh	14	10	0
18	Madhya Pradesh	165	0	9
19	Maharashtra	690	42	45
20	Manipur	2	0	0
21	Mizoram	1	0	0
22	Odisha	21	2	0
23	Puducherry	5	1	0
24	Punjab	68	4	6
25	Rajasthan	253	21	0
26	Tamil Nadu	571	8	5
27	Telengana	321	34	7
28	Uttarakhand	26	4	0
29	Uttar Pradesh	227	19	2
30	West Bengal	80	10	3
Total number of confirmed cases in India		4067*	292	109
*States wise distribution is subject to further verification and reconciliation

Total rise of 472 cases in India compared to 5/4/2020. Also see status as on 5/4/2020 click here
Total average percentage increase across India of 20.54% in a day.

There is reduction in percentage increase of cases in following states compared to 5/4/2020 ie in 24 hrs:

Analysis of Certified Copy of CA Final ISCA - 94 Marks of AIR-1 June 2019 attempt

Review of certifed copy of 91 Marks in CA IPCC Cost & FM Paper

IPCC Accounting Certified Copy Review

GOOD NEWS|MOST AWAITED RELIEF IN GST RULE 36(4) GIVEN|GST RULE36(4) NOT TO BE APPLIED|GST RULES

Latest Fixed Deposit rates and other fixed income instruments with ratings applicable from 1/4/20 to 15/4/20

Click here to download

CBDT issues orders u/s 119of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions

Click here to download the notification

Statewise official Active Covid-19/Coronavirus cases in India as on 5/4/2020 9 a.m alongwith detailed analysis of statewise increase/decrease

S. No.	Name of State / UT	Total Confirmed cases (Including 65 foreign Nationals)	Cured/Discharged/ Migrated	Death
1	Andhra Pradesh	161	1	1
2	Andaman and Nicobar Islands	10	0	0
3	Arunachal Pradesh	1	0	0
4	Assam	24	0	0
5	Bihar	30	0	1
6	Chandigarh	18	0	0
7	Chhattisgarh	9	3	0
8	Delhi	445	15	6
9	Goa	7	0	0
10	Gujarat	105	14	10
11	Haryana	49	24	0
12	Himachal Pradesh	6	1	1
13	Jammu and Kashmir	92	4	2
14	Jharkhand	2	0	0
15	Karnataka	144	12	4
16	Kerala	306	49	2
17	Ladakh	14	10	0
18	Madhya Pradesh	104	0	6
19	Maharashtra	490	42	24
20	Manipur	2	0	0
21	Mizoram	1	0	0
22	Odisha	20	0	0
23	Puducherry	5	1	0
24	Punjab	57	1	5
25	Rajasthan	200	21	0
26	Tamil Nadu	485	6	3
27	Telengana	269	32	7
28	Uttarakhand	22	2	0
28	Uttar Pradesh	227	19	2
29	West Bengal	69	10	3
Total number of confirmed cases in India		3374*	267	77
*States wise distribution is subject to further verification and reconciliation

Total rise of 472 cases in India compared to 4/4/2020. Also see status as on 4/4/2020 click here
Total average percentage increase across India of 16.26% in a day.

There is reduction in percentage increase of cases in following states compared to 4/4/2020 ie in 24 hrs:

ICAI should come out with Guidance note on Audit procedures during epidemic to prevent health risk of articles and members

With Lock down nearing completion in India and businesses to resume in staggered manner members and articles will also have to resume audit assignments. In this scenario what is worrisome is the health risk of members and articles who conduct their audits at client places on which they have little control with regard to cleanliness and hygiene. Also reaching client places requires travelling in

Statewise official Active Covid-19/Coronavirus cases in India as on 4/4/2020 9 a.m

COVID-19 Statewise Status Also see status as on 22/3/2020 click here

S. No.	Name of State / UT	Total Confirmed cases (Including 57 foreign Nationals)	Cured/Discharged/ Migrated	Death
1	Andhra Pradesh	161	1	1
2	Andaman and Nicobar Islands	10	0	0
3	Arunachal Pradesh	1	0	0
4	Assam	24	0	0
5	Bihar	29	0	1
6	Chandigarh	18	0	0
7	Chhattisgarh	9	3	0
8	Delhi	386	8	6
9	Goa	6	0	0
10	Gujarat	95	10	9
11	Haryana	49	24	0
12	Himachal Pradesh	6	1	1
13	Jammu and Kashmir	75	3	2
14	Jharkhand	2	0	0
15	Karnataka	128	12	3
16	Kerala	295	41	2
17	Ladakh	14	3	0
18	Madhya Pradesh	104	0	6
19	Maharashtra	423	42	19
20	Manipur	2	0	0
21	Mizoram	1	0	0
22	Odisha	5	0	0
23	Puducherry	5	1	0
24	Punjab	53	1	5
25	Rajasthan	179	3	0
26	Tamil Nadu	411	6	1
27	Telengana	158	1	7
28	Uttarakhand	16	2	0
28	Uttar Pradesh	174	19	2
29	West Bengal	63	3	3
Total number of confirmed cases in India		2902	184	68

ICAI CA Final May 2019 Question Papers with Suggested Answers (New Course)

Subject	Question Paper	Suggested Answers
Paper 1: Financial Reporting	Download	Download
Paper 2: Strategic Financial Management	Download	Download
Paper 3: Advanced Auditing and Professional Ethics	Download	Download

ICAI CA Final May 2019 Question Papers with Suggested Answers (Old Course)

Subject	Question Paper	Suggested Answers
Paper 1: Financial Reporting	Download	Download
Paper 2: Strategic Financial Management	Download	Download
Paper 3: Advanced Auditing and Professional Ethics	Download	Download
Paper 4: Corporate and Allied Laws	Download	Download
Paper 5: Advanced Management Accounting	Download	Download
Paper 6: Information Systems Control and Audit	Download	Download
Paper 7: Direct Tax Laws	Download	Download
Paper 8: Indirect Tax Laws	Download	Download

BREAKING NEWS|GSTR3B MUST BE FILED BEFORE 04.04.20 FOR FEB20|GST INTEREST PAYMENT FOR FEB 2020

Now Watch Bombay Municipal Corporation declared Coronavirus Wardwise/Societywise Containment Zones on live map

Click here to see the live map

 

Visibility is better on desktops than mobile devises

NEW SECTION 168A INTRODUCED IN GST ACT

RBI notifies Doorstep Banking Services for Senior Citizens and Differently Abled Persons

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/203CDBC69575209AF64C93AB73B3E65A86ADF1.PDF

Why there cannot be recession in India

Its a fact that there will be no recession in India ever.

In India a child is brought up by teaching him all religious rituals and making him visit religious places regularly and during his school vacations. And thing he is taught religiously is to donate at such religious places either money or in kind. Now you must be wondering how it is connected to recession.  Here's how believe it or not on average every earning member in India has sub conscious habit built into him to donate a certain percent of his monthly or new income to religious places as

What is Fibonacci Retracement? How to use Fibonacci Retracement in Trading?

ICAI issues guidelines for impact of coronavirus on financial reporting

https://resource.cdn.icai.org/58829icai47941.pdf

ICAI POSTPONES MAY 2020 EXAMS

https://resource.cdn.icai.org/58830icai-47942exam270320.pdf

ICAI important announcement on articleship period during covid 19 lock down

Dhiraj Khandelwal hints at shifting May attempt altogether

Finance Minister covid 19 fiscal package highlights

Finance Minister fiscal package highlights

1. Rs.1.72 lac crore fiscal package
2. Insurance coverage for all nurses doctors sanitisation workers Rs.50 lac per person
3. Under Pm gareeb kalyan scheme 80 crore poor people to get additional 5kgs wheat or rice 1kg pulse for 3 months free of cost. 
4. Direct transfers to Farmer mnrega jan dhan yojna pensioners Ujwala yojna epfo construction workers 

       Farmers: 8.69 crore farmers             to get 2000 each in April 1st week

      Mnrega: wage increase 5crore families Rs. 2000per worker additional benefit

      Old age widows disabled : ex gratia 1000 per senior citizens above 60 yrs age in two installments through DBT

     Jan dhan women ac holders: ex gratia of 500 pm for 3 months through DBT

     Ujwala yojna: bpl families to get free LPG cylinders per month for 3 months to 8 crore

Prime Minister to address nation today

ICAI sends representation to delete GST ITC Rule 36(4) which restricts ITC to 10%

ICAI: CA May exams on schedule, will analyse the situation in mid-April

An official from the Institute of Chartered Accountants of India (ICAI), the professional body which conducts the Chartered Accountant (CA) exams in the country, said the body will analyse the

Statewise official Active COVID-19/Coronavirus cases in India as 22.03.2020

(*including foreign nationals, as on 22.03.2020 at 11:45 AM)

Surprisingly ICAI/ICSI/ICMA have still not declared postponement of article ship in wake of coronavirus scare

It is indeed surprising that prestigious institutions like ICAI/ICSI/ICMA have still not declared postponement of article ship in wake of current coronavirus scare. This has forces articles to take to

Avoid air conditioners Maharashtra Government gives new directives

The Maharashtra government has asked all its offices to avoid the use of air conditioning (AC) system as a precaution against the spread of coronavirus.

A Government Resolution (GR) signed by Principal Secretary

ICAI announces Exemption from Completion of MCS Course & Adv.ITT to appear in Final May 2020 Examination

Announcement

Exemption from Completion of Management and Communication Skills Course (MCS Course) & Advanced Information Technology Training (Adv.ITT) to appear in Final May 2020 Examination The Council at its meeting held on 20th March,2020 invoked the powers under Regulation 205 of

Statewise official Active COVID-19/Coronavirus cases in India as 21.03.2020

1. Total number of passengers screened at airport : 14,59,993
   
Total number of Active COVID 2019 cases across India * :

CM Uddhav Balasaheb Thackeray announces closure of all offices and non essential shops in Mumbai & Pune

ICAI RE -OPENS ON-LINE FACILITY FOR SEEKING CHANGE OF EXAMINATION CENTRE / GROUP/MEDIUM FOR APPEARING IN MAY 2020 CA EXAMINATIONS

Click here to read the announcement

June CFA Program Exams POSTPONED

From the CFAI

June CFA Program Exams POSTPONED
For the safety of our global community, CFA Institute has made the decision to postpone the June 2020 CFA Exam administration.

Knowing that candidates have spent hours studying and preparing for the June exam, we want to giv

Sebi postponed Q4, FY20 earnings Due date

Mumbai: The Securities and Exchange Board of India (Sebi) on Thursday relaxed certain listing disclosure obligations due to fast-spreading coronavirus pandemic, giving the companies a bit of a breather to compile their results. 

Among other things, the markets regulator allowed companies to submit their

Bank Audit - Interest subvention for Short Term Crop Loan an article by CA Mukesh Saran

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WHETHER GSTR1 FILING IS EXEMPTED FOR GST TAXPAYERS|GSTR1 FILING DUE DATE EXTENDED OR NOT|

CPA Canada has cancelled all CPA PEP and Common Final Examination will ICAI and ICSI also follow?

VANCOUVER – Safety concerns over the novel coronavirus are impacting Canada’s professional education program for aspiring accountants. The Chartered Professional Accountants of Canada (CPA Canada) has cancelled all April CPA Professional Education Program (CPA PEP) and CPA

Invitation To Online Tender And Instructions To Tenderers For Appointment Of Firms Of Chartered Accountants

Invitation To Online Tender And Instructions To Tenderers For Appointment Of Firms Of Chartered Accountants Empanelled With Comptroller & Auditor General For Undertaking Internal Audit & Physical Verification In Fci Rajasthan Region.
Address :

ICAI postpones Advanced ICITSS- Information Technology Test

ANNOUNCEMENT

13th March, 2020

Postponement of Advanced ICITSS- Information Technology Test scheduled to be held on 15th March, 2020. The Council at its Special Meeting held on 12th March, 2020 has reviewed the Advisory to Regional Councils and Branches, issued on 11th March 2020 regarding avoiding large gathering as

Get ready for biggest bull run history has witnessed till date.

Get ready for biggest bull run history has witnessed till date. Coronavirus has only affected supply chain and not demand chain. Almost all analysts are speaking of adverse effects of supply chain and No one is factoring in the demand chain. Demand for fmcg such as cleaning agents like soaps

Supreme Court says: All AGR dues to be paid, no self-assessment or objections to be entertained

Source: Money control

Vodafone share prices fall by 40% from days high

Hearing the Department of Telecommunications (DoT) plea in regard to the adjusted gross revenue (AGR) case, a bench of the Supreme Court of India on March 18 held that no further objections to its orders would be allowed against payable dues.
In its order, the three-judge bench led by Justice Mishra, and comprising Justices S Abdul Nazeer and MR Shah held that no self-assessment can be done and no further objection would be entertained.
The SC order stated: "No self-assessment can be done and no further objection would be entertained. Actions of telcos are tantamount to seeking to bypass our judgement. All dues as per our judgement

Names of Audit Firms approved for appointment as Statutory Central Auditors in the 18 Public Sector Banks for the year 2019-20

https://rbidocs.rbi.org.in/rdocs/Content/PDFs/NAFAS16122019B1D3DA122382446580EC225B0BCFA842.PDF

Maharashtra Govt may consider closing local train and bus services temporarily: State Health Minister

Cent Bank Home Finance Ltd Invites Applications For Empanelment As Concurrent Auditors

• Mar, 18 2020
• Cent Bank Home Finance Ltd, Bhopal, Madhya Pradesh
  Invites Applications For Empanelment As Concurrent Auditors
  Address :
  

Will ICAI and ICSI be able to conduct its examinations as scheduled in May and June 2020?

It may seem to early to ask this question but it is apparent in wake of current situation created by coronavirus in India and world at large

As per latest news many states likes Maharashtra, Delhi, Tamil Nadu have announced closure of all schools, colleges, educational institutions, classes, etc. Maharashtra Govt as per reports has

GSTR 9 and 9C due date for FY 2018-19 postponed by GST council

The 39th GST Council took an array of decisions, including an increase in the tax rate on mobile phones and specified parts to 18 percent from 12 per cent. GST on handmade, machine-made matchsticks has been rationalised to 12% while GST on MRO (maintenance repair overhaul) services

Maharashtra Govt orders closure of all accounts in Pvt banks by Mar 31

Mumbai, March 13 (IANS) Cracking the whip, the Maharashtra government on Friday ordered closing of all accounts in private and cooperative banks and shifting them to public sector banks (PSBs).

A notification to this effect was issued here asking all government departments, state public sector

GOOD NEWS! SAN DIEGO LAB INVENTS CORONA VIRUS VACCINE

Corona Virus Disruption: Imp Directives From The ITAT Reg Conduct Of Hearings & Grant Of Adjournments

Click here to read the directives

A book published in 1981 contains story of Coronavirus

Application Form For Empanelment of Concurrent Auditors (Chartered Accountant) Bank of Maharashtra

Application Form For Empanelment of Concurrent Auditors (Chartered Accountant) Bank of Maharashtra
last date is 13-03-2020

FAQ (Points To be Noted):

GST RCM UPDATED LIST AS ON 01.03.2020|GST RCM PAYMENT|GST UPDATED LIST OF GOODS AND SERVICES IN RCM

GSTR1 AMENDMENT FOR FY 2018-19|B2C TO B2B AMENDMENT IN GSTR1 FILING|GST RETURN FILING

Three Infosys employees held for taking bribes from taxpayers

Three Infosys employees, attached to the Income Tax department's Centralised Processing Centre here, were arrested for allegedly taking bribes from tax-payers for speedy processing of their refund, police said on Sunday.
According to police, the key accused among the three was attached to the CPC's data division and

Vacancy for CA/CS in LIC

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ICAI publishes Guidance Note on Audit of Banks 2020 edition

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GST PENALTY OF RS 50000 FOR LATE FILING OF GSTR3B

Breaking the corona virus myths

ACCOUNTANTS BE AWARE WHILE DOING ENTRY IN BOOKS|BIG CHANGE IN BUDGET FOR FALSE ENTRY IN ACCOUNTS

MUST DO GST WORK BEFORE 31.03.2020|GSTR9 FILING FOR FY 2018-19|GST CMP 02 FOR COMPOSITION SCHEME

Mumbai Rail Metro Corporation invites tendors for Internal Audit

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Cotton Corporation of India invites tenders from chartered accountants to conduct internal audit

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EMPANELMENT OF FIRMS (PARTNERSHIP /LIMITED LIABILITY PARTNERSHIP/PROPRIETARY CONCERN) OF PRACTICING CHARTERED ACCOUNTANTS AS TECHNICAL REVIEWERS (TRS)

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Baba Ramdev explains how yoga and ayurveda provide effective precaution and cure for Coronavirus

Companies Amendment Rules, 2020- Appointment and Qualification of Directors

MCA vide notification dated 28th February, 2020, extended the last date for registration of Independent Directors in the Data Bank of independent director for next two months i.e. within 5 months from 1st December, 2019.
The Central Government therefore prepare the following standards further to alter the Companies (Appointment and Qualification of Directors) Rules, 2014, i.e. .:-    

Govt GST Lottery Scheme explained win upto Rs.1crore per month

Two new cases of Coronavirus victims confirmed in India

Major key clause wise changes/ Comparison in/of CARO 2020 v CARO 2016

MCA in place of existing the Companies (Auditor Report) Order, 2016 has notified CARO 2020 after consultation with National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013.

Every report made by the auditor under section 143 of the Companies Act on the accounts of every company audited by him, to which this Order applies, for the Financial Years commencing on or after the 1st April, 2019, shall contain report on matters specified in paragraphs 3 and 4 of the CARO 2020.

This Order may be called the Companies (Auditor Report) Order, 2020

Applicability: –To every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013)

Exception:

(i) A banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

(ii) An insurance company as defined under the Insurance Act, 1938 (4 of 1938);

(iii) A company licensed to operate under section 8 of the Companies Act;

Key Changes/Highlights between CARO 2016 and new CARO 2020

CARO 2016		CARO 2020		Nature of Change
Clause No	Matter	Clause No.	Matter
i (a)	Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets	i(a)(A)	Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment;	No Change

Tally releases new version of software with browser access, to enable GST e-invoicing

Highlights

• This will help entrepreneurs with business information like business reports and invoices.
• The customers remain in custody of their business data, while getting access to it using a simple web browser.
• Tally has about 17 lakh paying customers in India and the company says GST has given it a

ADDITIONAL DETAILS IN NEW GST RETURN WEF 1/4/2020

BREAKING NEWS|GST INTEREST TO BE AUTO CALCULATED IN GST PORTAL|GST NEW RETURN INTEREST CALCULATION

Massive fire breaks out at GST Bhavan

The fire broke out on the 8th floor of the GST Bhavan. At 12:42 pm Mumbai Fire Brigade

All Indians travelling abroad will have to pay upto 10% Income tax wef 1/4/2020

Income Tax Amendment went unnoticed effective from 1st April 2020

Indore: Union finance minister Nirmala Sitharaman has raised alarm bells for those who travel abroad on tour package booked by others, which is a common trend to oblige senior officials in government and private sector in the country.

From April 1, 2020, every foreign traveller will have to pay 5% (PAN holder) and 10% (non-PAN holder) TCS (Tax Collection at Source) on total amount of tour package. By paying TCS, every

Money Saving tip of the day - 16/02/2020

Internet has become a part of daily life and its penetration after it price reduction by telcos in 2016 has increased in an unprecedented level. What one is forgetting though is the cost involved in running and maintaining internet. Following Table is self explanatory on how one can save money by just switching from mobile to broadband internet at homes:

Calcutta HC Directs RBI To Consider Steps Including Cancellation Of License Of Bank Of Baroda

In a major blow to the Bank of Baroda, the Calcutta High Court has asked the RBI to consider taking appropriate steps against the bank, including revocation of its license, for its disorderly conduct in dealing with payment against an

Officials move to recover ₹46,000 cr interest on delayed GST payment

The Central Board of Indirect Taxes & Customs (CBIC) has asked GST officials to collect interest of nearly ₹46,000 crore on account of delayed payment of the Goods & Services Tax (GST). 

But experts feel this could lead to widespread tax litigations and inconvenience

GOOD NEWS|GST LATE FEE WILL BE REFUNDED|SUPREME COURT ORDER TO REFUND LATE FEE CHARGED 5 TO 7 FEB 20

IRCTC post huge rise in PAT

PAT rises by 68% YOY and 105% QOQ

Total Income rises by 28% YOY and 37% QOQ

IRCTC declares stellar interim dividend post IPO you will be shocked

https://investise.blogspot.com/2020/02/irctc-declares-stellar-interim-dividend.html

I-T cracks down on Indians owning Dubai properties

The Income Tax Department is planning to take strict action against individuals who did not declare ownership of properties in Dubai in their tax returns and failed to explain the source of funds when asked.
The Intelligence and Criminal Investigation Wing of the I-T Dept prepared a list of 2,000 Indian

RBI has stopped printing Rs.2000 notes since October 2019

The circulation of Rs 2,000 denomination currency notes has reportedly been put under restrictions by a top public sector bank.

According to a Business Insider report, a big public sector bank has issued instructions to senior management to keep Rs

Department is using Artificial Intelligence to send you GST notices and advisories

With government going all-out to plug GST loopholes to contain evasion and bolster collections, taxpayers are frequently receiving notices and advisories for a range of issues including sudden spike in input tax credit (ITC) claim, lower

ICAI revises rates for services by chartered Accountants

Daily Retail Food Price in India (06/02/2020) and its increase/decrease in percentage

Food Name	UOM	Brand	06-02-2020
			Rate/UOM (Rs.)
Sugar	1Kg	Madhur sugar	45.00
Salt	1Kg	Tata table Salt	18.00

BIG MISTAKE IN GST PORTAL|GST PORTAL TAKING LATE FEES IN GSTR9 AND GSTR9C|WHAT TO DO

Not just TDS, Form 26AS to show property, shares, MF transaction details

This proposed amendment will be effective from June 1, 2020 and the form and manner of the annual information statement will be prescribed by the government later separately.

As the union Budget has proposed rationalisation of provisions relating to Form 26AS, taxpayers will now get a detailed information statement beyond the tax deducted at source

Govt plans GST lottery offers of Rs 10 lakh-Rs 1 cr for encouraging customers to ask for bills

The government is planning to introduce lottery offers between Rs 10 lakh and Rs 1 crore under the GST to encourage customers to take bills while making purchases. 

Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said