Stock Market News March 11-17 2019

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CBIC clarifies on levy of GST on sales promotion schemes

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Promotional schemes such as ‘buy one get one free’ (BOGO) and additional quantity for the same price will be eligible for input tax credit, the government has clarified, bringing huge relief to fast moving consumer goods (FMCG), food, retail and pharmaceutical companies.
Companies will not have to pay goods and services tax (GST) separately on the additional product

CA exam dates for May 2019 likely to get postponed

With Election commission likely to declare Lok Sabha election dates to be held in India today it has been history that ICAI postpones it’s exam date in line with election dates. Major hurdle to conduct CA exams simultaneously with Loksabha election is non availability of exam centres as schools and

Top 10 Chartered Accountants Who Followed Their Dreams

FinMin notifies April 1 as date for availing increased GST exemption limit, composition scheme

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The government Thursday notified April 1 as the date for the implementation of doubling of GST exemption limit to Rs 40 lakh, which will benefit small and medium enterprises.
Besides, the effective date for availing higher turnover cap of Rs 1.5 crore for availing composition scheme by traders has also been fixed as April 1.
Also, service providers and suppliers of both goods and services with a turnover of up to Rs 50 lakh

CBIC notification no.21-2019 on exchange rate for customs dtd 7th March 2019

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Cabinet approves ICAI's pact with UK's chartered accountant body, ICAEW

The government Thursday gave approval to the pact between the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW).
The Union Cabinet, chaired by Prime Minister Narendra Modi, gave ex-post facto approval of the

Odisha Cement says a broker stole Rs 340 cr worth MF units company's director gets extra income from broker

Strange things happen in strange times. Odisha Cement Limited, a large (Rs 24,000 crore market cap) listed entity, recently revealed that:
"…certain mutual fund units, valued at approximately Rs 344 crore, have been illegally and unauthorisedly transferred by the Depository Participant ('DP') from the demat account(s) held by our erstwhile subsidiaries, OCL India Limited ('OCL') and Dalmia Cement East Limited ('DCEL').
We have already reported the matter to National Securities Depository Limited ('NSDL') National

NBFC’s FACE NEW GOVERNANCE, EXPOSURE CODE: FROM LICENSING TO CEO PACKAGE

The Reserve Bank of India (RBI) is setting up a new code for non-banking financial companies (NBFCs), 
RESTRICTION ON LICENSING, EQUALITY IN CEOs SALARY
The new code envisages curbs on the licensing and businesses of financial units, equality in CEOs

The latest missile from the Ministry of Corporate Affairs - amendment dated February 21 2019 to the Companies (Incorporation) Rules 2014

The latest missile from the Ministry of Corporate Affairs - amendment dated February 21 2019 to the Companies (Incorporation) Rules 2014, with effect from February 25 2019 targets companies which are infamously known as "shell companies" i.e., companies which do not have proper registered office, which have defaulted in filing annual returns etc, by introducing the e Form

A change in GST means a car dealer’s working capital will go up by Rs 1 cr per month

This comes along with high inventory build-up, high Insurance cost, squeeze in liquidity from NBFC and banking institutions that has already dented the financial health of auto dealers.

Federation of Automobile Dealers Associations (F A D A), the apex body of Automobile Retail Industry feels that the recent amendment made by the Government in Section 49 of CGST Act by introducing new section 49A, will lead to an unwarranted blow for the auto retail sector.
The amendment will impact on the method of tax payment and therefore, have major impact on the

Government doubles income tax exemption for gratuity

NEW DELHI: The government on Wednesday said that it has doubled the income tax exemption limit for gratuity to Rs 20 lakh, a move that will benefit lakhs of salaried employees, who are now retiring as well as those who retired over the last 12 months.
“Income tax exemption for gratuity under section 10(10)(iii) of the Income Tax Act has been

GST Audit - Reconciliations Problems and Solutions

What?

GSTR-2A vs Purchase Books reconciliation primarily involves matching the data uploaded by the suppliers in their GSTR-1, reflected in recipient's GSTR-2A with those of the recipient's purchase data.

Why?

It is very important to reconcile GST returns data because:

a. Under GST returns, the taxpayers will only be able to claim ITC if the particular invoice is present in the GSTR-2A or supplier's data. This requirement forces the businesses to reconcile and

Monitoring at airports, train, stations for illegal cash transfers by Income Tax Department

With election time ahead, cash movement is all the more under scanner. Now,  State Election Commission (SEC) has urged the Income Tax (I-T) department to monitor airports and railway stations as transit points for illegal money transfers during the forthcoming Lok Sabha and State

Empanelment of Auditors for Special Audit of ITDC Units

Bank Branch Statutory Audit update 2019

Panel of Statutory Bank auditors received by various banks. Mails received from following banks as confirmed by Members :-

 

Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India

Power of two letters CA

Guidance on ‘Accounting of Political Parties’ proposed to be revised

The Institute of Chartered Accountants of India (ICAI) has proposed amendments to the Guidance Note on Accounting and Auditing of Political Parties. The new guidance note will be known as the Guidance Note on "Accounting of Political Parties" (hereinafter refereed to as 'the Guidance Note'). For this purpose, ICAI has issued exposure draft of the Guidance Note. If required, guidance note on

The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers w.e.f 1st March 2019

The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication.
The department said refunds will be sent to bank accounts as it will issue "only e-refunds from March

CA Final Notes Updates for 02 March 2019

Revised Section Wise & Skill Wise Weightages for CA Final New Course Examination –
Advanced Auditing & Professional Ethics.pdf
Corporate & Economic Laws.pdf
Direct Tax Laws & International Taxation.pdf
Skill Wise Weightage.pdf

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DT Case Laws by AK Sir.pdf

International opportunities for Chartered Accountants

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Appointment of firms of chartered accountants/cost accountant for the National Textile Corporation Limited, New Delhi, Delhi

Appointment of firms of chartered accountants/cost accountant for the financial year 2019-20 new delhi
Address :

Hiring Of Chartered Accountant In India Meteorological Department

Hiring Of Chartered Accountant In Imd For One Year W.E.F. 01.04.2019 To 31.03.2020.
Address :

Supreme Court Land Mark Judgment – Now PF is applicable on basic salary plus all allowances.

CIVIL APPEAL NO(s). 6221 OF 2011
THE REGIONAL PROVIDENT FUNDCOMMISSIONER (II) WEST BENGAL         ...APPELLANT(S)  
VERSUS
VIVEKANANDA VIDYAMANDIR AND OTHERS    ...
RESPONDENT(S) WITH CIVIL APPEAL NO(s). 3965 3966 OF 2013
S URYA ROSHNI LTD.  ...APPELLANT(S)
                                          VERSUS
E MPLOYEES PROVIDENT FUND AND OTHERS                                  ...RESPONDENT(S)
FACTS OF THE CASE
The appellants with the exception of Civil Appeal No. 6221 of   2011,   are   establishments   covered   under   the Employees’ Provident   Fund   and   Miscellaneous   Provisions   Act,   1952 (hereinafter   referred   to   as   the   “Act”). 
WHY SPECIAL ALLOWANCE IS ELIGIBLE FOR PF DEDUCTION?
The   appeals   raise   a common question of law, if the special allowances paid by an establishment to its employees would fall within the expression“basic wages” under Section 2(b)(ii) read with Section 6 of the Act for   computation   of   deduction   towards   Provident   Fund.     The appeals   have   therefore   been

Applicability of GST on Co-Operative Housing Societies

There are lot of societies who believes that GST is not applicable in such cases. It’s not true. Under ection 2 (17)(e) of CGST Act 2017, provision by a club, association, society or any such body of the facilities or benefits to its members is deemed to be a business.

Resultantly, activity of housing society would attract the levy of GST and housing society would be

No Bail in case of GST Fraud: HC

High Court of Punjab and Haryana in matter of Vikas Goel and another vs Central Goods and Services Tax Commissionerate, Gurugram has held that
no Bail to be entertained in case of GST Fraud.
Let us visit the legal provision to understand it-
Section 69 of CGST Act,2017 from bare act
(1) Where the Commissioner has reasons to believe that a person has committed any offence specified in clause (a) or clause (b) or clause (c) or clause (d) of sub-section (1) of section 132 which

Invitation for FREE counseling session for IPCC students

*Invitation for FREE  counseling session for IPCC students*

🗓 *Saturday - 2nd March, 2019*

🕘 *Session - 3:30 pm to 5.30 pm*

🗞 *How to clear IPCC in the next attempt surely*