By February, 45 companies can bring their issues. This will also include startups. LIC will have the biggest IPO in 2022. However, no time frame has been set on its issue yet. LIC is preparing to raise one lakh crore rupees from 80 thousand crores. In the last three months, more than three dozen companies […]
Posted inINCOME TAX
Proper Credit of Income Tax Deducted/Collected?
WORRIED ABOUT PROPER CREDIT OF INCOME TAX DEDUCTED/COLLECTED? (A) The possible reasons for no credit of TDS/ TCS being displayed in your Form 26AS: Deductor/ collector has not filed the TDS/ TCS statement You have not provided PAN to the deductor/ collector You have provided incorrect PAN to the deductor/collector The deductor/ collector has made […]
Posted inGST
Attention GST Taxpayers who are under QRMP Scheme! Details Here
Attention GST Taxpayers who are under QRMP Scheme! Deposit due tax liability for November, 2021 using Form/Challan PMT-06 by December 25, 2021. Late payment will attract interest.
Posted inINCOME TAX
Statistics of Income Tax Returns filed till 22.12.2021
Here are the statistics of Income Tax Returns filed till 22.12.2021. A total of 4,09,33,362 ITRs have been filed upto 22.12.2021 including 9,96,361 ITRs having been filed on the day itself. For any assistance, pl connect on orm@cpc.incometax.gov.in. We will be glad to assist!
Posted inICAI
ICAI organizing International Conference for CA Students INTCON’22
Board of Studies(Operations) – SSEB of ICAI is organizing International Conference for CA Students INTCON’22 at Kolkata, West Bengal. Date- 29th & 30th January 2022 Venue – Biswa Bangla Auditorium, KolkataFor Queries email bos.operations@icai.inRegister- https://t.co/BohbWZgRds
Posted inBUSINESS & ECONOMY
RBI Issues Guidelines on Regulation of Payment Aggregators and Payment Gateways
All Payment System Providers and Payment System Participants Restriction on storage of actual card data [i.e. Card-on-File (CoF)] In terms of our circularDPSS.CO.PD.No.1810/02.14.008/2019 20 dated March 17, 2020 on “Guidelines on Regulation of Payment Aggregators and Payment Gateways”, the authorised non- bank payment aggregators and merchants on-boarded by them were prohibited from storing card data […]
Posted inBUSINESS & ECONOMY
Government of India & EIB sign finance contract for first tranche loan of Euro 250 million for Agra Metro Rail project
The Government of India (GoI) and European Investment Bank (EIB) yesterday signed a Finance Contract for first tranche loan of Euro 250 million for Agra Metro Rail Project. Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of Government of India and Mr. Edvardas Bumsteinas jointly with Mr. Roger […]
Posted inBUSINESS & ECONOMY
RBI slaps fine on Mobikwik and Spice Money for non-compliance
The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act).Sr. No.Name of the PSOSpeaking Order datedAmount of Penalty(₹ lakh)1One Mobikwik Systems Private LimitedDecember 07, 2021100.002Spice […]
Posted inCOMPANY LAW
Govt issue Advisory to citizens regarding use of caution against Ed-tech Companies
Given the pervasive impact of technology in education, many ed-tech companies have started offering courses, tutorials, coaching for competitive exams, etc. in an online mode. In this background, the parents, students and all stakeholders in school education have to be careful while deciding on opting for online content and coaching being offered by a host […]
Posted inICAI
Cabinet approves Memorandum of ICAI & The Polish Chamber of Statutory Auditors (PIBR)
Cabinet approves Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and The Polish Chamber of Statutory Auditors (PIBR) The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today has approved the signing of Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India(ICAI) and the Polish Chamber of […]
Posted inGST
Tighter GST rules to take effect from 1 January
The central government has decided to bring into effect a dozen amendments to the Central Goods and Services Tax (CGST) Act from 1 January, tightening the indirect tax regime further. The changes are part of the Finance Act 2021 passed by Parliament earlier this year but their implementation date has been announced only now. The […]
Posted inICAI
ICAI Launch of Online Batch – 31 of ‘Certificate Course on Indian Accounting Standards (Ind AS)’ –
Launch of Online Batch – 31 of ‘Certificate Course on Indian Accounting Standards (Ind AS)’ – (22-12-2021)
Posted inICAI
Full List of Members Elected for Central Council of ICAI
Result Notification – 25th Central Council THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIANEW DELHI – 110 002 Dated: 22nd December, 2021 NOTIFICATION(Chartered Accountants) No. 54-EL(1)/13/2021. – In Pursuance of Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006, the Council of the Institute of Chartered Accountants of India is pleased to notify for general information the […]
Posted inGST
Alert: Difference in GSTR-1 And GSTR-3B May Become Costly From New Year
The GST department is going to take strict action on those people who make mistakes in giving their tax information. GST authorities can take direct recovery action from January 1 against businesses that show excess sales in their monthly returns GSTR-1 but report under-reports while making tax payments in GSTR-3B. Fake billing will be curbed […]
Posted inICAI
ICAI President bats for coordinated disciplinary action against audit firms
The Institute of Chartered Accountants of India (ICAI) is all for a coordinated approach in action against audit firms, said its President Nihar Jambusaria. He said different regulators, overseeing audit profession, should not take multiple actions, stressing that action should be taken at one place. “…so far as civil action is concerned, there should be action only at one place, […]
Posted inCOMPANY LAW
DIFFERENT TYPES OF DIRECTORS
Director:- As per the Companies Act 2013 Any Person Who Occupies the position of a director by whatever name called, Director appointed to the Board of a company. In literal sense, it is natural person who has certain qualifications and/or experience which adds up to the growth of company. The collective group of these individual directors are […]
Posted inBUSINESS & ECONOMY
Amended Technology Upgradation Fund Scheme (ATUFS)
With Aim of ‘Make in India’, Digital India, ‘Zero Defect and Zero Effect’ in manufacturing Sector, government of India provides credit linked capital investment subsidy. This scheme would facilitate Opportunities of investment, productivity, quality, employment, exports and import substitution in textile industry. It will also indirectly promote investment in textile machinery manufacturing. Scheme Benefits & […]
Posted inGST
Alert: Government Notifies Provisions For Mandatory Aadhaar Authentication Under GST. Check Details Here
The Central Government vide Notification No. 38/2021-CT dated 21.12.2021 has notified January 1, 2022 as the implementation date for Rule 10B of CGST Rules, 2017. In the said rule, it is mandatory for the registered person to undergo Aadhaar authentication for the below purposes, (1.) Filing of application for revocation of cancellation of registration in […]
Posted inICAI
ICAI Lauds Decision To Send Chartered Accountants Bill To Parliament Panel
Institute of Chartered Accountants of India (ICAI) on Tuesday said the decision to refer a bill to amend the law governing chartered accountants to a Parliamentary standing committee was a good step and the institute will put across its concerns over certain provisions of the proposed legislation before the panel. On Tuesday, the Lok Sabha […]
Posted inCOMPANY LAW
More than 25,000 compliances reduced by government
The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today urged political leadership, bureaucracy and industry leadership to focus their initiatives to reduce compliance burden, on principles of simplicity and timely delivery of services. He was addressing the valedictory session of the ‘National Workshop on the next […]
Posted inINCOME TAX
CBDT issues refunds of over Rs. 1,44,328 crore to more than 1.38 crore taxpayers; View Status follow the steps
CBDT issues refunds of over Rs. 1,44,328 crore to more than 1.38 crore taxpayers from 1st Apr,2021 to 20th December,2021. Income tax refunds of Rs. 49,194crore have been issued in 1,35,35,261 cases &corporate tax refunds of Rs. 95,133crore have been issued in 2,11,932cases. This includes 99.75 lakh refunds of AY 2021-22 amounting to Rs. 20,451.95 […]
Posted inBUSINESS & ECONOMY
FM Smt. Nirmala Sitharaman concludes pre-Budget meetings for forthcoming Union Budget 2022-23
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the pre-budget consultation meetings for Budget 2022-23 held in virtual mode from 15th to 22nd December, 2021. More than 120 invitees representing 7 stakeholder groups participated in 8 meetings scheduled during this period. The stakeholder groups include representatives and experts from Agriculture and Agro […]
Posted inCOMPANY LAW
FORMS OF CORPORATE ENTITIES IN NEW ZEALAND
NEW ZEALAND COMPANIES ACT 1993 1. Introduction Forms of Corporate or Business Organisations in New Zealand:- The principal forms of business organisations are the following. Bodies Corporate – Body Corporate are the separate legal persons from their- Owners companies, formed under the Companies Act 1993; limited partnerships, formed under the Limited Partnerships Act 2008; and […]
Posted inBUSINESS & ECONOMY
CONCISE STUDY ON SARBANES OXLEY (SOX) RULES
In 2002, the Sarbanes-Oxley (SOX) Act was passed by Congress in response to the fallout and uncertainty following frauds at World-Com and Enron. The Act introduced major reforms to the regulation of financial disclosure and corporate governance, with the goal of restoring the public’s confidence in auditing and financial reporting. The SOX Act 2002, also […]
Posted inCOMPANY LAW
INCORPORATION OF A COMPANY IN ENGLAND AND WALES
1.1 Incorporation: – Incorporation is the process by which a new or existing business registers as a limited company. A company is a legal entity with a separate identity from those who own or run it. The vast majority of companies are limited liability companies where the liability of the members is limited by shares or […]
Posted inBUSINESS & ECONOMY
ED has attached movable assets to the payment solution providers of 40.64 Crore case invest through fraudulent Applications
ED has attached movable assets in the form of bank balance and amount withheld with the payment solution providers to the tune of Rs. 40.64 Crore under PMLA, 2002 in a case connected with investment through fraudulent Applications.
Posted inBUSINESS & ECONOMY
HOW TO CREATE A HEALTHY AND DIVERSIFIED CORPORATE CULTURE AND ENVIORNMENT
Small businesses often overlook aspects like corporate culture or company culture that help keep the company stable. The focus of small businesses is to escalate the success ladder faster. But for the sustainance of this corporate culture, one needs to keep in mind building a conducive corporate culture. So how can SMEs build a good […]
Posted inBUSINESS & ECONOMY
FACTORING AMENDMENT BILL 2021
Factoring business:- Factoring business is a business where an entity acquires the receivables of another entity for an amount. Note that credit facilities provided by a bank against the security of receivables are not considered as factoring business. Factor can be a bank, a registered non-banking financial company or any company registered under the Companies Act 2013. Receivables is the total […]
Posted inINCOME TAX
TAXATION REGIME ON STARTUPS IN INDIA
1. Start-up Entity Forms Recognised under the Start-up India Scheme The definition of start-up recognises three entity forms for start-ups for the purpose of benefits under Income-tax Act,1961 as well as other benefits:- a partnership firm registered under section 59 of the Partnership Act, 1932 a limited liability partnership under the Limited Liability Partnership Act, […]
Posted inINCOME TAX
GST AND INCOME TAX ON CRYPTOCURRENCIES
What is Crypto currency? Crypto currency is a virtual or digital representation of money’s worth. Crypto currency is a digital currency that can be exchanged online for goods and services, but uses an online ledger with strong cryptography to secure online transactions. Crypto currency work using a technology called Block chain. A crypto currency is […]