Chartered Accountants
(Date: 20/7/19)
SEBI has issued a consultative paper on policy proposals with respect to resignation of statutory auditors from listed companies. The paper proposes strict disclosure norms for auditors to do extra compliance before resignation from the position of statutory auditors of listed companies.
(Date: 20/7/19)
The SEBI vide Circular No.: CIR/CFD/CMD1/ 80 /2019 Dated, July 19, 2019 has issued format for limited review/audit report of the listed entities and those entities whose account are to be consolidated with the listed entity. The Circular shall be applicable with respect to the financial results for the quarter ending September 30, 2019 and after.
(Date: 15/7/2019)
Considering the difficulties faced by the declarants while effecting payment of third instalment of Income Disclosure Scheme, 2016 (IDS) on September 30, 2017 due to closure of banks on account of holiday, the Central Board of Direct Taxes (CBDT) has directed that all payments made/effective on October 3, 2017 shall be deemed to have been paid by due dates.
– By Team S. Jaykishan
The Finance Minister Nirmala Sitharaman presented her maiden budget in Modi 2.0 Government in Lok Sabha on July 05, 2019. This Budget has closely watched to understand the Government’s directional framework for the next five years which is guided by the dictum of “blue sky thinking” and making India a $5 trillion economy by 2024-25.
The FM’s speech aimed at Vision for the decade to be achieved by […] Read More >>
(Date: 1/7/2019)
On June 28, 2019, CBIC issued certain notices/circulars regarding due dates of filing of GSTR returns, as given below:
1. Due date prescribed for filing of GSTR-1
A registered person can file a quarterly return in Form GSTR-1 (for the outward supplies) if his turnover during the immediately preceding year or the current year is up to Rs. 1.5 crores. The due date for filing of return for the second quarter (July to September, 2019) shall […] Read More >>
(Date: 1/7/2019)
Govt. notifies interest rate for Small Savings Schemes on quarterly basis with the approval of Finance Minister. The rate of interest for second quarter of Financial Year 2019-20 have been announced wherein Govt. has reduced interest rate on various small savings schemes by 0.10%
(Date: 1/7/2019)
On June 29, 2019 vide Notification No. 11/2019-Integrated Tax (Rate), CBIC has exempted any supply of goods to an outgoing international tourists made by a retail outlets established in the departure area of international airports, beyond the immigration counters from payment of IGST along with Cess. This notification would be effective from July 1, 2019.
(Date: 27/6/2019)
The Central Board of Direct Taxes (CBDT) has broaden the Terms of Reference (ToR) in order to draft new Direct Tax Law. The 5 new ToR have been included which are faceless & anonymised scrutiny/assessment, system based cross verification of financial transactions, reduction in litigation & expeditious disposal of appeal, reduction of compliance burden and sharing of information between GST, Custom, CBDT & FIU.
(Date: 20/6/2019)
The Central Board of Direct Taxes (CBDT), vide a circular issued on 19th June 2019, has clarified that since the term ‘or set off any loss’ was inserted by Finance Act, 2016, w.e.f., 01-04-2017, an assessee can claim set-off of loss against income determined under section 115BBE till the Assessment Year 2016-17.
(Date: 15/6/2019)
The Central Board of Direct Taxes (CBDT) has issued Guidelines for Compounding of Offences under Direct Tax Laws, 2019 in supersession of earlier Guidelines dated 23-12-2014 These Guidelines shall come into effect from 17.06.2019 and shall be applicable to all applications for compounding received on or after the aforesaid date.