ICAI permits CA in Practice, Firms of Chartered Accountants to register on GeM Portal for rendering Professional Services

The Institute of Chartered Accountants of India ( ICAI ) has permitted the Chartered Accountants ( CA ) in Practice, Firms of Chartered Accountants are permitted to register on GeM Portal for rendering professional services. The ICAI has said that, … Continued

Cabinet approves MoU between ICAI and Chartered Accountants Australia and New Zealand

This provides an opportunity to the ICAI members to expand their professional horizons and to foster working relations between the two accounting institutes.The Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ) will … Continued

New MCA rules make cryptocurrencies, benami, loan disclosures mandatory

India Inc will have to declare investments in cryptocurrencies, relationships with dissolved companies and loans extended to related parties, among a host of other disclosures mandated by the government to improve transparency. Starting April 1, companies must state if they … Continued

MCA establishes Central Scrutiny Centre for scrutiny of Straight Through Processes (STP) e-forms

In the Budget 2021, it was mentioned that govt. will be establishing technology based on data analytics, artificial intelligence, machine learning tools in the areas of finance, taxation and online compliance monitoring among others. Accordingly, MCA has now established a … Continued

Year-long IBC suspension to be lifted ‘after March 24’, hints MCA

The Ministry for Corporate Affairs Ministry has hinted that the suspension of the Insolvency and Bankruptcy Code (IBC) is likely to be revoked after March 24. he Ministry for Corporate Affairs Ministry has hinted that the suspension of the Insolvency … Continued

RBI removes Cooling Period for Bank Branch Audit for CAs

The Reserve Bank of India (RBI) notified the change in norms on eligibility, empanelment, the appointment of Statutory Branch Auditors in Public Sector Banks from years 2020-21 onwards. The RBI notified Rotation Policy instead of Cooling Period for Bank Branch … Continued

Govt. cancels GST Registration of 163k Business entities for Non-Filing of Tax Returns

The Government has canceled the Goods and Service Tax (GST) registration of 163,000 business entities who have not filed monthly tax returns (GSTR-3B) for the last six months or more.   Furthermore, the department would persuade 25,000 taxpayers, who have … Continued

Govt cancels GST registration of 163k business entities over non-filing of tax returns

The Government has canceled the Goods and Service Tax (GST) registration of 163,000 business entities who have not filed monthly tax returns (GSTR-3B) for the last six months or more. Furthermore, the department would persuade 25,000 taxpayers, who have not … Continued

Income Tax department to reject tax audit reports filed without ICAI authentication

The income tax department will validate with the Institute of Chartered Accountants of India (ICAI) the unique document identification number (UDIN) of chartered accountants when they upload tax audit reports, the finance ministry said on Thursday. To curb fake certifications … Continued

GSTN Portal now displays Annual Aggregate Turnover for Previous Financial Year

Prime Minister Narendra Modi launched GST into operation on the 1 st of July, 2017. GST was publicised as ‘one nation, one tax’ by the government, aimed to provide a simplified, single tax regime.  GST is a dual levy where the Central Government … Continued

No need to apply for loan interest waiver, relief to be automatically credited into accounts: Finance Ministry

Borrowers will not need to apply for the interest-on-interest waiver scheme for the six-month loan moratorium, the finance ministry has said, asking lenders to credit ex-gratia relief amount into the accounts of those eligible. The ministry late Tuesday issued a … Continued

AGM due date extended till 31.12.2020 for all companies

A major relief has been granted to around 1.2 million companies, by MCA granting extension of 3 months for holding annual general meeting. The MCA had earlier allowed companies to hold virtual AGMs due to Covid-19. However, companies were finding … Continued

RBI releases Long Form Audit Report (LFAR)

The Reserve Bank on Saturday came up with revised long format audit report (LFAR) norms with a view to improving efficacy of internal audit and risk management systems.   The LFAR, which applies to statutory central auditors (SCA) and branch … Continued

Extension of Annual General Meeting for the FY 2019-20 – MCA

Due to the widespread of COVID-19 and social distancing norms and consequential restrictions linked thereto, MCA has received several representations to allow companies to hold their Annual General Meeting for the financial year ended on 31st March, 2020 beyond the … Continued

RBI sets new conditions for Current Accounts to improve Credit Discipline

The Reserve Bank of India set new conditions for banks to open current accounts for large borrowers in order to strengthen credit discipline. Use of multiple operating accounts by borrowers—both current well as cash/overdraft accounts—has been observed to be prone … Continued

SEBI extends deadline for filing April-June corporate financial results to September 15

In a major relief to companies, the Securities and Exchange Board of India (SEBI) today extended the deadline for submission of financial results for the quarter, half-year, and financial year ended 30 June 2020 to September 15. The SEBI circular … Continued

The Micro Small and Medium Enterprises (MSMEs) hit by Covid pandemic may have something to cheer at last.

Insolvency and Bankruptcy Board of India (IBBI) has formulated a Special Resolution Process (SRP) for MSMEs who find their financial position unmanageable due to Covid crisis. While presenting the ‘Atma Nirbhar Bharat’ package Finance Minister had announced to come out … Continued

Cooperative banks to be brought under RBI supervision

The Union Cabinet on Wednesday decided to bring all co-operative banks under the Reserve Bank of India through an ordinance. This was announced by Union information and broadcasting minister Prakash Javadekar during a virtual press conference. “Government banks, including 1,482 … Continued

ICAI enables generation of Bulk UDINs for Certificates

A provision for generating UDIN in bulk for Certificates has been incorporated in UDIN Portal. Using this facility now the members will be able to generate UDIN in bulk (uptil 300 UDINs) for various types of Certificates in one go. … Continued

CBDT replaces Annual Statement of TDS/TCS with new Annual Information Statement

The Central Board of Direct Taxes (CBDT) on Thursday notified Income Tax (11th Amendment) Rules, 2020. In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board … Continued

NCLAT quashes NCLT order to make MCA party in all insolvency cases

The National Company Law Appellate Tribunal (NCLAT) quashed an order of the National Company Law Appellate Tribunal (NCLT) directing that the Ministry of Corporate Affairs (MCA) be made a party to every case under the Insolvency and Bankruptcy Code (IBC) … Continued

ICAI Clarification on ‘Above 15% Fees from a Single Client’

The Institute of Chartered Accountants of India ( ICAI ) has clarified that there is NOT a bar in the revised Code of Ethics on acceptance of more than 15% fees from a single client. The ICAI has said that … Continued

Govt suspends IBC provisions that trigger fresh insolvency proceedings

The government has decided to suspend insolvency and bankruptcy proceedings for at least six months owing to challenges businesses are facing due to the Covid-19 pandemic. A new Section is likely to be added to the Insolvency and Bankruptcy Code … Continued

RBI digs into Yes Bank’s past, questions auditor

The Reserve Bank of India will check if troubled lender Yes Bank’s auditor had raised any alarm in the past year. The apex bank has been in touch with the auditor and will look into whether they had specifically issued … Continued

MCA notifies Companies (Auditor’s Report) Order 2020 – CARO 2020.

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

Chartered Accountants joining Unrecognized ‘Networks’ for Professional Work will be subject to Disciplinary Proceedings

The Institute of Chartered Accountants of India (ICAI) today clarified that, Chartered Accountants joining Unrecognized ‘Networks’ for Professional Work amounts may result in Disciplinary Proceedings. The ICAI has said that, It has come to the knowledge of the Institute that … Continued

SEBI action against auditors not ‘turf war’: Ajay Tyagi

Capital markets regulator Sebi on Wednesday said its actions against auditors for faulty audits are within its “Parliamentary mandate”, and there is no question of “turf wars” on this issue. SEBI Chairman Ajay Tyagi said the watchdog is working only … Continued

MCA amends threshold limits for Related Party Transactions.

The central government notified the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 on 18 November 2019. The amendment rules amend sub-clause 3 of rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014. … Continued

Insolvency regime for personal guarantors to corporate debtors from December 1

The insolvency regime for individual guarantors to corporate debtors will be in force from December 1, according to the government. The provisions for resolution for individuals under the Insolvency and Bankruptcy Code (IBC) is being implemented in a phased manner. … Continued

MCA plans to amend CA Act to remove conflict of interest in audits

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 … Continued

Government mulls ceiling for audit firms amid crack down on lapses

India is considering tougher rules for audit firms, including a cap on the number of listed companies they can examine, according to a person with knowledge of the matter, as the government seeks to tighten oversight after a recent spate … Continued

Clarification on Auditor’s Certificate on Return of Deposits-DPT-3

  Clarification on Auditor’s Certificate on Return of Deposits pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014 This has reference to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014 and further amendments. In this … Continued

Income tax department eyes over Rs 100 bn from ‘struck off’ firms

The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year. The tax department is in the process of filing a petition before the National Company … Continued

MCA sees Rs 2.8 lakh cr recovery from IBC-led resolution process

Terming the current insolvency process and its outcomes as ‘super success, Ministry of Corporate Affairs sees total recovery amount touching Rs 2.8 lakh crore through resolutions with the settlement of two key accounts, including some others — Essar Steel, where … Continued

Government releases compliance schedule to ensure MSME payments

Directors of companies delaying payments for supplies made by small businesses will face imprisonment up to six months or pay fines between Rs 25,000 and Rs 3,00,000. The Ministry of Corporate Affairs has notified new guidelines to address the concerns … Continued

Auditors barred from putting a value on companies they are auditing

An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups. The Bangalore Income Tax Appellate … Continued

CBDT warns Cash Transactions above Permissible Limits

With a view to promoting cashless transactions, the Central Board of Direct Taxes ( CBDT ) has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under the law.   The advisory … Continued

As SEBI reforms startup listing, SMEs must ensure funds are not misused

Amid SEBI banning as many as 239 entities for alleged money laundering, taxation consultancy PwC has called for a three-year locking-in for the entire pre-listing capital held by promoters to curb tax evasion and other illegal activities through market platforms. … Continued

SEBI calls for stringent laws against erring auditors, valuers

India’s capital market regulator has proposed amendments to tighten laws governing auditors and other third-party individuals hired by listed companies for auditing financial results, among other things. The Kotak Committee, formed to come up with proposals for improving corporate governance, … Continued

ICAI UDIN aims to address concerns of CAs with respect to forgery and fake use of name by Non CAs.

ICAI have launched Unique Document Identification Number (UDIN) facility which is a unique number, which will be generated by the system for every document certified/ attested by a Chartered Accountant and registered with the UDIN portal available at https://udin.icai.org/ with effect from 1st July … Continued

I-T department bars CAs from valuing shares of closely held firms

The income tax (I-T) has barred all Chartered Accountants (CAs) from valuing shares of closely-held companies. Earlier, the fair market value of unlisted equity shares was calculated at the option of the company on either the book value on the … Continued

How blockchain will fundamentally change our lives in future

  The use of the internet has undergone rapid evolution in a matter of a few decades. In the 1990s, the internet was described as “a wide-area hypermedia information retrieval initiative aiming to give universal access to a large universe … Continued

PNB fraud fallout: RBI tells banks to link SWIFT with CBS by 30 April

The Reserve Bank of India (RBI) has set 30 April as the deadline for banks to integrate SWIFT (Society for Worldwide Interbank Financial Telecommunication) with core banking solutions (CBS) as it looks to strengthen internal controls in banks following the … Continued

Shell companies crackdown: Govt removes exemptions from ITR filing

Seeking to crackdown on shell companies, the government has proposed to remove exemption available to firms with tax liability of up to Rs 3,000 from filing I-T returns beginning next fiscal. The Union Budget 2018-19 has rationalised the I-T Act … Continued

Bitcoin: Income tax department in tough spot as investors go all tech

Crypto currencies appear to be living up to their cryptic reputation. Days after the income-tax department issued about 5 lakh notices to high net-worth individuals (HNIs) who own bitcoins or any other crypto currency, investors are drafting replies that would … Continued

Individual businesses to soon be under ambit of bankruptcy code

The government on Tuesday expanded the scope of the new insolvency rules to bring individual businesses under its purview. On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI) published the draft rules dealing with insolvency resolution process of individuals … Continued

Govt wants early warning system on shell companies

The ministry of corporate affairs (MCA) says work has begun for an “early warning system” regarding shell companies.   The term is used to refer to a company without active business operations or much of assets. This by itself isn’t … Continued

Auditors come under lens amid crackdown on shell companies

A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions. The auditors’ role is also being looked into for … Continued

Income tax scrutiny to remain limited despite ITR filings surge

The income tax department will maintain the number of income tax returns (ITRs) chosen for scrutiny at the current level of less than 1% of all returns, in spite of a surge in individual tax filings to keep the process … Continued

Banks’ auditors under lens: RBI seeks explanation on differences in write-downs

The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET. … Continued

GST spawns Rs 20,000 crore business for tax, tech consultants

For decades, Sugal & Damani Group focused on lotteries before it entered the online bill payment business with Payworld. Now, it has become a GST service provider (GSP), an entity that will help businesses register, upload electronic invoices and file … Continued

Bankruptcy Code: Banks to refer Essar Steel, Electrosteel, Bhushan Steel to NCLT

The fate of three near-bankrupt steel companies — Essar Steel, Bhushan Steel and Electrosteel Steels — which together owe lenders nearly `1 lakh crore will now be decided by the National Company Law Tribunal (NCLT). Having failed to recover their … Continued

Stressed assets open floodgates for insolvency professionals

The Reserve Bank of India’s (RBI’s) move to push 12 large non-performing assets (NPAs) of the banking system into the insolvency process has created a massive business opportunity of up to Rs.2,500 crore for insolvency professionals. To put the numbers … Continued

RBI examining relaxing Bad Loan Classification Limit beyond 90 days for SMEs

The Reserve Bank of India (RBI) is looking into a request to extend the classification period for non-performing assets (NPAs) to help small and medium enterprises (SMEs). “Some people have made representation to the finance ministry of raising the NPA … Continued

MEFICAI Empanelment/ Bank Branch Auditors Panel for FY 2016-17

Multipurpose Empanelment Form of ICAI (MEF-ICAI) is an online application, which is meant for allotment of Bank/ Branch Audits to the ICAI Members/ CA Firms. a) Final Bank Branch Auditors Panel for the FY 2016-17 The ICAI has prepared the “Final … Continued

CAs, Merchant Bankers face fine if assessees file wrong tax information

From April 1, chartered accountants (CAs), merchant bankers and valuers can’t escape responsibility for filing of incorrect information in certificates or reports attached with income tax returns of assessees.   They will be fined Rs 10,000 for each such certificates … Continued

New Year GIFT for MNC law and audit firms

Foreign law and accountancy firms now have a chance to operate in India on their own. On January 3, the ministry of commerce and industry amended a rule allowing such foreign firms to set up offices and advise clients from … Continued

Rotation of auditors and its side effects

The Companies Act, 2013, has introduced important audit reforms. One of the important reforms is rotation of the auditor. Important provisions under this reform All listed companies; unlisted public limited companies having paid-up share capital of Rs 10 crore or … Continued

Workflow boost for accountants, advisory firms

Plans are afoot to train 20,000 chartered accountants by March 2017 in different aspects of the GST Corporate India is just about getting started to get their businesses ready for the goods and services tax ( GST) regime. This has … Continued

Government may offer foreign auditors direct access

In a move that signals the government’s intent to allow foreign audit firms to register and operate directly in the Indian market, the Ministry of Corporate Affairs has written to the Institute of Chartered Accountants of India (ICAI) to seek … Continued

Multipurpose Empanelment Form for the year 2016-17

Multipurpose Empanelment Form of ICAI (MEF-ICAI), an online application, is meant for allotment of Bank / Branch Audits to the ICAI Members/ CA Firms, which can be filled and submitted at the MEFICAI website directly. Online Multipurpose Empanelment Form (MEF) for … Continued

Submit data on loan defaulters to credit information firms, RBI tells banks

The Reserve Bank of India has advised banks and financial institutions to submit data on defaulting borrowers from December 2014 onwards to Credit Information Companies (CICs) and not to the RBI. Releasing this information, obtained through a portal complaint, Delhi-based … Continued

CBDT clears the air on tax collection at source

The Central Board of Direct Taxes (CBDT) has made it clear that the 1 per cent tax collection at source (TCS) — introduced in this year’s Budget — will apply only to the cash component and not the entire sale … Continued

Audit giants see dominance waning

India’s audit landscape is undergoing a quiet change as the new rules for time-based rotation of auditors gather pace. Early audit changes this year indicate the larger entities, such as Deloitte’s network, could face some pressure on their dominance. And, … Continued

SEBI warns investors against barred entities

The Securities and Exchange Board of India (Sebi) on Monday warned unlisted companies and their directors who fraudulently raised money and asked investors not to be lured by their schemes. The market regulator has listed out 235 unlisted companies that … Continued

Now, listed companies’ management to explain audit qualifications : SEBI

Markets regulator Sebi today asked listed companies to disseminate cumulative impact of audit qualifications in a separate format along with the annual audited financial results to the stock exchanges. Besides, the management of a company would be required to explain … Continued

IT dept to ‘name and shame’ crorepati’ defaulters this fiscal

The Income Tax department, beginning this financial year, has decided to ‘name and shame’ all category of taxpayers who have a default of Rs one crore and above.   The department has begun publishing the names of tax defaulters in … Continued

SEBI to delist 4,200 firms; warns erring promoters, auditors

Capital markets regulator Securities and Exchange Board of India (SEBI) is planning to take a number of steps to deepen it, including forcing thousands of non- or poorly-traded companies to delist and introducing more trading instruments, especially in the commodity … Continued

Companies need not make adjustments in net profit for MAT under IndAS

Giving some clarity to companies switching to the new accounting standards, an expert Committee of Finance Ministry has said that there may not be any rise in tax burden for them. The committee, led by retired Indian Revenue Service Officer … Continued

ICAI issues stricter guideline for CAs

Putting in place a stricter compliance mechanism, chartered accountants apex body ICAI has barred members from participating in tenders for assignments that can be performed only by CAs. However, ICAI members can participate in such tenders if the minimum fee … Continued

Mallya default singes top auditing companies

Some of world’s top auditing firms, including Price Waterhouse, Grant Thornton, Deloitte LLP and Walker Chandiok & Co, are under scrutiny with a slew of regulators seeking answers on their valuation, auditing and due diligence of UB Group companies over … Continued

SEBI board clears wilful defaulter rules; clarifies on definition of control

SEBI says wilful defaulters would also be not allowed to take control of any other listed company. India’s market regulator Securities and Exchange Board of India (SEBI), on Saturday, tightened the rules for so-called wilful defaulters preventing them from raising … Continued

Willful defaults a third of Punjab National Bank NPAs

Of Rs 10,869 crore, top 10 defaulters together owe the bank Rs 3,554 crore Close to a third of Punjab National Bank’s gross non-performing assets (NPAs) of Rs 34,338 crore have resulted from willful defaults, the lender has said. Of … Continued

Bank Branch Auditors’ Panel for the year 2015-16 – (11-01-2016)

  MEFICAI Bank Branch Auditors Panel 2015-16 The ICAI has announced Draft Bank Branch Auditors’ Panel for the year 2015-16 and the same is hosted at MEFICAI website(http://www.meficai.org). To view the category of firm, please click on the relevant range … Continued

Govt gets Rs 2,428 cr from black money disclosures

The national exchequer received Rs 2,428.4 crore in payments from disclosures made during a three-month long compliance window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act last year, bolstering tax revenue collections. This is … Continued

Fraud reporting norms increase responsibility on auditors: Report

Statutory auditors will now have to mandatorily report to the Centre all corporate frauds amounting to Rs. 1 crore or above.   By specifying a threshold of Rs. 1 crore, the Corporate Affairs Ministry (MCA) has now done away with … Continued

Yes Bank invokes United Breweries’ shares worth Rs 778 cr

Private sector lender Yes Bank has invoked 3.02 percent stake of United Breweries , pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group, by selling shares worth Rs 778 crore.   The move comes after State Bank of … Continued

Government to set up new agency to probe corporate accounting frauds

The government will soon set up a specialised agency to investigate large corporate accounting frauds. It is keen to establish a robust mechanism for faster inquiries into scams such as the one at Satyam Computer Services, which overstated earnings for … Continued

Ease of doing business in India – Related Party Transactions

Related party Transactions. As part of its ongoing efforts to improve ease of doing business in the country, the Corporate Affairs Ministry has notified changes that further relax compliance requirements. As another major step, the Companies Amendment Act, 2015 addresses … Continued

Punishment for Contravention on defaults relating to deposits

Punishment for Contravention of Section 73 and Section 76 of Companies Act, 2013 for Acceptance of Deposits by Companies [New Section 76A inserted]   The Companies (Amendment) Act, 2015 has inserted a new Section 76A after Section 76 which introduces … Continued

Valuation of Business under DCF Method

Valuation of Business under DCF Method Valuation of enterprise is a complex assessment of the intrinsic value of a business enterprise, based on the strength of historic performance, present value and the future potential taking various factors in to account. … Continued