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Monday, June 21, 2021

PIL for CA exams postment now listed for 28/6/21 in Supreme Court hearing

 As per SC diary case status the PIL is listed for hearing on 28/6/21. Click here for further details https://main.sci.gov.in/case-status. Dairy No. 13269

Saturday, May 1, 2021

NEW RBI Norms for CA – Audit Giants Can’t Continue Their Cosy Arrangements with Private Banks and NBFCs

 

EXECUTIVE SUMMARY. The integrity of audits in private sector banks and non-bank financial companies (including housing finance) has received a major boost, while large global and domestic audit firms have been dealt a body blow by the Reserve Bank of India’s new  guidelines for the

Extension of various Due Dates under Income Tax w.e.f 1st May 2021

 

Sunday, April 25, 2021

With 3.50 lakh new Covid positive cases per day in India will ICAI be able to conduct CA exams in May 2021 on schedule?

 Well the situation on ground is very grim with hospitals running out of beds and oxygen in major cities as far as covid virus spread is concerned. The situation is much more worst than in April 2020. The lockdowns than had helped limit the spread but so called second wave of this pandemic has outnumbered the spread by five times what it was last year same time around. 

Students will clearly remember that last year May 2020 attempt had to be cancelled after multiple postponements by ICAI up to August 2020. ICAI than tried to conduct the November 2020 exams on

Friday, December 25, 2020

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:

Sunday, December 13, 2020

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

Saturday, November 7, 2020

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


 

Sunday, November 1, 2020

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

Sunday, October 18, 2020

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:

Saturday, October 17, 2020

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 :-

Wednesday, September 23, 2020

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

Sunday, September 20, 2020

Saturday, September 19, 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

Friday, July 31, 2020

Thursday, July 30, 2020

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.

Friday, July 24, 2020

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

Wednesday, July 22, 2020

Vacancy for CA Inter in Meridian Enterprises Pvt. Ltd

Chief/ Senior Accountant

Nariman Point, Mumbai

Friday, July 3, 2020

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

Wednesday, July 1, 2020

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

Saturday, June 20, 2020

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

Tuesday, June 16, 2020

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

Friday, June 12, 2020

‘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

Friday, May 29, 2020

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

Thursday, May 21, 2020

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

Friday, May 8, 2020

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

Tuesday, April 21, 2020

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

Sunday, April 12, 2020

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

Saturday, April 11, 2020

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:

Friday, April 10, 2020

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

Tuesday, April 7, 2020

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

Monday, April 6, 2020

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:

Saturday, April 4, 2020

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

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)

SubjectQuestion PaperSuggested Answers
Paper 1: Financial ReportingDownloadDownload
Paper 2: Strategic Financial ManagementDownloadDownload
Paper 3: Advanced Auditing and Professional EthicsDownloadDownload

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

SubjectQuestion PaperSuggested Answers
Paper 1: Financial ReportingDownloadDownload
Paper 2: Strategic Financial ManagementDownloadDownload
Paper 3: Advanced Auditing and Professional EthicsDownloadDownload
Paper 4: Corporate and Allied LawsDownloadDownload
Paper 5: Advanced Management AccountingDownloadDownload
Paper 6: Information Systems Control and AuditDownloadDownload
Paper 7: Direct Tax LawsDownloadDownload
Paper 8: Indirect Tax LawsDownloadDownload

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