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FAQs on Cost Records Maintenance and Audit under Companies Act, 2013
The Institute of Chartered Accountants of India FAQs Frequently Asked Questions on Maintenance of Cost Records and Audit thereof Under the Companies Act 2013 Technical Cell The Institute of Cost Accou...
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Urgently Addresses Contempt Cases of HC: Odisha Government Directive
Introduction: The General Administration & Public Grievance Department (GAD) of the Government of Odisha, in a recent directive (GAD-SER2-CASE1-0005-2024), has addressed the issue of non-implementatio...
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MCA operationalises CPC for Centralised Processing of Corporate Filings
Introduction: The Ministry of Corporate Affairs (MCA) has taken a significant leap towards enhancing Ease of Doing Business with the operationalization of the Central Processing Centre (CPC) for Corpo...
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Finance Act 2024: President Grants Assent
On February 15, 2024, President Droupadi Murmu granted his assent to the Finance Act 2024 (Budget 2024), officially bringing the government’s budgetary proposals for the financial year 2024-25 into ef...
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SEBI Consultation Paper on Ease of Doing Business Initiatives for Portfolio Managers
Introduction: The consultation paper aims to gather public feedback on proposals for improving the ease of doing business for Portfolio Managers (PMS). These proposals, initiated by SEBI, address regu...
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Inventory Valuation: Cost Accountants Empanelment by Delhi Income Tax Office
The Office of the Principal Chief Commissioner of Income Tax, located at C.R. Building, I.P. Estate, New Delhi, has officially announced a call for applications from qualified Cost Accountant entities...
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Draft IRDAI (Protection of Policyholders’ Interests & Allied Matters of Insurers) regulations 2024
The Insurance Regulatory and Development Authority of India (IRDAI) has embarked on a comprehensive review of its regulations to strike a balance between easing the business environment for insurers a...
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ICAI Guidance Note on Audit of Banks (2024 Edition)
Introduction: The Auditing and Assurance Standards Board of The Institute of Chartered Accountants of India (ICAI) has released the 2024 edition of the “Guidance Note on Audit of Banks.” This comprehe...
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ICSI Announces Revised Secretarial Standards: SS-1 & SS-2
Introduction: The Institute of Company Secretaries of India (ICSI) has recently announced significant revisions to Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetin...
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Beware of Fake GST Summons: How to Verify – Ministry of Finance Advisory
In an important announcement made by the Ministry of Finance on 10th February 2024, taxpayers have been cautioned against an alarming trend of receiving fake and fraudulent summons for GST violations....
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Message to Micro and Small Enterprise/Suppliers (Manufacturing) – Section 43B(h)
The Kerala Textiles and Garments Dealers Welfare Association (KTGA) has issued a critical message to micro and small enterprises/suppliers (manufacturing) in light of recent amendments to the IT Act,...
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Direct Tax Collections Surpass 80% of FY 2023-24 Targets
The fiscal year 2023-24 has witnessed a remarkable performance in Direct Tax collections in India, as of February 10, 2024. The provisional figures indicate a robust growth in Gross Direct Tax collect...
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White Paper on Indian Economy issued by Government
On 8th February 2024, the Ministry of Finance, Government of India, unveiled a comprehensive White Paper on the Indian Economy, marking a significant milestone in the country’s economic discourse. Thi...
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SEBI Consultation Paper: Relaxing FPI Material Change Disclosure Timelines
The Securities and Exchange Board of India (SEBI) has released a consultation paper aiming to gather feedback on proposed relaxations in the timelines for Foreign Portfolio Investors (FPIs) to disclos...
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SEBI Consultation Paper: Flexibility for FPIs Post-Registration Expiry
The Securities and Exchange Board of India (SEBI) has released a consultation paper addressing the challenges encountered by Foreign Portfolio Investors (FPIs) following the expiration of their regist...
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Chhattisgarh Tax Raid Exposes Rs. 13 Crore Scam – Ministry Report
On January 31, 2024, the Income Tax Department, under the aegis of the Ministry of Finance, launched a significant search and seizure operation in Chhattisgarh. Targeting a Politically Exposed Person...
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Draft IRDAI (Rural, Social Sector & Motor Third Party Obligations) Regulations, 2024
Introduction: The Insurance Regulatory and Development Authority of India (IRDAI) continuously refines regulations to streamline operations within the insurance sector. Recently, the Exposure Draft on...
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CAIT Urges Action Against Flipkart and Amazon: Anti-Competitive Practices
Introduction: The Confederation of All India Traders (CAIT) serves as the apex body for India’s trading community, advocating for their interests and addressing their grievances. In a recent communica...
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Empanelment for Concurrent Audit with Union Bank of India
Union Bank of India, headquartered in Mumbai, announces an opportunity for Chartered Accountant Firms to be empaneled as Concurrent Auditors for the fiscal year 2024-25. The bank, in its endeavor to m...
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ICAI Issues Revised Auditing Standards: SA 800, SA 805, SA 810 (2024)
The Institute of Chartered Accountants of India (ICAI) has recently announced the issuance of revised Standards on Auditing (SAs), including SA 800, SA 805, and SA 810. These revisions aim to enhance...