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ICAI’s revised SA-810-Engagements to Report on Summary Financial Statements
Auditors must have understanding of standards for reporting on ICAI’s revised summary financial statements. Get informed on new responsibilities and objectives of auditor under SA-810. ICAI’s revised...
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ICAI’s Revised SA 805: Audits of Single Financial Statements & Specific Elements
ICAI’s revised SA 805-Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement Introduction Scope of this SA 1. The Standards on...
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ICAI’s Revised SA 800: Audits of Financial Statements under Special Purpose Frameworks
ICAI has revised SA-800-Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks. Introduction Scope of this SA 1. The Standards on Auditing (SAs)...
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CBDT notifies Tax Information Exchange Agreement: India-Samoa
The Ministry of Finance, India, recently issued Notification No. 21/2024, highlighting an agreement signed between India and Samoa concerning the exchange of tax information. This article delves into...
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Exemption of Income Tax for Dairy Cooperative Society
Introduction: In a bid to bolster the dairy cooperative sector, the Ministry of Fisheries, Animal Husbandry & Dairying has introduced several measures, including income tax exemptions for cooperative...
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MSME Development and Credit in the Country
Ministry of Micro, Small & Medium Enterprises (MSME) has been at the forefront of empowering small businesses through various credit facilitation schemes. The Ministry of Micro, Small & Medium Enterpr...
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Education & Health Cess: Collection, Utilization and Government Policy
In the Lok Sabha, Shri S. Venkatesan raises pertinent questions regarding the Education and Health Cess, seeking clarity on its collection, utilization, and government’s policy stance. This article de...
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Exposing Illegal Loan Apps: India’s Comprehensive Regulatory Framework
The proliferation of illegal loan apps has become a growing concern, trapping unsuspecting individuals in a cycle of harassment and financial exploitation. In response, the Government of India, throug...
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GST Input Tax Credit: Issues, Settlements and Government Measures
The availability of GST input tax credit (ITC) has been a subject of concern for traders in India. Questions have arisen regarding limitations, settlements, and government measures to address related...
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Elimination of Inequality in Income & Living of Citizens by GST Implementation
The Goods and Services Tax (GST) implementation in India aimed to simplify the indirect tax system, create a unified market, and eliminate cascading tax effects. However, questions arise regarding its...
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Aadhaar-Based Authentication For GST Registration
The Lok Sabha recently raised queries regarding the implementation of Aadhaar-based authentication for GST registration in Andhra Pradesh. In response, the Ministry of Finance provided insights into t...
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Government Uncovers 4,153 Bogus Firms in GST Evasion Scandal
The Ministry of Finance’s recent disclosure regarding the involvement of bogus firms in the evasion of input tax credit (ITC) under the Goods and Services Tax (GST) system has raised significant conce...
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Government’s Crackdown: Rs. 44,000 Crore Fake GST Claims Uncovered
The Ministry of Finance’s recent revelation regarding fake input tax credit claims in the Goods and Services Tax (GST) system has sparked significant attention. This article delves into the details of...
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Notification No. 20/2024-Income Tax Dated: 6th February, 2024
Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 20/2024-Income Tax, dated 6th February 2024, to amend certain provisions under Section 118 of the Income Tax...
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Faceless Tax Assessment: Impact, Benefits & Redressal Measures: Govt. Response
Introduction: The introduction of faceless tax assessment under section 144B of the Income-tax Act, 1961, marks a significant milestone in India’s tax administration. This innovative scheme, implement...
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Draft IRDAI Regulations 2024: Registration, Capital, Shares Transfer & Amalgamation
Introduction: The Insurance Regulatory and Development Authority of India (IRDAI) is undergoing a comprehensive review of regulations to improve the business environment and reduce compliance burdens....
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Key Takeaways from Budget for Individual Financial Goals
Introduction: In a fictional conversation between Arjuna and Krishna, the Hon’ble Finance Minister Nirmala Sitharaman’s Interim Budget 2024 is discussed. While no amendments were made to tax rates, th...
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SEBI Consultation: Flexibility for AIFs in Creating Encumbrance on Equity in Infrastructure Sector
Introduction: The Securities and Exchange Board of India (SEBI) has released a consultation paper, seeking input on proposed amendments to the SEBI (Alternative Investment Funds) Regulations, 2012. Th...
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SEBI’s Interim Recommendations on ICDR Regulations: Expert Committee Update
Introduction: SEBI, on January 11, 2024, released a Consultation Paper discussing the ‘Interim Recommendations of the Expert Committee for facilitating ease of doing business and harmonization of the...
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DGGI Unearths 1,700 Fraudulent ITC Cases Worth Rs. 18,000 Crore
In the ongoing Financial Year 2023-24 (up to December 2023), the Directorate General of GST Intelligence (DGGI) has made significant strides in detecting fraudulent Input Tax Credit (ITC) cases, unear...