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ICAI FAQs on Notification dated 3rd May, 2023 under PMLA, 2002
The Institute of Chartered Accountants of India Committee on Commercial Laws, Economic Advisory & NPO Cooperative Frequently Asked Questions (FAQs) on Notification dated 3rd May, 2023 under the Preven...
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CA Firms Engagement in PSBs: Recent Changes and Trends
Introduction: The Lok Sabha, on December 4, 2023, raised crucial questions regarding the engagement of Chartered Accountancy (CA) firms in Public Sector Banks (PSBs). This article delves into the gove...
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GST Appellate Tribunal Benches: Expansion, Criteria and Rising Appeals
The Ministry of Finance, under the Government of India, is addressing crucial concerns related to the Goods and Services Tax (GST) Appellate Tribunal. Lok Sabha, through Unstarred Question No. 15, see...
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Analysis of GST Collections: FY 2022-23 Insights and Reforms
Introduction: The Lok Sabha Unstarred Question No. 91 delves into the intricacies of India’s Goods and Services Tax (GST) collections for the Financial Year 2022-23. The query, posed by Shri D.M. Kath...
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Income Tax Insights 2022-23: Returns, Collections and Expenditure
Introduction: Lok Sabha Unstarred Question No. 87, presented by Shrimati Mala Roy, probes into crucial aspects of India’s Income Tax scenario for the Financial Year 2022-23. The question seeks informa...
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12 New Features on GST Portal: Registration, Aadhaar Authentication, Refunds & Payments
A. GST Registration 1. Functionality for validating bank account and to view the status of validation. A functionality was implemented on the portal for taxpayers to validate their bank account. Taxpa...
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GST Revenue Hits Record High: ₹1,67,929 lakh in November 2023
The Ministry of Finance has announced remarkable growth in Goods and Services Tax (GST) revenue for November 2023, reaching a record ₹1.67 trillion. This achievement marks the sixth instance in FY 202...
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GSTN Advisory: Two-factor Authentication for Taxpayers
Introduction: In a bid to bolster the security measures of the Goods and Services Tax Network (GSTN) portal, taxpayers are set to experience a significant upgrade. The introduction of Two-Factor Authe...
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Advisory on Amnesty for Missed GST Appeals: Procedures & Provisions
Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023 1. Amnesty for Taxpayers: The GS...
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SEBI’s Consultation Paper on Special Situation Funds Regulatory Changes
The Securities and Exchange Board of India (SEBI) has released a Consultation Paper proposing amendments to the regulatory framework for Special Situation Funds (SSFs), a sub-category of Category I Al...
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ICAI issues Guidelines for using the new CA India logo for CA members
The Institute of Chartered Accountants of India (ICAI) has introduced a new logo for its members, embodying rich symbolism and reflecting a commitment to India’s development. Here are the key guidelin...
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Consultation Paper on Remote Broker-Dealers in IFSC
Introduction The International Financial Services Centres Authority (IFSCA) plays a pivotal role in the development and regulation of financial products, services, and institutions within the Internat...
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Consultation Paper on Regulatory Framework For Accredited Investors in IFSC
International Financial Services Centres Authority (IFSCA) has taken a pivotal step towards refining its regulatory framework by releasing a Consultation Paper on the Regulatory Framework for Accredit...
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SEBI Consultation: Enhancing Flexibility in Insider Trading Regulations
Introduction: The Securities and Exchange Board of India (SEBI) plays a pivotal role in ensuring fair and transparent markets. In its latest move, SEBI has released a comprehensive consultation paper...
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Vice President Emphasizes Crucial Role of Chartered Accountants
In a recent address at the inaugural session of the ‘Global Professional Accountants Convention’ in Gandhinagar, Gujarat, the Vice President of India, Shri Jagdeep Dhankhar, shed light on the indispen...
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NACIN and NADT Collaborate: MoU for Sharing Resources Signed
In a move aimed at enhancing collaboration and knowledge-sharing, the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) and the National Academy of Direct Taxes (NADT) have signed a Me...
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Draft SA 720: Auditor’s Responsibilities Relating to Other Information
Exposure Draft of Standard on Auditing 720 (Revised) The Auditor’s Responsibilities Relating to Other Information Introduction Scope of this SA 1.This Standard on Auditing (SA) deals with the auditor’...
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Draft SA 710 Comparative Information -Corresponding Figures & Comparative Financial Statements
Exposure Draft of Standard on Auditing 710 Comparative Information -Corresponding Figures and Comparative Financial Statements Introduction Scope of this SA 1. This Standard on Auditing (SA) deals wit...
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Draft SA 706: Emphasis of Matter & Other Matter Paragraphs in Auditor’s Report
Exposure Draft of Standard on Auditing 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report Introduction Scope of this SA 1. This Standard on Auditing (SA)...
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Draft SA 705 Modifications to Opinion in Independent Auditor’s Report
Exposure Draft of Standard on Auditing 705 Modifications to the Opinion in the Independent Auditor’s Report Introduction Scope of this SA 1. This Standard on Auditing (SA) deals with the auditor’s res...