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Professional Updates for Chartered Accountants

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Company director sent to 6 months of rigorous imprisonment for TDS default

A court here has sentenced the director of a real estate firm to six months of rigorous imprisonment (RI) for allegedly failing to deposit over Rs 50 lakh TDS in time to the Income Tax Department. A senior official of the department said the director of the firm, engaged in building construction services, has been convicted re...

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Income-tax scrutiny all set to go electronic

The Central Board of Direct Taxes (CBDT) has mandated ‘e-proceeding’ for all income-tax scrutiny in 2018-19. It has also specified seven situations where e-proceeding will not be mandatory this year. These include search cases, cases where returns were filed in paper mode and the assessee doesn’t have an e-filing account, an...

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Whether Integrated Accounting is Necessary in GST Regime?

Trade & Industry is in the panic situation, especially after Advance Ruling by Karnataka Advance Ruling Authority in the case of COLUMBIA ASIA HOSPITALS PRIVATE LIMITED where the question on which advance ruling was sought on below matter: Whether the activities performed by the employees at the corporate office in the course ...

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What are the limits provided for Audit under GST?

When Audit under GST is required? 1. If Turnover of the registered person crosses the threshold limit for audit under GST i.e. Rs. 2 cr in a financial year 2. An audit by Tax Authorities General Audit Special Audit What is the GST audit limit under GST for a financial year? The limit prescribed under the G...

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Why auditors are under scrutiny from regulators and investors, globally

It is not just India—auditors across the world find themselves under scrutiny from the governments, regulators and investors. Enhanced disclosures, lower conflict of interest and regulations to improve the quality of audit are in the works. How effective these are could also offer lessons to India. The International Forum of Indep...

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Is Your Company Struck Off?

Recently, the Registrar of Companies, Delhi and Haryana (ROC) in its drive to clean the registry have initiated the action (II stage) against the non working companies for striking off of all such Companies under Section 248(1) of the Companies Act, 2013 and notices were sent to show cause to around 31,250 Companies. Consequent t...

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Special procedure to complete migration of taxpayers to GST

Special procedure for completing migration of taxpayers who received provisional IDs but could not complete the Migration process The Central Government, on the recommendations of the Council, hereby specifies the persons who did not file the complete FORM GST REG 26 of the Central Goods and Services Tax Rules, 2017 but re...

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ICAI group studying circumstances leading to auditor resignations

Amid rising instances of auditors quitting audit work at companies, chartered accountants' apex body ICAI has set up a group to look into the circumstances leading to their resignations. In a communication to members, ICAI President Naveen N D Gupta also said the panel would also analyse the recent circular issued by the Res...