E India CA

Professional Updates for Chartered Accountants

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You can avail tax benefits on capital gains invested more than once for new house

MUMBAI: The Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer can invest capital gains for the second or third time towards the same "new" house property. Tax benefits cannot be denied on this ground, provided the cost of the new house is within capital gains that have arisen to the taxpayer. ITAT also held that as the...

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RBI audit of IL&FS group makes independent directors jittery

MUMBAI: The Reserve Bank of India (RBI) has recently concluded an audit of IL&FS and may send notices to the company’s board and management if lapses found, two people with direct knowledge of the matter said. Though the results of the audit are not known, independent directors in some of the IL&FS group companies are se...

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ICAI fast-tracks pending cases for enquiry

Chartered accountants' apex body noted that the long pending residual cases under old disciplinary mechanism (section 21D of the Chartered Accountants Act 1949) were concluded by fast tracking the hearings. NEW DELHI: In order to decrease pendency, the Institute of Chartered Accountants of India (ICAI) has constituted one more ben...

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CBIC amends CGST rules; prescribes procedure of recovery of dues under existing laws

The Central Board of Indirect Taxes and Customs vide Notification No. 60/2018 dated October 30, 2018 has for the 13th time in 2018 amended Central Goods and Services Tax Rules, 2017. Following amendments are made vide this notification: After rule 83, Provisions relating to a goods and services tax practitioner (“GST Pract...

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Bombay HC asks Petitioners seeking amendment in GST TRAN 1 to make representation before CBIC; directs CBIC to address within 12 weeks

In a petition seeking amendment in GST Form TRAN 1 due to typo errors made while filing GST TRAN-1, a two-judge bench of the Bombay High Court has asked the petitioners to file a representation before the Central Board of Indirect Taxes (CBIC) about the claim and directed the Board to address the grievance within a period of twe...

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ICAI goes more Stringent against misleading Media Reports: Slams Reports on IT Returns filed by CAs

In a bid to go more stringent towards the medias for shaming the Chartered Accountants profession, the Institute of Chartered Accountants of India ( ICAI ) has sent notice to a reputed daily for publishing an incorrect story on Chartered Accountants. The news item presented recent data released by the 1ncome Tax department wherein it...

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ROC Annual Return due date Extended upto 31 Dec. 2018: MCA

ROC Annual Return due date Extended upto 31 Dec. 2018: MCA MCA has notified that the due date for filing of ROC Annual Return in forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) has been extended upto 31 Dec. 2018 without any levy of additional fee. Earlier, MCA has extended such deadline upto 31 Dec. 2018  for c...

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NFRA may not be legally valid, says ICAI President

ICAI has said that the National Financial Reporting Authority (NFRA) to discipline CAs and firms auditing listed and large companies may not be in line with the current regulations and suggested that the task should be left to the self-regulating body. “We are willing to implement any reform. We have been honestly discharging ou...