E India CA

Professional Updates for Chartered Accountants

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RBI cancels licences of 31 NBFCs

NBFCs have been under pressure due to fears of a liquidity crisis, high valuations and asset liability mismatches. The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 31 non-banking financial companies (NBFCs). The move comes days after the central bank eased liquidity norms for banks in order to releas...

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GST Return Filing: Companies Staring At Huge Loss Of Tax Credit

Reconciliation of what a buyer bought and a seller sold was supposed to be the bedrock of availing input tax credit under the Goods and Services Tax. The absence of a mechanism that would’ve enabled taxpayers to reconcile invoices may now lead to the loss of significant amount of tax credit, experts told BloombergQuint. Inpu...

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ICAI makes UDIN mandatory for member CAs

It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and stakeholder. ICAI is also receiving number of complaints of forged signatures. To curb the malpractices, the Professional Development Committee of ICAI has implement...

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TDS, TCS for GST kick-in from October 1: Deduction, registration, compliance, challenges

The GST law requires TDS to be deducted by certain specified Government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs. 2,50,000.After the GST regime gained momentum, the government decided to introduce TDS and TCS provisions. The GST law requires TDS to be deducted by certain specified government bodies/...

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Your spouse can be a vehicle for tax savings

our spouse not only helps you in meeting your social and personal but also helps you in saving income tax as well. There are certain tax benefits by way of which you can enhance you tax savings through your spouse. Let us discuss some of important provisions. Expenses incurred for your children Medical Insurance For home...

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Government, RBI should follow the 2013 playbook to stabilize the rupee

The rupee rebounded on Wednesday, on news that the government may announce measures to support the currency after a planned review of the economy by the Prime Minister this weekend. What measures can the government and the Reserve Bank of India (RBI) take? We have a handy precedent in the methods adopted and the instruments used d...

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Are suggestions to abolish Hindu Undivided Family (HUF) justified?

Recently, the Law Commission, in a consultation paper on the Reform of Family Law, recommended the abolition, at the central government level, of the concept of coparcenery under Hindu law, which forms the basis of a Hindu Undivided Family (HUF). In other words, the recommendation is to abolish the system of HUF altogether all over R...

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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...