E India CA

Professional Updates for Chartered Accountants

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Ind-AS is still a moving goal post’: IFRS Expert

India is well on its way to adopting the globally accepted International Financial Reporting Standards (IFRS) with the first phase already rolled out. The imminent second phase includes banks and financial institutions. Here ETCFO’s Vartika Rawat puts a few questions to Saket Modi, the founder and director of Square Mile Global Co...

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RBI Vs Government: Protecting Depositors, Taxpayers Is Public Interest, Says Central Bank

Amid speculation that the government may have invoked a hitherto unused section to overrule the Reserve Bank of India (RBI) on the pretext of "public interest", the central bank has shot back with its own definition of "public interest". Reserve Bank Deputy Governor N.S. Vishwanathan, in a recent speech, said when a bank is trying t...

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How GST and demonetisation impacted govt finances

Widening the tax base and collecting more taxes has been a priority for the current government at the centre. This government’s two major economic disruptions—the introduction of goods and services tax (GST) and demonetisation—were justified in the name of raising tax compliance among other things. However, these moves have not...

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Modi’s Diwali gift to MSME sector: Here’s full list of 12 decisions announced for small businesses

With elections just seven months away, Prime Minister Narendra Modi has shifted his entire focus on revival of the MSME sector, which may have suffered the most in the wake of demonetisation and the implementation of the Goods and Services Tax (GST). The prime minister launched ‘MSME Support and Outreach Program’ and announced ...

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GST audit deadline is close! Types of Audit and All you need to know

After one year of Goods & Services Tax (GST) regime, it is now critical for the taxpayers to start focusing on various GST compliances such as reconciliations, annual return and GST audit certification. All of these compliances will form an important basis for the first audit/scrutiny/assessment under the GST law. The law prescr...

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CA Institute sends notice to IFIN auditor BSR & Associates

The CA Institute has sent a show cause notice to BSR & Associates LLP (BSR), one of the statutory auditors of ILFS Financial Services (IFIN), which is controlled by crisis-ridden Infrastructure Leasing and Financial Services (IL&FS). Global network KPMG conducts audit in India through BSR, an Indian audit firm. The show caus...

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RBI vs Government: Not the last word

News reports on Wednesday suggested that the government has invoked Section 7 of the Reserve Bank of India (RBI) Act, 1934, and RBI governor Urjit Patel could be on his way out. The finance ministry did well to put out a statement to control the damage, at least for now. It is unlikely that the rift has ended; we are yet to see t...

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Opinion | The ball was always in the government’s court

Amid speculation that Reserve Bank of India (RBI) governor Urjit Patel might quit, the government did well on Wednesday to issue a statement, highlighting that the autonomy of the central bank is essential. This should help defuse tension, at least for now. Uncertainty in the market went up with reports that the government had invok...