Auditing and Assurance Standards Board The Institute of Chartered Accountants of India Amendment to the “Clarification Regarding Authority Attached to Documents Issued by the Institute” and Consequential Amendment to the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services” In 1985, …
Central Board of Direct Taxes (CBDT) notified Rule 11UACA on August 16, 2023, for tax calculation on life insurance policy amounts under section 56(2)(xiii) of the Income Tax Act, 1961 (the IT Act). Section 56(2)(xiii) of the IT Act provides that any sum received on the …
CBDT (Central Board of Direct Taxes) issued guidelines on the applicability of exemption under section 10(10D) of the Income Tax Act, 1961 (IT Act) for life insurance policies on August 16, 2023 vide Circular No. 15 of 2023. The salient features of the clarifications are as …
The Income Tax department has completed its investigation into several insurance companies and uncovered alleged tax evasion amounting to more than Rs 15,000 crore (Indian rupees). The investigation focused on suspected malpractices related to commission payments within the insurance industry. As per reports, the investigation has …
The Income Tax Department has warned the public about a surge in fraudulent messages circulating, aimed at deceiving taxpayers into providing sensitive information. These messages often claim that the recipient is owed a tax refund, and they may contain a link that, if clicked, will take …
Institute of Chartered Accountants of India (ICAI) has rescheduled the CA Foundation December 2023 exams. The exams were earlier scheduled to be held on December 24, 26, 28, and 30, 2023, but have now been rescheduled to December 31, January 2, 4, and 6, 2024. Official …
The Central Board of Indirect Taxes and Customs (CBIC) has evaluated the GST liabilities of the gaming firms in India, and it has been found that they were taxed at 18% on their gross gaming revenue, which was meant for skill-based games, instead of the legally …
The Lok Sabha passed two bills on Friday to amend the Goods and Services Tax (GST) laws to levy a 28% tax on online gaming, casinos, and race clubs. The bills were introduced by Finance Minister Nirmala Sitharaman in the lower house of Parliament. The Central …
Deloitte has decided to resign as the auditor of Adani Ports & Special Economic Zone Ltd. The decision appears to be linked to concerns over certain transactions highlighted in a report by Hindenburg Research. These transactions raised concerns that Deloitte reportedly did not wish to independently …
One person has been arrested for ₹8.7 crore GST evasion in Gujarat. The accused, Devang Nathwani, is the key person handling the affairs of Eagle Marketing, which is involved in trading of crude chemicals. The SGST department raided Eagle Marketing’s business premises in Rajkot and a …
