The Institute of Chartered Accountants of India (ICAI) directed the Candidates contesting in Council and Regional Councils Elections, 2021 not to send frequent unsolicited messages to Voters to avoid cluttering of the communication system. “Members are complaining that they are receiving a number of unsolicited SMS, …
Dear Member, Warm Greetings to you! As you are aware, with a view to promoting professional camaraderie and bonhomie, ICAI organizes the Convocation every year to commemorate the joining of its newly enrolled members. However, since January 2020, the Convocations could not be organized due to …
1. The Central Board of Indirect Taxes and Customs (CBIC) has issued the Guidelines for disallowing debit of Electronic Credit Ledger under Rule 86A of the CGST Rules, 2017. Rule 86A of the Central Goods and Services Tax Rules, 2017 provides that in certain circumstances, Commissioner …
In a major setback to Lite-on Mobile, the Chennai Bench of Income Tax Appellate Tribunal (ITAT) disallowed the grossed-up portion of TDS deducted on interest paid to AE on External Commercial Borrowings. Facts of the case:- The assessee, M/s. Lite-on Mobile India Pvt. Ltd. is a …
The Central Board of Direct Taxes (CBDT) has notified the 1% Tolerance Limit for wholesale trading under transfer pricing for Assessment Year 2020-21. “In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of …
1. The Punjab Chief Minister Charanjit Singh Chinni on Wednesday announced to scrap 40,000 pending cases of value-added tax (VAT), out of the total 48,000 cases related to the financial years 2014-15, 2015-16 and 2016-17, against traders and industrialists across the state. 2. He was addressing …
1. The Delhi Government has notified the that 1% Excise Duty for Indian Liquor on Wholesale rate will be applicable from 1st November, 2021. “In exercise of the powers conferred by sub- section (1) of section 81 of the Delhi Excise Act, 2009, the Lt. Governor …
The Institute of Chartered Accountants of India (ICAI) has issued the Study Material for Financial Reporting applicable for May 2022 Examination onwards. a) Module 1 consists of Initial Pages, Chapter 1: Framework for Preparation and Presentation of Financial Statements, Chapter 2: Ind AS on Presentation of …