Daily Archives: June 2, 2017

15th Meeting of GST Council to be held on 03.06.2017

15th Meeting of the GST Council to be held tomorrow, 3rd June, 2017 – Approval of amendments to the draft GST Rules and related forms and Finalisation of the rates of tax and cess on the remaining commodities are on the Agenda among others for tomorrow’s meeting. The Union Minister for Finance, Defence and Corporate… Read More »

Insolvency Professionals to act as Interim Resolution Professionals (Recommendation) Guidelines 2017

Insolvency Professionals to act as Interim Resolution Professionals (Recommendation) Guidelines, 2017 25th May, 2017 Provisions of the Insolvency and Bankruptcy Code, 2016 1. Section 16 (3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of… Read More »

New Scheme CA Course of Education and Training – FAQ

Revised Scheme of Education and Training for  CA Course, FAQs and Implementation Schedule The Institute of Chartered Accountants of India (ICAI) has formulated the Revised Scheme of Education and Training in lines with International Education Standards issued by International Federation of Accountants (IFAC) after considering the inputs from various stakeholders. The Revised Scheme of Education… Read More »

Section 269ST – Cash Receipt Rs 2 Lakh or more Banned w.e.f 01.04.2017

Section 269ST – Cash Receipt Rs 2 Lakh Banned w.e.f 01.04.2017  Section 269ST of Income Tax Act of India has been inserted by Finance Act 2017 w.e.f 01.04.2017 . It provided restriction on Cash Receipt of Rs 2 Lakh or more.  This provision being new, there is still a lot of confusion and curiosity among people from… Read More »

Demonetization impact on Audit Report for FY 2016-17

 Demonetization impact on Audit Report for FY 2016-17 In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective from Tuesday midnight i.e on midnight of 08.11.2016. Lets study demonetization impact on Audit Report . Demonetization impact on Audit Report : Notifications of Ministry of Company Affairs… Read More »

Exchange Rate of Foreign Currency w.e.f 02.06.2017

Exchange Rate of Foreign Currency relating to Imported and Export Goods Notified In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs (CBEC) No.49/2017-CUSTOMS (N.T.), dated 18th May, 2017, except as respects things done… Read More »

New Functionalities released under National Pension System (NPS)

New Functionalities released under NPS to provide the ease of operation for the benefit of subscribers and nodal offices. Pension Fund Regulatory and Development Authority (PFRDA) takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification… Read More »