Category Archives: other Acts

Accounting Policy Changes (Proposed amendments to IAS 8)

By | April 17, 2018

Accounting Policy Changes (Proposed amendments to IAS 8) Introduction In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The Board expects these amendments to facilitate the application of particular voluntary changes in accounting policy, improving the overall quality of financial reporting. Invitation… Read More »

ICAI GST E-Newsletter –March 2018

By | April 14, 2018

Dear Professional Colleagues  Greetings from Indirect Taxes Committee!  We are glad to inform you that Indirect Taxes Committee of ICAI has come up with the fifteenth edition of GST E-Newsletter on GSTand with this, we have completed one year of this publication.The comprehensive publication contains latest GST updates, relevant articles on important issues under GST, initiatives… Read More »

Free Book : Compliances of Service Tax/ GST in Banking Sector

By | April 14, 2018

Dear Professional Colleagues, Banking and other Financial Services were brought under the scope of Service Tax net from 16.07.2001. During the financial year 2017-18 the provisions of service tax applied till June 2017 and thereafter for 9 months provisions for GST law has been made applicable since July, 2017.Post GST regime the services provided by… Read More »

Sovereign Gold Bond Scheme 2018-19 Series I : Key Features

By | April 14, 2018

Sovereign Gold Bond Scheme 2018-19 Series I RBI/2017-18/163 IDMD.CDD.No.2651/14.04.050/2017-18 April 13, 2018 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.( SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme 2018-19 Series I Government of… Read More »

Category: RBI

Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines

By | April 14, 2018

Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines Reserve bank of India has issued Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines RBI/2017-18/164 IDMD.CDD.No.2652/14.04.050/2017-18 April 13 2018 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock… Read More »

Sovereign Gold Bond 2018-19 : Series-I.

By | April 14, 2018

Ministry of Finance ​The ​Government of India, in consultation with the Reserve Bank of India, decide​s​ to issue Sovereign Gold Bond, 2018-19-Series-I​;​ Applications for the ​B​ond​(s)​ will be accepted from 16th to 20th April, 2018​;​ The Certificate of Bond (s)​ to be issued on May 04, 2018​; ​The Bonds ​to be sold through banks, Stock… Read More »

Draft Handbook on Accounting Treatment under GST – For Suggestions

By | April 9, 2018

Draft Handbook on Accounting Treatment under GST – For Suggestions Dear Members or Other Stakeholders, The Committee has drafted a handbook on accounting treatment under GST given below. In this regard, we request you to provide your comments/suggestions at the link https://goo.gl/forms/92zwewildriB4apm2 or idtc@icai.in preferably in 15 days i.e 25th April, 2018. Your valuable suggestions… Read More »

Empanel as Resource Person to Conduct Various Programmes for Benefits of Members in Industry

By | April 8, 2018

Madam/Sir, We are pleased to share with you that the Institute of Chartered Accountants of India through its Committee for Professional Accountants in Business & Industry organizes various knowledge enriching programmes, Conferences, Industry Meet, Outreach Program for the benefit of the members in industry. The Committee invites proposals from Chartered Accountants, Bankers, Capital Market experts,… Read More »

ICAI suggestions for GST Law on construction & refund etc.27.03.18

By | April 8, 2018

ICAI/IDTC/2017-18/Rep/4 27th March, 2018 Shri Upender Gupta Commissioner, Goods and Services Tax Policy Wing Central Board of Excise & Customs, Department of Revenue, Government of India, North Block, New Delhi – 110 001 Respected Sir, Sub: ICAI’s suggestions on GST on specified issues The Institute of Chartered Accountants of India (ICAI), being the accounting regulator,… Read More »

Section 186 of Finance Act 2018 : Amendment of section 15JB

By | April 1, 2018

Section 186 of Finance Act 2018 [Section 186 of Finance Act 2018 deals with Amendment of section 15JB and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15JB 186. In the principal Act, in section 15JB, after sub-section (4), the following sub- section shall be inserted, namely:— “(5) All settlement amounts, excluding the disgorgement amount and legal… Read More »

Section 185 of Finance Act 2018 : Amendment of section 15J

By | April 1, 2018

Section 185 of Finance Act 2018 [Section 185 of Finance Act 2018 deals with Amendment of section 15J and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15J 185. In the principal Act, in section 15J,— (a) for the marginal heading, the following marginal heading shall be substituted, namely:— “Factors to be taken into account while adjudging… Read More »

Section 184 of Finance Act 2018 : Amendment of section 15-I

By | April 1, 2018

Section 184 of Finance Act 2018 [Section 184 of Finance Act 2018 deals with Amendment of section 15-I and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15-I 184. In the principal Act, in section 15-I, in sub-section (1),— (i) after the figures and letter “15E,”, the figures and letters “15EA, 15EB,” shall be inserted; (ii) for… Read More »

Section 182 of Finance Act 2018 : Insertion of new section 15EA and 15EB

By | April 1, 2018

Section 182 of Finance Act 2018 [Section 182 of Finance Act 2018 deals with Insertion of new section 15EA and 15EB and is covered in CHAPTER VIII MISCELLANEOUS] Insertion of new section 15EA and 15EB 182. In the principal Act, after section 15E, the following sections shall be inserted, namely:— “15EA. Penalty for default in case of alternative investment… Read More »

Section 183 of Finance Act 2018 : Amendment of section 15F

By | April 1, 2018

Section 183 of Finance Act 2018 [Section 183 of Finance Act 2018 deals with Amendment of section 15F and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15F 183. In the principal Act, in section 15F, in clause (b), for the words “he sponsors or carries on any such collective investment scheme including mutual funds”, the words… Read More »

Section 181 of Finance Act 2018 : Amendment of section 15A

By | April 1, 2018

Section 181 of Finance Act 2018 [Section 181 of Finance Act 2018 deals with Amendment of section 15A and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15A 181. In the principal Act, in section 15A,— (i) in clause (a), after the words “fails to furnish the same”, the words “or who furnishes or files false, incorrect… Read More »

Section 180 of Finance Act 2018 : Amendment of section 11B

By | April 1, 2018

Section 180 of Finance Act 2018 [Section 180 of Finance Act 2018 deals with Amendment of section 11B and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 11B 180. In section 11B, of the principal Act,— (a) in the marginal heading, after the word ”directions”, the words ”and levy penalty” shall be inserted; (b) section 11B shall… Read More »

Section 177 of Finance Act 2018 : Amendment of section 55

By | April 1, 2018

Section 177 of Finance Act 2018 [Section 177 of Finance Act 2018 deals with Amendment of section 55 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 55 177. In section 55 of the principal Act,— (i) in sub-section (1), the words “the Reserve Bank and in consultation with” shall be omitted; (ii) in sub-section (3), the… Read More »

Section 175 of Finance Act 2018 : Amendment of section 43

By | April 1, 2018

Section 175 of Finance Act 2018 [Section 175 of Finance Act 2018 deals with Amendment of section 43 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 43 175. In section 43 of the principal Act, in sub-section (5), the words, figures and letters “, without prejudice to the provisions of section 54AA of the Reserve Bank… Read More »

Section 173 of Finance Act 2018 : Amendment of section 39

By | April 1, 2018

Section 173 of Finance Act 2018 [Section 173 of Finance Act 2018 deals with Amendment of section 39 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 39 173. In section 39 of the principal Act, in clause (ii), for the words “the Reserve Bank”, the words “the Central Government” shall be substituted. Finance Act 2018 :… Read More »

Section 172 of Finance Act 2018 : Amendment of section 37

By | April 1, 2018

Section 172 of Finance Act 2018 [Section 172 of Finance Act 2018 deals with Amendment of section 37 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 37 172. In section 37 of the principal Act, in sub-sections (1) and (2), for the words “the Reserve Bank” at both the places where they occur, the words “the… Read More »

Section 166 of Finance Act 2018 : Amendment of section 6

By | April 1, 2018

Section 166 of Finance Act 2018 [Section 166 of Finance Act 2018 deals with Amendment of section 6 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 6 166. In section 6 of the principal Act,— (a) in sub-section (1),— (i) in clause (ca), the words “the Reserve Bank,” shall be omitted; (ii) in clause (d), for… Read More »

Section 165 of Finance Act 2018 : Amendment of section 5

By | April 1, 2018

Section 165 of Finance Act 2018 [Section 165 of Finance Act 2018 deals with Amendment of section 5 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 5 165. In section 5 of the principal Act, in sub-section (5), the words “, in consultation with the Reserve Bank, or the Reserve Bank,” shall be omitted. Finance Act… Read More »

Section 167 of Finance Act 2018 : Amendment of section 7

By | April 1, 2018

Section 167 of Finance Act 2018 [Section 167 of Finance Act 2018 deals with Amendment of section 7 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 7 167. In section 7 of the principal Act, in sub-sections (1), (3) and (4), the words “, in consultation with the Reserve Bank,” shall be omitted. Finance Act 2018… Read More »

Section 162 of Finance Act 2018 : Commencement of this Part

By | April 1, 2018

Section 162 of Finance Act 2018 [Section 162 of Finance Act 2018 deals with Commencement of this Part and is covered in CHAPTER VIII MISCELLANEOUS] PART IX AMENDMENTS TO THE NATIONAL HOUSING BANK ACT, 1987 Commencement of this Part 162. The provisions of this Part shall come into force on such date as the Central Government may, by… Read More »

Section 161 of Finance Act 2018 : Amendment of section 3 of Act 43 of 1982

By | April 1, 2018

Section 161 of Finance Act 2018 [Section 161 of Finance Act 2018 deals with Amendment of section 3 of Act 43 of 1982 and is covered in CHAPTER VIII MISCELLANEOUS] PART VIII AMENDMENT TO THE GOVERNORS (EMOLUMENTS, ALLOWANCES AND PRIVILEGES) ACT, 1982 Amendment of section 3 of Act 43 of 1982 161. In section 3 of the Governors… Read More »

Section 164 of Finance Act 2018 : Amendment of section 4

By | April 1, 2018

Section 164 of Finance Act 2018 [Section 164 of Finance Act 2018 deals with Amendment of section 4 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 4 164. In section 4 of the principal Act,— (a) in sub-section (1), for the proviso, the following proviso shall be substituted, namely:— “Provided that the Central Government may, by notification,… Read More »

Section 163 of Finance Act 2018 : Amendment of section 3

By | April 1, 2018

Section 163 of Finance Act 2018 [Section 163 of Finance Act 2018 deals with Amendment of section 3 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 3 163. In the National Housing Bank Act, 1987 (53 of 1987) (hereafter in this Part referred to as the principal Act), in section 3,— (a) in sub-section (3), for… Read More »

Section 158 of Finance Act 2018 : Amendment of section 23M

By | April 1, 2018

Section 158 of Finance Act 2018 [Section 158 of Finance Act 2018 deals with Amendment of section 23M and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 23M 158. In section 23M of the principal Act,— (i) after the words “adjudicating officer” at both the places where they occur, the words “or the Securities and Exchange Board… Read More »

Section 159 of Finance Act 2018 : Amendment of section 24

By | April 1, 2018

Section 159 of Finance Act 2018 [Section 159 of Finance Act 2018 deals with Amendment of section 24 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 24 159. In section 24 of the principal Act,— (i) for the marginal heading, the following marginal heading shall be substituted:— “Contravention by companies;”; (ii) in sub-section (1), for the… Read More »

Section 157 of Finance Act 2018 : Insertion of new section 23JC

By | April 1, 2018

1Section 157 of Finance Act 2018 [Section 157 of Finance Act 2018 deals with Insertion of new section 23JC and is covered in CHAPTER VIII MISCELLANEOUS] Insertion of new section 23JC 157. After section 23JB of the principal Act, the following section shall be inserted, namely:— ’23JC. Continuance of proceedings.—(1) Where a person dies, his legal representative shall be… Read More »

Section 156 of Finance Act 2018 : Amendment of section 23JB

By | April 1, 2018

Section 156 of Finance Act 2018 [Section 156 of Finance Act 2018 deals with Amendment of section 23JB and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 23JB 156. In section 23JB of the principal Act, in sub-section (1), for the words “by the adjudicating officer”, the words “under this Act” shall be substituted. Finance Act 2018… Read More »

Section 155 of Finance Act 2018 : Amendment of section 23JA

By | April 1, 2018

Section 155 of Finance Act 2018 [Section 155 of Finance Act 2018 deals with Amendment of section 23JA and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 23JA 155. In section 23JA of the principal Act, after sub-section (4), the following sub-section shall be inserted, namely:— “(5) All settlement amounts, excluding the disgorgement amount and legal costs,… Read More »

Section 154 of Finance Act 2018 : Amendment of section 23J

By | April 1, 2018

Section 154 of Finance Act 2018 [Section 154 of Finance Act 2018 deals with Amendment of section 23J and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 23J 154. In section 23J of the principal Act,— (i) for the marginal heading, the following marginal heading shall be substituted, namely:— “Factors to be taken into account while adjudging… Read More »

Section 153 of Finance Act 2018 : Amendment of section 23-I

By | April 1, 2018

Section 153 of Finance Act 2018 [Section 153 of Finance Act 2018 deals with Amendment of section 23-I and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 23-I 153. In section 23-I of the principal Act, in sub-section (1), for the word ”shall”, the word ”may” shall be substituted. Finance Act 2018 : Assented by President :… Read More »

Section 152 of Finance Act 2018 : Insertion of new section 23GA

By | April 1, 2018

Section 152 of Finance Act 2018 [Section 152 of Finance Act 2018 deals with Insertion of new section 23GA and is covered in CHAPTER VIII MISCELLANEOUS] Insertion of new section 23GA 152. After section 23G of the principal Act, the following section shall be inserted, namely:— “23GA. Penalty for failure to conduct business in accordance with rules, etc.—Where a… Read More »

Section 149 of Finance Act 2018 : Amendment of section 23A

By | April 1, 2018

Section 149 of Finance Act 2018 [Section 149 of Finance Act 2018 deals with Amendment of section 23A and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 23A 149. In section 23A of the principal Act, in sub-clause (a), after the words “bye-laws of the recognised stock exchange”, the words “or who furnishes false, incorrect or incomplete… Read More »

Section 150 of Finance Act 2018 : Amendment of section 23E

By | April 1, 2018

Section 150 of Finance Act 2018 [Section 150 of Finance Act 2018 deals with Amendment of section 23E and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 23E 150. In section 23E of the principal Act, after the words “mutual fund”, the words “or real estate investment trust or infrastructure investment trust or alternative investment fund”, shall… Read More »

Section 148 of Finance Act 2018 : Amendment of section 23

By | April 1, 2018

Section 148 of Finance Act 2018 [Section 148 of Finance Act 2018 deals with Amendment of section 23 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 23 148. In section 23 of the principal Act, in sub-section (1), in the long line, after the words “Adjudicating officer”, the words “or the Securities and Exchange Board of… Read More »

Section 147 of Finance Act 2018 : Amendment of section 12A

By | April 1, 2018

Section 147 of Finance Act 2018 [Section 147 of Finance Act 2018 deals with Amendment of section 12A and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 12A 147. In the Securities Contracts (Regulation) Act, 1956 (42 of 1956) (hereafter in this Part referred to as the principal Act), section 12A shall be numbered as sub-section (1)… Read More »

Section 146 of Finance Act 2018 : Commencement of this Part

By | April 1, 2018

Section 146 of Finance Act 2018 [Section 146 of Finance Act 2018 deals with Commencement of this Part and is covered in CHAPTER VIII MISCELLANEOUS] PART VI AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 Commencement of this Part 146. The provisions of this Part shall come into force on such date as the Central Government may, by… Read More »

Joint Audit of Financial Statements : ICAI Revised Standard on Auditing (SA) 299

By | March 31, 2018

Revised Standard on Auditing (SA) 299, “Joint Audit of Financial Statements” Introduction Scope of this SA 1. The practice of appointing more than one auditor to conduct the audit of large  entities has been in vogue for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulations. Such auditors,… Read More »

Second Hand Goods Import Policy for repair

By | March 30, 2018

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan Notification No. 58/2015-2020 New Delhi, Dated:  28 March, 2018 Subject: Amendment in Para 2.31 of Foreign Trade Policy, 2015-2020. S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01… Read More »

RTGS and NEFT will continue till midnight on March 31, 2018 : RBI

By | March 28, 2018

RBI/2017-18/144 DGBA.GBD.No.2388/42.01.029/2017-18 March 27, 2018 All agency banks Dear Sir / Madam Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2017-18) The Government of India has desired that all government transactions with banks for Financial Year 2017-18 must be accounted for within the… Read More »

Category: RBI

RBI Special Clearing operations on March 31, 2018

By | March 28, 2018

RBI/2017-18/145 DPSS.CO.CHD.No./2707/03.01.03/2017-18 March 28, 2018 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir, Special Clearing operations on March 31, 2018 A reference is invited to the circular issued… Read More »

Category: RBI

Finacle e-Learning module for Auditors

By | March 28, 2018

PDC of ICAI Presents Finacle e-Learning-An Effective Auditing Tool   • Since the audit of the Banks for the year 2017-18 is about to start, the ICAI has aimed at setting up a benchmark in Bank Audits by using the technical expertise of Finacle partners, Infosys, as they have committed to provide us a comprehensive and… Read More »

Multinational Accounting Firms in India : ICAI constituted Group to examine issues

By | March 28, 2018

No.M-626/08/MAF&PWC/2018 27th March, 2018 Madam/Dear Sir, ALL MEMBERS OF THE COUNCIL Sub.: Constitution of a Group to examine the issues arising out of the Judgement dated 23.02.2018 of the Hon’ble Supreme Court in the matter of operation of Multinational Accounting Firms in India The Hon’ble Supreme Court of India vide its combined Judgement dated 23rd… Read More »

MEIS applications for SEZs Exports simplified by DGFT

By | March 26, 2018

To be published in the Gazette of India Extraordinary Part-I, Section (I) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice 67/2015-2020  Dated the 22nd March , 2018 Subject: Processing of Merchandise Exports from India Scheme (MEIS) applications for SEZs Exports. In pursuance of the objective of improving ease of… Read More »