Bank Branch Audit 2020 - Update on Allotment of Branches
As per information received, RBI has approved the Bank Branch Audit Panel. Banks have started sending mails for allotment of Branches.
Following Banks has started sending emails for allotment of branches as informed by Members on o...
How Excel can helps you while conducting Bank Audit?
Let's use this quarantine to learn about Excel Tips and Tricks discussed by CA.Deepak Garg which are useful for conducting Bank Audit.
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Government has urged the people to wear homemade masks to keep Coronavirus at bay. In an advisory, Health Ministry asked people to wear face masks particularly when they step out of their houses. It said, social distancing and personal hygiene are keys to prevent Covid-19 infections.
Certai...
The Central Board of Indirect Taxes and Customs (CBIC) late on Friday notified major relief to businesses by offering flexibility in claiming tax rebates and extending the validity of electronic permits for movement of goods. The idea is to help businesses meet the challenges of cashflow and disrupt...
The Reserve Bank of India announced a change in debt money market timings from the existing 9 am-5 pm to 10 am-2 pm, in view of the lockdown. The new arrangement will come into effect on 7 April and continue till 17 April.
“The resultant dislocations have adversely impacted the functioning ...
The government directed tax officials to dispose off applications filed by taxpayers or buyers or licence holders for lower or nil deduction of tax deducted at source (TDS) / tax collected at source (TCS) for FY20, by April 27, 2020.
“Due to outbreak of the Covid-19 pandemic, there is sever...
Ever since the world came under the vice grip of the coronavirus pandemic, work from home has become the norm. Professionals have had to rely on tools and apps that make work from home smoother and of all these apps, Zoom is the one that has become a household name. So much so that Zoom has become t...
Let's use this quarantine to learn about Recent Judicial Pronouncements and AAR under GST discussed by CA.Bhavesh Mittal.
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Stay Home, Stay Safe, Stay Updated.
(We Care for Y...
The ministry of corporate affairs will take a leaf out of the Income Tax department’s book to offer faceless adjudication of specified company law offences to enable social distancing as well as eliminate bureaucratic discretion.
The ministry will upgrade its online services to companies of...
he Supreme Court on Friday quashed a notice sent by the income tax (I-T) department to media company NDTV, which sought a re-assessment of the company’s income for the 2006-2007 financial year.
The apex court dismissed the notice – which had alleged round-tripping of money by the news...
The Central Board of Indirect Taxes and Customs (CBIC) on Friday allowed businesses to import and export goods without furnishing bonds to the customs authorities till the end of the month, a move aimed at facilitating trade during the lockdown due to the COVID-19 pandemic.
In a circular, the CBI...
In a major relief for 23 crore individual vehicle owners and 40 crore citizens, who benefit from a private or state health insurance scheme, the ministry of finance has amended the law and extended validity of insurance papers till April 21, 2020.
In a gazette notification, the ministry of financ...
The Reserve Bank of India (RBI) has denied a request from banks to put a stay on the asset classification norms, according to a report by The Economic Times.
The central bank's instruction could hurt companies hoping to avoid being labelled as defaulters amid the coronavirus outbreak.
Comp...
Let's use this quarantine to learn.
If you know nothing about IndAs / IFRS and willing to take the first giant step.
Let's help you in it. Watch this Video.
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Goods and services tax collections for March, 2020 stood at Rs. 97,597 crore, lower than Rs. 1.05 lakh crore collected in February, 2020. Until February, GST collections crossed Rs. 1 lakh crore for four consecutive months.
Of the total Rs. 97,597 crore, central GST stood at Rs.19,183 crore, stat...
1. Extension of realisation period of export proceeds
Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pan...
Provides six-month window for firms to become ‘ACTIVE Compliant’
Close on the heels of introducing a ‘fresh start scheme’, the Ministry of Corporate Affairs (MCA) has given a one-time opportunity for ‘ACTIVE non-compliant’ companies to become compliant without ...
Whether Chartered Accountant can Certify Income Tax Return (ITR) as Certified True Copy?
FaQ of ICAI discussed by CA.Vivek Khurana.
Watch This Video,,,,
https://youtu.be/TbJ835kf0FI
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As the date for claiming deduction under section 80G of the IT Act has been extended up to June 30, the donation made up to that date will also be eligible for deduction from income of FY 2019-20.
Anyone contributing to PM CARES Fund (Prime Minister’s Citizen Assistance and Relief Emergency...
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance o...
In pursuance of the Government of India’s efforts to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19, the Ministry of Corporate Affairs, has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Sett...
A three-month extension in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections. Rakesh Gupta, Commissioner of Income Tax (Coordination & Systems), ...
Ahead of its merger with the United Bank of India (UBI) and the Oriental Bank of Commerce (OBC) from April 1, Punjab National Bank (PNB) today unveiled a new logo which bears the signages of all the three PSU banks. From the next financial year, PNB will become the second largest lender in India aft...
To address this difficulty faced by the lockdown due to COVID-19, the Insolvency and Bankruptcy Board of India (IBBI) amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes...
There is a fake new circulating in some section of media that the Financial Year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the Financial Year.
...
Corporates have spent Rs 52,000 crore towards social welfare activities in the last five financial years and now making contributions to the Prime Minister's relief fund will further help them meet their obligations under the companies law, according to a senior government official.
As the co...
Lockdown period will not be counted towards the timeline for any activity under the corporate insolvency resolution process.
“...the period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the time-line for any acti...
Prime Minister Narendra Modi has announced the constitution of the PM's Citizen Assistance and Relief in Emergency Situations (PM-CARES) fund. This will be a dedicated national fund with the primary objective of dealing with any kind of emergency or distress situation, like posed by the COVID-19...
Reserve Bank of India on Saturday said it has approved the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank.
The scheme will ...
Recent Amendments Under GST Law including Updates on Press Conference of Finance Minister discussed by CA.Bhavesh Mittal.
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