CA Niraj Harodia

• The NFRA fined M/s Venkatesh & Co ₹2 crore for professional misconduct in the 2019-20 Coffee Day Enterprises audit. • Auditors Dasaraty V and Desikan G were banned for 10 and 5 years, respectively. • Dasaraty was also fined ₹10 lakh, and Desikan ₹5 lakh. • The penalties stemmed from a Sebi report revealing a ₹3,535 crore fund diversion from Coffee Day subsidiaries to Mysore Amalgamated Coffee Estate Limited. • The auditors failed to report the fraud and protect public interest. • The order will take effect after 30 days. • In August, NFRA fined KPMG affiliate M/s BSR & Associates LLP ₹10 crore and debarred two auditors for lapses in the 2018-19 Coffee Day audit.

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The 54th GST Council meeting is scheduled to take place in New Delhi on 9th September 2024. #GSTCouncil #TaxUpdates #GST #Taxation #NewDelhi #M_Gopal_And_Co #CharteredAccountants #TaxConsulting #BusinessUpdates #GSTNews

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Revised Criteria for classification of Non-company entities for applicability of Accounting Standards ICAI has issued an Announcement regarding the change in the applicability of Accounting Standards for non-company entities. For accounting periods commencing on or after April 1, 2024, non-company entities are now classified into 2 categories instead of 4 levels: 1. Large entities - Turnover above 250 Crore and Borrowings above 50 Crore; and 2. Micro, Small & Medium Sized Entities (MSMEs) - Turnover below 250 Crore and Borrowings below 50 Crore Exemptions/ relaxations which were available to non-company entities earlier classified under Level III & IV have been extended to all MSMEs except AS 18 & AS 28 which are applicable to non-company entities with Turnover below 50 Crore and Borrowings below 10 Crore. The said changes would bring reduced compliance for MSMEs without having a major impact on classification and recognition criteria and will be applicable for preparation & presentation of financial statements of sole proprietorships, LLPs, partnerships, etc. from FY 2024-25 onwards. #kcrkcollp #MSME #AccountingStandards #MBF

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ICAI’s New Fee Calculator for CAs ICAI has launched a fee calculator to help CAs determine minimum recommended fees. Available on the TMD website, this tool is based on the Revised Minimum Scale of Fees (Feb 2020). Key Features: >> Service Categories: Covers Income Tax, GST, Audit, and more. >> Tailored Fees: Adjusts based on complexity, time, and location. >> Transparent Pricing: Standardizes fees, ensuring professional integrity. ICAI Guidelines: >> Fees should match complexity and time spent. >> Travel and other expenses are additional. >> GST should be collected separately. Link to the tool is in the comments section below!

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Please note a very important change in the applicability of #AccountingStandards for non-company entities issued by the ICAI. For accounting periods commencing on or after April 1, 2024, non-company entities are now classified into 2 categories instead of 4 levels: 1. Large entities - Turnover above 250 Cr and Borrowings above 50 Cr; and 2. Micro, Small & Medium Sized Entities (MSMEs) - Turnover below 250 Cr and Borrowings below 50 Cr Exemptions/ relaxations which were available to non-company entities earlier classified under Level III & IV have been extended to all #MSMEs except AS 18 & AS 28 which are applicable to non-company entities with Turnover below 50 Cr and Borrowings below 10 Cr. The said changes would bring reduced compliance for MSMEs without having a major impact on classification and recognition criteria. The link to access the Revised Criteria for applicability of Accounting Standards for Non-company entities is available at https://lnkd.in/gMu6mWt9 Please ensure compliance with accounting standards for preparation & presentation of financial statements of #soleproprietorships, #partnerships, etc. accordingly from FY 2024-25 onwards. Warm Regards

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Issue faced by Taxpapers while filing GSTR-3B for October 2024- previous period invoices getting Auto populated in GSTR 2B Invoices pertaining to #September GSTR 2B *reflecting again* in #October GSTR 2B for cases where #QRMP tax payer (supplier) have filed their GSTR-1 on 12th and 13th October 2024 or have filed #GSTR 1A for the month of September, 2024 even though the said invoices are not modified in GSTR 1A. The same results in excess reflection of ITC in GSTR 2B. It is advised that ITC should not be claimed merely on the basis of reflection, and a #grievance should be raised on the GST help desk under the category "Returns - GSTR 2B with sub category GSTR-2B- Issue with online/offline view of Summary. One should not reclaim ITC on invoices reflecting again in GSTR2B and manually remove them. From this month onwards IMS has also started, for such cases the double reflecting invoices should not be addressed. #gst #gstr2b #gstr3b #october

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Dear Friends, if as a share market participant you have undertaken Future & Option Transactions then a question may arise regarding the correct head of income (say business income or capital gain income or other source income) under which relevant profits / losses may be offered in the ITR. This short is a guide in the matter. #sharemarket #futureandoptions #futureandoptiontrading #incometaxonF&OTransactions #incometax #itrfiling #headofincome #ay2024

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🚨 GST Council Update: Key Changes in Tax Rates w.r.t. Goods 🚨 The 54th GST Council meeting introduced several notable updates regarding GST rates for goods: : 1. Namkeens & Savory Snacks: GST reduced from 18% to 12% for extruded/expanded savory snacks, while un-fried or un-cooked pellets remain at 5%. 2. Cancer Drugs: GST cut from 12% to 5% on drugs like Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. 3. Metal Scrap: Reverse Charge Mechanism (RCM) applied to supplies from unregistered to registered persons; 2% TDS on B2B transactions. 4. Railway AC Units: Roof Mounted Package Units (HSN 8415) taxed at 28%. 5. Car & Motorcycle Seats: GST on car seats (HS 9401) increased to 28%, aligning with motorcycle seats. These adjustments aim to enhance compliance and offer necessary relief. Stay informed for more updates! #GST #GSTUPDATES

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Dear Friends, this short aims to provide you a very interesting cum important update whether money received in form of gift is needed to be reported in ITR ? #incometax #taxongift #gift #gifttaxplanning #itr #ay202425 #incometaxreturnfiling #itrandgift

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Karneeti Part 554 5 Most Important Proposals in Capital Gains in Budget 2024 #karneeti #income #taxreturn #taxseason #taxfiling #taxreturn #ITR #incometax #taxplanning #TaxTips2024 #taxcompliance #capitalgainstax #capitalgains #sharemarket

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Vide S.R.O 1842(I)/2023, dated 21st December, 2023, #FBR notified that retailers whose deductible #withholding #tax u/s 236H during immediately preceding twelve consecutive months has exceeded Rs. 100,000 have been prescribed as #Tier-1 #retailers under clause (g) of section 2(43A) of the #SalesTax Act, 1990. Such retailers are liable to be registered and integrated with Board's #computerized system for real-time reporting of sales under Sales Tax Act, 1990 and rules made thereunder. Now FBR issued an STGO for #integration of such retailers who fulfill the conditions laid down in Section 2(43A)(g) and a list of 1,680 identified T-IRs in STGO has also been placed on FBR’s web portal at www.fbr.gov.pk allowing them to integrate with the FBR’s POS System by 31st May, 2024. T-1Rs not having yet integrated, their #input #tax claim would be disallowed, without any further #notice or proceedings, creating tax demand by the same amount. #taxplanning #taxfiling #taxfillingservices

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Tax Audit Season- Mandatory Post-II Form 3CD!! 'Point 8-Relevant Clause of Sec 44AB' Utility allows to select MORE THAN ONE applicable clauses. Eg. Company/LLP having turnover exceeding specified limits:- 3rd Proviso-Audit under any other law & 44AB(a) Both the applicable clauses SHALL be selected👇

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Clarification of the hour : Demand due to Inactive PAN going to reduce in June 1st week. Reply Rcvd from Incorm tax Implementation of changes in processing as per CBDT Circular No. 6/2024 have been completed. The CPC(TDS) will start reprocessing of affected statements in the first week of June 2024. Consequently, the demand of short deduction related to inoperative PAN of the deductee will be resolved

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🌐 ICAI Raises Concerns Over NFRA’s New Norms 📊 The Institute of Chartered Accountants of India (ICAI) has expressed concerns over the National Financial Reporting Authority (NFRA)'s move to update the existing SA 600 auditing standards, aligning them with the International Standard of Auditing 600 (ISA 600). This move has sparked fears that audit work for listed firms could become concentrated in the hands of a few large firms, potentially impacting the broader economy. 🔍 Key Highlights: ▶ Concentration Risk: ICAI is concerned that some of the proposed standards could lead to a concentration of audit work, disadvantaging smaller and mid-sized audit firms. ▶ Impact on Small Practices: With over 1.7 million unlisted companies, many of which are audited by small practices, the new standards could disrupt the current audit market landscape in India. ▶ Professional Competence Debate: ICAI argues that all auditors are already subject to the same rigorous training and licensing, questioning the need for principal auditors to assess the competence of component auditors. The NFRA will shortly issue an exposure draft of ISA 600 for public consultation, a move that could significantly reshape the auditing landscape in India. #BFSI #FEBFSI #ModernBFSI #AuditStandards #ICAI #NFRA #Economy #Auditing #AuditFirms #ISA600 #SMPs #CorporateGovernance #FinancialReporting 🔍📊 Manu Kaushik | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India) https://lnkd.in/ghmSE3JY

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