Introduction: In the ever-evolving landscape of personal and business finance, the role of a competent and trustworthy chartered accountant (CA) cannot be overstated. Whether you are an individual looking to manage your taxes or a business owner striving for financial success, having a skilled CA by your side can make a significant difference. The challenge, however, lies in finding the […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of December, 2023 issued by MCA, RBI, SEBI, IBBI and others. RESERVE BANK OF INDIA Rationalization of Licensing Framework for Authorized Persons (APs) under Foreign Exchange Management Act (FEMA), 1999 (December 26, 2023) It has been decided to rationalize and simplify the […]
Internal Auditors play a vital role in ensuring the integrity and reliability of financial information within an organization. One critical aspect of their responsibilities is managing and scrutinizing the audit trail, which serves as a digital breadcrumb trail documenting every transaction and activity. Following are the key responsibilities of a finance audit firm : Establishing and Monitoring Controls: Internal Auditors […]
SA 701 deals with the responsibilities of an auditor to communicate the key audit matters in his/her audit report. Introduction SA 701 is intended for addressing both the judgment of an auditor as to what is required to be communicated in his/her audit report and the content and form of such communication. The purpose of communicating key audit matters is: […]
Indirect Tax News Letter GST Calendar –Compliances for the month of January’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) January 10, 2024 GSTR-8 (Tax Collected at Source ‘TCS’) January 10, 2024 GSTR-1 January 11, 2024 IFF- Invoice furnishing facility (Availing QRMP) January 13, 2024 GSTR-6 Input Service Distributor January 13, 2024 GSTR-2B (Auto-Generated Statement) January 14, […]
NOTIFICATION NO. 105/2023; Dated: December 22, 2023 That the CBDT vide Notification No. 105 of 2023; notifies new ITR Forms (ITR-1 SAHAJ & ITR-4 SUGAM) for AY 2024-24. Important Judicial Precedents Whether re-opening of assessment can be resorted to solely on assumption that Assessee did not file ITR for the relevant AYs, thus revealing non-application of mind on part of […]
Amidst global economic uncertainties, geopolitical tensions, and evolving market dynamics, the Financial Policy Committee (FPC) stands as a vigilant guardian of the UK’s financial stability. We delve into the FPC’s strategic responses to challenges, assessing global risk environments, financial market developments, and vulnerabilities in both household and corporate sectors. Exploring the resilience of the banking sector and the FPC’s key […]
Blackstone will sell its entire 23.9% stake valued at $833 million in India’s largest real estate investment trust Embassy Office Parks, four years after it was first listed. Blackstone will sell 223.6 million units of Embassy REITs, in one of the biggest block deals this year, at a 7.7% discount to INR 335.75 per unit price as of December 19, […]