On 17th August 2022 Instruction No. 02/2022-23 was issued following the judgement of the Supreme Court in Siddharth v. The State of Uttar Pradesh and Amr, with respect to arrest and bail. The Guidelines has also added that arrest should not be made in cases where is difference in interpretation of law.
After the 31st July rush of filing the IT returns, the department of Income Tax has provided 120 days from filing of the return to e verify the return. The Central Board of Direct Taxes (CBDT) in the recent notification has cut down the time limit from 120 days to 30 days for ITRs filed on or after August 1st 2022.
MCA has amended Rule 3 of the Companies (Accounts) Rules, 2014 through Circular dated 11th August, 2022.
Section 16: Eligibility and conditions for taking ITCWhat is the Eligibility Criteria?Every registered person shall be entitled to take credit of input tax char..
Importers can claim IGST and cess paid on their imports only after issuing the bill of entry (BoE). Hence, taxpayers must access the bill of entry on the portal to avail input tax credit seamlessly. The GST Network (GSTN) provides a framework to taxpayers for finding the relevant bill of entry.
The Regulators are becoming more stringent day by day to bring the transparency and accountability in the system.
Even after completing 5 years, one gets the feeling that GST is still an evolving law. Lot many changes are taking place with almost every GST council meeting. There are still some burning issues which are yet to be ironed out and decisively settled. These burning issues have been a bone of contention between department and the tax payers.
The ICAI has issued revised Guidance Note dated 14th Aug. 2022 on 19th Aug 2022 and with respect to the Clause Number 44.
A question may arise whether the above information is to be given in respect of each and every head of expenditure or only the total expenditure is to be given.
While conducting the audit of financial statement and fraud investigation it is imperative for the auditor to focus his attention not only for the RED Flags but also to draw his attention towards the green flags in the financial statements and the operations in the organization.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
