Special Cell to Hear Cases against CAs for Registering Chinese Shell Firms

September 20, 2022
Saying that a special cell has been constituted under the Disciplinary Committee to examine the nature of offences of Chartered Accountants involved with Chinese companies, President of Institute of Chartered Accountants of India(ICAI) Debashis Mitra said that the cases are likely to be disposed of at the end of the year on a fast track basis. “We have compiled a list of companies where CAs were involved and have issued notices to all of them,” he said.

Recently, the Ministry of Corporate Affairs (MCA) proposed amendments to the Companies Act that proposes to mandate joint audits for a certain class of companies

Explaining the process, he said first a notice is said to the accused CA. When he/she replies, the Director of Discipline committee has to determine whether the person is prima facie guilty or not. The President also informed the media persons that there have been 400 cases this year related to misconduct of Chinese companies. Out of those accused, 50 percent of them are CAs. Commenting on the nature of the alleged misconduct of CAs, he said that some Chinese companies had registered the address of a particular place on paper but in reality their office did not exist there. Some shell companies were also formed by giving the address of the CA’s as the address of the company. “There are a substantial number of such cases. How many exactly I cannot comment on. But these cases will likely be disposed of in 3-4 months.

General

Representation submitted to "Fluid Control Research Institute, Palakkad" for revising their tender for appointment of Chartered Accountant firm for Statutory Audit

Nov, 03 2022

A representation PD /A-339/2022/90 dated 03rd November 2022 sent to the Director for revising their tender for appointment of Chartered Accountant firm for Statutory Audit regarding mentioning of minimum fee.

Audits

Finance Ministry say, "Taxpayers check AIS quarterly & report discrepancies"

• Nov 08, 2022
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Taxpayers should check their annual information statement every quarter and flag any discrepancies to help curb instances of wrongful HRA deductions, a senior Finance Ministry official said.The income tax department had in November last year rolled out a new Annual Information Statement (AIS) on its portal that provides a comprehensive view of taxpayer information and an option to submit feedback.

Income Tax

Change Your Income Tax Regimes While Filing Revised ITR

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  Nov 11, 2022

After filing income tax return (ITR), you might realise that you have forgotten to report certain incomes or that the tax payable in the other tax regime is lower than what has been paid. The question then is can you switch your income tax regime (old to new or vice versa) while filing a revised income tax return?
ET Wealth spoke to various tax experts and Chartered Accountants to shed more light on this issue. Do read it, but also remember that the last date of filing revised ITRs is December 31, 2022, for FY 2021-22 (AY 2022-23).If you are filing or have filed belated income tax return, then you are not eligible to opt for new income tax regime as per income tax laws. Hence, if you revise your belated ITR, then also you cannot opt for new tax regime. 

Income Tax

CBDT Extends Deadline for Filing TDS for Non-Salary Transactions

• Oct 28, 2022
 

• The Central Board of Direct Taxes extended the deadline for filing quarterly TDS statement in Form 26Q for the June quarter by a month till November 30,2022. Form 26Q is used for quarterly filing of TDS returns on payments other than salary. "Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st October, 2022 to 30th November, 2022," CBDT said in a statement. The form captures details of total amount paid and tax deducted on such payments during the quarter. It would include payments on account of interest on securities, dividend, winnings from lotteries and crossword puzzles, rent, interest other than interest on securities, fees for professional or technical services.

Tax Deduction at Source TDS Return Filing

Finance Ministry Extends ITR Filing Deadline for Companies

• Oct 27, 2022
 

• The Finance Ministry extended the deadline for filing income tax returns for the assessment year 2022-23 by businesses till November 7,2022. The last date for filing ITR by companies who are required to get their accounts audited was 31st October,2022. The Central Board of Direct Taxes (CBDT), the apex decision-making body in matters of income and corporate tax, in a notification said since it had last month extended the deadline for filing audit reports.

Income Tax Income Tax Update

Finance Minister Proposed, Common ITR form for all Taxpayers

• Nov 02, 2022
 

The finance ministry on Tuesday proposed to come out with a user-friendly common income tax return form for all taxpayers, under which income from virtual digital assets will have to be disclosed under a separate head.All taxpayers, except trusts and non-profit organisations, can file returns with the proposed new common ITR form, on which the Central Board of Direct Taxes (CBDT) has invited stakeholder comments by 15dec,2022.Currently, there are 7 types of income tax return (ITR) forms which are filed by different categories of taxpayers.

Income Tax Income Tax Update

Advisory on Sequential Filing of GSTR-1

GST GST Return Filing