NICAI Updates

[Raj Chawla]

Respected Members:

Quotes of the Day:

1. Never waste your energy in worrying about what you did in the past, Show your best today, Because, Everyone wants to read Today's Newspaper and Not Yesterday's.
   
2. Everything in the world is beautiful depending on your thoughts. A school bell sounds irritating at 8 AM but the same bell sounds melodious at 2 PM.
   

 

NICAI Updates:

1. Supreme Court has imposed a costs of INR 10 lakhs on the Income Tax Department in the case of *CIT, Ghaziabad Vs. Hapur Pilkhuwa Development Authority* on account of inadequate reasons for delay of 596 days in filing the petition and for misleading the apex court. 
   
2. Government notifies GST Amendment Acts 2018 regarding decisions taken in 28th GST Council meeting. The acts have been notified by Government on 30th April 2018 and will be effective from this date.
   
3. GST portal has added a new facility for filing of refund application for multiple tax period. It’s is available for two grounds of refund i.e. Export of Goods & Services - Without payment of Tax and Supplies made to SEZ Unit / SEZ Developer - Without payment of Tax. 
   
4. RBI has said that it would review guidelines on the marginal cost of funds based lending rate (MCLR), potentially preparing to do away with the system for lending rate calculation less than three years after it was introduced. 
   
5. RBI is planning to extend its circular dated February 12 dealing with with resolution of stressed assets, to NBFCs. These guidelines specify the one-day default norm and are applicable for banks currently.
   
6. All the Banks will remain closed for six days. 2nd Sept- Sun, 3rd Sept-Janmashtami, 4th,5thSept - Banks strike protest for pension. 8th,9th Sept- sat & sun – Closed. All ATM's may remain cashless.
   
7. SBI changes names, IFSC codes of nearly 1,300 branches across the country. SBI has taken this step post-merger of its six associate banks with it. Accordingly, SBI has published a list of new branch codes as well as the IFSC codes of these branches.
8. UCO Bank invites online applications from CA Firms for empanelment as Concurrent Auditors to undertake Concurrent Audit.  The online application portal will remain open from 30.08.2018 to 12.09.2018.

•  https://www.ucobank.com/uploadfile/uploadeddocumentstender/Tender_1_notification_ca_chartered_accountants_18_19_315499b5c1.pdf
  

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With best regards,
CA Raj Chawla

FCA, FCS, FCMA, LLB, MIMA, DISA

Ex Chairman- NIRC of ICAI

Candidate for Central Council of ICAI December 2018

712, New Delhi House, 27
Barakhamba Road, New Delhi-110001
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rajch...@gmail.com