NICAI Updates

2 views
Skip to first unread message

Raj Chawla

unread,
Sep 4, 2018, 12:34:24 AM9/4/18
to THE INDIAN ASSOCIATION OF CHARTERED ACCOUNTATS

Respected Members:

Quotes of the Day:

  1. A caring relation doesn't require a large talk. A soft message is enough. Because it’s not the "mouth" that speaks, It's the "Heart" that feels.
  2. Every Phase of our life is bound to teach us something valuable. But it depends on whether we analyse the lessons or just turn the pages.

 

NICAI Updates:

  1. Income tax department refunds Rs 750 bn in the first four months of the current financial year, half of what was refunded in the entire FY18.The government might be talking about the surge in filing of Income Tax returns till the August 31 deadline, but direct tax collection data available so far are unlikely to bring a loud cheer. 
  2. Search and Seizure- Since no incriminating material was found during the course of search, addition u/s 68 could not be made in the assessment year section 153A on the basis of the statements recorded u/s 132(4) and post-search enquiry. (Favour of Assessee). Moon Beverages Ltd.  Vs.  Assistant Commissioner of Income Tax (ITAT-Delhi)  
  3. Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018. compared to the corresponding period in the preceding year. The total number of ITRs e-filed upto 31/08/2018 was 5.42 crore as against 3.17 crore upto 31/08/2017. 
  4. A seemingly missing provision from the fine print in the amendments to the CGST law approved by parliament in the monsoon session has led to a furore in the industry. Tax practitioners say the latest changes deny carryforward of credit for cesses, as intended, but credit for service tax has also been done away with
  5. ICAI selects Panel of CA Firms for Inspection of Mutual Funds. This year for the first time, SEBI approached ICAI asking for a panel of Chartered Accountant firms/ LLPs.
For any CA Articles requirement, kindly join our CA Articles Network. https://www.facebook.com/groups/200820690083153/ 
Picture
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
011-43581083, 43581084
98110-81083, 97110-81083
Reply all
Reply to author
Forward
0 new messages