Posts

Risk Based Internal Audit (RBIA)

Image
  What is Risk-Based Internal Audit (RBIA)? Risk-based auditing is a methodology that prioritizes audit resources to areas of highest risk within an organization. Rather than applying a uniform approach to all areas, auditors use risk assessments to determine where to focus their efforts. This dynamic process involves continuous identification, analysis, and evaluation of risks that could impact the achievement of organizational objectives How to implement a RBIA? 1. Understand Organizational Objectives and Risk Appetite Review Strategic Objectives : Understand the organization’s mission & Vision Identify Risk Appetite : Determine the level of risk the organization is willing to 2. Conduct a Risk Assessment Identify Risks : Identify potential risks across all areas of the organization Assess Risk Impact and Likelihood : Evaluate the potential impact and likelihood Prioritize Risks : Rank risks based on their potent...
Post a Comment
Read more

GST Council meeting is likely to be held in later August after the monsoon session

Image
A special Goods and Service Tax (GST) Council meeting is likely to be held in later part of August after the monsoon session of Parliament concludes on 13th of the month,   to discuss revenue shortfall compensation mechanism for states beyond June 2022 when the five year assured period comes to an end. The Council will likely debate on streamlining GST rates and inverted duty structure, tightening anti-evasion and fake input tax credit availed by scamsters to boost revenues. During the special meeting with state finance ministers, many of whom (especially those from opposition ruled states) are demanding  the assured compensation mechanism to continue for another five years, the Union finance ministry will give various scenarios after June 2022 , a senior official told FE. Recently,  Union revenue secretary Tarun Bajaj indicated that dependence on cess or borrowing to bridge the shortfall might not be the right way forward. While it is up to the GST Council to...
Post a Comment
Read more

MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY

Image
MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY Date : 06/07/2021 Circular No. 35 No. MahaRERA/Secy/File No.27/ 130/2021   Sub : In the matter of real estate agent registration and renewal of such registration. Whereas, the Government of Maharashtra has been pleased to make Rules called as the Maharashtra Real Estate (Regulation and Development) (Registration of real estate projects. Registration of real estate agents, rates of interests and disclosures on website) Rules, 2017 as amended upto date, hereinafter referred to as “the said Rules”. And whereas under sub-rule (1) of Rule 11 of the said Rules, every real estate agent required to be registered as per sub-section (2) of section 9 of the Real Estate (Regulation and Development) Act, 2016 (“the Act”) shall make an application in writing,- in case of registered real estate projects, forthwith and in any case prior to engaging in any activity relating to marketing, advertising sale or purchase of any apartments. And whe...
Post a Comment
Read more

Probing Rs 393cr bogus billing, GST dept unearths another fraud

Image
  Ludhiana: While investigating an old case of Rs 393-crore bogus billing, the Central GST commissionerate (CGST), Ludhiana, unearthed another such network and tax fraud after a search of the house of a relative of the accused. During the search, the anti-evasion wing of the department recovered Rs 40 lakh cash from the house of hosiery businessman Yogesh Jain, who, during investigation by tax officials, confessed that he was evading GST by executing undeclared supply transactions and also issuing fake bills. According to the department, Yogesh is a relative of Sahil Jain, who was, on November 11 last year, booked and arrested for issuing fake invoices of Rs 393 crore and passing on fake input tax credit (ITC) worth Rs 33.02 crore through 23 dummy firms. In January, Sahil was released on bail, but later an FIR was registered against him and some unknown persons for securing bail on forged papers. Prior to this, an FIR was also registered against his wife and others for allegedly op...
Post a Comment
Read more

MCA allows Board Meeting via Video Conferencing permanently

Image
  * MCA allows Board Meeting via Video Conferencing permanently * Ministry of Corporate Affairs (MCA) has, vide its Notification dated June 15, 2021, notified the amendment in Companies (Meetings of Board and its Powers) Rules, 2014. The said amendment has been notified to delete the provision related to restriction of conducting Board Meeting through Video Conferencing/Other Audio-Visual Means for selected agenda items. To curb the difficulties for corporates to conduct Board meetings during an outbreak of the Covid pandemic, MCA had granted relaxation from the above restriction in a phased manner up to June 30, 2021. Now the said restriction is permanently deleted. A step towards Digital India: MCA finally allowed Board Meeting permanently through Video Conferencing The pandemics has contributed in making India a digital economy. MCA is acting fast and pro-active in this direction. Ministry of Corporate Affairs (MCA) has, vide its Notification dated June 15, 2021, notified the am...
Post a Comment
Read more

DID you KNOW? W.E.F. 1ST JULY, 2021:- STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961

Image
  DID you KNOW? W.E.F. 1ST JULY, 2021 :- STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961 The Finance Act, 2021 introduced following stringent provisions under Income Tax Act, applicable from 1 st of July, 2021. 1.      TDS ON PURCHASE OF GOODS [SECTION 194Q] (We can check out difference between corresponding section 206C(1H) - W.E.F 01 st -Oct-2020) 2.      TDS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206AB] (Refer already discussed, you may refer my earlier article or you can provide your email ID in comment section, I will provide you above section in detail understanding) 3.      TCS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206CCA] (We will discuss later on)   Now, in this article we can discuss only provision of section 194Q in details and Comparatives between Section 194Q vs 206C (1H) along with practical examples.   TDS ON PURCHASE OF GOODS [SECTION 194Q]   An...
Post a Comment
Read more