CAclubindia News

GoI provides funds to the state governments for its development

19 July 2021 at 21:50

GoI provided funds to the State Governments under the Centrally Sponsored Schemes, Central Sector Schemes, Finance Commission grants and Other Grants /Loans/Transfers as per the guidelines of the respective Scheme.

Posted in Others | 1221 Views

Tax exemption to ameliorate stress due to COVID-19

19 July 2021 at 21:45

The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years.

Posted in Income Tax | 3270 Views

Bad Bank launched for stressed assets as a measure to clean up bank books

19 July 2021 at 21:42

The Government has launched a Bad Bank with all the regulatory approvals in place. This was stated by Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in the Lok Sabha.

Posted in Others | 1020 Views

36,191 new companies incorporated from April to June 2021

19 July 2021 at 21:38

The number of new companies incorporated in the Country under the provisions of the Companies Act, 2013 from April 2021 to June 2021 is 36,191 as compared to 18,968 in the corresponding period of last year which is an increase of 17,223 Companies.

Posted in Corporate Law | 1851 Views

Rs 21,231 crore spent by 21,349 companies on CSR funds in 2019-20

19 July 2021 at 21:32

Section 135 of the Companies Act, 2013 mandates every company having a net worth of Rs. 500 crore or more, or turnover of Rs. 1000 crore or more, or net profit of Rs. 5 crore or more during the immediately preceding FY to undertake CSR activities.

Posted in Corporate Law | 1278 Views

ICMAI to conduct Mock Test for CAT Foundation Course

19 July 2021 at 06:43

ICMAI is conducting a Mock Test for students of the CAT Foundation Course, on 19th July 2021 from 10 am to 11 am. Test of Paper 1 will be conducted from 10 am to 10:30 am, while that of Paper 2 will be conducted from 10:30 am to 11 am.

Posted in Students | 2559 Views

Memorandum on the problems being faced in relation to New Income Tax Portal

17 July 2021 at 07:35

The District Taxation Bar Association (Direct Taxes), Ludhiana has written a Memorandum to FM Nirmala Sitharaman wherein, they have highlighted 22 problems that are being faced by them and the taxpayers at large, on the New Income Tax Portal.

Posted in Income Tax | 13 comments | 14457 Views

ICAI issues ED of revised IFRS Practice Statement - Management Commentary

17 July 2021 at 07:29

ICAI has released the Exposure Draft of revised IFRS Practice Statement - Management Commentary. The purpose of this ED is to obtain feedback on the IASB’s proposals. Comments on the same may be sent to ICAI by 1st October 2021.

Posted in Professional Resource | 2178 Views

CBIC proactively places a COVID Response Plan (CRP) for speedy clearances of COVID-19 vaccines at all major airports

15 July 2021 at 20:12

CRP provides for setting up of a COVID-19 Vaccine Response Team (CVRT) at each Air Cargo/Courier Terminal. The CVRT will function as a single point of contact for all the clearance related to COVID-19 vaccine shipments.

Posted in Custom | 2262 Views

Centre releases Rs 75,000 crore to States and UTs as GST compensation shortfall

15 July 2021 at 19:55

Ministry of Finance has released Rs 75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. Almost 50 % of the total shortfall for the entire year released in a single instalment.

Posted in GST | 1836 Views