Quick Summary
The National Financial Reporting Authority (NFRA) has recently issued Order No. 001/2024, dated 3rd Jan, 2024, addressing a case of professional misconduct under section 132(4)(c) of the Companies Act, 2013. The order focuses on Chartered Accountant (CA) Pawan Jain, a member of the Institute of Char
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FAQ :
Chartered Accountant Pawan Jain and his firm, M/s Kumar Jain & Associates, have been penalised by the NFRA.
The penalty imposed is Rs 50 Lakhs.
The professional misconduct involved lapses in due diligence and verification processes when issuing reports under Section 80 JJAA of the Income Tax Act for Quess Corp Ltd.
The reports in question were issued for the financial years 2018-19, 2019-20, and 2020-21.
Section 80 JJAA of the Income Tax Act provides for a deduction of 30% of additional employee cost incurred in a business.
Specific lapses included failure to verify business reorganisations, failure to exclude employees whose contributions were paid by the government, and issues in reporting additional employees for FY 2020-21.
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