Nandhakumar & Sundaran
Chartered Accountants

By: Nandhakumar & Sundaran | December 08, 2018

CBIC has notified the Revised All Industry Duty Drawback Rates Schedule for 2018-19 applicable w.e.f. 19 Dec. 2018, vide Notification No. 95/2018 Customs (NT) dt. 6 Dec. 2018, in respect of specified exports and subject to compliance with the procedural requirements notified from time to time, as under:

Revised All Industry Duty Drawback Rates Schedule applicable w.e.f. 19 Dec. 2018: CBIC Notification NO. 95/2018 Customs (NT) dt. 6 Dec. 2018

G.S.R. (E). – In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017 (hereinafter referre...

Category: DGFT 

Tags: Updates 

By: Nandhakumar & Sundaran | December 08, 2018

CBDT has clarified/ reiterated that in the case of senior citizens, no tax (TDS) is required to be ‘deducted at source’ under Section 194A, where the amount of such income (credited or paid) during the financial year does not exceed Rs. 50,000/- (Rupees fifty thousand) in aggregate.

CBDT (Systems) Notification No. 06/2018 Income Tax dt. 6 Dec. 2018

1. It has been brought to the notice of CBDT that in case of Senior Citizens, some TDS deductors/ Banks are making TDS deductions even when the amount of income does not exceed fifty thousand rupees. The same is not in accordance with the law as the Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income...

Category: Income Tax 

Tags: Updates 

By: Nandhakumar & Sundaran | December 05, 2018

MCA has accepted the ICAI request/ representation to remove the criteria of a Chartered Accountant (CA) being a Graduate to become a Registered Valuer and has accordingly modified the Companies (Registered valuers and Valuation) Rules, 2017. Now, any qualified Chartered Accountant with 3 years experience can register as a valuer, i.e. a CA is not required to be a Graduate to become Registered Valuer.

ICAI Press Release dt. 26 Nov. 2018

Chartered Accountants need not to be a Graduate to become Registered Valuer 

Valuation is a highly specialised field which can be performed by the professionals having a blend of finance, accounting and finance. Chartered Accountants are best suited for valuation as at various levels of Chartered Accountanc...

Category: Company Law 

Tags: Updates 

By: Nandhakumar & Sundaran | December 05, 2018

CBIC has notified that due date for filing of GST TDS Return (GSTR-7) for the months of  October, November, & December 2018  has been extended upto 31 Jan. 2019, as under:

GSTR-7 Due Date Extended upto 31 Jan. 2019 (Oct. 2018 to Dec. 2018): CBIC Notification No. 66/2018 Central Tax dt. 29 Nov. 2018

G.S.R. …..(E).- In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Commissioner hereby extends the time limit for furnishing the return by a registered person required to deduct tax at source under the provisions of section 51 of the said Act in FORM GSTR-7 of the Central Goods and Service...

Category: GST 

Tags: Updates 

By: Nandhakumar & Sundaran | December 05, 2018

ICAI has issued guidelines for auditors withdrawing from the audit work through mid-term resignation, which includes auditor’s responsibilities and professional obligations to be complied with, specially in the case of listed companies.

ICAI’s Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements

In 2018, there have been number of mid-term resignations by auditors particularly auditors of listed companies. The matter being a concern for various stakeholders, ICAI decided to examine the reasons and circumstances leading to resignation of auditors and a Group was constituted, which considered the matter and a need was felt to create further awareness among the members about the circumstances...

Category: ICAI 

Tags: Updates