UNION BUDGET – 2022: AMENDMENTS IN THE CUSTOMS ACT, 1962 & CUSTOM RATE

UNION BUDGET – 2022: AMENDMENTS IN THE CUSTOMS ACT, 1962 & CUSTOM RATE I.  AMENDMENTS IN THE CUSTOMS ACT, 1962   S. No.   Amendment Clause of the Finance Bill, 2022 1. Clause (34) of section 2 contains definition of “proper officer”. This section is being modified to specifically state that assignment of functions to an officer of Customs by the Board or the Principal Commissioner of Customs or the Commissioner of Customs shall be done under the newly inserted sub-sections (1A) and (1B) of Section 5 in the Customs Act, ...
Read More

Statutory Audit requirements for various entities will be ending soon? NFRA consultation paper says that “It is appropriate to revisit the requirement of compulsory statutory audit for all companies irrespective of their size and/or public interest”

Statutory Audit requirements for various entities will be ending soon? NFRA consultation paper says that “It is appropriate to revisit the requirement of compulsory statutory audit for all companies irrespective of their size and/or public interest” A preliminary analysis has ...
Read More

If is found that some of the audit procedures detailed in the SAs were not in fact complied with, it may tantamount to the auditor making a deliberately false declaration in his report and the consequences for the auditor could be very serious indeed: NFRA

If is found that some of the audit procedures detailed in the SAs were not in fact complied with, it may tantamount to the auditor making a deliberately false declaration in his report and the consequences for the auditor ...
Read More

7 clarifications issued in GST Compliance

7 clarifications issued in GST Compliance       Author CA.Jayprakash Pandey ACA, M.COM, B.COM cajayprakashpandcompany@gmail.com   Dated the 17th June, 2021 :-Total 7 clarifications issued by GST List of SEVEN GST Circulars issued providing clarity on the following issues: Sr No  Circular No.    Subject Link 1 Circular No. 149/05/2021-GST Clarification regarding applicability of GST on ...
Read More

Get Ready !! Bank Audit Allotment Status !!

Get Ready !! Bank Audit Allotment Status !! From reliable source, it is learnt that the RBI has forwarded yesterday night the approved list of auditors to the head offices of the banks. With this, Soon the allotment of branches will ...
Read More

Bank Audit – GST Perspective

Bank Audit - GST Perspective In this article, what one should be checked while doing bank audit?  I have tried to compile all the information under one roof which are relevant for bank audit and will be helpful while doing bank ...
Read More