NICAI Updates

 

NICAI Updates;

1. CBDT vide circular no-6 dated 23-4-2024, has given the benefit of removal of additional demand for the period upto 31-3-2024 u/s 206AA and 206CC subject to the condition that PAN and Aadhaar linking must be completed till 31-5-2024. 

2. Please check whether the PAN of all the persons of whom TDS deducted / TCS collected till 31-3-2024 has been linked with Aadhaar till 31-5-2024 to avoid the excess TDS / TCS demand.

3. RBI raised supervisory concerns on the functioning of asset reconstruction companies (ARCs) during its interactions with debt recast firms.Deputy Governor J Swaminathan, in his address, emphasised that setting the right tone from the top is crucial in fostering a culture of integrity and ethical conduct. He highlighted several supervisory concerns in the functioning of ARCs, 

4. ICAI has found that seven affiliates of auditing major PwC were violating the local laws. In an order ICAI said that its disciplinary committee was of the view that the affiliate companies of the Big Four firm “had entered into various agreements such as Accession Agreement, Name License Agreement, Firm Services Agreement which contains clauses which clearly violate the provisions of the Chartered Accountants Act, 1949”.

 5. The case involves disciplinary action taken by ICAI against CA for professional misconduct related to failure to verify the maintenance of cost records during an audit assignment. Here’s a detailed summary of the proceedings and the decision made by the Disciplinary Committee:

By 

CA (Dr) Raj Chawla