All about the Peer Review (PR) Process Preliminary Preparation : Download the complete UDIN list of all attest/signing assignments done during the last three financial years (01.04.2022 to 31.03.2025). Fill the UDIN details carefully in the Annexure format of Form 1. Complete Form 1 thoroughly : Parts A, B, and C, as applicable. Select top …
Widening the Scope of AQMM (v2.0) Key Announcement Earlier, AQMM was mandatory only for audit firms auditing Listed entities; Banks (other than co-operative banks, except multi-state co-operative banks); Insurance companies (Firms conducting only branch audits were excluded.). Expanded Mandatory Applicability (Phased Manner): S. No. Category of Firms Date of Applicability (Peer Review conducted on or …
Appointment and Role of the Interim Resolution Professional under the IBC Code, 2016 Introduction The world of business can be unpredictable. Sometimes, companies face financial troubles that make it hard for them to pay their debts. In India, the Insolvency and Bankruptcy Code, 2016 (IBC) was introduced to address such challenges in a fair, transparent, …
Payments to Project Office (PO) of a Foreign Company in India Treatment of Payments to Project Offices of Foreign Companies in India under TDS & Form 15CA/15CB compliance: Payments made to a Project Office of a foreign company in India attract TDS u/s 195 of the Income Tax Act, 1961, and require compliance with Form …
Applicability of Form 15CA / 15CB on Credit Card Payments for Foreign Subscriptions Rule 37BB Chart Applicability of Form 15CA / 15CB along with explanation relevant to credit card payments for foreign subscriptions like LinkedIn, Zoom, or other SaaS platforms. An Indian company makes payment for a LinkedIn Premium Subscription or similar foreign online …
Form 15CB – Situation: Rate of Tax Based on Year of Deduction Impact on issue of Form 15CB Scenario An Indian company received an invoice from a non-resident payee in March 2023 (FY 2022–23) for technical knowhow / royalty services. The invoice was booked in March 2023, but tax was not deducted at source at …
Auditor’s Responsibility / Form 3CD Reporting & Compliance Requirements u/s 43B(h) Tax Auditors (u/s 44AB) or Statutory Auditors (Companies Act) have increased responsibilities due to this provision. Tax auditor must Verification & Documentation along with Identify MSME Suppliers Obtain a list of suppliers with Udyam Registration Certificates. Auditor Verify whether they qualify as Micro or …
Govt to Roll Out Revamped GST Registration System from Nov 1, 2025 The Govt will launch a revamped Goods and Services Tax Registration system effective November 1, 2025, as part of the broader GST 2.0 reforms aimed at simplifying compliance and reducing processing delays. Automated Approvals for Low-Risk Applicants Under the new system, automated approvals …
Less Than One % of Accounting Firms Have More Than ten Partners Each Indian government’s plan to finalize revised guidelines by March to encourage the creation of large audit and consultancy firms, aiming to build a domestic equivalent of the global “Big Four” (EY, Deloitte, KPMG, PwC). The government is set to finalise reforms by …
CAs may Soon Get to Advertise their CA Firms The article emphasizes that this change will modernize the profession, improve client awareness, and create a level playing field for Indian firms globally. Summary of Key Points Regulatory Change Underway : The government is likely to amend laws governing chartered accountancy to relax restrictions on advertising …