NFRA seeks stakeholders' comments on the removal of statutory audit for Medium and Small Cos.

National Financial Reporting Authority (NFRA) has issued a consultation paper on Statutory Audit and Auditing Standards for Micro, Small, and Medium Companies (MSMCs). NFRA has sought public comments on as to whether Micro, Medium, and Small Companies be exempted from statutory audits based on threshold criteria. The last date for receipt of the comments is 10 November 2021.

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Refund of unutilized Cenvat credit can't be denied as facility was not available to debit amount and file ER-2 Return after GST implementation: CESTAT

EXCISE/ST/VAT : Refund of unutilized Cenvat credit can't be denied as facility was not available to debit amount and file ER-2 Return after GST implementation

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Reassessment to enquire about source of fund valid as assessee not filing ITR purchased property of huge amount: HC

INCOME TAX : Where assessee filed no return for year under consideration while AO found that assessee had purchased immovable property and she had earned interest from mutual funds as also receipt of premia from Insurance company,

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Assessee to approach AO for treating it as assessee not being in default in respect of amount disputed in appeal: HC

INCOME TAX : Where petitioner-society had filed an appeal before Faceless Appeal Centre regarding disallowance of benefits available under sections 11 and 12 and same was pending, until said appeal was decided, demand made in this regard by Assessing Officer which included amount otherwise to be exempted for relevant assessment year in so far as claim of exemption made under benefit of sections 11 and 12, may not be considered to be a tax in default and therefore,

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No independent finding by AO is required if reassessment proceedings were initiated on direction of CIT(A): HC

INCOME TAX : Where Assessing Officer passed reassessment order on direction of Commissioner (Appeals) to assess undisclosed income in hands of assessee's HUF and exclude same from hands of assessee as an individual since as per Explanation 2 to section 153, such an assessment would be deemed to be made in consequence of or to give effect to any finding or direction contained in appellate order to invoke such reassessment proceedings no independent finding was required

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Reassessment to enquire about source of fund valid as assessee purchased property of huge amount but didn’t file ITR: HC

INCOME TAX : Where assessee filed no return for year under consideration while AO found that assessee had purchased immovable property and she had earned interest from mutual funds as also receipt of premia from Insurance company,

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NFRA issues consultation Paper on Statutory Audit and Auditing Standards for MSMCs

The NFRA has prepared a Consultation Paper on Statutory Audit and Auditing Standards for MSMCs explaining the issues involved and providing the data and information required for responding to the questions raised in an informed manner, with the objective to seek the comments/suggestions of the wider stakeholder group and the public at large on questions raised. The last date for receipt of comments is 10 November, 2021.

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