Gist of some of the important Observations/ Recommendations made by the Select Committee to examine The Income Tax Bill, 2025

A thread 🧵 Changes in Definitions

Audit Trail- Reporting formats (Illustrative)

Reporting in case of 7 situations

A Thread 🧵

#AuditTrail #MCA #ICAI 1. When books of accounts are maintained Manually

“Based on our examination of the books of accounts produced before us, the company has maintained manual books of accounts therefore reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable in case of the company”

Every CA is required to complete Unstructured CPE Hours (whether in Practice or in Job)

Here is the process to complete the required CPE Hours for the year 2023 🧵
Step 1: Login to using your credentials. After logging in you will see the below screen.

You can see the CPE hours at Top Right of your screen: cpeapp.icai.org/member/login

Since, we know CA Members in Practice are now Reporting Entities as per Notification dated 3rd May, 2023 under the Prevention of Money Laundering Act, 2002

ICAI @theicai has issued Frequently Asked Questions (FAQs) for Members

Some Important FAQ's in this thread below 🧵👇
Who is a Reporting Entity ?

Tired of Blocking Spam Callers!!!🚨🚨

🔥📱 #TRAI has finally implemented the much-awaited change in rules for fake calls, promotional calls, and fake/push SMS which will be applicable from today onwards - from May 1, 2023

So what is the matter ??

Let's see in this thread 🧵 👉 Starting from May 1st, Telecom Companies will be required to implement AI to filter spam calls and messages, as directed by TRAI.

👉This is expected to provide much-needed relief to customers who are tired of receiving pesky calls and fake messages.

FAQ's on #DigitalRupee

A Thread 🧵 What is CBDC?

CBDC Pilot project has been launched from Today

What it is?

How does it change the Payment Industry?

How is it Different from UPI?

Interesting Thread Ahead🧵 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐂𝐁𝐃𝐂?

- Digital form of currency notes issued by RBI (e-₹)

- In layman's terms, it is money that don't have physical existence and exists digitally only!

- not much different from banknotes, but being digital it is easier, faster and cheaper

#ICAI issued advisory for using "CA" or "Chartered Accountant" with caution

A break down on what could be the consequences or what would be the reason for such an advisory

Detailed Thread 🧵 Para 4 of the Advisory says that u can also post personal comments/tweets & you can also use CA or Chartered Accountant in your Bio/Profile Name or wherever you like apart from professional matters

We all are concerned about Clause 44 of 3CD, but there is another clause 30C that needs to be reported starting this year

Let's have a closer look at Clause 30C of 3CD

A Thread 🧵 Reporting required in Clause 30C looks like this

The whole story behind the E-Way Bill on Gold and it's applicability..

A Thread 🧵 First things first, Kerela has the highest monthly per capita expenditure on Gold Ornaments in the whole country.

Do you know why most Rent Agreements are typically for 11 months??

A Thread🧵 As per the requirements of Section 17 of the Registration Act 1908, registration of a Rent Agreement for a property, on lease for a year or more is compulsory

Now, why do Both the Tenant and the Landlords prefer not to get it registered ??

2/n

A lot of people have shown their support for the family of deceased and we all want @theicai to help their family.

ICAI is always ready to help their genuine members, ICAI representatives have reached out to their family for offering help. But..

Check whole thread below 👇 ICAI has searched their Membership database and asked the family to provide with Membership Number, But they are able to trace the Membership Number of Late Mr. Rakshit Khandelwal

Also, just for the knowledge of everyone, a few other news reports of fraud is there (Link below👇)

A Thread 🧵on Clause 44 of Form 3CD as per Guidance Note issued by @theicai today

Guidance Note issued after 8 years, last GN was issued in 2014

Link to download the same is here: drive.google.com/file/d/1aPig6u… No need to give Head wise bifurcation as "Total Expenditure" is required to be reported in Clause 44

However, to report the exact figures, we might have to make reconciliation of the figures head wise.

Some major questions arising in RCM on Residential Dwelling Rent

A Thread 🧵 Implication of GST in Summarized form

Sharing a few extract of analysis on Clause 44 reporting by CA Yash Dhadda ji

A Thread 🧵 2/n

Board of Studies, ICAI PPT analysis for the Proposed Scheme on the complete Course received on WhatsApp... (Please confirm with Draft as the date of PPT was of April)

A Thread 🧵 Complete CA Course Comparison

Major Changes have been proposed in the Chartered Accountants (2nd Amendment) Regulations, 2022

Let's break them down in a Thread below🧵

Kindly make it reach maximum people.. A person who wish to take COP must take 1 year post qualification Experience under Practicing FCA to apply for COP. This experience should be in the last 5 years..

One of our client (Trader) had GST Department Audit yesterday

A few points I noticed (Thread)

1. They came with a list of mismatch with books & 2A (books input that was sent by us)

They came up with a mismatch of 53 lakhs worth of Input (When reconciled with 2A ..

1/n .. 2A online we found there was no such mismatch and they were shocked as on their end it was not showing these bills in 2A)

They were shocked but I had experience of #GSTN portal, all thanks to #Infosys

One point of SCN was cancelled

2/n

Buying a Car v/s Hire a Cab:

An Analysis

Any car in india cost atleast ₹6,00,000

Scrap value after ten years - ₹1,00,000

Net amount goes in effective Life of six year ₹5,00,000

No of days of ten year is 3650 days

So ₹5,00,000/3650
= ₹137/day

1/n Yearly insurance ₹15000 = ₹41/day

Daily petrol minimum
= ₹300/Day

After every 3 years Tyre & Battery change charge ₹25,000 i.e. = ₹23/day

Yearly maintenance of
Car ₹9000 i.e
= ₹25/day

Plus interest loss on Car buying amount @ 8% on ₹6,00,000 = ₹131/day

2/n

Imagine if a disaster hits a city/state/country and power supplies is cut 😬

#CoalShortageInIndia #CoalCrisis #cashlesseconomy

If you do not have cash in hand and rely totally on electronic payment, then you are finished 😱🤕

Worth a read Thread...

1/n The cashless society is difficult to face war and disaster

Japan's Hokkaido strong earthquake triggered a large-scale power outage, and Sapporo City instantly became the dark capital

2/n

Thoughts shared by a Senior Chartered Accountant yesterday

The work is slipping out of hands like sand but inaction is at its height.

What an irony that the motto of our ICAI is ‘Ya Aeshu Suptaeshu Jagruti’ which means ‘a person who is awake in those that sleeps’ but..

1/n but it seems that what is happening is just opposite to it.

In last few years we have been witnessing continuous dent in the traditional practice work. Be it reduction in bank statutory audit work or increase in tax audit limit or introduction of faceless schemes and..

2/n