CA CMA Syam sundar

 Big 4 firms  Audit profile Questions : Recently I have appeared the EY and KPMG interviews. I am mentioning below some set of questions they asked me about: 1. General Question : Tell me about yourself. 2. Articleship Work experience (Tell what you have written in resume), so while preparing Resume please once or twice and through the concepts. 3.Question on Ind AS- 115,116,2, 12 and 109. 4. Difference between Realized and Unrealized Gains 5. Consolidation of accounts and intercompany adjustments 6. Cashflow- Methods and examples of each activity and working Capital Concepts. 7. Audit Questions- Assertions with examples, Audit opinion ( SA700)- types and cases when it is issued, Audit Plan and Strategy ( SA 300), Audit Techniques, Confirmations(SA 505). 8. Audit Checklist of any Balance Sheet or P& L Items, case study based questions. 9. Leadership qualities and Time management : when you were senior how do you train the junior articles? Questions related to my ...

Circular link: https://www.incometaxindia.gov.in/communications/circular/circular-no-18-2022.pdf  CBDT today has issued another circular No 18 dated 13th September , 2022 to further clarify issues arising on deduction of tax at source under newly inserted section 194-R in respect of benefits or perquisites provided to residents in cash or in kind in the course of business or profession.  Now bank and financial Institutions need not deduct tax at source in respect of benefits provided to its borrowers by waiver of loan or advance by way of one time settlement.    Similarly a company in which public is substantially interested need not deduct tax at source while issuing bonus or right shares . The implication of this clarification will be that a company in which a public is not substantially interested will be required to deduct tax at source while issuing bonus/ right shares despite such receipt of bonus / right shares being not taxable in the hands of the shareholder...

 *Ashish Agarwal Vs The Institute of Chartered Accountants of India(Delhi High Court)* Date-01/09/2022 *Sub-Whether complaint made against a Chartered accountant in respect of an alleged misconduct committed in audit of accounts for the year 2003-04 to 2007-08 is barred by limitation as per Rule Rule 12 of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007 which prescribes a time limit on entertaining complaint or information.* The matter relates to complaint made by *Serious Fraud Investigation office(SFIO*) on 15-4-2021 in respect of audit of accounts of an entity conducted for the year 2003-04 to 2007-08 and alleged irregularities committed. The petitioner contended that the complaint was barred by limitation as per the aforesaid rules which prescribed 7 years as the time limit. Moreover, as the per relevant audit standards as well as Income-tax Act,1961 the petitioner was not required to maintain the aud...

 Important changes in GSTR 3B to hit on portal from 01-09-2022. ITC in GST 2B for a tax period not claimable due to receipt of goods in next period or goods not received at all or because supplier has failed to pay tax:  To be claimed first in Table 4A(5) of GSTR 3B To be reversed in Table 4B(2) of GSTR 3B To be claimed again in Table 4A(5) in tax period in which goods are received or tax period  in which supplier makes payment of tax  To be shown in Table 4D(1) in the tax period in which ITC is re-claimed.  Reversal of ITC wrongly availed in previous tax periods because of inadvertent mistake may be done in 4B(2) Ineligible ITC u/s 17(5) to be first claimed in 4A(5) and then reversed in 4B(1). Ineligible ITC u/s 17(5) shall no longer be reflected in table 4D as was being done in old format of GSTR 3B ITC ineligible due to place of supply restrictions  or because of limitation period of claim of itc u/s 16(4) is shown in table 4 of GSTR 3B to be also shown ...

  Below check points  for finalising financials are illustrative but not exhaustive . *Please check the following points before finalizing the financials for companies for the financial year ended 31.3.2022* Schedule III of the Companies Act 2013 contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company. Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by MCA: 1. Now companies have to round off the figures appearing in the financial statements, hitherto it was optional. Further, the criteria for rounding off shall be based on “total income” in place of “turnover”. 2. Company shall disclose Shareholding of Promoters. 3. Current maturities of Long term borrowings shall be disclosed separately. 4. Trade Payables ageing schedule to be given. 5. Trade Receivables ageing schedule to be given. 6. Security deposits shall not be disclosed under ‘Long term loa...

  The Software Technology Parks of India ( STPI ) Scheme is a 100% export-oriented programme for developing and exporting computer software, as well as professional services. The Government has provided exemption on customs duty and IGST on import of capital goods to these units for the benefit of business group at large. To recap, the exemption available to EOUs/ STPI from whole of the customs duty and IGST was reinstated by the government in the post GST era by way of various notifications listed below: Notification 78/2017 -Customs (N.T), dated October 13, 2017 – Vide this notification, Government of India has provided exemption from whole of customs duty and IGST upto March 31, 2018; The above benefit was extended time to time vide Notification no.33/2018-Customs, dated March 23, 2018, Notification no.65/2018-customs, dated September 24, 2018, Notification no.9/2019 – Customs, dated March 25, 2019, Notification no.16/2020 – Customs, dated March 24, 2020, Notification no.19/2021...

 Section 194R of the Income Tax Act, 1961, which makes it necessary to deduct 10 per cent tax at source on the value of any benefit or perquisite received by a resident Indian, was introduced by the government to widen the tax base and reduce tax evasion in the country. Experts, however, have flagged several complications around it. "The threshold prescribed under section 194R does not sync with threshold prescribed under section 56  Under section 56, if the receipt of benefits by an individual or a Hindu Undivided Family (HUF) exceeds Rs 50,000 in a year, they are liable to pay a tax on it. However, under section 194R, the limit is Rs 20,000 "At the very instance, this would lead to tax outflow which is actually exempt in the hands of the recipient The section will not apply if the value of "benefit" or "perquisite" provided is less than 20,000. "The term 'benefit' or 'perquisite' is not defined in the Act  The government had earlier ...