CA World: Week 1, September 2017

Dreams don’t become true through magic. They take patience, determination and hard work. Make effort every day and every week to excel in the CA field by keeping yourself updated about the latest developments in the field.

Here come the latest updates from the CA world for the 1st week of September.  Read On.

CA Related Updates

(28th – 03rd September 2017)

1. Key highlights of Annual Report of RBI for 2016-17

Reserve Bank of India (RBI) on 30-August-2017 released its Annual Report for the year 2016-17, the key highlights of which are:

  • Out of INR 15.44 lakh crore Specified Bank Notes (Notes whose legal tender was scrapped on 8 November 2016), INR 15.28 lakh crore had been received in the banking system. Only 1% of the demonetised notes had not been received.
  • Value of banknotes in circulation has declined from INR 16,415 Billion as on 31-March-2016to INR 13,102 Billion as on 31-March-2017. However, the volume of the notes has increased from 90,266 million pieces in March 2016 to 100,293 million pieces in March 2017.
  • Value of coins in circulation increased from INR 218 Billion in March 2016 to INR 250 Billion in March 2017 and a similar trend has been observed in the volume of coins with 107,088 million pieces in March 2016 to 116,182 in March 2017
  •  12,503 billion pieces of soiled notes were disposed during the year 2016-17
  •  7,62,072 number of counterfeit notes were detected during the year 2016-17

You can read more about this here

2. Extension of due date for filing of return of income and various reports of audit

In respect of all the assessees covered under Clause (a) to Explanation 2 to Section 139 (1) of the Income Tax Act 1961, the Central Board of Direct Taxes (CBDT) released an order dated 31-August-2017 which extended the due date for filing the return of income as well as various reports of audits prescribed under Income Tax Act from 30-September-2017 to 31-October-2017.

You can read more about this here

3. Institute of Chartered Accountants of India (ICAI) issued an exposure draft on Guidance Report under Section 92E of the Income Tax Act, 1961 (Transfer Pricing)

Every company which has international transactions should obtain a report from a practicing Chartered Accountant under section 92E of Income Tax Act, 1961. As a part of the procedure, CA should examine the information and documentation maintained by the Company and express an opinion in Form 3CEB.
The report should contain the opinion of the CA as to the truth and correctness of the particulars given in Form 3CEB.

The Guidance Note issued by the ICAI helps the members to exercise due diligence while verifying the transactions and expressing the opinion.

You can read more about this here

4. Wipro Limited announced buyback of shares on 1-September-2017 at a price of Rs. 320 per share.

Company would buyback 343.75 million fully paid-up equity shares (representing 7.06% of total paid-up share capital) totaling up to Rs. 11,000 crores. Buyback would be conducted through tender offer route.

You can read more about this here

We hope you had a happy learning. See you again next Monday.

Keep Rising and Keep Shining.

Project Veda

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  • My friends are now asking me to remind them to read the blog every week. Awaiting Week 2 , September. (:back_hand_up:) (:sunglass:) (:sunglass:)

  • thank you so much for helping us to grow (:back_hand_up:)

  • Thank you

  • Thank you for your valuable information (:back_hand_up:)