CA. Alok K. Gupta

UDIN- ICAI Council has decided UDIN can be generated within *60 days* (in place if 15 days). This is also in view of SQC and SA.

Vacancy
Need a female candidate for a reputed Manufacturing firm at Tala Nagri Aligarh
Skills required: Good knowledge of MS Office
English reading and writing knowledge
Basic command over Tally
Can tackle other billing software
Preference : Preference will be given to candidate having their
residential area from Quarsi to Harduaganj.
Salary : As per norms of company
Interested candidate can mail their resume at [email protected]

CA. Alok K. Gupta

TAX PROPOSALS TO REDUCE CASH TRANSACTIONS AND PROMOTE DIGITAL ECONOMY
• No deduction to be allowed under section 80G in respect of donation by any mode other than cash, if such amount of donation exceeds Rs. 2,000. The present limit is Rs. 10,000.
• The threshold limit under section 40A(3) for allowability of revenue expenditure incurred in cash is proposed to be reduced from Rs. 20,000 to Rs. 10,000.
• Currently, there is no provision to disallow the capital expenditure incurred in cash. In order to discourage cash transactions even for capital expenditure, limit of Rs. 10,000 is proposed. Accordingly, capital expenditure incurred in cash shall be ignored for the purposes of determination of actual cost under section 43, if such
amount of expenditure exceeds Rs. 10,000. Further, no deduction would be allowable under section 35AD, in respect of such capital expenditure incurred in cash for an amount exceeding Rs. 10,000.
• To promote digital transactions and to encourage small unorganised business to accept digital payments, section 44AD proposed to be amended to reduce the existing presumptive taxation rate of 8% to 6%, in respect of the amount of such
total turnover or gross receipts received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date specified in sub-section of section 139 in respect of that previous year. However, the existing rate of deemed profit
of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in any other mode. This amendment is proposed to be effective from A.Y. 2017-18.
• Section 269ST to be inserted, to provide that no person shall receive an amount of Rs. 3 lakh or more, in aggregate from a person in a day; in respect of a single transaction;
or in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. Simultaneously, new section 271DA has also proposed to levy penalty of sum equal to the amount of such receipt on a person who receives such sum in contravention of the provisions of the proposed section 269ST.
Regards
CA. Alok Kumar Gupta
+91-8439370860

TAX PROPOSALS TO REDUCE CASH TRANSACTIONS AND PROMOTE DIGITAL ECONOMY
• No deduction to be allowed under section 80G in respect of donation by any mode other than cash, if such amount of donation exceeds Rs. 2,000. The present limit is Rs. 10,000.
• The threshold limit under section 40A(3) for allowability of revenue expenditure incurred in cash is proposed to be reduced from Rs. 20,000 to Rs. 10,000.
• Currently, there is no provision to disallow the capital expenditure incurred in cash. In order to discourage cash transactions even for capital expenditure, limit of Rs. 10,000 is proposed. Accordingly, capital expenditure incurred in cash shall be ignored for the purposes of determination of actual cost under section 43, if such
amount of expenditure exceeds Rs. 10,000. Further, no deduction would be allowable under section 35AD, in respect of such capital expenditure incurred in cash for an amount exceeding Rs. 10,000.
• To promote digital transactions and to encourage small unorganised business to accept digital payments, section 44AD proposed to be amended to reduce the existing presumptive taxation rate of 8% to 6%, in respect of the amount of such
total turnover or gross receipts received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date specified in sub-section of section 139 in respect of that previous year. However, the existing rate of deemed profit
of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in any other mode. This amendment is proposed to be effective from A.Y. 2017-18.
• Section 269ST to be inserted, to provide that no person shall receive an amount of Rs. 3 lakh or more, in aggregate from a person in a day; in respect of a single transaction;
or in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. Simultaneously, new section 271DA has also proposed to levy penalty of sum equal to the amount of such receipt on a person who receives such sum in contravention of the provisions of the proposed section 269ST.
Regards
CA. Alok Kumar Gupta
+91-8439370860

CA. Alok K. Gupta

Requirement!
Article assistant/Audit Assistant
for aligarh based CA firm.

No. of Vacancy - 4

Contact Person- CA. Alok Kumar Gupta
Contact No.- +91-8439370860

Requirement!
Article assistant/Audit Assistant
for aligarh based CA firm.

No. of Vacancy - 4

Contact Person- CA. Alok Kumar Gupta
Contact No.- +91-8439370860

Good Morning Friends!

The Reserve Bank of India has imposed a monetary penalty of ₹ 30 million on Lakshmi Vilas Bank Ltd. (LVB) for contravention of instructions relating to opening and operation of current accounts, extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to KYC norms. This penalty has been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the violations of the instructions/ directions/guidelines issued by the Reserve Bank from time to time.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers.

Background

The Reserve Bank of India had received a complaint regarding irregularities in bill discounting/purchasing at one of the bank’s branches. RBI carried out an examination of the irregularities. Explanation from the bank was also obtained by RBI. On the basis of the examination of RBI and explanation furnished by the bank, a Show Cause Notice was issued to the bank for violation of certain regulations and instructions issued by the Reserve Bank of India.
After considering the bank’s reply, as also, personal submissions, information submitted and documents furnished, the Reserve Bank of India came to the conclusion that these violations were substantiated and warranted imposition of monetary penalty.
Alpana Killawala
Principal Adviser
Press Release: 2016-2017/1811

Simple living and high thinking.
and Be positive and be energetic.

Thanks & Regards
CA. Alok Kumar Gupta
+91-8439370860

Dear Students, Kindly find the attached documents.

Regards
CA. Alok Kr. Gupta
+91-8439370860

resource.cdn.icai.org

RBI/2016-17/204
DCM (Plg) No. 2142/10.27.00/2016-17
December 30, 2016
The Chairman / Managing Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/
Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks
District central Cooperative Banks
Dear Sir,
Cash withdrawal from ATMs – Enhancement of daily limits
Please refer to our circular DCM (Plg) No. 1424/10.27.00/2016-17 dated November 25, 2016 on “Withdrawal of cash from bank deposit account - Relaxation”.
2. On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing ₹ 2500/- to ₹ 4500/- per day per card. There is no change in weekly withdrawal limits.Such disbursals should predominantly be in the denomination of ₹ 500.
3. The relaxation of withdrawal limits as enabled by our circular DCM (Plg) No. 1437/10.27.00/2016-17 dated November 28, 2016 remains unchanged.
4. Please acknowledge receipt.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager

Regards
CA. Alok Kumar Gupta

ICAI - The Institute of Chartered Accountants of India

Group of Digital Transformation and Process Reengineering Committee

icai.org ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. # # of 1949)

http://resource.cdn.icai.org/26417bos15829.pdf

resource.cdn.icai.org

ICAI - The Institute of Chartered Accountants of India

Exposure draft of The Conceptual Framework for General Purpose Financial Reporting by Local Bodies along with consequential amendments in ASLB 17, ‘Property, Plant and Equipment’ - (26-12-2016)

icai.org ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. # # of 1949)