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Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four s increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals. ....
Quashing a November 2022 show-cause notice against Munjal BCU Centre of Innovation and Entrepreneurship, The Punjab and Haryana High Court said "it is essential that before any action is taken, a communication of the notice must be in terms of the provisions" of the law that provides for a method and manner of service of notice and orders. "The provisions do not mention communication to be "presumed" by placing notice on the e-portal," said the order given a month ago. ....
Large trusts and non-profits are in dilemma as the March 15 deadline for advance tax approaches. The new law taxes the money given by larger trusts to smaller NGOs. Clarification by the CBDT is needed to address the impact on flow of funds to charitable causes and to provide tax exemptions for sub-grants. ....
Under the law - section 43B(h) of the Income Tax Act - whose impact would be felt for the first time this year, a business entity failing to pay its vendors registered as `micro or ‘small (MSE) within 45 of delivery, would not get the deduction of its purchase in the year of the purchase but can claim the deduction only in the year of ‘actual payment. Thus, deduction disallowance for unpaid outstanding would increase the taxable income and tax of companies for FY24. ....
The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law s impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations. ....