ICAI Progresses On Branch Audit, NPA, GST
Banking Frontiers|June 2017

ICAI is gearing up for to equip CAs with the knowhow to take advantage of the changing regulations:

ICAI Progresses On Branch Audit, NPA, GST

Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI), the national apex professional accounting body, has completed 40 years of its existence on 21 April 2017. ICAI is part of various other international bodies such as International Federation of Accountants (IFAC), Asian-Oceanian Standard-Setters Group (AOSSG), International Forum of Accounting Standard Setters (IFASS) etc. Globally, IFRS 15 is proposed to be effective from 1 January 2018. India is expected to implement Ind AS 115 from 1 April 2018, which will have impact on revenue recognition of almost every company.

REGISTRATION BY BANKS

One of the major areas of impact of GST on banks is registration. Under the present service tax regime, banks can take centralized registration. Nilesh Vikramsey, president, ICAI, says: “In the GST regime, banks would be required to take state-wise registration. Therefore, the compliance is expected to be increased.”

CASH WITHDRAWAL

A representation has been submitted to the chairman, CBDT, by ICAI in April 2017, requesting issue of clarifications regarding applicability of provisions of section 269ST. Although the notification regarding withdrawal of cash from a bank, cooperative bank or a post office savings bank exceeding Rs2 lakh was issued by the CBDT, there are still certain other concerns being faced by the assesses. “Clarification is sought in respect of the phrase ‘transactions relating to one event or occasion’. Exceptions on the lines of Rule 6DD be provided to avoid genuine hardship being faced by the assessees. Payment made through banking channels, including debit cards, credit cards and e-wallets be permitted by way of issue of a clarification. We are expecting necessary clarifications from CBDT,” says Vikramsey.

Denne historien er fra June 2017-utgaven av Banking Frontiers.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra June 2017-utgaven av Banking Frontiers.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BANKING FRONTIERSSe alt
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 mins  |
October 2024
Non-cash transactions can touch a phenomenal level by 2028
Banking Frontiers

Non-cash transactions can touch a phenomenal level by 2028

Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:

time-read
3 mins  |
October 2024
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
Banking Frontiers

The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer

In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).

time-read
3 mins  |
October 2024
A new trinity in digital lending space
Banking Frontiers

A new trinity in digital lending space

Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:

time-read
4 mins  |
October 2024
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 mins  |
October 2024
Small MFI, International Engagements
Banking Frontiers

Small MFI, International Engagements

Mitrata Inclusive Financial Services in the midst of transformation growth

time-read
3 mins  |
October 2024
MFIs: Big Impact Big Changes,
Banking Frontiers

MFIs: Big Impact Big Changes,

Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:

time-read
3 mins  |
October 2024
Climate Risk Forum for CROS
Banking Frontiers

Climate Risk Forum for CROS

Excerpts from a discussion on shaping the future of climate change resilience in India:

time-read
3 mins  |
October 2024
Seamless Supply Chain Finance
Banking Frontiers

Seamless Supply Chain Finance

Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.

time-read
6 mins  |
October 2024
Star Health sees strong demand from the IT sector
Banking Frontiers

Star Health sees strong demand from the IT sector

Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives:

time-read
4 mins  |
October 2024