Respected Members:


Quotes of the Day:


1. Faith is the greatest gift you can give people who are having trouble believing in themselves. Show that you Believe in them and they just might surprise everyone.

2. Eyes express the real feeling better than touch. Touch shows the care better than words. But words, if used properly, can wet the eyes and touch the heart. 


NICAI Updates:

1. CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals. It has proposed dramatic changes to the Income Tax Act, which dates back 58 years. People earning between Rs 5 lakh and Rs 10 lakh per year may have to pay 10% income tax. 


2. CBDT has withdrawn enhanced surcharge on tax payable on the transfer of certain assets. In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance Act, 2019. 


3. CBDT Clarification on applicability of Tax Deduction at Source on cash withdrawals. 2% TDS on cash withdrawals of more than 1 crore in aggregate from a bank account. Applicable from 1 September 2019. Cash withdrawals done from 1 April 2019 till 31 August 2019 shall be counted for TDS purposes.


4. RBI released The macroeconomic environment remains “unsettled and financial markets are experiencing considerable flux” as the financial year 2019-20 progresses. “The key question that confronts the Indian economy as it looks ahead to the rest of 2019-20. 


5. Finance Minister announces merger of PSB Banks A. PNB + OBC + United Bank. B. Canara Bank + Syndicate Bank. C. Union Bank + Andhra Bank + Corporation Bank. D. Indian Bank + Allahabad Bank. 

Cost Audit and XBRL:  For any help and assistance in Cost Audit and XBRL, Please contact Mob. 9711081083


With best regards,

CA Raj Chawla


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