Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant. Hot topic bulletin Deloitte's resignation of statutory auditor of Byju's and Akash Educational Deloitte, one of the biggest audit firms in the world, has tendered its resignation as the statutory auditor of Byju's, adding to a long list of troubles for India's most valued startup. Deloitte said in a statement "The financial statements of the Company for the year ended March 31, 2022 are long delayed. We have also not received any communication on the resolution of the audit report modifications in respect of the year ended March 31, 2021, and the status of audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022 and we have not been able to commence the audit as on date," Deloitte added, “As a result, there will be a significant impact on our ability to plan, design, perform and complete the audit in accordance with the applicable auditing standards. In view of the aforesaid, we are tendering our resignation as statutory auditors of the Company with immediate effect," Byju's appointed BDO or MSKA & Associates as Deloitte's replacement and as the company's statutory auditors for the year commencing from FY22 for the next five years. BDO will also be the statutory auditor of the consolidated group and will audit IPO-bound Aakash Educational Services. This Podcast is sponsored by Sound of CA: We share because we care. Vande Mataram Jai Hind

Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant. Hot topic bulletin on SEBI LODR (second amendment) regulations 2023. The SEBI on 14.06.2023 notified the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023. These amendments are in line with the consultation papers that were previously released by SEBI on time to time basis. The amendments are aimed at strengthening corporate governance at listed entities by empowering shareholders, streamlining the disclosure requirements for material events or information and strengthening compliance. The amendment shall come into force from 14th July, 2023 .The major amendment includes a) Introduction of the concept of Non-permanency of the directors on the board b) requirement of filling of vacancy of KMPs within 3 months of vacancy, c) Introduction of threshold-based parameters for identifying the materiality of events/information d) introduction of certain agreements to be disclosed. As in the case of the listed entities, additional functions and responsibilities are assigned to the Compliance Officer/CEO and CFO, therefore, a stricter timeline of 3 months in place of 6 months as specified under the companies act is introduced to ensure the smooth functioning of the company. These reforms signify SEBI’s commitment to promoting transparency, accountability, and investor confidence in India’s capital markets. This Podcast is sponsored by Sound of CA: We share because we care. Vande Mataram Jai Hind

Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant. Weekly Ahead Reminders 19 June 2023 to 25th June 2023 For taxpayers having aggregate turnover exceeding Rs 5 crores in the preceding financial year, the due date for filing the GSTR-3B return for the Month of May 2023 is 20th June 2023. For taxpayers having aggregate turnover exceeding Rs 5 crores in the preceding financial year and who have opted for Quarterly filing of return under QRMP, the due date for filing the GSTR-3B return for the Quarter of January to March is 20th June 2023. For taxpayers having aggregate turnover upto Rs 5 crores in the preceding financial year and falling under Group A states, the due date for filing the GSTR-3B return for the Month of May 2023 is 22nd June 2023. For taxpayers having aggregate turnover upto Rs 5 crores in the preceding financial year, falling under Group A states, and who have opted for Quarterly filing of return under QRMP, the due date for filing the GSTR-3B return for the Quarter of January to March is 22nd June 2023. For taxpayers having aggregate turnover upto Rs 5 crores in the preceding financial year and falling under Group B states, the due date for filing the GSTR-3B return for the Month of May 2023 is 24th June 2023. For taxpayers having aggregate turnover upto Rs 5 crores in the preceding financial year and falling under Group B states, and who have opted for Quarterly filing of return under QRMP, the due date for filing the GSTR-3B return for the Quarter of January to March is 24th June 2023. For ODIAR services providers who are required to file Monthly GST returns, the due date for filing the GSTR-5 and GSTR-5A return for the month of May 2023 is 20th June 2023. For taxpayers with Aggregate turnover up to Rs 5 crores during the previous year and who have opted for Quarterly filing of return under QRMP, due date of payment of GST is 25th June 2023. For listed companies there are several other event or task based, annual and quarterly compliances which have specific time periods allotted from the date of the event or completion of task or end of a milestone period before which one needs to submit reports with details of the event or task to the relevant regulatory authorities especially SEBI. These due dates generally fall in the range of simultaneous to 60 days depending on the event. This Podcast is sponsored by Sound of CA: We share because we care. Vande Mataram Jai Hind

Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant. Daily news & updates for 24th June 2023 ICAI released "Checklist on Standards on Auditing" to assist auditors in adhering to auditing standards. This comprehensive checklist encompasses all 38 SAs released to date, encompassing a range of audit requirements outlined in SAs. It also includes explanatory "Notes" which incorporate pertinent guidance found in SAs. Additionally, each checklist for a specific SA is accompanied by a concise introduction that clarifies the terminology used in the standard. Recently, AIFs Regulations have been amended and notified to provide flexibility to AIFs to deal with investments of their schemes which are not sold, by selling such investments to a new scheme of the same AIF (Liquidation Scheme). Now, the SEBI has notified amendments to AIF Regulations in relation to the liquidation scheme. If an AIF chooses to launch Liquidation Scheme, it is required to obtain the consent of 75% of investors by the value of their investment in the original scheme. SEBI has prescribed a standard format for seeking the trading preference of clients for the same segment in different exchanges. This is done to ensure that clients are permitted to access all the stock exchanges in which the stock brokers are registered for the same segment. Currently, clients need to provide separate authorisations or letters in case they want to trade on different stock exchanges for the same or different segments. The circular shall be effective from 01.08.2023. The ICAI recently made a significant decision regarding the revocation of Unique Document Identification Numbers or UDINs. UDINs are unique codes assigned to attestations and certifications made by chartered accountants in India. In its 420th meeting held on March 23rd-24th, 2023, the ICAI Council announced that the revocation of UDINs would only be possible within 48 hours of their generation. This Podcast is sponsored by Sound of CA: We share because we care. Vande Mataram Jai Hind

Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant. Daily news & update for 23rd June 2023 The Ministry of Corporate Affairs has extended the due date of filing return of deposits Form DPT-3 by 1 month till July 31, 2023. The original due date was June 30, 2023. The GST authorities have busted a major GST evasion racket worth ₹30,000 crore across 16 states. The racket was allegedly being operated by a group of people who had stolen the PAN and Aadhaar details of beneficiaries of several government schemes, including PM Kisan. The stolen identities were then used to create shell companies and fake GST registrations. As per the AIF Regulations, the AIFs are required to issue units in dematerialised form, subject to the conditions specified by SEBI. Now, SEBI has directed all the AIFs schemes with a corpus of not less than Rs 500 Cr. to dematerialise its units by 31.10.2023. For AIF schemes with a corpus less than Rs 500 Cr., the due date is 30.04.2024. Further, from 01.11.2023, units can only be issued in dematerialised form for schemes with a corpus of not less than Rs 500 cr. SEBI has issued interim order-cum-showcause notices, restraining 135 entities from accessing the securities market on alleged manipulation of shares of five smallcaps. SEBI stated that he modus operandi followed apparently under a pre-planned scheme by the entities mainly centered around circulation of Bulk SMSs in five scrips with a buy recommendation to public investors. The scheme involved 3 major sets of entities namely, Price Volume Influencers, SMS Sender and Off Loaders. CBDT issued Notification No. 43/2023-Income Tax dated 21st June 2023 and notified New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24. This notification introduces new rules to amend the Income-tax Rules, 1961. This Podcast is sponsored by Sound of CA: We share because we care. Vande Mataram Jai Hind

Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant. Daily news & update for 22nd June 2023 Finance Act 2023 made various amendments to Section 115BAC, including making it the default tax regime and extending it to AOP, BOI, AJP, etc. The CBDT has notified the corresponding amendments to Rules 2BB, 3 and 5 to incorporate the provisions of the new tax regime. The notification has also inserted Rule 21AGA and Form 10-IEA to enable the assessee to opt for the old tax regime. The CBDT has notified the appeals that shall be completed under the recently notified e-Appeal Scheme 2023. Additionally, the Board has specified the cases that are not included within the scope of the e-appeal Scheme. The Income Tax Department has introduced a new tab on the e-filing portal for accessing the Annual Information Statement or AIS. This new tab makes it easier for taxpayers to access their AIS and to view the information that has been reported to the Income Tax Department about them. The AIS is a document that contains information about your income, investments, and tax deductions. It is generated by the Income Tax Department based on the information you have submitted in your income tax returns. CBDT issued an order on June 16, 2023 to specify the scope of the e-Appeals Scheme, 2023 under Section 246(6) of the Income-tax Act, 1961. The order aims to streamline the appeals process and bring greater efficiency and convenience to taxpayers. Telangana is emerging as a formidable economic power in the country, recording a remarkable growth in a short span of time. This is evident from the State achieving a 69 percent growth rate in GST collections in less than four years. As per the latest report submitted to the CAG, the GST revenue of Telangana increased from Rs 28,786 crore in 2018-19 to Rs 41,889 crore in 2022-23, amounting to a substantial rise of Rs 13,103 crore. This Podcast is sponsored by Sound of CA: We share because we care. Vande Mataram Jai Hind

Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant. Daily news & update for 21st June 2023 ICAI has announced that the last date for registration for the CA Foundation Course for the December 2023 exam is July 1, 2023.' The Gurugram Zonal Unit of Directorate General of GST Intelligence have unearthed a major fraudulent Input tax Credit (ITC) racket involving 461 shell/fake entities, which had passed on fraudulent ITC of Rs. 863 crore. In this matter till date, two key operatives have been arrested. The ICAI is organizing a webinar on GST compliance for CAs on June 22, 2023. The webinar will cover topics such as GST registration, filing returns, and handling refunds. The ICAI will be launching a new course on data analytics in July 2023. The course will be designed to help CAs develop the skills they need to use data analytics in their professional practice. The ICAI has a scholarship scheme for chartered accountants. The scheme provides financial assistance to CAs who are pursuing higher education or research. CBIC has extended the due date for filing GSTR-1, GSTR-3B & GSTR-7 for April & May 2023 in Manipur till June 30, 2023. This Podcast is sponsored by Sound of CA: We share because we care. Vande Mataram Jai Hind

Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant. Daily news & update for 20th June 2023 The SEBI vide Circular dated Nov 14, 2022 had introduced the registration and regulatory framework for Online Bond Platform Providers or OBP. It was noted that certain OBP’s were not complying with this circular. Now SEBI has come out with detailed regulatory norms in its circular dated June 16, 2023. Further, OBPs are now allowed to offer additional products like listed govt. securities, treasury bills, and listed sovereign gold bonds etc. on their platform. The circular shall be effective immediately. Earlier, they were allowed to offer limited products only. Gross Direct Tax collections for Financial Year 2023-24 register a growth of 12.73%. Net Direct Tax collections for the Financial Year 2023-24 has grown at over 11.18%. Advance Tax collections for the Financial Year stand at Rs. 1,16,776 crore as on 17.06.2023, showing a growth of 13.70%. Refunds aggregating to Rs. 39,578 crore have been issued in the current fiscal year. SEBI has issued a circular dated 16 June 2023, amending the Guidelines on Anti-Money Laundering Standards and Combating the Financing of Terrorism market intermediaries. SEBI has highlighted the key modifications to existing AML norms, including the definition of a “group” as per amended rules, requirements for issuing policies and procedures for dealing with money laundering and terrorist financing, client verification procedures, registration of non-profit organizations on the DARPAN Portal etc. Finance Minister Nirmala Sitharaman on Friday asked tax officers to strengthen the GST registration process further by using technology. This was during a review meeting on fake registration and billing. The Reserve Bank of India (RBI) on Sunday refuted reports that Rs 88,032.5 crore worth of Rs 500 notes have gone missing. The RBI said that all the banknotes supplied from printing presses to the central bank are properly accounted for. A team of the Income tax department, Kanpur division, unravelled a nexus where transactions worth several crores were being done from the accounts of junk pickers and rickshaw pullers for GST or income tax evasion. The accused established several firms in the names of hundreds of junk dealers and rickshaw pullers. These fictitious entities were used to open bank accounts using fabricated addresses. The accused obtained signatures, cheque books, and even bank details and ATM cards from unsuspecting individuals, promising them a monthly payment of Rs 10,000. Payments were deposited into their bank accounts and subsequently withdrawn through cheques. This Podcast is sponsored by Sound of CA: We share because we care. Vande Mataram Jai Hind