CA Ishita Goel

📢Why did SEBI freeze ‘#illegal profits’ of Rs 271 crore and #suspend trading of Bharat Global Developers Ltd? Here is what happened #Bharat Global Developers shares #crashed to its lower circuit of 5% in the early session on December 23, after market regulator #SEBI suspended trading in the stock until further orders. 🔺The regulator has also barred the company's promoters from accessing capital markets indefinitely. This comes after a complaint dated December 16, 2024 and social media posts highlighting #suspicious financials and disclosures by the company. The complaint noted a dramatic rise in Bharat Global Developers' share price, which jumped 105 times between November 2023 and November 2024. From Rs 51.43 per share on December 26, 2023, shares surged a whopping 2,304 percent to Rs 1,236.45 as of December 23, 2024. SEBI's investigation revealed that the company's financial statements appeared to misrepresent its actual state of affairs. Until the FY ending 2023, Bharat Global Developers reported #negligible revenue, expenses, fixed assets, and cash flows. However, its financial results for the March 2024 quarter showed a sharp rise in both revenues and expenses. The changes coincided with significant business activities, including a management overhaul in December 2023, sizable preferential allotments, and high- value deals. On October 30, 2024, Bharat Global Developers also set up six new #subsidiaries, just one day before the lock- in period for preferentially allotted shares expired. #SEBI is reviewing the findings further to ensure compliance with regulatory standards. Follow CA Ishita Goel for more such updates!! LinkedIn for Learning LinkedIn Guide to Creating #bharatglobaldevelopers #sharemarket #stockprice #stockmarket #sebiorder #suspendtrading #linkedinfeed #linkedinconnection #linkedin #contentwriting #SEBIsuspend #stocktrading #nifty #marketcrash

‼️Important Announcement for ICAI Members The Institute of Chartered Accountants of India (ICAI) is introducing a change in the #UDIN Portal to enhance uniformity and streamline processes. It has been decided to implement change in data type for capturing figures/values of the parameter(s) from alpha numeric to numeric under all categories viz. ✔️Certificate ✔️GST &Tax Audit ✔️Audit & Assurance Functions in a phased manner at #UDIN portal 📅 Phased Implementation Timeline - Audit & Assurance Functions: Changes to go live at midnight on Friday, 6th December 2024. - GST & Tax Audit: Deployment on Friday, 13th December 2024. - Certificates: Deployment on Friday, 20th December 2024. ✅ The purpose of capturing mandatory figures/values in numeric is to maintain the uniformity in the figures/values entered by members for #UDIN generation. 🔗Stay updated and ensure compliance for smooth operations! LinkedIn Guide to Creating LinkedIn for Learning #icai #udin #charteredaccountants #gstaudit #taxaudit #auditandassurance #udinchanges #linkedinfeed #linkedinconnection #icaimember #updateudin #udinupdate #udinannouncement #icaimembers #icaielection

💡#India’s only tax-free state where residents earn in crores without paying income tax! #Sikkim is the only state in India where residents are fully exempt from paying income tax, regardless of their earnings? Here's why: 🔹 The #tax-free status was established under the state's merger agreement with India in 1975. 🔹 Protected under Article 371(F) of the Indian Constitution and Section 10(26AAA) of the Income Tax Act, 1961. 🔹 Only those recognized as #Sikkimese under the Sikkim Subjects Regulation, 1961 are eligible for the exemption. 🔺Key Points: • The tax #exemption is applicable only to Sikkimese residents, defined as individuals whose names are registered in the Sikkim Subject Register. • Non-Sikkimese and businesses established by non-residents are not eligible for this exemption. This makes a unique case in India in terms of tax laws!! Follow CA Ishita Goel for more such content!! LinkedIn for Learning LinkedIn Guide to Creating #india #sikkim #taxfreestate #taxfree #taxlaws #linkedinfeed #linkedin #interestingfact #content #taxcontent #facts #CBDT #knowledge #taxcontentwriting #contentwriting