CBDT has notified new Income Tax Return (ITR) forms for the Assessment Year 2020-21. New additional columns and schedules have been introduced by CBDT in the recently notified ITR Forms. These new data requirements are designed to capture new essential tax information. Some of these changes are a direct result of the Income tax act amendments made through the Finance Act. A bird eye view of the new disclosures asked in the recently notified ITR forms to include Important Statutory
Month: June 2020
Depreciation Impact on Plant and machinery during Lockdown
CSR (Corporate Social Responsibility) utilisation advisory As per section 135 of the Companies Act, 2013 certain companies are required to spent money in CSR Activities, company can spent money either In case where a company transfer the CSR fund to third party i.e. trust, Society, section 8 companies for public welfare, all such companies should obtain an independent practitioner’s report on utilisation of such CSR funds from the auditor/ CA in practice of third party. The auditor/ CA in practice
Mubadala to invest in Jio Platforms: May 2020 financial news
Jio Platforms has raised Rs 78,562 Cr from leading technology investors within a month. Reliance industries Ltd (RIL) is now considering an overseas listing of Jio platforms. The enterprise value of Jio Platforms has reached Rs 5.15 Tn, within 6 months. RIL is also approaching the Indian capital market to raise Rs 53,000 Cr via its first right issue in three decades. Here is some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity: Abu
Past tense, present deeds
Delhi High Court, Ruling-1 Bharti Airtel Pvt. Ltd. – Issue Involved: Amendment of GSTR-3B filed Facts: With the introduction of GST Law, the telecom company got approximately 50 GST registrations all across the country. Due to significant difference in compliance in the implementation of new law, there were some technical changes for enabling GSTR-1/2/ and 3 which couldn’t be operationalized, through introduction of new Form GSTR-3B (summary form). As the portal was not equipped to handle the transition from erstwhile
Relaxation introduced by MCA in May 2020
In view of the situation emerging out of the outbreak of COVID-19, which requires adherence of social distancing norms, the stakeholders have pointed about various difficulties MCA after considering this fact granted certain relaxation few of them are briefed as under. Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM) Further clarification on holding of annual general meeting through video conferencing or other audio visual means as follow http://www.mca.gov.in/Ministry/pdf/Circular20_05052020.pdf [Source: MCA