Introduction: Many people believe that Internal Audit is only required in larger, more complex entities and that the cost/benefit of an Internal Audit function would just not be there for them. However this can be a very short sighted conclusion, especially when you consider the high volume of transactions and the regulatory compliance issues. I believe that the Management of these entities should take a closer look at three important factors with respect to risk management and internal controls before
Month: July 2020
Application of paragraph 21 of AS 22
Fact of Case: A company is a public limited company listed with recognised stock exchanges, engaged in manufacturing business. The company follows calendar year. In Union Budget for the financial year 2015-16 presented on 28th February 2015, the Government has revised the surcharge on income tax from 5% to 10%, resulting in increase of effective ‘Corporate Tax’ rate from 33.99% to 34.61%. Whether Rates announced by finance bill is enacted or substantively enacted Para 21 of AS 22:- “deferred tax
Managing COVID-19 Impact – Governance, Environment & Social (GES) Way
No denial that the impacts of COVID-19 are far more severe and long lasting than initially estimated. Some of the effects and risks are related to Governance, Environmental and Social (GES) aspects and hence to be managed accordingly for GES and similar issues affecting the investment portfolios and traditional financial factors. COVID-19 started during March 2020 in India as a health crisis and soon took into its grip the economic and social governance aspects. As the process of unlock is
Relaxation introduced by MCA in June 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. The Ministry of Corporate Affairs (MCA) has notified the amendments to Schedule VII of the Companies Act, 2013. The amendment is carried out in Schedule VII is to insert Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES
Time heals everything: New Corona due dates again
The government vide notification dated June 24 2020 has extended the time limits of various tax-compliances. This is aimed to provide further relief to the individuals due to ongoing corona virus pandemic. The benefits/extensions include:- For FY 18-19, ITR can be filed up to 31.7.20. For FY 19-20 Important Statutory developments Important Judicial Precedents
After Mubadala, Sovereign fund ADIA bets $752 Mn on Reliance’s JIO platforms: June 2020 financial news
Abu Dhabi Investment Authority (ADIA), which invests money globally on behalf of UAE’s emirate, which invest money globally on behalf of UAE’s emirate is investing Rs 5,683.5 Cr ($752 million) in Jio Platforms. ADIA’s investment will translate into a 1.16% stake in Jio Platforms. Together, ADIA and Mubadala will own 3.01% stake in Jio. Here is some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity Brookfield inks deal to acquire Emami Group’s solar energy
There is nothing called as good tax but there is something surely called as defer levy
In the testing time the government has been supporting by deferring the compliance dates and capping Late fees. Clarification is offered by CBIC on the limitation of GSTR-2A mismatch would not apply on ITC from RCM, Imports and ISD and non exigibility of GST on Directors Remuneration to executive directors. Gujarat High Court, Ruling-1 Om Sai Trader– Issue Involved: Validity of notice issued due to discrepancy in e-way bill regarding registration no. of vehicle. Facts: In the aforesaid case the