Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Amendment Rules, 2020 dated 24 July 2020. The rules are effective from the date of publication in the Official Gazette of India i.e. 24 July 2020. All amendments are effective for periods beginning 1 April 2020 or later. However, amendments relating to Ind AS 116, Leases, can be applied for financial year beginning 1 April 2019 or later if the financial statements for that period have not yet
Month: August 2020
Recent Amendment by MCA, SEBI, RBI
In this edition we have tried to cover the latest amendment that followed in the month of July issued by MCA, SEBI, RBI and others. Amendment introduced by MCA Extension of the last date of filing of Form NFRA-2: In continuation of the Ministry’s General circular No. 19/2020 dated 30th April, 2020 and after due examination, it has been decided that the time limit for filing of Form NFRA-2, for the reporting period FY 2018-19, will be 270 days from
The Three Lines Model: July 2020 – An Oversight
The Three Lines Model has replaced previously known Three Lines of Defense model in July 2020. This updated Model helps organizations identify structures and processes that help in achievement of objectives and facilitate better governance and risk management. The model applies to all organizations and is optimized by:– Adopting a more flexible principles-based approach suiting objectives and environment of the organization.– Concurrent focus on contribution risk management as well as to matters of “defense” and protecting value.– Explaining the roles
Government mending the net: It’s a new catch
The government has taken various measures to facilitate compliance by the taxpayers. In July 2020 alone, the government has taken following measures:- On the other hand, in July 2020 only, the CBDT has signed various MOU’s with various organizations like SEBI, CBIC and MSME Ministry for automatic and regular exchange of information to catch hold of any non-compliances or misreporting by the taxpayers. Important Statutory developments Important Judicial Precedents
Something good comes out of every crisis
High Courts giving clarity on refunds and exports; Relief in late fee till September 30th 2020 Gujarat High Court, Ruling-1 Material Recycling Association of India Issue Involved: Determination of Place of Supply of Intermediary Services supplied outside India. Facts: The applicant, being registered person in taxable territory is rendering business promotion and marketing services (Intermediary services) outside India, for which consideration is received in convertible foreign exchange. They also facilitate the sale of recycled scrap goods for their foreign
JSW Group to stop Imports from China in 2 Years: July 2020 financial news
Joining the “Boycott China” chorus, JSW Group, which has a net import of $400 million annually (majorly ‘clinker’, a form of cement) from china decides to bring it down to zero in the next 24 months. Here are some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity BP invests $70 mn in Everstone-Lightsource’s green energy fund: BP Plc has invested $70 million (Rs 524 crore) in a green energy fund managed by EverSource Capital.