Several entities have been impacted by the COVID-19 pandemic. As per accounting prospective both Ind AS 36, ‘Impairment of assets’ and AS 28 ‘Impairment of Assets’, require that management consider at each report date whether there is any indication that an asset may be impaired. Ind AS 36 and AS 28 include both internal and external indicators to identify if an impairment review is required. Revision in management business plan to incorporate the impacts of COVID-19 Under Ind AS 36
Month: October 2020
Understanding the three lines of Defense Model
Introduction: The Three lines Model helps organizations to identify the framework and processes that best suits the objectives of the organization and simplifies Risk Management and Governance. A governing body is eventually responsible for governance, which is achieved through the actions and activities of the governing body as well as management. A Governing Body in any organization receives periodic reports from its management on various activities, hence both governing body and management depend on Internal Audit to provide Independent and
New TCS Law – Aggressive or balanced
Finance Act, 2020 amended provisions relating to TCS w.e.f. 1-10-20. On 29.9.20, CBDT issued guidelines for its implementation and on 30.9.20, CBDT issued a press release clarifying its applicability. In a nutshell, following may be summarized:- TCS shall be applicable only on the receipt exceeding Rs. 50 lakh by a seller from a particular buyer. TCS is made applicable to only those sellers whose turnover exceeds Rs. 10 crore in last Financial Year. TCS not applicable on export of goods.
Amendments by MCA: September 2020
In this edition we have tried to bring to your notice the latest amendment that followed in the month of September issued by MCA. Amendment introduced by MCA Companies (Acceptance of Deposits) Rules, 2020 In exercise of the powers conferred by section 73 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government in consultation with the Reserve Bank of India, hereby makes the following rules further to amend the
GST a pulsating game of compliances synergizing with law
Notional interest on security deposit is taxable if it sways value of supply – AAR Karnataka Facts The plaintiff plans to enter in an agreement for renting of an immovable property to an Educational Institution. Ensuing the agreement, the rent is Rs. 1.5 lacs per month and refundable security deposit is Rs. 500 lakhs, the same is refundable on termination of the tenancy without interest. The plaintiff has not obtained Goods and Services Tax Registration under the Act. However, have
Indiabulls Real Estate to Merge with Embassy Group’s Units: September 2020 Financial News
Indiabulls India Estate and two subsidiaries of the Embassy Group have entered into an agreement to merge their residential and commercial projects. This shall become one of the India’s leading real estate development platforms, with 80.8 Million sq. ft. launched and planned development potential. Here are the latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity Agri-business firm DCM Shriram raising debt capital again for expansion: DCM Shriram Ltd, diversified manufacturing company that makes products