The Ministry of Corporate Affairs (MCA) has deferred the applicability of the notified the Companies (Auditor’s Report) Order (CARO) 2020, till 1st April, 2021. The notification seeks to amend the Companies (Auditor’s Report) Order, 2020. In the Companies (Auditor’s Report) Order, 2020, in paragraph 2, for the figures, letters and word “1st April, 2020”, the figures, letters and word “1st April, 2021” shall be substituted. The Companies (Auditor’s Report) Order, 2020 is applicable for all statutory audits commencing on or
Month: January 2021
Extension of Time limits of Statutory Compliance
Important Statutory Developments Important Judicial Precedents
Effective Changes with the advent of a New Year,2021
Notification No. 94/2020-Central Tax dated 22.12.2020, CGST Change in Rule 86B (Restriction on use of Input Tax Credit for discharging the output liability) has been inserted into CGST Rules, 2017, and is effective from 1st, January 2021. Exemption to the Rule 86(4) Rule 36(4) of CGST Rules, 2017 Rule 59 of CGST Rules, 2017 Rule 9(1)a of CGST Rules, 2017 Recent Judgement M/s Hindustan Zinc Limited v/s Commissioner Central Goods and service Tax, Appllate Tribunal Delhi- Where the commissioner dismissed
Value Add by Internal Audit
In today’s time auditors are much more equipped to identify opportunities for enhancement – as adding value is widely considered an integral part of the internal audit process. In the recent past, role of internal auditor is being redefined. The new role is broader, more inclusive and sets expectation of adding value by internal auditors to the audited entity when performing their work assignments. Internal Audit engagements in older days focused on verifying compliance with policies and procedures. There were
Recent Amendments by MCA & RBI
In this edition we have tried to bring to your notice the latest amendments that followed in the month of December, 2020 issued by MCA and RBI. Amendments issued by MCA Companies (Compromises, Arrangements and Amalgamations) Second Amendment Rules, 2020 MCA has amended the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016 through Companies (Compromises, Arrangements and Amalgamations) Second Amendment Rules, 2020. Read More: http://www.mca.gov.in/Ministry/pdf/SecondAmdtRules_18122020.pdf Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020 MCA has notified the Companies (Appointment
Tata Sons to acquire AirAsia’s stake in airline JV: December 2020 Financial News
Tata Sons Pvt. Ltd, the holding company of the software-to-steel conglomerate, has signed a pact with Malaysian budget carrier AirAsia Group Bhd to increase its stake in their India joint venture. AirAsia has agreed to sell a 32.67% stake in the joint venture for $37.66 million (about Rs 276.7 crore at current exchange rates). The Malaysia airline previously owned 49% of AirAsia (India) Ltd while Tata Sons controlled 51%. AirAsia will also have an option to divest its remaining 16.33%