In the Month of February 2021, the FRRB issued Study on Compliance of Financial Reporting Requirements (Ind AS Framework) that contains instances of common non-compliances or errors in Ind AS financial statements. In this article below is FRRB observations relating to presentation and disclosure of property, plant & equipment (PPE) in Ind AS financial statements. Disclosure/ Scenario in the Financial Statements selected by the FRRB Relevant Schedule III/ Ind AS requirement FRRB Observation 1. Subsequent expenditure related to PPE:In one of the
Month: June 2021
Blockchain Technology and Audit
A blockchain is a digital ledger which is created for capturing transactions conducted among various parties in a network. It is a Distributed Ledger based on Internet which includes all transactions since its creation. All participants (i.e., individuals or businesses) who using the shared database are “nodes” connected to the blockchain, each maintaining an identical copy of the ledger. Every entry into a blockchain is a transaction that represents an exchange of value between participants (i.e., a digital asset that
GST and roads less travelled
GST Calendar – May’ 2021 Nature of Compliances Due Date GSTR-7 May’ 2021 tax deducted at source June 10, 2021 GSTR-6 May’ 2021 Input Service Distributor June 13, 2021 GSTR-3B May’ 2021 June 20, 2021 GSTR-5 May’ 2021 Non-Resident Taxable Person June 20, 2021 GSTR-5A May’ 2021 OIDAR Service Provider June 20, 2021 GSTR-1 May’ 2021 June 26, 2021 IFF- Invoice furnishing facility (Availing QRMP) June 28, 2021 ITC-04 (Quarter Jan’21 – Mar’21) June 30, 2021 GSTR-4 Composition Levy for
Tata group picks up majority stake in e-grocer Bigbasket
Tata Sons’ subsidiary Tata Digital has acquired a majority stake in Supermarket Grocery Supplies (SGS), the parent and business-to-business (B2B) operator of e-grocer Bigbasket. The Competition Commission of India (CCI) had approved Tata Digital’s proposal to acquire up to 64.3% in SGS through a combination of primary and secondary transactions. The deal will give Tata Digital control of Bigbasket’s retail and B2B business arms. The deal has resulted in an enterprise value of Rs 13,500 crore or about $2 billion for
Extension of Due Date!
Extension of time limits of certain compliances to provide relief to taxpayers in view of the serve pandemic. Compliance Original Due Date Revised Due Date TDS Return for quarter ending March 2021 31st May 2021 30th June 2021 Issuance of TDS Certificate in Form 16 15th June 2021 15th July 2021 Filing of Return of Income for FY 2020-21(Non audit Case) 31st July 2021 30th September 2021 Tax Audit for FY 2020-21 30th September 2021 31st October 2021 Filing of
Recent Amendments by MCA & SEBI
In this edition we have tried to bring your notice the latest amendment that followed in the month of May, 2021 issued by MCA and SEBI. Amendments issued by MCA Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 In exercise of the powers conferred under section 460 read with section 403 of the companies act, 2013 and the companies (Registration offices and fees) Rules, 2014, ministry has decided to allow