The Ministry of Corporate Affairs (MCA) vide Notification dated 18 June 2021 has issued new Companies (Indian Accounting Standard) Amendment Rules, 2021 in consultation with the National Financial Reporting Authority (NFRA). The notification states that these rules shall be applicable with immediate effect from the date of the notification. This means that the amendments are effective for the financial year ended 31 March 2022 onwards and also for interim financial periods i.e. quarters ending 30 June 2021, 30 September 2021,
Month: July 2021
Role of Internal Audit in Blockchain Adoption
Role and responsibilities of internal audit function are likely to expand in important ways with increasing acceptance of blockchain applications in organizations. Internal audit managers need to adopt appropriate methods to validate the functioning of blockchain networks and whether ledger versions are updating properly at all ends with appropriate security consistently.Performing internal audit in blockchain environment will require a good technological expertise of internal auditor.The internal auditor may find challenged to adapt quickly – but seeing the opportunity to take
Amendments issued by MCA
In this edition we have tried to bring to your notice the latest amendment that followed in the month of June, 2021 issued by MCA. Companies (Incorporation) Fourth Amendment Rules, 2021 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby further amend the Companies (Incorporation) Rules, 2014, these rules may be called the Companies (Incorporation) Fourth Amendment Rules, 2021 & they shall come
2nd Wave Extension!
A. Extension of Timelines! B. Exemption! Exemption (in case of death due to COVID and money received as relief in FY 2019-20 and onwards): Important Judicial Precedents
Indirect Tax, pretty much Indirect
GST Calendar – July 2021 Nature of Compliances Due Date GSTR-7 June 2021 tax deducted at source July 10, 2021 GSTR-1 June 2021 July 11, 2021 GSTR-6 June 2021 Input Service Distributor July 13, 2021 GSTR-3B June 2021 July 20, 2021 GSTR-5 June 2021 Non-Resident Taxable Person July 20, 2021 GSTR-5A June 2021 OIDAR Service Provider July 20, 2021 ITC-04 (Quarter Jan’21 – Mar’21) July 25, 2021 IFF- Invoice furnishing facility (Availing QRMP) July 28, 2021 GSTR-4 Composition Levy for
Piramal Pharma’s contract division completes acquisition of Hemmo
The contract development and manufacturing organisation of Piramal Pharma Ltd has completed the acquisition of Hemmo Pharmaceuticals Pvt Ltd. Piramal Pharma had agreed to buy 100% of Hemmo for an upfront sum of Rs 775 crore ($105.8 million) and earn-outs linked to achievement of milestones. The acquisition will help Piramal Pharma Solutions enter into the growing peptide active pharmaceutical ingredients (API) market. Here are some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity OfBusiness turns unicorn with