Financial Guarantee: Meaning: A contract that requires the issuer (Guarantor) to make specified payments to reimburse the holder (loan giver) for a loss it incurs because a specified debtor (loan taker) fails to make payment when due in accordance with a debt instrument. Condition for classifying an instrument as financial guarantee: Payment to be made to holder only if: If above both conditions are not satisfied, the instrument is not a financial guarantee. Practical illustration: Let’s understand the accounting of financial
Month: November 2021
UK Autumn Budget
Rishi Sunak announced his third Budget as Chancellor of Exchequer to Parliament on Wednesday, 27th October 2021. It is a fiscal approach designed to prepare the UK for an “age of optimism” in the post-Covid-19 economy. The Office for Budget Responsibility confirmed that economic growth in 2021 had been revised up from 4% to 6.5%, with the economy set to grow a further 6% in 2022. Meanwhile nationwide unemployment levels are set to peak at just 5.2%. The key announcements
Roll out of the new Annual Information Statement (AIS)
Important Judicial Precedents RNM was established by Late Mr. R.N. Marwah in the year 1946. RNM India is one of the top ca firm in Delhi. Commencing from the pre-independence era to the modern age of science and technology, RNM has loyally stood as a witness to the sequence of events that have gradually molded the nation and led to the rise of a new India, over the past 75 years. RNM has been one of the best audit firm
Cognizance emerging
GST Calendar –Compliances for the month of October’2021 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) November 10,2021 GSTR-8 (Tax Collected at Source ‘TCS’) November 10,2021 GSTR-1 September 2021 November 11, 2021 IFF- Invoice furnishing facility (Availing QRMP) November 13,2021 GSTR-6 September 2021 Input Service Distributor November 13, 2021 GSTR-2B (Auto Generated Statement) November 14,2021 GSTR-3B September 2021 November 20,2021 GSTR-5 Sept 2021 (Non-Resident Taxable Person) November 20,2021 GSTR-5A September 2021 (OIDAR Service Provider) November 20,2021 PMT-06
Amendments issued by MCA, RBI, SEBI and others
Amendments issued by MCA Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships upto 30th December, 2021: MCA issued a Circular, in which MCA announced relaxation on additional fees in filing Form 8 by LLP upto 30th December 2021. Due to the difficulty faced by LLPs as a result of the COVID-19 epidemic, MCA has received a request for an extension of the deadline for completing
Neobank Open raises $100 mn in Series C funding round led by Temasek
Open, a small and medium enterprise focused neo-bank, announced that it has raised INR 735 crores (USD 100 million) in a Series C funding round. The round was led by Singapore state-sponsored Temasek Holdings while other investors were Google & Japan-based SBI Investment and among existing investors were Tiger Global and 3one4 Capital. The startup was valued at USD 500 million and the proceeds will be utilized to strengthen and accelerate its new product line which includes its embedded finance