A Ltd. engaged in business of petroleum refining and sold its product to oil marketing companies. During the year company issued non-convertible redeemable PSC on private placement basis to its holding company B ltd. It is stated that this PSC are mandatory redeemable at face value at any time on a call/put option exercised on mutually agreed terms. So, contractual obligation to deliver cash at redemption exists since instrument requires mandatory redemption. Therefore, instrument qualifies liability and company recognized it
Month: January 2022
GST Calendar – Compliances for the month of December 2021
Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) Jan 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) Jan 10,2022 GSTR-1 September 2021 Jan 11, 2022 IFF- Invoice furnishing facility (Availing QRMP) Jan 13,2022 GSTR-6 September 2021 Input Service Distributor Jan 13, 2022 GSTR-2B (Auto Generated Statement) Jan 14,2022 GSTR-3B September 2021 Jan 20,2022 GSTR-5 September 2021 (Non-Resident Taxable Person) Jan 20,2022 GSTR-5A September 2021 (OIDAR Service Provider) Jan 20,2022 PMT-06 (who have opted for QRMP scheme) Jan 25,2022
Direct Tax Alerts for the month of December 2021
Form 56FF has been notified by the CBDT for claiming deduction u/s 10A of Income Tax Act,1961. CIT(A) is bound to allow requests for personal hearings in Faceless Assessment Scheme,2021 Important Judicial Precedents The powers of ITAT under Section 254(2) of the Act are only to rectify/correct any mistake apparent from the record. If the order passed by the ITAT was erroneous on merits, the remedy available to the Assessee was to prefer an appeal before the High Court. Therefore,
Use of Artificial Intelligence in Audit
Background Auditing can be transformed with machine learning leading to increased productivity and accuracy. Historically, audit is done on sample basis to identify risks. This approach does not take into account the total information available and relies mainly on manual processing. Audit firms can automatically process large volumes of data to identify anomalies and high risk transactions which can be further analyzed by humans. How does AI impact the audit procedure? Auditors can use AI to: Automate Manual Tasks of auditors
Latest financial news of private equity, venture capital and mergers & acquisitions.
RIL arm to invest ₹300 cr in robotics co: Reliance Retail Ventures Ltd, the retail unit of Reliance Industries Ltd, is likely to acquire a minority stake in warehouse robotics company Addverb Technologies Pvt. Ltd for around ₹300 crore. If the deal goes through, it will value Addverb Technologies at ₹1,590-1,660 crore. The company claims its products help companies improve space utilization in warehouses and factories by leveraging robotics and warehouse automation. It caters to industries such as e-commerce, health,
The latest amendment that followed in the month of December, 2021 issued by MCA, RBI, SEBI, DIPP and others.
In this edition we have tried to bring you notice the latest amendment that followed in the month of December, 2021 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA The Ministry of Corporate Affairs has issued the clarification on holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio-Visual Means (OAVM). MCA has decided to allow the companies whose AGMs are due in the Year 2021, to conduct their AGMs on or before