Amendment in CSR rules Sec. 135(1) was amended pursuant to Companies Amendment Act, 2017 with effect from 19th September 2018. Post this amendment, the criteria of net worth of Rs. 500 crores OR turnover of Rs. 1000 crores OR net profit of Rs. 5 crores for applicability of CSR provisions was limited only to the extent of immediately preceding financial year. However, Rule 3(2) which, before this amendment, was the guiding provision as to the number of years for which
Month: March 2023
Internal Audit – February 2023
Internal Audit in Digital Era In a world of rapid change on almost every front, where organisations must adapt and grow – or risk decline and eventual demise – everyone confronts the same reality: either step up to contribute long-term value or be left behind. As the risks and complexities organizations face change, so do the focus, skill sets and capabilities needed by internal audit. Internal audit in the digital era involves using advanced technologies to enhance the effectiveness and
Indirect Tax – February 2023
GST Calendar –Compliances for the month of February’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) March 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) March 10, 2023 GSTR-1 March 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) March 13, 2023 GSTR-6 Input Service Distributor March 13, 2023 GSTR-2B (Auto Generated Statement) March 14, 2023 GSTR-3B March 20, 2023 GSTR-5 (Non-Resident Taxable Person) March 20, 2023 GSTR-5A (OIDAR Service Provider) March 20, 2023 PMT-06 (who have opted
Direct Tax Alert – February 2023
1. NOTIFICATION [No.09/2023/F.No.300196/39/2021-ITA-I] dated 01.03.2023 Vide this notification the Central Board of Direct Taxes (CBDT) has notified ‘Insolvency and Bankruptcy Board of India’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961. The exemption shall be available in respect of Grants-in-aid, fees & fines collected under IBC and interest income accrues on them. 2. NOTIFICATION G.S.R. 118(E) [NO. 7/2023 [F. NO.370142/47/2023-TPL] dated 22.02.2023 Vide this notification the Central Board of Direct Taxes (CBDT) notifies
Corporate & Legal Alert – February 2023
In this edition we have tried to bring you notice the latest amendment that followed in the month of February, 2023 issued by MCA, RBI, SEBI others. MCA MCA drops RoC approval for most corporate actions The Ministry of Corporate Affairs has simplified the process for corporate reporting, eliminating the need for approval by Registrars of Companies (RoCs)in most cases and allowing companies to fulfil their reporting obligations with an online acknowledgement. To read more: MCA drops RoC approval for
Corporate Finance Alert – February 2023
I Squared Capital Buys Controlling Stake in Gram Power for $100 Mn I Squared Capital, a multinational private equity firm, has invested $100 million for a controlling stake in the Jaipur-based smart metering business Gram Power (around Rs 826.55 crore). Gram Power is entirely owned by Singapore-based Polaris Smart Metering Pte Ltd. However, the enterprise value of the deal could not be ascertained. I Squared Capital, which oversees assets worth over $36 billion, made this deal through its $2 billion
Statutory Audit – January 2023
RoDTEP Scheme RoDTEP stands for Remission of Duties and Taxes on Export Products. It is a new scheme that is applicable with effect from January 1st, 2021, formed to replace the existing MEIS (Merchandise Exports from India Scheme). The scheme will ensure that the exporters receive the refunds on the embedded taxes and duties previously non-recoverable. The scheme was brought about with the intention to boost exports which were relatively poor in volume previously. The following were some of the export
Direct Tax – January 2023
Vide this circular the Central Board of Direct Taxes (CBDT) has further extended the time limit to 31st March, 2023 for compliance to be made for claiming any exemption under section 54 to 54GB of the Income Tax Act, 1961 (“the Act”) in view of the Covid-19 Pandemic. The period of investment for capital gain exemption which was earlier extended to 30th September 2021 by Circular No.12/2021. 2. NOTIFICATION NO. 1 OF 2023 [DGIT(S)/ADG(S)-2/REPORTING PORTAL/2021/180], DATED 05-01-2023. Addendum to Notification No.
Indirect Tax – January 2022
GST Calendar –Compliances for the month of January’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) February 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) February 10, 2023 GSTR-1 February 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) February 13, 2023 GSTR-6 Input Service Distributor February 13, 2023 GSTR-2B (Auto Generated Statement) February 14, 2023 GSTR-3B February 20, 2023 GSTR-5 (Non-Resident Taxable Person) February 20, 2023 GSTR-5A (OIDAR Service Provider) February 20, 2023 PMT-06 (who have opted
Internal Audit – January 2023
ROLE OF INTERNAL AUDIT IN STRENGTHENING CORPORATE GOVERNANCE Internal Audit Internal Audit involves critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system. Corporate Governance Governance is a key concept in Internal Audit and SIA 140 issued by ICAI, seeks to clarify both, the concept and the responsibility of the Internal Auditor,