TRAS Alert – December 2023

In this edition we have tried to bring you notice the latest amendment that followed in the month of December, 2023 issued by MCA, RBI, SEBI, IBBI and others.  RESERVE BANK OF INDIA Rationalization of Licensing Framework for Authorized Persons (APs) under Foreign Exchange Management Act (FEMA), 1999 (December 26, 2023)   It has been decided to rationalize and simplify the […]

Responsibilities of Internal Auditors towards Audit Trail

Internal Auditors play a vital role in ensuring the integrity and reliability of financial information within an organization. One critical aspect of their responsibilities is managing and scrutinizing the audit trail, which serves as a digital breadcrumb trail documenting every transaction and activity.  Following are the key responsibilities Internal Auditors bear concerning the audit trail: Establishing and Monitoring Controls: Internal […]

Matters in the Independent Auditor’s Report

SA 701 deals with the responsibilities of an auditor to communicate the key audit matters in his/her audit report. Introduction SA 701 is intended for addressing both the judgment of an auditor as to what is required to be communicated in his/her audit report and the content and form of such communication. The purpose of communicating key audit matters is: […]

GST Calendar –Compliances for the month of January’2024

Indirect Tax News Letter  GST Calendar –Compliances for the month of January’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’)  January 10, 2024 GSTR-8 (Tax Collected at Source ‘TCS’)  January 10, 2024 GSTR-1  January 11, 2024 IFF- Invoice furnishing facility (Availing QRMP) January 13, 2024 GSTR-6 Input Service Distributor January 13, 2024 GSTR-2B (Auto-Generated Statement) January 14, […]

Navigating Turbulence: FPC’s Stewardship in a Complex Financial Landscape

Amidst global economic uncertainties, geopolitical tensions, and evolving market dynamics, the Financial Policy Committee (FPC) stands as a vigilant guardian of the UK’s financial stability. We delve into the FPC’s strategic responses to challenges, assessing global risk environments, financial market developments, and vulnerabilities in both household and corporate sectors. Exploring the resilience of the banking sector and the FPC’s key […]

Blackstone Set To Sell Full Stake In Embassy Office Parks REIT

Blackstone will sell its entire 23.9% stake valued at $833 million in India’s largest real estate investment trust Embassy Office Parks, four years after it was first listed. Blackstone will sell 223.6 million units of Embassy REITs, in one of the biggest block deals this year, at a 7.7% discount to INR 335.75 per unit price as of December 19, […]