On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.21. The details are as under: Further, […]
GST Calendar – Aug 2021 Nature of Compliances Due Date GSTR-7 JUL 2021 tax deducted at source August 10,2021 GSTR-1 JULY 2021 August 11, 2021 IFF- Invoice furnishing facility (Availing QRMP) August 13, 2021 GSTR-6 JUL 2021 Input Service Distributor August 13, 2021 GSTR-3B JULY 2021 August 20, 2021 GSTR-5 JULY 2021 Non-Resident Taxable Person August 20, 2021 GSTR-5A JULY […]
Reliance Retail Ventures Limited (RRVL) will acquire a controlling 66.95% stake in local search engine platform Just Dial Ltd for Rs 5,713 crore ($766 million) via preferential allotment of shares and open offer. RRVL signed a definitive agreement to buy 40.95% stake in the company for around Rs 3,497 crore ($469 million) and make an open offer to acquire up to 26% […]
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 […]
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 […]
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 […]
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
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 […]
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 […]
In the Month of February 2021, the FRRB issued Study on Compliance of Financial Reporting Requirements (Ind AS Framework) that contains instances of common non-compliances or errors in Ind AS financial statements. In this article below is FRRB observations relating to presentation and disclosure of property, plant & equipment (PPE) in Ind AS financial statements. Disclosure/ Scenario in the Financial Statements selected […]