Government leaves no stone unturned – New ITR disclosures

CBDT has notified new Income Tax Return (ITR) forms for the Assessment Year 2020-21. New additional columns and schedules have been introduced by CBDT in the recently notified ITR Forms. These new data requirements are designed to capture new essential tax information. Some of these changes are a direct result of the Income tax act amendments made through the Finance […]

Depreciation Impact on Plant and machinery during Lockdown

CSR (Corporate Social Responsibility) utilisation advisory As per section 135 of the Companies Act, 2013 certain companies are required to spent money in CSR Activities, company can spent money either In case where a company transfer the CSR fund to third party i.e. trust, Society, section 8 companies for public welfare, all such companies should obtain an independent practitioner’s report […]

Past tense, present deeds

Delhi High Court, Ruling-1   Bharti Airtel Pvt. Ltd. – Issue Involved: Amendment of GSTR-3B filed Facts: With the introduction of GST Law, the telecom company got approximately 50 GST registrations all across the country. Due to significant difference in compliance in the implementation of new law, there were some technical changes for enabling GSTR-1/2/ and 3 which couldn’t be operationalized, […]

Relaxation introduced by MCA in May 2020

In view of the situation emerging out of the outbreak of COVID-19, which requires adherence of social distancing norms, the stakeholders have pointed about various difficulties MCA after considering this fact granted certain relaxation few of them are briefed as under. Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM) Further […]

Impact of COVID-19 on Revenue Recognition

COVID-19 pandemic is affecting worldwide major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it. For example, many industries i. e. travel, hospitality, leisure, Education, and retail industries have seen sharp declines in revenues due to regulatory and organizational mandates and voluntary changes in humanbehavior. […]

Relaxation introduced by MCA in April 2020

In view of the situation emerging out of the outbreak of COVID-19, which requires adherence of social distancing norms, the stakeholders have pointed about various difficulties MCA after considering this fact granted certain relaxation few of them are briefed as under. Relaxation for holding Extraordinary General Meeting (EGM) through Video Conferencing (VC) or other Audio-Visual means (OAVM) Due to the […]

The Great Indian Policy Conundrum

India entered COVID-19 crisis with limited fiscal space, having breached the previous budget deficit target of 3.3% and raising 0.5%. with a dwindling fiscal outlook, any further fiscal easing will put pressure on india’s sovereign rating. Governments dedicate more than $8 tn to fight COVID_19 pandemic. India’s lockdown measures seem to be at par with developed countries. But while they […]

Impactful Internal Audit – Post Lockdown

Role and position of Internal Audit function in an organization is going to witness major changes post Covid 19 as its working environment and expectations are likely to change significantly. This article is intended to highlight the ways internal audit can upgrade itself to effectively add value across the organization and maximize its influence on the company in a sustained […]

Benefits introduced by the GST Authorities

In the times of pandemic, GST Authorities have extended few benefits to generals by relaxing late fees and interests on compliances, processing refunds at earliest, easing FTP guidelines pertaining to import and export. A few of relaxation and favorable amendments have been made by CBIC in past one month, few of them are briefed as under. Jharkhand High Court, Ruling-1   […]