Navigating the financial world may be challenging for entrepreneurs, especially when they have to deal with complex data like Financial Statements. But understanding or analysing those assertions is essential to making sound decisions and moving your organization towards success. Here in the beginners guide, we have tried to simplify the basic fundamentals of financial statements and their construction so users can understand their importance and make good use of them. What Are Financial Statements? Financial statements are comprehensive historical reports
Category: Uncategorized
Statutory Audit Alert – March 2023
Implementation & Guidance on Audit Trail A. Management’s Responsibility Proviso to Rule 3(1) of the Companies (Accounts) Rules, 20141 (hereinafter referred as “the Account Rules”) states that for the financial year commencing on or after the 1st day of April 2023, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made
Internal Audit Alert – March 2023
Robotic Process Automation (RPA) Introduction: In today’s world increase in population has caused increase in demand of almost everything. To keep up with the increase in demand industries and organisations push their employees to do more and more work. Due to increase in competitors in every field organisations are trying to find way to increase their rate of work along with efficiency and quality. This has caused various organisationss to turn toward automation. Automation can do daily repetitive task without
Indirect Tax Alert – March 2023
GST Calendar –Compliances for the month of March’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) April 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) April 10, 2023 GSTR-1 April 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) April 13, 2023 GSTR-6 Input Service Distributor April 13, 2023 GSTR-2B (Auto Generated Statement) April 14, 2023 GSTR-3B April 20, 2023 GSTR-5 (Non-Resident Taxable Person) April 20, 2023 GSTR-5A (OIDAR Service Provider) April 20, 2023 PMT-06 (who have opted
Direct Tax – March 2023
Amendments to Finance Bill, 2023 Finance Bill, 2023 inserted a new provision- Section 50AA for calculation of capital gains resulting from the transfer, redemption, or maturity of Market Linked Debentures (MLDs). Section 50AA also provided the capital gains from MLDs shall be deemed to be short-term capital gain. Under the amendment to Finance Bill, the scope of this section has been expanded to cover specified mutual funds. “specified mutual fund”: means a mutual fund where not more than 35% of
Corporate Finance – March 2023
Jindal Stainless Buys $157-Mn Stake in Indonesian Firm to Secure Nickel Supply In order to guarantee a supply of nickel, a crucial component in the creation of stainless steel, India’s Jindal Stainless Ltd paid $157 million for a 49% share in New Yaking Pte. Ltd, a company with headquarters in Indonesia. In accordance with the agreement, a nickel pig iron facility will be built and run in Indonesia’s Halmahera Islands. Within two years, the factory will be put into operation,
Statutory Audit – February 2023
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
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