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
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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,
Corporate & Legal – January 2023
In this edition we have tried to bring you notice the latest amendment that followed in the month of January, 2023 issued by MCA, RBI and SEBI others. RBI Update Changes in Bank KYC Norms In the latest guideline, the RBI said that Bank account holders who have already submitted valid documents and haven’t changed their addresses are no longer obliged to visit their bank locations to update their “know your customer” (KYC) information, according to the RBI. They can
Corporate Finance – January 2023
GEF Capital Invests Rs. 500 Cr In E-Mobility Firms The e-mobility businesses Electra EV and Hero Motors Ltd. have received investments from the private equity fund GEF Capital Partners totaling more than 500 crore rupees. This is a component of the investor’s plan to increase their stake in India’s climate and sustainability potential. With this, GEF has invested eight times over the previous four years. Independent EV powertrain solutions provider Electra EV is supported by businessman Ratan Tata. Its products
Corporate & Legal – December 2022
In this edition we have tried to bring you notice the latest amendmentCirculars that followed in the month of December, 2022 issued by MCA, RBI, SEBI, DIPP and others. Introduction of Investor Risk Reduction Access (IRRA) platform in case of disruption of trading services provided by the Trading Member (TM) . Capital markets regulator has introduced an Investor Risk Reduction Access (IRRA) platform in respect of disruption of trading services provided by the Trading Member (TM) with effect from
Direct Tax – December 2022
CBDT exempts Non-Residents (NR) not having PAN from mandatory e-filing of Form 10F till 31-03-2023. Partial Relaxation With Respect To Electronic Submission of Form 10F by Select Category of Taxpayers In Accordance With DGIT (Systems) Clarification for the purpose of clause (c) of Section 269ST of Income Tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies- Section 269ST inter alia prohibits receipt of an amount of two lakh rupees or more by a person, in circumstances