Tata group takes control of Air India: India’s auto-to-steel conglomerate in October 2021 emerged as the winner of bidding process started for state-run carrier Air India. Tata Group was handed the ownership of the airline after 70 years on 28 January, 2022. The conglomerate was awarded the deal in a $2.4 billion equity and debt deal, bringing an end to […]
A Ltd. engaged in business of petroleum refining and sold its product to oil marketing companies. During the year company issued non-convertible redeemable PSC on private placement basis to its holding company B ltd. It is stated that this PSC are mandatory redeemable at face value at any time on a call/put option exercised on mutually agreed terms. So, contractual […]
Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) Jan 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) Jan 10,2022 GSTR-1 September 2021 Jan 11, 2022 IFF- Invoice furnishing facility (Availing QRMP) Jan 13,2022 GSTR-6 September 2021 Input Service Distributor Jan 13, 2022 GSTR-2B (Auto Generated Statement) Jan 14,2022 GSTR-3B September 2021 Jan 20,2022 GSTR-5 September 2021 (Non-Resident Taxable […]
Form 56FF has been notified by the CBDT for claiming deduction u/s 10A of Income Tax Act,1961. CIT(A) is bound to allow requests for personal hearings in Faceless Assessment Scheme,2021 Important Judicial Precedents The powers of ITAT under Section 254(2) of the Act are only to rectify/correct any mistake apparent from the record. If the order passed by the ITAT […]
Background Auditing can be transformed with machine learning leading to increased productivity and accuracy. Historically, audit is done on sample basis to identify risks. This approach does not take into account the total information available and relies mainly on manual processing. Audit firms can automatically process large volumes of data to identify anomalies and high risk transactions which can be […]
RIL arm to invest ₹300 cr in robotics co: Reliance Retail Ventures Ltd, the retail unit of Reliance Industries Ltd, is likely to acquire a minority stake in warehouse robotics company Addverb Technologies Pvt. Ltd for around ₹300 crore. If the deal goes through, it will value Addverb Technologies at ₹1,590-1,660 crore. The company claims its products help companies improve […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of December, 2021 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA The Ministry of Corporate Affairs has issued the clarification on holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio-Visual Means (OAVM). MCA has […]
Today we are going to discuss about – Ind AS 109: Treatment of dues recoverable on account of invocation of bank guarantee in the balance sheet Query: Company X Ltd. provides financial assistance for procurement of raw material to Y Ltd. Wherein Y Ltd. defaulted in repayment of dues to X Ltd. Subsequently BG was invoked by X Ltd. However, […]
In this blog we are going to discuss about the GST Calendar – Compliances for the month of November 2021 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) 10 Dec 2021 GSTR-8 (Tax Collected at Source ‘TCS’) 10 Dec 2021 GSTR-1 November 2021 11 Dec 2021 IFF- Invoice furnishing facility (Availing QRMP) 13 Dec 2021 GSTR-6 November […]
What exactly is “Big Data?” Big data is the term used to describe the massive portfolio of data that is growing exponentially. Big data includes data that is unstructured & machine-generated, as well as data that resides outside of corporate boundaries. Analytics is the process of analysing data with the objective of drawing meaningful conclusions. Big Data analytics (BDA) means […]