Government extends timelines of certain compliances in light of the severe pandemic
Also, extend the time limits to June 30, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021. Judicial Update
Recent Amendments by MCA
In this edition we have tried to bring to your notice the latest amendments that followed in the month of April 2021 issued by MCA. Amendments issued by MCA Companies (Audit and Auditors) Second Amendment Rules, 2021: In exercise of the powers conferred by sections 139, 143, 147 and 148 read with sub-sections (1) and (2) of section 469 of the […]
Reliance Industries acquires British icon Stoke Park for $79 mn
Reliance Industries has acquired UK-based Stoke Park Limited for $79 million (£57 million). Stoke Park owns and manages sporting and leisure facilities in Stoke Poges, Buckinghamshire, UK. The facilities include a hotel, conference facilities, sports facilities and one of the highest rated golf courses in Europe. The acquisition will add to the consumer and hospitality footprint of Reliance. The firm […]
Ind AS 32: Accounting for offsetting of financial assets and financial liabilities
Facts A Company is engaged in the manufacturing of Defense Sector. Some of products manufactured by Company are on Special Order. The querist has stated that as the some products are made only against specific orders, the company receives advances from various customers on agreed percentages of sale value of an order for supply of goods and services. While […]
Magma HDI raises funding from ICICI Venture, Morgan Stanley, Poonawala group, others
Magma HDI General Insurance has raised funding from ICICI Venture and Morgan Stanley Private Equity Asia, Cyza Chem (Poonawalla Group company) and two family offices. The total transaction size is Rs 525 crore: primary capital-raise of Rs 250 crore and secondary sale of Rs 275 crore. The fresh capital will be used for expanding distribution capabilities. The secondary sale helps […]
Goods and Service Tax – Filling the gaps
Recent Judgments Authority for Advance Ruling- Uttar Pradesh held that the expenses incurred by the company in order to satisfy the obligation of Corporate Social Responsibility (CSR) under the Companies Act, 2013 are eligible for Input Tax Credit as being incurred in the course of business. Elaborative: Facts: The Appellant is a Company incorporated under the Companies Act, 2013 and […]
Welcome to FY 2021-22
Some of the key amendments to Finance Bill 2021 have been summarized below: Important Judicial Precedents A notice issued u/s 142(1) requiring the assessee to furnish a return of income when the assessee had already earlier filed a return is not valid. Once a valid return of income was available on record, which was already processed issuing notice u/s 142(1) […]
Recent Amendments by MCA and SEBI
In this edition we have tried to bring to your notice the latest amendments that followed in the month of March 2021 issued by MCA, SEBI and others. Amendments issued by MCA Companies (Management and Administration) 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 […]
Key highlights on the amendments proposed in Ind AS 16; Ind AS 37; and Ind AS 103
Based on the International Financial Reporting Standards and the Ministry of Corporate Affairs (MCA) has notified Indian Accounting Standards (Ind -AS) which are applicable on certain entities on mandatory basis. As a part of review process and in public interest, the International Accounting Standard Board (IASB) keeps on issuing certain amendments to these standards on timely basis in order to […]
Department digging more information from large taxpayers
Upcoming Changes in GSTR 1 Recent Judgments Honorable High Court of Gujarat Appellate Authority for Advance Ruling – Karnataka Activities of liaison office of foreign company establishing its place of business in India are not liable for GST The foreign company is a ‘person’ by the virtue of clause (h) of section 2(84) of the CGST Act. However, the liaison office […]