In today’s time auditors are much more equipped to identify opportunities for enhancement – as adding value is widely considered an integral part of the internal audit process. In the recent past, role of internal auditor is being redefined. The new role is broader, more inclusive and sets expectation of adding value by internal auditors to the audited entity when […]
In this edition we have tried to bring to your notice the latest amendments that followed in the month of December, 2020 issued by MCA and RBI. Amendments issued by MCA Companies (Compromises, Arrangements and Amalgamations) Second Amendment Rules, 2020 MCA has amended the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016 through Companies (Compromises, Arrangements and Amalgamations) Second Amendment Rules, […]
Tata Sons Pvt. Ltd, the holding company of the software-to-steel conglomerate, has signed a pact with Malaysian budget carrier AirAsia Group Bhd to increase its stake in their India joint venture. AirAsia has agreed to sell a 32.67% stake in the joint venture for $37.66 million (about Rs 276.7 crore at current exchange rates). The Malaysia airline previously owned 49% […]
Employee Stock Option Plan (ESOP) is an option to purchase stock/equity of the employer company at a predetermined price (mostly below its prevalent market value at time of grant) given to the employee by the employer company. The employee who agrees to ESOP scheme can exercise the actual purchase of Employer Company’s stock/equity on fulfillment of certain conditions like completion […]
Government of India is actively working on reforms of various old laws out of which one is new Labour Code which was cleared by both the houses of parliament in July 2019 and received Presidents assent l on 8th August 2019 and called “The code of Wages 2019” However, many provisions of the Code of Wages 2019 are still not […]
On 11-11-20, the hon’ble High Court of Karnataka has held that the deduction of discount on ESOP over vesting period per books of account is an admissible tax allowance in computation of business income of the employer company. The legal principle emphasized by the High Court is that the discount on issue of ESOPs is not a contingent liability but […]
Eway Bill GST Registration CBEC-20/13/06/2020-GST Instruction No. 4/3/2020-GST, directs the Standard Operating Procedures (SOP) for verification of taxpayers granted deemed GST registration. During the period from 21st August’2020 to 16th November’2020, deemed registration were granted where Aadhaar authentication has either not been opted or authentication has failed. A mandatory physical verification shall be done by proper officer for the deemed […]
In this edition we have tried to bring to your notice the latest amendment that followed in the month of November, 2020 issued by MCA, RBI, DIPP and others. Amendments issued by MCA Extension of LLP Settlement Scheme, 2020 The MCA extends due date of defaulting LLP to file belated documents under LLP Settlement Scheme, 2020. To read more http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.37_09112020.pdf […]
Even when risk identification is primarily a management responsibility, internal auditors play a pivotal role in risk management by evaluating the process controls highlighting critical risks in achievement of business objectives as well as providing assurance regarding adequacy of controls in respect of existing and emerging risks. A regular and effective risk-based audit program is essential to achieve these objectives. […]
Data giant S&P Global Inc has agreed to buy IHS Markit Ltd in a deal worth $44 billion, creating a heavyweight in the increasingly competitive market in financial information. The mega deal, which includes $4.8 billion of debt. Deals touched a record high in the September quarter, with more than $1 trillion worth of transactions, mostly focused on coronavirus-resilient sectors […]