We all live in a dynamic world, which keeps on changing and evolving every moment. Among all other facets of life, these dynamics affect the way, we do business. Accordingly, there is a need for businesses to adapt to the changes and to constantly upgrade their systems and procedures in accordance with the changing times, to ensure their growth and […]
AAAR Karnataka held supply of goods and services under warranty contract as composite supply, as principal supply being services and “recipient of supply” to make payment to under the contract to the supplier. Elaborative: Facts: The appellant provides warranty and other after sales support services on supply as a distributor of branded trucks on a principal-to-principal basis to its […]
NFRA issues Audit Quality Review Report of the Statutory Audit of IL&FS for F.Y. 2017-18 In pursuant to section 132(2)(b) of the Companies Act, 2013 and NFRA Rules, 2018, The National Financial Reporting Authority (NFRA) has issued the Audit Quality Review Report (AQRR) of the Statutory Audit of IL&FS Financial Services Ltd. for the financial year 2017-18. This AQR was […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of August issued by MCA, SEBI, RBI and others. Amendment introduced by MCA Amendment of item no. (ix) In the Schedule VII of the Companies Act, 2013 In exercise of the powers conferred by sub-section (1) of section 467 of the Companies […]
Fraud is a significant threat to organization, especially a complex global organization operating with multiple businesses and geographies. The situation gets more complicated now as opportunities and justification are enhanced during COVID-19. An ACFE report says, organizations typically lose 5 percent of revenues to fraud annually. COSO framework may be used to develop a comprehensive mechanism to mitigate frauds effectively […]
Recently, the Prime Minister of India launched the ‘Transparent Taxation – Honoring the Honest’ platform to honour the honest taxpayers of the country. The key highlights of the Transparent Taxation Platform are faceless assessment, faceless appeal and taxpayer charter. The aim of a faceless system is to eliminate bribery and corruption so that the justice be available to all taxpayers equitably, whether […]
The Government recently announced an Rs 40,000 Crore Production-Linked Incentive Scheme for electronics. It is working upon setting up an Electronics Commission to push electronics’ manufacturing and reducing its import dependence on China. Here is some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity PAG to buy 51% stake in Edelweiss Wealth Management: Hong […]