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 […]
Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Amendment Rules, 2020 dated 24 July 2020. The rules are effective from the date of publication in the Official Gazette of India i.e. 24 July 2020. All amendments are effective for periods beginning 1 April 2020 or later. However, amendments relating to Ind AS 116, Leases, can be […]
In this edition we have tried to cover the latest amendment that followed in the month of July issued by MCA, SEBI, RBI and others. Amendment introduced by MCA Extension of the last date of filing of Form NFRA-2: In continuation of the Ministry’s General circular No. 19/2020 dated 30th April, 2020 and after due examination, it has been decided […]
The Three Lines Model has replaced previously known Three Lines of Defense model in July 2020. This updated Model helps organizations identify structures and processes that help in achievement of objectives and facilitate better governance and risk management. The model applies to all organizations and is optimized by:– Adopting a more flexible principles-based approach suiting objectives and environment of the […]
The government has taken various measures to facilitate compliance by the taxpayers. In July 2020 alone, the government has taken following measures:- On the other hand, in July 2020 only, the CBDT has signed various MOU’s with various organizations like SEBI, CBIC and MSME Ministry for automatic and regular exchange of information to catch hold of any non-compliances or misreporting […]