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 […]
High Courts giving clarity on refunds and exports; Relief in late fee till September 30th 2020 Gujarat High Court, Ruling-1 Material Recycling Association of India Issue Involved: Determination of Place of Supply of Intermediary Services supplied outside India. Facts: The applicant, being registered person in taxable territory is rendering business promotion and marketing services (Intermediary services) outside India, for […]
Joining the “Boycott China” chorus, JSW Group, which has a net import of $400 million annually (majorly ‘clinker’, a form of cement) from china decides to bring it down to zero in the next 24 months. Here are some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity BP invests $70 mn in Everstone-Lightsource’s green […]
Introduction: Many people believe that Internal Audit is only required in larger, more complex entities and that the cost/benefit of an Internal Audit function would just not be there for them. However this can be a very short sighted conclusion, especially when you consider the high volume of transactions and the regulatory compliance issues. I believe that the Management of […]
Fact of Case: A company is a public limited company listed with recognised stock exchanges, engaged in manufacturing business. The company follows calendar year. In Union Budget for the financial year 2015-16 presented on 28th February 2015, the Government has revised the surcharge on income tax from 5% to 10%, resulting in increase of effective ‘Corporate Tax’ rate from 33.99% […]
No denial that the impacts of COVID-19 are far more severe and long lasting than initially estimated. Some of the effects and risks are related to Governance, Environmental and Social (GES) aspects and hence to be managed accordingly for GES and similar issues affecting the investment portfolios and traditional financial factors. COVID-19 started during March 2020 in India as a […]
In view of the situation emerging out of the outbreak of COVID-19, which requires adherence of social distancing norms, the stakeholders have pointed about various difficulties MCA after considering this fact granted certain relaxation few of them are briefed as under. The Ministry of Corporate Affairs (MCA) has notified the amendments to Schedule VII of the Companies Act, 2013. The amendment is […]
The government vide notification dated June 24 2020 has extended the time limits of various tax-compliances. This is aimed to provide further relief to the individuals due to ongoing corona virus pandemic. The benefits/extensions include:- For FY 18-19, ITR can be filed up to 31.7.20. For FY 19-20 Important Statutory developments Important Judicial Precedents