Extension! Extension! Extension!
Important Judicial Precedents
Tata Group to buy majority stake in BigBasket for $1.3 bn: February 2021 Finance News
India’s Tata Group will buy a 68% stake in online grocery startup BigBasket for about Rs 9,500 crore ($1.31 billion). The salt-to-software conglomerate has been planning to launch a “super app” that will tie in all its consumer businesses. Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon’s “Fresh” service as more consumers stay indoors and choose to shop online […]
Ambit of GST widened
DGFT Introduces online e- PRC system for application seeking Policy/ Procedure relaxation in terms of Para 2.58 of FTP 2015-20 w.e.f. 25/01/2021 via Trade Notice No. 38/2020-21 dated 15th January’2021 Recent Judgement Honorable High Court of Delhi DRC-03 – Petition is not maintainable, as an alternate efficacious remedy under Rule 159(5) of the CGST Rules, 2017 is available – time […]
Budget Highlights
The Hon. Finance Minister in her budget speech has announced several reforms under the Income Tax. Major Changes Note: The Central Board of Direct Taxes (CBDT) on Monday further extended the due date for filing declaration under the ‘Vivad Se Vishwas’ (VSV) scheme till February 28, 2021. As per a CBDT’s notification, the date for payment of tax without additional […]
Recent Amendment by MCA and RBI
In this edition we have tried to bring to your notice the latest amendments that followed in the month of January 2021 issued by MCA and RBI. Amendments issued by MCA Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4(CFS), AOC-4 XBRL, AOC-4 Non-XBRL for the financial year ended on 31.03.2020 under the companies ac, 2013. Read […]
KKR raises $3.9 bn for first Asia infrastructure fund: January 2021 Financial News
Global asset manager KKR & Co has closed its maiden Asian infrastructure fund after hitting the hard cap at $3.9 billion (Rs 28,646 crore). The fund will focus on critical infrastructure with low volatility and strong downside protection. It has a broad mandate to invest across emerging and developed countries in the Asia-Pacific in sectors including waste, renewables, power and […]
CARO 2020: MCA defers immediate applicability; now applicable from F.Y. 2021-22
The Ministry of Corporate Affairs (MCA) has deferred the applicability of the notified the Companies (Auditor’s Report) Order (CARO) 2020, till 1st April, 2021. The notification seeks to amend the Companies (Auditor’s Report) Order, 2020. In the Companies (Auditor’s Report) Order, 2020, in paragraph 2, for the figures, letters and word “1st April, 2020”, the figures, letters and word “1st […]
Extension of Time limits of Statutory Compliance
Important Statutory Developments Important Judicial Precedents
Effective Changes with the advent of a New Year,2021
Notification No. 94/2020-Central Tax dated 22.12.2020, CGST Change in Rule 86B (Restriction on use of Input Tax Credit for discharging the output liability) has been inserted into CGST Rules, 2017, and is effective from 1st, January 2021. Exemption to the Rule 86(4) Rule 36(4) of CGST Rules, 2017 Rule 59 of CGST Rules, 2017 Rule 9(1)a of CGST Rules, 2017 […]
Value Add by Internal Audit
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 […]