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May 13, 2021

Revision in Criteria for classifying Non- Corporate entities for applicability of Accounting Standards

For the purpose of applicability of Accounting Standards (“AS”), The Institute of Chartered Accountants of India (“ICAI”) has classified the entities into two segments – company entities and non-company entities. Non-company entities such as sole proprietors, partnership firms, trusts, Hindu Undivided Families, association of persons and co-operative societies are further classified into various levels. Currently, the ICAI has categorized non-company

Assurance
May 6, 2021

Recent Amendments by MCA

In this edition we have tried to bring to your notice the latest amendments that followed in the month of April 2021 issued by MCA. Amendments issued by MCA Companies (Audit and Auditors) Second Amendment Rules, 2021: In exercise of the powers conferred by sections 139, 143, 147 and 148 read with sub-sections (1) and (2) of section 469 of the

Corporate & Legal
May 3, 2021

Reliance Industries acquires British icon Stoke Park for $79 mn

Reliance Industries has acquired UK-based Stoke Park Limited for $79 million (£57 million). Stoke Park owns and manages sporting and leisure facilities in Stoke Poges, Buckinghamshire, UK. The facilities include a hotel, conference facilities, sports facilities and one of the highest rated golf courses in Europe. The acquisition will add to the consumer and hospitality footprint of Reliance. The firm

Corporate Finance
April 7, 2021

Goods and Service Tax – Filling the gaps

Recent Judgments Authority for Advance Ruling- Uttar Pradesh held that the expenses incurred by the company in order to satisfy the obligation of Corporate Social Responsibility (CSR) under the Companies Act, 2013 are eligible for Input Tax Credit as being incurred in the course of business. Elaborative: Facts: The Appellant is a Company incorporated under the Companies Act, 2013 and

General
April 6, 2021

Welcome to FY 2021-22

Some of the key amendments to Finance Bill 2021 have been summarized below:   Important Judicial Precedents A notice issued u/s 142(1) requiring the assessee to furnish a return of income when the assessee had already earlier filed a return is not valid. Once a valid return of income was available on record, which was already processed issuing notice u/s 142(1)

Direct Tax
April 5, 2021

Recent Amendments by MCA and SEBI

In this edition we have tried to bring to your notice the latest amendments that followed in the month of March 2021 issued by MCA, SEBI and others. Amendments issued by MCA Companies  (Management and Administration) Amendment Rules, 2021. In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of

Corporate & Legal
March 10, 2021

Key highlights on the amendments proposed in Ind AS 16; Ind AS 37; and Ind AS 103

Based on the International Financial Reporting Standards and the Ministry of Corporate Affairs (MCA) has notified Indian Accounting Standards (Ind -AS) which are applicable on certain entities on mandatory basis. As a part of review process and in public interest, the International Accounting Standard Board (IASB) keeps on issuing certain amendments to these standards on timely basis in order to

Assurance

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