Chartered Accountants
(Date: 11/3/2019)
CBIC has issued an order in which it is clarified that any registered person supplying exempted goods or services, paying tax under composition scheme or paying GST @ 6% under notification no 02/2019- Central Tax (Rate) shall issue Bill of Supply instead of Tax Invoice.
(Date: 8/03/2019)
Eligible registered persons have to file GSTR-1 on quarterly basis, for first quarter ending on June, 2019, due date shall be 31st July, 2019. Other registered persons shall file GSTR-1 on monthly basis and for each of the month from April, 2019 to June, 2019 the due date shall be 11th of the succeeding month. GSTR-3B shall be filed on monthly basis and for each of the month from April, 2019 […] Read More >>
(Date: 8/03/2019)
Annual return in form GSTR-9 and 9A are now live on portal, the last date for filing the Annual Return for the Financial Year 2017-18 is June 30, 2019.
(Date: 8/03/2019)
The GST Council in its 32nd meeting held on 10th January, 2019 had taken various decisions, inter-alia, increase in threshold limit for GST registration, composition scheme for service providers, etc. These decisions have been made effective from 1st April, 2019 through the notifications issued on March 7, 2019
– CA Vivek Newatia
The Standard on Auditing (SA) 700 deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report, issued based on audit of the financial statements.
In accordance with the revisions in ISA 700 by The International Federation of Accountants, ICAI has made corresponding revisions to SA 700. Accordingly, the format of auditor’s report has been changed.
The Council […] Read More >>
– CS Aditi Jhunjhunwala
– Mayank Kumar
In its further endeavour to eradicate the sham companies the Ministry of Corporate Affairs has come up with Notification dated 21st February, 2019 inserting Rule 25A vide Companies (Incorporation) Amendment Rules, 2019 providing for KYC of companies pursuant to powers under section 12 (9) and 469 of the Companies Act, 2013.
The introduction of ACTIVE is another fall out of the MCA’s drive after striking of […] Read More >>
(Date: 11/2/2019)
The MCA has notified the Companies (Significant Beneficial Owners) Amendment Rules, 2019 which shall come into force w.e.f. 08-02-2019. The revised norms provides clear definitions for significant beneficial ownership (SBO). The Rules aim to look-through corporate layers to reveal individual shareholders that ultimately derive economic benefits from and/or control a corporate entity in India.
(Date: 11/2/2019)
SEBI has prescribed format for annual secretarial audit and compliance report for listed Cos. and their material subsidiaries. In order to avoid duplication, the listed entities and their unlisted material subsidiaries shall continue to sue the Form No. MR-3 as required under the Companies Act, 2013 for the purpose of compliance of 24A of SEBI LODR as well. Compliance report shall have to be submitted by […] Read More >>
(Date: 11/2/2019)
CBDT has issued Circular no. 1/2019 on deduction of tax at source from salaries for Financial Year 2018-19. It has issued 3rd corrigendum with regards to provisions of section 80TTB explained in the circular. The board has already issued two corrigendum in respect to said circular.
(Date: 8/2/2019)
RBI has decided to relax the end-use restrictions on ECBs for resolution applicants under Corporate Insolvency Resolution Process and has allowed them to raise ECBs from the recognised lenders for repayment of rupee term loans of the target company under approval route. Under existing framework ECB proceeds cannot be utilised for repayment of domestic rupee loans.