"25 April 2020" Archive

Summary of Guidelines-COVID 19

1. Epidemic Disease (Amendment) Ordinance 2020 for Protection of Members of Healthcare Service During the current COVID- 19 pandemic, members of healthcare services have been subjected to stigmatization and ostracization and have been targeted and attacked by miscreants, thereby obstructing them from doing their duties. While this has dee...

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Posted Under: Corporate Law |

Treatment of Cash Sales as Unexplained Cash Credit | Section 68

Is addition u/s 68 of the Income Tax Act justified in case of Cash Sale duly credited in P & L Account and offered for taxation? During the Demonetization period (i.e. 09/11/2016 to 31/12/2016), there has been a huge deposition of cash in old demonetized currency (or SBN) notes in various Bank Account. It was […]...

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Posted Under: Corporate Law |

SA 701 – Key Audit Matter – Evaluation with actual examples

Key Audit Matter, professionally known as SA 701, is no more a newly introduced standard for any auditor. The auditor has been given the onerous responsibility as well as individual decision to incorporate it in the audit report. Incorporated as those of the most significant in the audit of financial statements from the year reports [&hel...

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Posted Under: Corporate Law |

Important Aspects for GST Audit of Multi-Locational Entities

As per the provisions of section 22(1) Every supplier shall be liable to be registered under GST Act in the State or Union territory, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds prescribed limit....

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Recent amendment in SEBI regulations due to covid-19 pandemic

In view of the developments arising due to the spread of the COVID-19 pandemic, a need for temporary relaxations in compliance with certain deadlines in various SEBI Regulation is warranted by the Board, due to the prevailing travel restrictions and various other logistical challenges. The details of the reliefs provided by SEBI to listed...

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Posted Under: Corporate Law |

Clubbing of income of a Minor Child with Income of parent

Applicability of clubbing provisions on the income of a Minor Child ♦ The income of minor child will be clubbed in the income of that parent (mother/father) whose total income [excluding the income of the minor child under section 64(1A)] is greater. ♦ In a case where the income of the minor child is once […]...

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Posted Under: Corporate Law |

Demand and Recovery Forms (DRC) in GST

Among plenty of forms in GST, DRC forms are forms which are related to demands and recovery proceedings. Few of DRC forms has already came to use like DRC – 03, DRC – 01 DRC – 01A etc. but most of the forms have not came to use till date, which will come near in […]...

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Posted Under: Corporate Law |

Whether remuneration paid to directors as per employment contract is liable to tax under GST (RCM) or not

GST on directors remuneration Schedule III ( see section 7) ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES 1.Services by an employee to an employer in the course of or in relation to his employment Understanding of the Text: “Services supplied by the director of […]...

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Posted Under: Corporate Law |

Special measures due to outbreak of covid-19 for Companies & LLP

Special measures due to outbreak of covid-19 under Companies act, 2013 (CA 2013) and Limited Liability Partnership Act, 2008 MCA vide its circular no. 11/2020 dated 24th March, 2020 clarified about the reliefs being provided to Companies and Limited Liability Partnerships (LLPs) due to outbreak of COVID-19 to lessen the burden of complian...

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Posted Under: Corporate Law |

FAQ on Ethics related to Bank Audit Assignments

Q 1. Whether a Firm of Chartered Accountants can accept Audit of a branch of a bank, while one of the partners of the said Bank have taken loan from a different branch of the Bank ? Ans. No, the Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners have taken the loan from any branch of that bank....

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Posted Under: Corporate Law |

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