The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 to provide for facilitating the promotion and development and enhancing the competitiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto. The Ministry of MSME provides various other services to enterprises fall under MSMED […]
Supplies of goods to the industrial units or projects specified under paragraph 7.2 of the Foreign Trade Policy, 2015-2020 (FTP) within India tantamount to ‘Deemed Exports’ supplies.
The Western Countries of the world specially, America and Europe, have been leading the world for a long time. However, with this Corona Virus situation the Eastern Countries have shown a great potential. What is going Wrong with West? The USA has been in forefront since World War II till recent times. The US has […]
MCA has issued Clarification on holding of Annual General meeting through video conferencing or other audio-visual means (OAVM)- [Refer MCA General Circular Nos. (i) 20/2020 dated 5th May, 2020 (AGM Circular), (ii) 14/2020, dated 08.04.2020 (EGM Circular – I) and (iii) 17/2020 dated 13.04.2020 (EGM Circular – ll)]
Institute of Chartered Accountants of India Announcement MCA has issued Clarification on passing of ordinary and special resolutions by companies on account of the threat posed by Covid-19 and holding an extraordinary general meeting Section 100 (1) of the Companies Act, 2013 (the Act), the Board may, whenever it deems fit, call an extraordinary general meeting […]
MCA has issued Clarification on dispatch of notice by Listed entities for rights issue opening under section 62(2) of Companies Act, 2013 up to 31st July, 2020
Compendium of Relaxation in relation to compliance with certain provisions of SEBI (LODR) Regulation 2015 due to COVID-19 virus pandemic S. No Circular Number Dated Link I SEBI/HO/CFD/ CMD1/CIR/P/ 2020/38 March 19,2020 https://taxguru.in/sebi/sebi-relaxes-certain-listing-regulation-due-covid-19-virus.html A Extension of timeline for filings S. No Regulation and associated filing Filing Relaxation w.r.t. the quarter / financial year ending […]
Accounts and Records under GST – In recent times, Government has enhanced its vigilance to curb the menace of excess claim of ITC or fake invoicing. Department has stepped up investigation against such activities and in many cases genuine taxpayers also face the heat of notices for reversal of Input Tax Credit or payment of […]
While preparing the financial statements, considering the nature of business of the entity, the management needs to make a detailed assessment (to the extent possible based on the information available) of the impact of COVID- 19 on the items, components of the financial statements including disclosures in the financial statements (e.g. appropriateness of carrying values of goodwill and other intangible future operating results, cash flows and financial position of the entity.
Impairment is determined by comparing CARRYING VALUE of the asset with it’s RECOVERABLE AMOUNT. It will be higher of Fair Value less Cost of Disposal and its Value in Use. Impairment rules apply to both Tangible and Intangible Assets. Scope and Applicability: It applies to all tangible, intangible and financial assets except- Inventories (IAS 2) […]
