Inaugural address by Shri Shaktikanta Das, Governor, Reserve Bank of India delivered at the Economic Times Financial Inclusion Summit on Thursday, July 15, 2021 on the topic” Financial inclusion – past, present and future” is being analyzed in this article. Well positioned as one of the finest monetary theory practitioners and former bureaucrat, Shri Shaktikanta […]
Categorization of Short term and Long Term Asset: Type Termed as Short–Term If Holding period is: Termed as Long-term if Holding period is : Equity funds (Note-1) Less than 12 months 12 months and more Debt funds (Note-2) If less than 36 months More than 36 months Hybrid equity-oriented funds If less than 12 months […]
After its launch in October 2016, there are nearly 2,186,362 sellers and service providers that have already registered on GeM. Not only this but the transaction value on GeM has crossed the milestone of ₹ 1,000,00 Crore till the date of writing this article. Isn’t it interesting? What is GeM? With a motive to enhance […]
I. GOVERNMENT ALLOWS COMPANIES TO CONDUCT EGMs THROUGH VS OR OAVM AND EXTENDS TIMELINE FOR THE SAME: The Ministry of Corporate Affairs vide notification dated 15th June 2021 allowed companies to conduct extraordinary general meetings (EGMs) through Video Conferencing (VC) or other audiovisual means (OAVM), or through postal ballot. The ministry in view of the […]
The Hon’ble Calcutta High Court in the matter Apeejay Tea Ltd. Anr. Vs Union of India & Ors. (Calcutta High Court) has given an interim order dated 08th July, 2021 regarding restraining the respondent’s authorities concerned from deducting tax on source on the basis of the aforesaid provisions of Section 194N till 30th September, 2021. It […]
Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)] When is the tax to be deducted under section 194LBB? The tax shall be deducted at the time of payment or credit whichever is earlier. Rate of TDS under section 194LBB (a) Where such income […]
Understand the format of declaration for filing income tax returns for the last two years, as required by the Income Tax Act.
Disclosures Checklist of Indian Accounting Standards (Ind AS) 1 Ind AS 1, Presentation of Financial Statements S. No. Paragraph Reference Disclosure Yes No NA 1. 1.16 When financial statements comply with Ind AS, disclosure by way of an explicit and unreserved statement of such compliance in the notes. 2. 1.17(c) Additional disclosures when compliance with the […]
CESTAT had deleted the penalty imposed by the Customs Department and held that no penalty could be levied under section 117 if there was no willful intention / wrongful mind for violating the law and such violation occurred was only due to inadvertent omission / system error.
To overcome the impact of challenges being faced by the corporates, Indian Government along with MCA and SEBI has taken several measures like deferment of CARO’s applicability, extension of filing annual audited financial statements; relief for MSMEs & NBFCs, fiscal stimulus of upto Rs. 2 lakh crores to needy people through Aadhar based transfer.
