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Archive: 05 January 2022

Posts in 05 January 2022

Appointment and Qualification of Directors

January 5, 2022 114471 Views 1 comment Print

The appointment of a Director is not only an important management requirement but also a process requirement that must be met by every company. Under the Companies Act, only one person may be appointed as a Director; a company, organization, firm, or other body with legal capacity cannot be appointed as a Director. Requirement of […]

Request for Section 234F Late Fees waiver & extension of TAR/ITR due dates

January 5, 2022 22383 Views 0 comment Print

Tax Advocates Association Gujarat has made a Request for waiver of Late Fees under section  234 F of the Income Tax Act, 196 and extension of DUe Date for filing of audit report & audited Income Tax Return for A.Y. 2021-22. Full Text of their representation is as follows:- Tax Advocates Association Gujarat To, 1. […]

Exposure Draft of Revised AS 103, 111, 111, 28 for Comments

January 5, 2022 528 Views 0 comment Print

Exposure Drafts of following revised AS have been issued by the ASB for comments with the last date being February 3, 2022: AS 111, Financial Reporting of Interest in Joint Ventures, AS 28, Accounting for Associates and Jointly Controlled Entities, AS 103, Accounting for Amalgamations and AS 110, Consolidated and Separate Financial Statements

Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures

January 5, 2022 669 Views 0 comment Print

Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers, regardless of the structures or forms under which the joint venture activities take place.

Exposure Draft of AS 28, Accounting for Associates and Jointly Controlled Entities

January 5, 2022 1044 Views 0 comment Print

Exposure Draft of AS 28, Accounting for Associates and Jointly Controlled Entities set out principles and procedures for recognising the effects of the investments in associates and to set out the requirements for application of the equity method when accounting for investments in associates and joint controlled entities.

Exposure Draft of AS 110, Consolidated and Separate Financial Statements

January 5, 2022 813 Views 0 comment Print

Exposure Draft of AS 110, Consolidated and Separate Financial Statements shall be applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent.

Exposure Draft of AS 103, Accounting for Amalgamations

January 5, 2022 2376 Views 0 comment Print

Exposure Draft- Accounting Standard (AS) 103- Accounting for Amalgamations deals with accounting for amalgamations (including business acquisitions) and the treatment of any resultant goodwill or reserves.

Compliance of Directions issued by DDMA for Offices working under GNCT of Delhi as involved in Non Essential services

January 5, 2022 549 Views 0 comment Print

All urgent and time bound activities must not be left unattended. Such activities may include time bound assessment, time bound completion of proceedings, compliance and follow up of High Court Orders and other Court proceedings, time bound completion of insolvency proceedings, time bound disposal of registration applications, action on the notices of cancellation, revocation etc., and other such activities. The Concerned Officers to complete all such activities in time bound manner in Work from home mode and if required may visit the Office, as needed so as to ensure proper disposal within the given timeline.

SEBI invites Applications under SEBI Young Professional Program

January 5, 2022 1674 Views 0 comment Print

SEBI invites applications from eligible candidates who are desirous of engagement with the Board under its Young Professional Program. The details of the program and the various terms and conditions thereof are explained in detail in the subsequent paragraphs.

Non-submission of receipt of electricity bill is not a ground of rejection of application for GST registration

January 5, 2022 26466 Views 3 comments Print

HC set aside the rejection of application of GST registration on the ground that, if for the purpose of proof of business ownership there is an option to furnish either house tax receipts or electricity bill receipts, then application cannot be rejected on the basis of non-compliance if receipt of electricity bills are not furnished.

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