On 24th February, 2022, Russia & Ukraine entered into a conflict, which has affected the Indian Economy, resulting in consequences & impacts on different areas & aspects. In a United Nations (UN) meeting, India abstained from voting. India has maintained a neutral stance in the UN meeting. 40 days elapsed since the start of this conflict. Moving on further, let’s discuss few key points of Russia-Ukraine conflict & it’s impact on India & it’s economy:
As per this new clause, a Taxpayer will be allowed to file an ‘Updated Return’ to file Pending Return or correct the Omissions and Errors that are reported in the Original Return. The Time limit for filing the Updated Return is within two years from the end of relevant Assessment year.
The scope of the Equalization levy was expanded by the Government of India in the Finance Act, 2020 in order to include the supply of goods and/or services given by an e-commerce operator. The Equalization levy is levied at the rate of 2% on any amount received or receivable by an E-commerce operator from an e-commerce supply of service made or provided
Valuation aspects company needs to consider at the time of issue/transfer of shares
Companies Auditor’s Report Order 2020 brings more enhanced reporting disclosures which will provide more accurate insights to the business with completeness and accuracy providing the stakeholders knowledge about operational and financial position of the company. Such enhanced disclosures will provide foreshadow about corporate failures before the actual collapse Onus of comprehensive disclosure lies on both […]
In this article, we are depicting some of the key parameters which can help E-commerce sellers or anyone planning to start their E-commerce business to assess / step-up their compliance processes:
Having effective internal controls is one of the most vital aspects in any organization’s operation. Among organizations that need effective operating internal controls, Charitable Institutions are found to be at the top of the list because they are administered and functioned by different third-party stakeholders to serve the ultimate needs and goals of numerous participants or beneficiaries.
Understand the process after filing your Income Tax Return. Learn about the Department’s assessment and the actions taken.
The Income-tax department requires companies to submit a statement of Specified Financial Transactions (SFT). SFT reporting is mandatory for certain reporting entities from Finance Act 2014 by introducing section 285BA followed by additions made in Finance Act 2020 through notification no. 16/2021, dated 12-03-2021. This article focuses on SFT reporting which is applicable to the companies and documents require for reporting such transactions.
Introduction- Process review or process audit is an examination of significant process/processes i.e. business and operational key risks and the controls established to mitigate those risks, including compliance with laws, regulations & established policies. Process audit stages & deliverables- Audit Stages Deliverables Pre-planning Determining the scope, area & period of process to reviewed Planning Understanding […]
