25th March 2K21
Ø Fitch revises India GDP growth to 12.8% for FY22
Ø Development forum set up to promote cooperative sectors' growth
Ø India likely to resume new bankruptcy filings after halt expires
Ø Sebi orders attachment of bank, demat, MF accounts of Rana Kapoor
Ø Hotel investment trading volume in India declines 84% in 2020, says JLL
Ø Privatising two PSBs: India Ratings warns of rating impact if govt cedes control
Ø Discom overdue increases 5.5-times in 5 states; disputes rising too
Ø Govt may seek details of interest on interest charged by banks
Ø Jubilant FoodWorks to bring US-based fast food chain Popeyes to India
Ø SC remits to creditors Jaypee Infratech's resolution plan for approval
Ø Adani Green Energy to buy 74.94 MW solar projects of Sterling and Wilson
Ø DHFL debt resolution to spill over into FY22
Ø Project financing confirmed for ONGC-OIL-supported Mozambique LNG project
Ø ABB reaches 5GW milestone in delivering solar plant automation in India
Ø Zetwerk concludes $8.3 million share buyback
Ø Jet Airways bid winners seek nod to discuss restoration of airport slots
Ø Ashok Leyland to deploy e-buses for staff transportation
Ø Glenmark gets USFDA nod for generic antipsychotic drug
Ø No chance of sovereign rating downgrade: Nirmala Sitharaman
Ø Parliament passes Finance Bill 2021-2022
Ø Bank of India to issue Basel III compliant bonds to raise up to ₹750 crore
Ø Bitcoin tops $57,000 after Tesla starts accepting crypto asset as payment
Ø TVS Motors declares second interim dividend of Rs. 1.40 per share for FY21
Ø CAG for setting up of time-frame for roll out of simplified GST return forms
Ø ChrysCapital invests $50 mn in Safex Chemicals for minority stake
Ø Adani Ports to acquire controlling stake in Gangavaram Port for Rs 3,604 cr
Ø One year since COVID-19 lockdown: India still recovering from unemployment blow
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👉🏻Govt hikes PF threshold limit to Rs 5 lakh for earning tax-free interest
(FM raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Qo6RHl
👉🏻Supreme Court lifts blanket ban on NPA classification
(SC said the interim relief granted earlier to not declare the accounts of respective borrowers as non-performing assets stands vacated, ending the blanket ban on classification of NPAs)
👇🏻 👇🏻 👇🏻
https://bit.ly/3faUf0O
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Finance Minister, Smt. Nirmala Sitharaman, has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha. More than 100 changes have been proposed to the original Finance Bill, 2021 which was introduced in the Lok Sabha on February 01, 2021.
GST: payment from the Chinese supplier is a consideration for your tolerating his act of not supplying the goods as agreed. S.No. 5(e) of Schedule II of the CGST Act, 2017 (relevant extracts) specifies the activity of agreeing to the obligation to refrain from an act, or to tolerate an act, or a situation, or …to be treated as supply of service.
Supreme Court orders that there shall be full waiver of interest on interest in Loan Moratorium case The Court held that any amount collected as compound interest shall be adjusted to the next installment payable instead of refunding it to the borrower.
Cabinet approves vaccination for people above 45 years of age from April 1, 2021.
Parliament on Monday approved a Bill to increase Foreign Direct Investment (FDI) limit in the insurance sector from 49 per cent to 74 per cent with the Lok Sabha passing the proposed law by a voice vote.
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⚫The CAG has found that the GST system is prone to input tax credit frauds due to complexity in the compliance system.The complexity of return mechanism and technical glitches had resulted in roll-back of key GST returns, rendering the system prone to ITC frauds.
⚫FM has plugged the loophole on sale of an undertaking by one entity or person to another, which may have repercussions for business transfers as well as mergers and acquisitions. Amendments to the finance Bill, 2021, say that fair market value will be taken as consideration of the sale.
⚫The Govt is spending Rs 7 lakh crore on building green express highways through modern technology which in turn would provide smart transportation and reduce pollution.
⚫Asset distribution to partners will attract capital gains tax.
⚫India has registered 53419 fresh cases of Covid-19 in the past 24 hours. Maharashtra recorded a fresh peak of 31,855 and Delhi reported 1,254 cases
⚫A new double mutant strain of coronavirus has been found in India that causes increased infectivity amid grave concerns over the surge in cases in Maharashtra and Punjab.
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👉 Opting-in for Composition Scheme for Financial year 2021-22
https://www.gst.gov.in/newsandupdates/read/458
👉 Company (Accounts) amendment Rules, 2021Pdf(1.09 MB)
http://www.mca.gov.in/Ministry/pdf/AccountsAmendmentRules_24032021.pdf
👉 Companies (Audit and Auditors) Amendment Rules, 2021.Pdf(2.30 MB)
http://www.mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_24032021.pdf
👉 Amendment to Schedule III to the Companies Act, 2013Pdf(565 KB)
http://www.mca.gov.in/Ministry/pdf/ScheduleIIIAmendmentNotification_24032021.pdf
👉 Results of the Chartered Accountants Intermediate Examination(Old course & New Course) held in January 2021 are likely to be declared on Friday, the 26th March 2021(evening)/Saturday the 27th March 2021 - (24-03-2021)
https://resource.cdn.icai.org/64053exam240321.pdf
👉 Result of online examination for Certificate Course on BRSR held on 20.03.2021 declared - SRSB, ICAI - (24-03-2021)
https://resource.cdn.icai.org/64050srsb240321.pdf
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1. Mandatory use of Accounting Software having Audit Trail
From FY commencing on 01.04.2021, every Company shall use Accounting Software having features to record the audit trail of each transaction, creating the edit log of changes made & ensuring that the audit trail cannot be disabled.
Link: http://mca.gov.in/Ministry/pdf/AccountsAmendmentRules_24032021.pdf
2. Other Matters to be Included in Auditors Report
a. Reporting regarding advances, loans & Investment other than disclosed in notes to accounts.
b. Receiving of funds for further lending or investing other than disclosed in notes to accounts.
c. Dividend declared or paid is in compliance of section 123 of CA, 2013.
d. Comment of use of Accounting Software having Audit Trail & other rules therein.
Link: http://mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_24032021.pdf
Amendments in Schedule III from 1st day of April, 2021
As per the amendments many new disclosure has been mandatory as detailed below:
a. Disclosure of Shareholding of Promoters
b. Trade Payables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years
c. Reconciliation of the gross and net carrying amounts of each class of assets
d. Trade Receivables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years
e. Detailed disclosure regarding title deeds of Immovable Property not held in name of the Company.
f. Disclosure regarding revaluation & CWIP ageing.
g. Loans or Advances granted to promoters, directors, KMPs and the related parties
h. Details of Benami Property held
i. Reconciliation and reasons of material discrepancies, in quarterly statements submitted to bank and books of accounts.
j. Disclosure where a company is a declared wilful defaulter by any bank or financial Institution
k. Relationship with Struck off Companies
l. Pending registration of charges or satisfaction with Registrar of Companies
m. Compliance with the number of layers of companies
n. Disclosure of 11 Ratios
o. Compliance with approved Scheme(s) of Arrangements
p. Utilisation of Borrowed funds and share premium
q. Details of transactions not recorded in the books that has been surrendered or disclosed as income in the tax assessments
r. Disclosure regarding Corporate Social Responsibility
s. Details of Crypto Currency or Virtual Currency
Link: http://mca.gov.in/Ministry/pdf/ScheduleIIIAmendmentNotification_24032021.pdf
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👉🏻Mandatory Accounting Software with Recording Audit Trail for Companies - MCA
(Mandatory Accounting Software with Recording Audit Trail for Companies from Financial year commencing on or after the 1st day of April, 2021 - MCA)
👇🏻 👇🏻 👇🏻
https://bit.ly/3chXd1C
👉🏻GST technical glitches behind input tax credit frauds - CAG
(The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is prone to input tax credit (ITC) frauds due to complexity in the compliance system)
👇🏻 👇🏻 👇🏻
https://bit.ly/31iFeBG
👉🏻Recent Supreme Court Rulings on Indirect Taxes
(Latest Supreme Court Judgements on Indirect Taxes discussed by CA. Manish Sachdeva)
👇🏻 👇🏻 👇🏻
https://bit.ly/2P7Kzth
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