Objective This standard deals with: Recognition of the assets. The determination of the carrying amounts. The Depreciation charges. Recognition of impairment losses. Non-Applicability of Ind AS-16 This standard does not apply to: PPE as held for sale. Biological assets related to agricultural activity other than bearer plants. Recognition and measurement of exploration and evaluation assets....
New e-form MGT-7A and revised e-form MGT-7 is now available in line with the Companies (Management and Administration) Amendment Rules, 2021 at MCA portal. A. BACKGROUND- Every company in India needs to prepare the Return under section 92 sub-section-1, called Annual Return. No company enjoys any exemption from the preparation of the Annual Return, whether...
Background: Intermediary under GST GST being a destination-based consumption tax is charged in accordance with the place of supply of goods/services. In this regard, the term ‘Intermediary’ occupies a significant analysis for identifying the GST implications with respect to transactions where the place of supply is outside India. Intermediary is defined under sub-section (2) of...
Brief Background: – CARO stands for Companies Auditor Report Order. It is an order which lists down the matters on which an auditor is required to report. Section 143 of Companies Act, 2013 mandates reporting on CARO. CARO was introduced to get reports on certain matters that Ministry of Corporate Affairs (MCA) deemed important. Thus,...
Is Filing of E-Form ADT-1 as per Rule 4(2) of the Companies (Audit and Auditors) Rules, 2014 mandatory in case of appointment of the First Auditor of the Company? A. Introduction As per Section 139 of the Companies Act, 2013, the first Auditor shall be appointed in the company by the Board of Directors under...
Recently the CBDT has come up with a section 206AB to curb the non-filers of Income tax return having huge tax credits in form of withholding taxes. This section was first introduced vide Finance Act 2021 effective July 01st, 2021. Before getting into the intricacies, we hereby reproduce provisions of Section 206AB of the Income...
A key understanding of intricacies of newly introduced section 194-Q relating to withholding tax on purchase of goods and its interplay with Section 206AA/206AB, relating to deduction of TDS at higher rates, is essential for day-to-day compliance by organizations. The said provisions of section 194-Q are applicable from 01st July 2021. As special provision for...
Considering the second wave of Covid-19, in order to provide ease of compliance to the taxpayers, the GST council had recommended various relaxations under the GST law. Presented herewith is a consolidated summary of various notifications issued for implementation of such relaxations: A. Relaxations recommended by GST Council: 43rd GST Council Meeting (Notified by respective...
A. Brief Background MAT stands for Minimum Alternate Tax. MAT was introduced by the Finance Act, 1987 with effect from the assessment year 1988-89. Later on, it was withdrawn by the Finance Act, 1990, and then reintroduced by Finance (No. 2) Act, 1996, w.e.f 1-4-1997. The concept of MAT was introduced for companies and progressively...
The Finance Bill, 2021 takes the same recourse by inserting Section 194Q, Section 206AB, and Section 206CCA. Section 194Q: Earlier Govt. has proposed and implemented 206C(1H) on the sale of goods. Now similar provision is applicable from 01st July 2021, that ’buyer’ being a responsible person for paying any sum to any resident seller for...
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