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Category Archives: Latest News

Closure of Books of Accounts as on 31st March, 2024

Action to be taken before Closure of Books of Accounts as on 31st March, 2024

Closure of books of accounts seems like essential moment for enterprises, importance of the financial performances for a particular period. As we are…
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Section 43B(h) of Income Tax Act

Wholesale and Retail Trade is not applicable in Section 43B(h)

The landscape of taxation and deductions in India, as governed by the Income Tax Act 1961, presents a provision of wholesale and retail…
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Rent reciepts under IT scanner

Rent Receipts under IT Scanner: An Analysis of Compliance and Tax Implications

Rent receipts scanned under income tax scanners are subject to tax scrutiny and have received a lot of attention in recent years. Tax…
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Rajasthan Budget 2023

Rajasthan’s Budget 2023: Characteristics and Highlights

The state budget for Rajasthan, with the theme of "Bachat, Rahat, Badhat," was unveiled on Friday by Chief Minister Ashok Gehlot. Given that…
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Budget 2023 Key Highlights

Budget 2023 Key Highlights: All you need to know about the Budget 2023

In her fifth consecutive budget speech, Union Finance Minister Nirmala Sitharaman made up to five personal income tax announcements on 1st February 2023…
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Budget 2023 Expectations Updates

Expectation of common man with Budget 2022- 2023 regarding Income Tax and Taxation

Before the annual Budget announcement, pictures of India's finance ministers entering parliament while carrying briefcases circulated for years. All of that changed in…
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Legal Obligations & updates in India for December 2022

Monthly (December 2022) Legal Obligations + Legal Updates for India

The taxpayer has to keep in mind certain points for every month of the calendar so that he could not forget to fulfill…
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SEBI Settlement Scheme 2022

A Quick Overview of SEBI’s Settlement Scheme, 2022

The Securities Exchange Board of India recently issued the SEBI Settlement Scheme 2022 in a public notification dated August 19, 2022. SEBI's Settlement…
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Appointment of Foreign Directors in Indian Company

Appointment of International Citizen as Director of Indian Company

The Ministry of Corporate Affairs (MCA) has notified an amendment for a situation when a person who belongs to a neighboring land border…
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Statutory Tax Compliance Tracker for September, 2022

Statutory Tax Compliance Tracker for September, 2022

Indian taxes are classified into two types: direct taxes and indirect taxes. Direct taxes are levied on the income earned by various types…
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Physical Company registered office of company

Companies Act, 2013 (Amendment): Physical verification of Addresses of the registered offices of Companies

The MCA (Ministry of Corporate Affairs) has with a recent circular inserted provisions to strengthen the law that makes the process of 'Physical…
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applicability of caro 2020

Brief History of CARO & Applicability/Coverage of CARO 2020

A new structure for statutory audits of companies has been announced by the Ministry of Corporate Affairs (MCA). Companies (Auditor's Report) Order, 2020…
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Appointment & Qualification of Directors

Appointment & Qualification of Directors Amendment Rules, 2022 – Analysis

The Ministry of Corporate Affairs (MCA) in a notification dated June 1, 2022, issued the Companies Amendment (Appointment and Qualification of Directors) Rules,…
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Listed Companies need not send hard copies of annual reports

Listed Companies need not send hard copies of annual reports till 31.12.2022

The Ministry of Corporate Affairs (MCA) has approved the holding of the Annual General Meeting (AGM) in electronic mode until 31 December 2022.…
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Regulation 23 of SEBI (LODR) Regulations 2015

Regulation 23 of SEBI (LODR) Regulations 2015

  According to statistics, family-owned companies account for the majority of all enterprises in India, accounting for a substantial part of total employment.…
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CARO 2016 & CARO 2020

Comparative summary of CARO 2016 & CARO 2020

CARO 2020 represents the Companies (Auditor's Report) Order, 2020. Section 143 of the Companies Act, 2013 states that auditors are authorized to report…
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amendments to IRAC norms for bank branch auditors

Important amendments to IRAC norms for bank branch auditors-2022

Prior to 1992, banks used to recognize interest on the whole portion of loans and advances, regardless of whether each loan advanced was…
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Directors and Officers Liability Insurance in Present Corporate Scenario

Directors and Officers Liability Insurance in Present Corporate Scenario

Directors and Officers Liability Insurance is quite a new concept in the Indian Corporate Scenario. It is often termed D&O Liability Insurance and…
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SEBI IPO Disclosure Norms for Loss Making Companies

SEBI IPO Disclosure Norms for Loss Making Companies

There are a lot of new-age companies that are not performing up to the mark in the market. They have no track record…
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Applicability of Accounting Software with Audit Trail

Applicability of Accounting Software with Audit Trail

To reduce the risk of fraudulent transactions or manipulation in the books of accounts, the MCA has issued a notice requiring the company to…
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New Scheme of Taxation under Section 115BAC of Income Tax Act, 1961

A new tax planning comes into force by inserting a new section in Income Tax Act, 1961, which is known as Section 115BAC…
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Limited Liability Partnership Amendment Rules 2022

The Limited Liability Partnership (Amendment) Rules, 2022

The Limited Liability Partnership (Amendment) Rules, 2022 have been published by the government. Further, Rules 5, 18, 19, and 37 have been amended.…
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Highlight towards The Union Budget of Fiscal year 2022-2023

Highlight towards The Union Budget of Fiscal year 2022-2023.

Nirmala Sitharaman" The Finance Minister of India displayed the fourth Budget of the Modi 2.0 government today (1st of February). The budget recommendations…
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Compliance calendar for January 2022

Compliance calendar for January 2022

Due to the pandemic there are a large number of compliances under the Companies Act, 2013, (Act). The additional timelines have been provided by…
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SEBI (LODR) (Third Amendment) Regulations 2021

SEBI (LODR) (Third Amendment) Regulations, 2021

Table of Contents Introduction Enhanced independence criteria for Independent Directors Timeline for obtaining Shareholder Approval for Each Director's Appointment, including IDs Additional Information…
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LLP Amendment Act 2021

Key Takeaway of the LLP (Amendment) Act, 2021

A "Limited Liability Company (LLP)" is a contemporary type of a limited liability legal entity. It is a unique corporate structure offering the…
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All you need to know about Taxation Laws (Amendment) Bill, 2021

  The taxation laws are a very important part of the economic cycle of any society. These laws are for betterment of citizens…
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Overview of Rights Issue-New Rule 12A

Any operating business needs funds for expansion as well as smooth running of the business. Now the business can choose to opt for…
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IEPF Authority (Accounting, Audit, Transfer, and Refund) Amendment Rules, 2021

The MCA has issued The IEPF Authority (Accounting, Audit, Transfer, and Refund) Amendment Rules, 2021 on June 9th, 2021 for amendment of the…
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All you need to know about Form MGT-7A

  Ministry of Corporate Affairs on 5th March 2021 amend Companies (Management and Administration) Rules, 2014, and issued Companies (Management and Administration) Amendment…
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MCA recently introduced new form AGILE-PRO-S

The Ministry of Corporate affairs vide The Company (Incorporation) Fourth Amendment Rules, 2021 has introduced new E-form AGILE-PRO-S. This form is required to…
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COVID Impact: MCA allows Board of Directors to approve Board’s Report, Financial Statements etc. through Video Conferencing

Given the situation of ‘new normal’ ushered in by the pandemic, the functioning of the corporates has drastically changed. The adherence to the…
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All you need to know about Major Changes under GST in Union Budget 2021

Finance Minister Nirmala Sitharaman, in Budget 2021, announced multiple changes to the goods and services tax framework aimed at helping small and medium…
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Budget Highlights – Income Tax Financial Highlights 2021

Budget Highlights - Income Tax Financial Highlights 2021 The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st…
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