CSR-Covid Spending Clarification

The Ministry of Corporate Affairs vide its General Circular No. 05/2021 dated April 22, 2021 has clarified that the spending of CSR funds for ‘setting up of makeshift hospitals and temporary COVID Care facilities’ is an eligible CSR Activity under item nos.... Read More →

Posted in Regulatory |

Amendment in Schedule III of the Companies Act, 2013 (Applicable w.e.f 01.04.2021)

The Ministry of Corporate Affairs vide Notification G.S.R. 207(E) dt. 24th March 2021 has amended Schedule III to the Companies Act, 2013 which shall be effective from the 1st day of April 2021. The notification incorporates various additional disclosure requirements... Read More →

Posted in Direct Tax |

CBDT notifies format, procedure and guidelines for submission of Statement of Financial Transactions (SFT) for interest and dividend income

Earlier, CBDT vide Notification No. 16/2021 dated 12.03.2021 had notified inclusion of reporting of information relating to dividend income, interest income and capital gains on transfer of listed securities or units of mutual funds for the purpose of SFT. In... Read More →

Posted in Direct Tax |

Revision on Accounting Standards applicability criteria for classification of Non-company entities [Applicable w.e.f 01.04.2020]

The Accounting Standards board of ICAI, at its 400th meeting, held on March 18-19,2021, has “significantly simplified the accounting standards applicability criteria for Micro and small size non-company entities” The primary update to the applicability is the introduction of a new category... Read More →

Posted in Audit & Assurance |

CBIC vide Notification Number 41/2021- customs (N.T.) dt. 05.04.2021 makes Customs (Verification of Identity and Compliance) Regulations, 2021

These regulations shall apply to the following class of persons who are newly engaging in import or export activity after the commencement of these regulations:- Importer;  Exporter;  Customs Broker Provided that the Commissioner of Customs may select any person, who... Read More →

Posted in Regulatory |