Proposed Financial Year change from 2018

Posted on August 1, 2017

The Union Government is planning to change the financial year accounting from January to December, from 2018. If implemented, this would be another major change after the Budget presentation on February 2017. Continue reading →

Posted in Finance Budget |

Final Rules prescribing method of valuation of unquoted shares

Posted on July 20, 2017

CBDT has notified amended Rule 11UA prescribing method of valuation of fair market value (‘FMV’) of unquoted equity shares for the purpose of section 56(2)(x) . Section 56(2)(x) provides that where any person received any property without consideration or for a consideration less than FMV then the difference between FMV and consideration paid shall be deemed to be the income of the receiver. Continue reading →

Posted in Direct Tax |

Note on Internal Financial Controls Exemption for Private Limited Companies

Posted on July 13, 2017

Internal Financial Controls – Applicability on Private Limited Companies

As per provisions of Section 143(3)(i) of companies Act, The Auditor Report shall state whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

MCA vide its notification dated 13th June 2017 (G.S.R. 583(E)) amended the notification of the Government of India, In the ministry of corporate of affair, vide no G.S.R. 464(E) dated 05th June 2015 providing exemption from Internal Financial Controls to following private companies: Continue reading →

Posted in Audit & Assurance | Tagged , , |

GST Updates

Posted on June 30, 2017

1. In a bid to ensure the smooth rollout of GST, the Ministry of Finance has deferred the applicability of provisions related to TDS (Tax deducted at source) for notified supplies/government supplies and TCS (Tax collected at source) for ecommerce players.

2. Implementation of the e-way bill has been postponed by the Centre by a few months. The present system for E-way Bill in States to continue, till the E-Way Bill procedures are finalized. Continue reading →

Posted in GST |

Key Takeaways from the 17th meeting of GST Council held on June 18, 2017

Posted on June 20, 2017

Keeping the deadline of July 1, 2017 as target for GST rollout, GST Council deliberated upon certain issues in its 17th meeting held on June 18, 2017 at Delhi.

1. The GST Council has affirmed the rollout of GST w.e.f 1st July, 2017. The council will organize a special launch Programme to be held in the capital state from midnight of June 30 & July 1. Continue reading →

Posted in GST |