Internal Financial Control Exemption to Private Companies

As per provisions of Section 143(3)(i) of Companies Act,2013 (hereinafter referred as CA 2013), The Auditor Report shall state whether the Company has adequate IFCs with reference to financial statements in place and the operating effectiveness of such controls.

For more details please go through the attached document:-

Applicability of Internal Financial Controls

Disclaimer:

The information contained herein is in summary form of Notifications/Clarifications Issued by Ministry of Corporate Affairs and is based on information available in public domain. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in Audit & Assurance |

Remote Auditing

The general framework for auditing is changing from planning the audit to review procedures. Now entire audit is carried out using remote techniques. This is done completely without the physical presence of the auditor on site. Remote auditing provides major advantages including increased flexibility and shorter set-up times. In addition, travel restrictions, costs and extensive preparations are eliminated to save time and money.

For more details please go through the attached document:-

Remote Auditing Update

Disclaimer:

The information contained herein is in summary form and is based on information available in public domain. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of such information. Reader should conduct and rely upon their own examination, investigation and analysis and are advised to seek their own professional advice. This document is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies on it.

Posted in Audit & Assurance |

Relief to Exporters by the Government by Extending them the Export Incentives and Exemptions

The present Foreign Trade Policy (FTP) 2015-2020, which came into force on April 1, 2015, had a five-year validity i.e. up to March 31, 2020. In view of the unprecedented situation arising out of the COVID-19 pandemic, the government has decided to continue the relief under various schemes by granting extension of Foreign Trade Policy by another one year i.e. up to 31st March’2021.

For more details, Please go through the attached document:-

DGFT update

DISCLAIMER:

The information given as above is in summary form based on the relevant DGFT notifications, public notices, press release and information available in public domain. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Recipients should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This   note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

 

Posted in GST |

CBIC Clarified Certain Issues Related to Refund Under GST

Various clarifications have been issued for refund related matters in different span of time under GST, a master circular (C.No.125/44/2019-GST dated 18.11.2019) was also issued subsuming most of the earlier refund related issues. Again CBIC, by way of Circular No. 135/05/2020 has clarified various refund related issues.

     For more details please refer the attachment:-

CBIC clarified certain issues related to refund under GST

DISCLAIMER:

The information given as above is in summary form based on the relevant CBIC circular as per link attached above and information available in public domain. . While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This   note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

 

Posted in GST |

Start-Up India Scheme

Start-up India Scheme is an initiative by the Government of India for generation of employment and wealth creation. The goal of Start-up India is the development and innovation of products and services and increasing the employment rate in India. Ministry of Commerce and Industry has defined Start-up eligibility criteria vide Notification No. G.S.R. 364(E) dated April 11, 2018 as modified vide Gazette Notification No. G.S.R. 34(E) dated January 16, 2019 and Notification No. G.S.R. 127(E) dated 19th February, 2019.

For more details, Please go through attached document.

Start up India Scheme

 

DISCLAIMER:

The information contained herein is in summary form and is based on information available in public domain, relevant circulars, notifications under different Acts i.e. Companies Act, Income Tax Act,1961, FEMA. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Recipients should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This   note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in Regulatory |