THE COMPANIES (AUDIT AND AUDITORS) AMENDMENT RULES, 2021
The Ministry of Corporate Affairs (MCA) vide Notification dated 24th March, 2021, has issued ‘The Companies (Audit and Auditor) Amendment Rules, 2021’ to further amend the Companies (Audit and Auditors) Rules, 2014 (“Rules”). The amendments are effective from 1st April,2022 The following are the amendments: Insertion of following 3 clauses to Auditor’s report (in addition to the other […]
THE COMPANIES (ACCOUNTS) AMENDMENT RULES, 2021
The Ministry of Corporate Affairs (MCA) vide Notification No. G.S.R. 205(E), dated 24th March, 2021, has issued ‘Companies (Accounts) Amendment Rules, 2021’ to further amend the Companies (Accounts) Rules, 2014. The following are the amendments as per both the aforesaid Rules: Mandatory use of accounting software having recording audit trail: (As per notification, in rule 3, sub-rule […]
ICSI AUDITING STANDARDS (CSAS-1 to CSAS-4) W.e.f. April 1, 2021
ICSI AUDITING STANDARDS (CSAS-1 to CSAS-4) INTRODUCTION The Institute of Company Secretaries of India (ICSI) issued the following four Auditing Standards applicable on the Audit Engagements accepted by the Auditor: · Auditing Standard on Audit Engagement (CSAS-1) Auditing Standard on Audit Process and Documentation (CSAS-2) Auditing Standard on Forming of Opinion (CSAS-3) Auditing Standard on […]
AMENDMENT OF SCHEDULE V “REMUNERATION” UNDER THE COMPANIES ACT, 2013
AMENDMENT OF SCHEDULE V “REMUNERATION” UNDER THE COMPANIES ACT, 2013 The Ministry of Corporate Affairs (“MCA”) has issued a notification dated March 18, 2021, thereby amending the provisions of Schedule V of The Companies Act, 2013 (“Principal Act”), pursuant to the changes made by Companies (Amendment) Act, 2020 (“Amendment Act 2020”) in the provisions of […]
MANAGERIAL REMUNERATION – The Companies Act, 2013
OVERALL MANAGERIAL REMUNERATION IN TERMS OF THE COMPANIES ACT, 2013 AND SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS), REGULATIONS, 2015 INTRODUCTION The term “remuneration” has been defined under Section 2 (78) of The Companies Act, 2013, (“Act”), which means any money or its equivalent given or passed to any person for services rendered by him and […]
GST Update – | Utilisation of ITC | Cash Payment |
The biggest GST amendment of 2020 was announced by the Government by the CGST Notification to restrict the use of 100% ITC balance for payment of monthly output liability. The summary of said provisions is given hereunder for your immediate reference and consideration. [Introduction of Rule 86B] With effect from the 1st day of January […]
GST Update – || E-Invoice ||
Now, the Government has further extended the E-Invoicing provisions to businesses exceeding Rs.50 crore turnover limit with effect from 1st April 2021. Vide Notification no. 05/2021 dated 8th March 2021. E-Invoicing provisions were made effective in the following phases. from October 1, 2020, issuing E-invoice was made mandatory for businesses with a turnover of Rs […]
REGISTRATION OF ENTITIES FOR UNDERTAKING CSR ACTIVITIES – FORM CSR-1
INTRODUCTION & PURPOSE The Ministry of Corporate Affairs (MCA) has announced new Corporate Social Responsibility (CSR) rules which shall be known as Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. As per the new provisions, every entity that intends to undertake any CSR activity will have to register itself with the Central Government by filing […]