CLARIFICATION ON SPENDING OF CSR FUNDS FOR SETTING UP MAKESHIFT HOSPITALS AND TEMPORARY COVID CARE FACILITIES
Ministry of Corporate Affairs (“MCA”) has issued clarification by circular no 05/ 2021 dated April 22, 2021, on the spending of CSR funds for setting makeshift hospitals and temporary COVID care centres in continuation to the MCA’s General Circular No. 10/2020 dated March 23, 2020, wherein it was clarified that spending of CSR funds for […]
Benefits for Manufacturing MSME units under Gujarat Industrial Policy
Introduction: – Situated on the west coast of India, Gujarat is one of the leading industrialized states in the country. Its geographical area of about 2 Lakhs sq. km. accounts for 6% percent of the total area of India. With a coastline of 1600 km, it’s well connected to all the major ports In all […]
MSME – SAMADHAAN
The country’s MSME sector is beset by issues, one of which is significant delays in receiving payments from buyers. For small and medium businesses, this results in unsustainable working capital cycles. One of the main reasons they become non-performing assets (NPAs) is because of this. To solve this delayed/non-payment, the government of India has launched […]
Benefits for Service MSME units Under Gujarat Industrial Policy.
Introduction: – Situated on the west coast of India, Gujarat is one of the leading industrialized states in the country. Its geographical area of about 2 Lakhs sq. km. accounts for 6% percent of the total area of India. With a coastline of 1600 km, it’s well connected to all the major ports In all […]
CERTAIN COMPANIES NOT TO BE CONSIDERED AS LISTED COMPANY
Introduction: The Ministry of Corporate Affairs (MCA) vide Notification No. G.R. E. 123 (E) dated 19th February, 2021, has issued ‘Companies (Specification of definitions details) Second Amendment Rules, 2021’ to further amend the ‘Companies (Specification of definitions details) Rules, 2014’. Amendment: The amendment has inserted another rule after rule 2. The newly inserted rule 2-A excludes the […]
REVISED THRESHOLD LIMITS BY MCA FOR SMALL PERSON COMPANIES AND THE BENEFITS GRANTED UNDER THE COMPANIES ACT, 2013
INTRODUCTION: The Hon’ble Finance Minister Mrs. Nirmala Sitharaman presented the Union Budget 2021 on February 1, 2021. The Budget leads the way for various amendments in the Companies Act, 2013, one of them being the proposal for change in the definition of Small Person Company (SPC) as mentioned in the Companies Act, 2013 (“Act”). This is expected […]
GST calendar for April 2021 at a glance
*Due date Purpose Period Description 10th April 2021 GSTR-7 (Monthly) March’21 Summary of Tax Deducted at Source (TDS) and deposited under GST laws GSTR-8 (Monthly) March’21 Summary of Tax Collected at Source (TCS) and deposited by E-commerce operators under GST laws 11th April 2021 GSTR-1 (Monthly) March’21 Taxpayers having an aggregate turnover […]
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 […]