Note on Internal Financial Controls Exemption for Private Limited Companies

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

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

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 |

Final Notification u/s 10(38)

The Finance Act, 2017 (“FA 2017”) brought an important amendment to section 10(38) of the Income‑tax Act, 1961 (“the Act”) to provide that exemption of Long Term Capital Gains (‘LTCG’) under this section arising on transfer of equity shares acquired or on after 1st day of October, 2004 shall be available only if apart from other existing conditions, the acquisition of share is also charged to STT. Continue reading

Posted in Direct Tax |

Key Highlights of the 15th GST Council Meeting

Finance Minister Arun Jaitley on Saturday chaired the 15th meeting of the GST Council which has decided tax rates on essential items such as gold, textiles, packaged food, Bidis, Solar panels, Biscuits and footwear among others. The Goods and Services Tax (GST) Council cleared the pending rules (Transition provisions and Returns) for the rollout of the new indirect tax regime from July 1. All states have agreed to the July 1 rollout timeline except West Bengal. Continue reading

Posted in GST |