According to the latest data released by the World Bank, India’s GDP is expected to reach USD 5 trillion by 2025. After taking 60 years to reach the USD 1 trillion mark, India added the next trillion in just seven years. As per the latest IMF forecasts, India’s real GDP will grow at 7.6 % in 2016-17 and 2017-18 which is the highest among the major economies. Continue reading
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
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
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
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