Common Non-Compliances of Financial Reporting: Equity & Liabilities
The corporates are nowadays considered as Corporate Citizen and stakeholders expect them to follow rules, regulations and other social welfare statutes of the land same and applicable to the citizen of India. They are using resources such as human, economic, governmental, social and natural to earn profit.
To improve the financial reporting practices in the country, the ICAI has constituted Financial Reporting Review Board (FRRB)
As per Section 2(76) of CGST Act, 2017 Motor vehicle shall have the same meaning as assigned to it in clause (28) of section 2 of the Motor Vehicles Act, 1988.
As you are aware taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of State etc. have been done away with in favour of just one taxable event i.e. supply.
When a company acquires shares or gets assent from not less than 90% of shareholders of the transferor company, then the transferee company has right to acquire the balance 10% shares from the shareholders those who dissent from the acquisition offer made by the transferee company.
As per Section 7(5)(b) of the IGST Act, 2017 says that Supply of goods or services or both made to or by a Special Economic Zone developer or a Special Economic Zone unit shall be treated to be a supply of goods or services or both in the course of inter-State trade or commerce.
QUESTIONMs. Sania, a fund manager at institutional investor - Investo House, was reviewing the annual report of one of the major companies in her portfolio. The...
Taxpayer/Consultant should also ensure that company also maintained ''Fixed Assets Register' and also ensure that proper internal control was there for acquisition and disposal of fixed assets and ensure for GST impact on the same.
This article compiles a list of compliance dates related to GST, Income Tax, ESI, and PF Acts, including GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8, RFD-10,
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