In case, NFRA takes any drastic decision to exempt the need for statutory audit of MSME companies for any reason, the size of frauds would go up and the Indian economy will be in the doldrums.
One of the most contentious amendments is insertion of a new proviso under Regulation 23 (2) prescribing that only independent directors, who are the members of the Audit Committee shall approve related party transactions.
Failures test our potential to come back. Every success story we read or hear have failures behind them. Those who succeed didn't let failures take the better of them.
Section 115BBDA is removed from AY 2021‐22 onwards, hence corresponding dropdowns are removed from sl. No. 2c, 2d and 2e of schedule OS and respective changes are done in sl.no.10(i).
Form 26AS is the most important statement while filing an ITR. One should always match the details with it for avoiding any notices and intimations from the department.
As per Rule 86A, a commissioner or any officer authorized by them can block the ITC available in the electronic credit ledger of the taxpayer if they have reasons to believe that he has fraudulently availed ITC.
The allowable difference between the full value of consideration u/s. 50C and value of property as per stamp authority has been increased from 1.05 times to 1.10 times.
07 October 2021
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Removal of Statutory audits on MSMCs might facilitate frauds and misstatements since GST and Tax audits have been scaled down. Moreover, minority interest in companies will be affected.
As per section 139 of the Companies Act, 2013, the first auditor of the company shall be appointed by the board of directors within 30 days of Incorporation or Registration of the Company.
Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.
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