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Finance Bill 2019 gets the assent of the President of India

The Hon’ble President of India gave his assent to finance bill 2019 thereby making it as Finance Act 2019. The proposals in the Finance bill 2019 including the tax changes now become law. Income Tax Exemption of Gratuity Increased The Central Board of Direct Taxes (CBDT) has enhanced the Income Tax exemption limit u/s Section...
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Key Updates in Goods & Services Tax – March 2019

Clarification on mentioning the details of inter-state supplies made to unregistered person in GSTR 3B and GSTR 1 Central Government vide Circular No. 89/08/2019 has clarified: Registered persons making inter-State supplies to unregistered persons (URD) shall report the details of such supplies along with the place of supply in Table 3.2 of FORM GSTR-3B and...
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Ind AS For NBFCs- Impacts & Challenges

The Ministry of Corporate Affairs (MCA) vide notification dated March 30, 2016, has notified that NBFCs having a net worth of Rs. 500 crores or more shall be required to prepare financial statements complying with Ind AS for accounting periods beginning from April 1, 2018, with comparatives and NBFCs having a net worth of Rs....
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Are you a Significant Beneficial Owner of a Company

The law relating to companies provides that a Shareholder or in case there are several shareholders in a company, a majority Shareholder is the owner of a company. In the globalized world, where investment could be made from one corner of the world in a company resident in a foreign jurisdiction, at times it is...
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Active Companies Tagging Identities and Verification – Amendment in Companies (Incorporation) Amendment Rules 2019

The Ministry of Corporate Affairs, on 21st day of February 2019 has notified Companies (Incorporation) Amendment Rules 2019, to insert Rule 25A (Active Companies Tagging Identities and Verification) in the existing Companies (Incorporation) Rules, 2014 which requires every company incorporated on or before 31st day of December 2017 to file particulars of the Company and...
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J-SOX: The Financial Instruments & Exchange Act

Japan-SOX The Financial Instruments and Exchange Act (J-SOX) is the set of Japanese standards for evaluation and auditing of internal controls over financial reporting also referred to as “the Standards” (finalized on February 15, 2007). J-SOX requirements are the Japanese equivalent to U.S. SOX in relation to Sections 302 “Corporate Responsibility for Financial Reports” and...
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Key Updates in Goods & Services Tax – February 2019

Supplies against Advance Authorization shall be considered as “Deemed Exports” Notification No. 01/2019 was issued to provide the conditions for treating the Supplies made against advance authorization as “Deemed Exports” which was earlier notified vide Notification No. 48/2017: The Pre-import condition was removed; A new condition of submitting the certificate of CA stating that the...
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Transforming the way of Lease accounting – Ind AS-116: Leases

Introduction & Objective Ind AS 116 will replace current Ind AS 17 Leases, from its proposed effective date 1 April 2019. This Standard sets out the principles for the recognition, measurement, presentation, and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those...
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