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Authorized push payment fraud

Authorized push payment fraud

Authorized push payment fraud (or usually abbreviated as an APP Fraud) can be defined as a fraud in which victims are exploited in such a manner that they enter into making real-time payments to persons acting as shams. This kind of fraud is usually carried out in various ways which may include: social engineering attacks involving impersonation acts.

This kind of fraud came into light through a very recent incident that happened in the United Kingdom where fraud victims had authorized the payments fallaciously even after knowing the fact that such payments are not going to be reimbursed by their … Read more

What are Fringe Benefits?

Fringe benefits-Definition, Types, Examples and Tax treatment with an illustration

Fringe benefits may be defined as the additional benefits that are meant for supplementing the money wage or salary of an employee. There are certain fringe benefits that are offered to the entire workforce working in the company while there are specific fringe benefits that are only meant for offering to only those who are working at executive levels. It thereby means that some fringe benefits are statutory in nature while certain fringe benefits are provided voluntarily by the employer.

There are various types of fringe benefits that are generally offered to the employees which may include health insurance, subsidies … Read more

Changes in form GSTR-9C

Changes in form GSTR-9C

CBIC has issued Notification No. 56/2019–Central Tax dated 14th November, 2019 and has simplified Annual Return GSTR-9 & GST Audit GSTR-9C vide Central Goods and Services Tax (Seventh Amendment) Rules, 2019.

It notifies various changes in Form GSTR-9C to give effect to its applicability for F.Y 2017-18 and 2018-19. This notification provides substantial relief by making various mandatory fields ‘optional’ for the F.Y 2017-18 and F.Y. 2018-19.

Some significant fields which are made optional in GSTR 9C are listed below:

 

Reference Particulars before change Particulars after change
FORM GSTR-9C, in Paragraph 4-Table 5B Unbilled revenue which was recorded in
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Critical Audit Matters (CAMs)

Critical Audit Matters (CAMs)

The new requirement for auditors to report critical audit matters (CAMs) is the most significant change to the auditor’s report by the Public Company Accounting Oversight Board (PCAOB) in United States via its new standard AS 3101. The determination of CAMs is principles-based and depends on the facts and circumstances of each audit. To date, only a limited number of audits have been subject to the CAM requirements. The second effective date, which impacts audits of all other companies to which the requirements apply is for audits of fiscal years ending on or after December 15, 2020.

What is a Read more

benefits-of-team-collaboration

Collaboration Agreement

A collaboration agreement is an agreement between 2 or more parties looking to work together on a commercial project on a collaborative or cooperative basis. It involves participation by at least two parties who agree to share resources, such as finances, knowledge, and people. The essence of collaboration is for all parties to mutually benefit from working together. Collaboration agreement illustrates certain terms and conditions (T&C) of the parties’ working relationship including the allocation of responsibilities and division of revenues derived from the exploitation of the work. The agreement is made among the involved parties.

It is generally done when … Read more