Economists in India and market experts have said that the Government of India is now officially in a protectionist mode.
The result of the novel coronavirus pandemic on the global economy is something beyond comprehension until countries, including India, come out of lockdown mode. In a move which is being received with enthusiasm for the most part in India amid fears of takeovers of Indian domestic industries, the Department for Promotion of Industry and Internal Trade (DPIIT) has, by Press Note No. 3 (2020 Series), amended the Foreign Direct Investment (FDI) policy for curbing ‘opportunistic takeovers/acquisitions of Indian companies due … Read more
The world, as a whole, is on a lockdown currently due to the exceptional situation regarding public health and safety caused by the Coronavirus (COVID-19) pandemic. Further due to economy lockdown the whole world get into disruption.
The Ministry of Corporate Affairs, in order to ease matters for the companies, recently announced a new scheme named the Companies Fresh Start Scheme, 2020 (CFSS) giving one time prospects to defaulting companies to file the pending forms without any additional fees and seek immunity from the penalties and prosecutions as provided under Companies Act, 2013. As the name proposes, it is a … Read more
Tax Deducted at Source is one of the ways of government to collect and secure payment of tax based on fixed percentages on the amount payable by the receiver on goods / services. According to section 51 of the CGST Act, following are the persons who are liable to deduct TDS under GST:
- Department or establishment of Central Government or State Government
- Local Authority
- Governmental Agencies
- Category of persons as may be notified by the government on the recommendation of the GST Council
In addition to the aforementioned persons, the government via notification no. 50/2018 dated 13th September, 2018, added … Read more
Accounting of leases under IFRS 16
Lease accounting is the method of recording and reporting on all of the leased property, equipment, and other non-owned assets that a business or other organization holds. Generally, these contracts are categorized as either operating leases or finance leases.
Under the latest lease accounting standards —IFRS 16, these leases and similar contracts must now be accounted for as assets and liabilities on the balance sheet.
|Accounting by lessees
||Accounting by lessors
|For a contract that is or contains a lease a lessee is required to recognize at the commencement date of a lease|
… Read more
A Limited Liability Partnership has become one of the most sought-after businesses these days. Just as the name implies, it exhibits the blend of both partnership and corporation by offering the advantage of Limited Liability of a company and flexibility of a partnership. All LLPs are administered under the Limited Liability Partnership Act of 2008.
Reasons to initiate the scheme
It had been observed lately that a vast number of LLPs have defaulted in the filing of documents or statutory returns due to numerous reasons. Furthermore, the applicability of additional fees of INR 100/- per day for every day created … Read more
With effect from 15th February 2020, a new web based form named ‘SPICe+’ (pronounced ‘SPICe Plus’) has been introduced replacing the existing SPICe form. SPICe+ stands for Simplified Proforma for Incorporating Company electronically. SPICe+ offers services by 3 Central Government Ministries & Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra), thereby saving as many procedures, time and cost for starting a Business in India. A total of 10 services are being offered by Spice+.
1. SPICe+ is an integrated Web Form.
2. SPICe+ has … Read more
The Finance Minister Smt. Nirmala Sitharaman on 1st February, 2020 presented her 2nd Budget where a new optional personal tax scheme has been proposed vide a newly inserted section i.e. 115BAC applicable to Individuals and HUF only. The income tax slab rates have been reduced significantly in the new regime. However, in order to opt for the new tax regime various key income tax deductions and exemptions as mentioned in subsection (2), which are currently available under the old scheme will have to be forgone.
The following table shows the new slab rates as per Section 115BAC.
… Read more
Employee benefits refer to all forms of compensation (cash/non-cash) paid by an employer to employee apart from salary/wages for the service provided to the employer. Offering employee benefits are essential to attract and retain the talent for the company.
Ind AS-19 deals with accounting of employee benefits
The standard requires an entity to recognize:
- Payroll liability when an employee provides service in exchange for benefits to be paid in the future; and
- Expense when the entity makes use of the benefit derived from service provided by an employee in exchange for benefits to be provided to an employee.
Short term … Read more