The 40th GST Council was held on 12th June 2020 with major relaxations given to MSME taxpayers. A reduced interest at 9% will be charged for any further delay in the filing by small taxpayers beyond 6th July 2020 until 30th September 2020. Further, no late fee will be charged for nil GSTR-3B pertaining to […]
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How to operate CA firms and other firms during lockdown Read More »
Icai given notifications stating that students can opt out from july 2020 attempt and opt in for nov 2020 attempt. In this case, the examination fees and exemption, if any, of the particular student will automatically be shifted and carried forward to next examination i.e. November 2020 cycle and this attempt (May 2020) will be
ICAI given option to CA students to option to opt out from july 2020 exam Read More »
India’s foreign exchange reserves have soared past half a trillion dollars, helped by a rebound in equity flows and foreign direct investment deals. Forex exchange reserves rose to $501.7 billion for the week ended June 5, up by $8.22 billion. This is the highest level of forex reserves India has ever held. Big contributor of
The RBI has proposed an upper age limit of 70 years for CEOs and whole-time directors of banks and a maximum term of 10 years for those belonging to the promoter group, as part of the exercise to improve governance in the banking sector. RBI said that “10 years is an adequate time limit for
RBI put restriction on promoters becoming CEO and WTD Read More »
The government on June 10, 2020, released Rs 6,195.08 crore to 14 states as the third equated-monthly instalment of the post devolution revenue deficit grant as recommended by the 15th Finance Commission. This would provide them additional resources during the corona crisis. States — Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab,
Impact on aviation: As you tourism and traveling was restricted during lockdown in mostly all of COVID-19 impacted countries, obviously there will great loss for them for that period and aviation industry have gone downward. However now government of many countries have started operating in restricted manner, we hope that aviation sector can recover their
Now, these taxpayers with NIL liability need not log on to the GST Portal and may file their NIL returns through a SMS. Functionality of filing Nil FORM GSTR-3B through SMS has been made available on the GSTN portal with immediate effect. The status of the returns so filed can be tracked on the GST
The US International Development Finance Corporation (DFC) is looking to invest $350 million in India to support multiple projects in the country’s financial services sector, health infrastructure, renewable energy and food security space. DFC, known as America’s development bank, has approved loans worth $142 million for ReNew Power and $50 million for Sitara Solar Energy
Development Finance Corporation (DFC) is looking to invest $350 million in India Read More »
Impairment analysis Due to Covid-19, it is evident that many businesses supply and demand affected and this area must be assessed thoroughly to determine the impairment. Events such as inventory obsolescence or cash generating units whose market value decline is an indicator of impairment. Provision on trade receivables due to sudden extension in tenure would