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CBIC vide notification dated March 30, 2021 announced that Penalty for non-compliance with QR Code on B2C transactions waived further for 3 months that is till June 30, 2020.

Hence, companies having turnover above 500 Cr. can initiate adding dynamic QR Code on B2C invoices from 1st July 2021.

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MCA vide Notification dated March 24, 2021 amended the Schedule III to the Companies Act, 2013 to incorporate the general instructions for preparation of the balance sheet and the profit and loss account of an Ind AS compliant company along with additional disclosure requirements.

As per the amendment following Additional Disclosures are also required:

  • Disclosure of Shareholding of Promoters
  • Trade Payables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years
  • Reconciliation of the gross and net carrying amounts of each class of assets
  • Trade Receivables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years
  • Detailed disclosure regarding title deeds of Immovable Property not held in name of the Company.
  • Disclosure regarding revaluation & CWIP ageing.
  • Loans or Advances granted to promoters, directors, KMPs and the related parties
  • Details of Benami Property held
  • Reconciliation and reasons of material discrepancies, in quarterly statements submitted to bank and books of accounts.
  • Disclosure where a company is a declared wilful defaulter by any bank or financial Institution
  • Relationship with Struck off Companies
  • Pending registration of charges or satisfaction with Registrar of Companies
  • Compliance with number of layers of companies
  • Disclosure of 11 Ratios
  • Compliance with approved Scheme(s) of Arrangements
  • Utilisation of Borrowed funds and share premium
  • Details of transaction not recorded in the books that has been surrendered or disclosed as income in the tax assessments
  • Disclosure regarding Corporate Social Responsibility
  • Details of Crypto Currency or Virtual Currency

The above amendment shall come into force with effect from April 01, 2021

Click the link below to access the notification:

Notification

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MCA vide Notification dated March 24, 2021 broadens the scope of reporting by inserting clause e in Rule 11 which defines ‘Other Matters to be included in the Audit Report’

As per the amendment following Additional Disclosures are also required:

  • Reporting regadvances, arding loans & Investment other than disclosed in notes to accounts.
  • Receiving of funds for further lending or investing other than disclosed in notes to accounts.
  • Comment upon above 2 points whether representation made contains any material misstatement.
  • Dividend declared or paid is in compliance of section 123 of CA, 2013.
  • Comment of use of Accounting Software having Audit Trail & other rules therein.

The above amendment shall come into force with effect from April 01, 2021

Notification

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MCA vide Notification dated March 24, 2021 announced that from financial year commencing on or after April 01, 2021 every company which  uses  accounting  software  for  maintaining  its  books  of  account,  shall  use  only  such accounting  software  which  has  a  feature  of  recording  audit  trail  of  each  and  every  transaction,  creating  an edit  log  of  each  change  made in  books  of  account  along  with  the  date  when  such  changes  were  made  and ensuring that the audit trail cannot be disabled.

Notification

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As part of Growing together series CA Parivaar under the mentorship of CA. (Dr.) Sanjeev Kumar Singhal has started a new series –“Gist of commonly observed errors in financial reporting” Every week we are giving gist of 7 cases and their observation as enclosed in the attached file. These are serially numbered. The idea is to help you avoid common errors from financial reporting point of view.

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Gist of commonly observed errors in financial reporting

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As part of Growing together series CA Parivaar under the mentorship of CA. (Dr.) Sanjeev Kumar Singhal has started a new series –“Gist of commonly observed errors in financial reporting” Every week we are giving gist of 7 cases and their observation as enclosed in the attached file. These are serially numbered. The idea is to help you avoid common errors from financial reporting point of view.

Keep Learning

Gist of commonly observed errors in financial reporting

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As part of Growing together series CA Parivaar under the mentorship of CA. (Dr.) Sanjeev Kumar Singhal has started a series “Gist of ICAI Disciplinary Cases”.

Every week we are giving gist of 7 cases decided by ICAI enclosed in the attached file. These are serially numbered.

The idea is to help you avoid common errors from code of ethics point of view.

 Stay tuned

Gist of ICAI Discipliniary Cases

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As part of Growing together series CA Parivaar under the mentorship of CA. (Dr.) Sanjeev Kumar Singhal has started a series “Gist of ICAI Disciplinary Cases”.

Every week we are giving gist of 7 cases decided by ICAI enclosed in the attached file. These are serially numbered.

The idea is to help you avoid common errors from code of ethics point of view.

 Stay tuned

Gist of ICAI Discipliniary Cases

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Tenders are invited from Chartered Accountant firm for Appointment as independent auditor for verification of Revenue of Mumbai International Airport Limited (MIAL) for Financial Year 2021-22&2022-23

The interested firms may apply for the tenders latest by April 13, 2021

 Tender Document

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