A sound financial reporting system is a key contributor to economic development. The financial reporting system should be backed by strong standards (that are aligned…
SA 600 vis-á-vis ISA 600 on using the work of another auditor
Companies expanding through acquisitions will generally have a lot of subsidiaries. These companies are required to prepare their standalone financial statements as well as consolidated…
Reassessment Controversy – put to an end!
The Finance Act 2021 revamped the reassessment process effective 1 April 2021. In early FY 2021-22 the tax authorities had issued more than 90000 notices…
Extending Trade Credit to an associated enterprise can not be equated to the loan facility; Mumbai Tax Tribunal
Tech Mahindra Limited (taxpayer) is an Indian multinational information technology services and consulting company1. Part of the Mahindra Group, the company is headquartered in India.
MCA extends timelines for CSR-2 filing and implementation of the audit trail feature
On 11 February 2022, the Central Government notified amendments to Companies (Accounts) Rules, 2014. The amended Rules apply to companies required to undertake Corporate Social…
Bombay High Court quashes reassessment notices as null and void. States that explanations to Taxation and Other Laws (TOLA) notification
The provisions to reopen the assessment contained in the Act have undergone a huge change. As per this newly introduced provision, before issuing a notice…
On 11 February 2022, the Central Government notified amendments to Companies (Accounts) Rules, 2014. The amended rules apply to companies that are required to undertake…
Supplementary clarifications on TDS/TCS on goods/e-commerce transactions
Tax withholding/collection has always been an area of contention between the taxpayers and the tax deductors/collectors.
AY 2021-22: Revised Extended Tax Return Filing Timelines
Pursuant to the launch of E-Filing Portal 2.0, technical glitches have been faced by the taxpayers.
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