Tax Audit: Its Intro, applicability, manner of filing, forms of report, and Part-A of Form 3CD

Income-tax law requires the assessee to get his books of accounts audited in pursuance of the requirement under Section 44AB of The Income Tax Act, 1961. The Chartered Accountant conducting the tax audit is required to give his findings, observations, etc., in the form of an audit report at the e-filing portal of Income-tax in Form No. 3CA/3CB and 3CD. In this story, we would discuss the reporting requirement of each clause, that are contained in Part A of Form 3CD.

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Lok Sabha passes Farm Laws Repeal Bill, 2021

Lok Sabha has passed The Farm Laws Repeal Bill, 2021 to repeal three farm laws namely Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, the Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, the Essential Commodities (Amendment) Act, 2020 and to amend the Essential Commodities Act, 1955.

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Co-operative societies can’t use the word “Bank” in their names, RBI cautions general public

RBI has cautioned about Co-operative societies using the word “bank” in their names and for accepting deposits from non-members. RBI said that Cooperative societies cant use the words “bank", "banker" or "banking" as part of their names, except as permitted under the provisions of BR Act, 1949 or by the RBI. It also informed that Co-operative societies have neither been issued any licence under BR Act, 1949 nor are they authorized by the RBI for doing banking business.

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SEBI comes with up investor charter prescribing rights and responsibilities of investors

In order to protect the interests of investors, the market regulator, SEBI has introduced the investor charter to help investors understand the risks involved. The charter includes rights and responsibilities of investors and dos and don’ts of investing in securities market. One of the objects of charter is redressal of investor grievances filed in SCORES in a time bound manner.

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Taxmann’s Investee EdTech ‘Mindler’ acquires ‘Immrse’ to provide virtual internships

Taxmann has invested in an education technology start-up Mindler Education Pvt. Ltd. Mindler is an ed-tech start-up that focuses on shaping the career guidance landscape. Mindler announces acquisition of Immrse, a virtual career internship and simulation platform to empower its users with an added solution to its existing portfolio of career discovery and planning tools.

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SEBI inaugurates SEBI Pavilion at India International Trade Fair, New Delhi

With a view to showcasing the well-regulated securities market and spreading awareness about the capital market, the SEBI has decided to inaugurate the SEBI Pavilion at the India International Trade Fair (IITF), 2021 at Hall No.12A, Pragati Maidan, New Delhi.

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Draft Policy on General Authorisation for Export of Chemicals and related equipment

The Government has issued draft policy on General Authorisation for Export of Chemicals and related equipment. It is circulated for public/industry comments by November 5th, 2021 which can be sent to scometdgft@nic.in.

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European Authorities to widen Amazon antitrust probe after Reuters story: Labour Union

A worldwide trade union for the services industry requested European antitrust authorities to expand their investigation into Amazon.com Inc to see if the Company was involved in manufacturing counterfeit items and manipulating search results on its platform.

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CCI approves of internal restructuring of TVS Group

The Competition Commission of India has approved the internal restructuring of the TVS Group, under Section 31(1) of the Competition Act, 2002. The proposed combination contemplates an internal restructuring within the TVS group pursuant to the execution of a Memorandum of Family Arrangement, the Composite Scheme of Amalgamation and Arrangement dated 29 January 2021 between the Parties and board resolutions.

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Govt. allows 100% FDI in Telecom Sector under automatic route

The Government vide Press note No. 4 (2021 Series) has reviewed the extant FDI policy on Telecom Sector and has increased the FDI limit from 49% to 100% under automatic route. The FDI in Telecom sector however, shall be subject to restrictions envisaged in Para 3.1.1 of the FDI policy (as amended vide. Press Note No. 3 dated 17-04-2020) which requires prior Government approval. Accordingly, any entity of border sharing countries can invest in Telecom Sector only under Government route.

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CBDT prescribes conditions to claim relief on offshore indirect transfer of Indian assets

The CBDT had issued the draft rules on 28-08-2021 prescribing the specified conditions to claim the above relief. After examining the stakeholder comments on the draft rules, the CBDT has notified the final rules vide Notification No. GSR 713(E), dated 01-10-2021. The summary of newly inserted rules has been incorporated in this article

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InVITs can offer and allot units on a private placement basis only to institutional investors and bo

In an interpretative letter issued under SEBI (Informal Guidance) Scheme, 2003, the SEBI has replied to a query sought by Amibit Private Limited. The query was whether privately placed InvIT can issue and allot units to natural persons under preferential issue guidelines in exchange for receipt of securities of the target SPV? SEBI replied that offer and allotment by InvIT on a private placement basis whether initial or further can be made only to Institutional Investors and Body Corporates.

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Ministry of Home Affairs extends validity of registration certificates issued under FCRA by Dec 31,

The Ministry of Home Affairs has extended the deadline till December 31 for renewal of Foreign Contribution (Regulation) Act (FCRA) registration certificates. The Ministry had earlier given a relief up to September 30 to associations whose registration was expiring between September 29, 2020-September 30, 2021. Now as per latest notice FCRA certificates or registration expiring between September 29, 2020 to December 31, 2021 could apply for renewal till December 31, 2021

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NFRA seeks stakeholders' comments on the removal of statutory audit for Medium and Small Cos.

National Financial Reporting Authority (NFRA) has issued a consultation paper on Statutory Audit and Auditing Standards for Micro, Small, and Medium Companies (MSMCs). NFRA has sought public comments on as to whether Micro, Medium, and Small Companies be exempted from statutory audits based on threshold criteria. The last date for receipt of the comments is 10 November 2021.

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NFRA issues consultation Paper on Statutory Audit and Auditing Standards for MSMCs

The NFRA has prepared a Consultation Paper on Statutory Audit and Auditing Standards for MSMCs explaining the issues involved and providing the data and information required for responding to the questions raised in an informed manner, with the objective to seek the comments/suggestions of the wider stakeholder group and the public at large on questions raised. The last date for receipt of comments is 10 November, 2021.

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Key highlights of SEBI’s Board Meeting held on 28.09.2021

The SEBI Board held its meeting in Mumbai on 28.09.2021. The key decisions taken by the Board include as viz. i) Approval of framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021, ii) Clearing of the framework for Social Stock Exchange, iii) Review of delisting framework pursuant to open offer, iv) Review of certain provisions related to Superior Voting Rights Share framework, and v) Review of regulatory provisions on Related Party Transactions.

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Government extended the existing FTP 2015-20 for further 6 Months

The existing Foreign Trade Policy which is valid up to September 30, 2021 is extended by the Government for further 6 months up to March 31, 2022.

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CCI penalises beer companies for indulging into cartelisation

The Competition Commission of India (‘CCI’) has passed a final order against three beer companies for indulging in cartelisation in the sale and supply of beer in various States and Union Territories in India, including through the platform of All India Brewers’Association (‘AIBA’).

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MCA directs RoCs to extend due date of AGM for F.Y. ending March 31, 2020- 2021 by two months

The Central Govt. received representation seeking extension of Annual General Meetings for Financial Year 2020-21 due to many difficulties faced by stakeholders during the second wave of Covid-19 and consequent lockdown, accordingly, the Central Government has decided to advise Registrar of Companies (RoCs)to accord approval for extension of time for a period of two months beyond the due dates by which companies are required to conduct AGMs for the financial year 2020-21 ended on March 31, 2021

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IRDAI issues guidance note on product structure for cyber insurance

In order to capture data and putting it to right use benefits governments, corporations, institutions, science, and social welfare, the IRDAI has issued guidance note on product structure for cyber insurance. The provisions related to emergence of cyber risks, policies, gaps and recommendations have been discussed in details.

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