S. Jaykishan

Chartered Accountants

Author Archive for S Jaykishan

RBI defers implementation of Ind AS by banks

RBI defers implementation of Ind AS by banks

(Date: 23/03/2019)

The commercial banks were required to implement Ind AS for preparation and presentation of their financial statements w.e.f. April 01, 2019. Now, RBI has deferred the implementation for an unlimited period of time pending necessary legislative amendments to the Banking Regulations Act, 1949. The amendments are under consideration of the Government of India.

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CBDT increases tax free gratuity limit to Rs. 20 lakh

CBDT increases tax free gratuity limit to Rs. 20 lakh

(Date: 11/3/2019)

The CBDT has increased the maximum amount of gratuity exempt under section 10(10)(iii) from existing Rs. 10 Lakh to Rs. 20 Lakh. Earlier, the Govt. vide notification S.O. 1420 (E) dated 29.03.2018 has increased the limit of amount of gratuity payable to an employee under section 4(3) of the Payment of Gratuity Act, 1972 from Rs. 10 Lakh to Rs. 20 Lakh.

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Due date for filing GSTR-1 and GSTR-3B notified

Due date for filing GSTR-1 and GSTR-3B notified

(Date: 8/03/2019)

Eligible registered persons have to file GSTR-1 on quarterly basis, for first quarter ending on June, 2019, due date shall be 31st July, 2019. Other registered persons shall file GSTR-1 on monthly basis and for each of the month from April, 2019 to June, 2019 the due date shall be 11th of the succeeding month. GSTR-3B shall be filed on monthly basis and for each of the month from April, 2019 […] Read More >>



32nd GST Council meeting decisions notified

32nd GST Council meeting decisions notified

(Date: 8/03/2019)

The GST Council in its 32nd meeting held on 10th January, 2019 had taken various decisions, inter-alia, increase in threshold limit for GST registration, composition scheme for service providers, etc. These decisions have been made effective from 1st April, 2019 through the notifications issued on March 7, 2019

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Revised Standards on Auditing | Audit Report Formats

Revised Standards on Auditing | Audit Report Formats

– CA Vivek Newatia

The Standard on Auditing (SA) 700 deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report, issued based on audit of the financial statements.

In accordance with the revisions in ISA 700 by The International Federation of Accountants, ICAI has made corresponding revisions to SA 700. Accordingly, the format of auditor’s report has been changed.

The Council […] Read More >>


KYC of Active Companies – MCA’s spree to clean up the waste

KYC of Active Companies – MCA’s spree to clean up the waste

– CS Aditi Jhunjhunwala

–  Mayank Kumar

In its further endeavour to eradicate the sham companies the Ministry of Corporate Affairs has come up with Notification dated 21st February, 2019 inserting Rule 25A vide Companies (Incorporation) Amendment Rules, 2019 providing for KYC of companies pursuant to powers under section 12 (9) and 469 of the Companies Act, 2013.

The introduction of ACTIVE is another fall out of the MCA’s drive after striking of […] Read More >>


MCA amends norms for determining SBOs

MCA amends norms for determining SBOs

(Date: 11/2/2019)

The MCA has notified the Companies (Significant Beneficial Owners) Amendment Rules, 2019 which shall come into force w.e.f. 08-02-2019. The revised norms provides clear definitions for significant beneficial ownership (SBO). The Rules aim to look-through corporate layers to reveal individual shareholders that ultimately derive economic benefits from and/or control a corporate entity in India.

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SEBI unveils format for secretarial audit report and compliance report for listed Cos.

SEBI unveils format for secretarial audit report and compliance report for listed Cos.

(Date: 11/2/2019)

SEBI has prescribed format for annual secretarial audit and compliance report for listed Cos. and their material subsidiaries. In order to avoid duplication, the listed entities and their unlisted material subsidiaries shall continue to sue the Form No. MR-3 as required under the Companies Act, 2013 for the purpose of compliance of 24A of SEBI LODR as well. Compliance report shall have to be submitted by […] Read More >>