S. Jaykishan

Chartered Accountants

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Analysis of Provisions of Finance Bill, 2021

Analysis of Provisions of Finance Bill, 2021

– By Team S. Jaykishan

India’s Union Budget 2021, the first digital budget, touted as the most important budget in the decades, came at a time when India is reeling under the COVID-19 crisis. It reflects the government’s commitment on digital economy, technology, innovation, and R&D alongside adoption of new-age technologies, such as AI and ML, in administration of companies, taxation, digital payments and focus on fin-tech.

The Union Budget clearly enumerates […] Read More >>


GST e – Invoice

GST e – Invoice

– CA Nidhi Agrawal

GST has been changing ever since its launch. The new buzz word in the area is ‘GST e-invoice’. GST e-invoice aims at curbing GST evasion through issue of fake invoices and also aims at making the returns filing process simpler for businesses. To start with initially the GST Implementation Committee have made the e-invoicing applicable for registered persons having turnover > 500 Crores.

The article compiles and discusses e-invoice, what businesses needs to do, to […] Read More >>


A compilation of COVID-19 related disclosures made in the Auditor’s Report & Financial Statements of Listed Companies

A compilation of COVID-19 related disclosures made in the Auditor’s Report & Financial Statements of Listed Companies

– Team S. Jaykishan

The below article is a compilation of the disclosures made in the audit report and financial statements by some of the listed Companies in their Annual Report of Financial Year 19-20 in relation to the COVID – 19 outbreak. The document is updated last on 11th of June, 2020.

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Actionable Claim u/s 2(1) of the CGST Act, 2017

Actionable Claim u/s 2(1) of the CGST Act, 2017

– By CA Nidhi Agrawal

This Article draws reference to Section 2(1) of the CGST Act, 2017 which defines actionable claim as:

“actionable claim shall have the same meaning as assigned to it in section 3 of the Transfer of Property Act, 1882”

Section 3 of the Transfer of Property Act (TPA) provides that:

“actionable claim means a claim to any debt, other than a debt secured by mortgage of immovable property or by hypothecation or […] Read More >>


Analysis of Provisions of Finance Bill, 2019

Analysis of Provisions of Finance Bill, 2019

– By Team S. Jaykishan

The Finance Minister Nirmala Sitharaman presented her maiden budget in Modi 2.0 Government in Lok Sabha on July 05, 2019. This Budget has closely watched to understand the Government’s directional framework for the next five years which is guided by the dictum of “blue sky thinking” and making India a $5 trillion economy by 2024-25.

The FM’s speech aimed at Vision for the decade to be achieved by […] Read More >>


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 >>


Merger of Limited Liability Partnership and Company

Merger of Limited Liability Partnership and Company – An Analysis

–  CA Vivek Newatia

–  CS Khushboo Jain

This article highlights the proposition of a LLP or firm merging into a company a landmark judgement passed by the National Company Law Tribunal, Chennai Bench.

Reaping the benefits of a merger or acquisition is a tricky business. Outcomes are uncertain, previously unknown or unimportant facts suddenly emerge as critical, and there are many moving parts to control. The article primarily discusses on the facts of the […] Read More >>


‘High risk’ NBFC’s due to PMLA non-compliance

‘High risk’ NBFC’s due to PMLA non-compliance

– By Ishanah Santhalia

The Financial Intelligence Unit (FIU) has released a list of 9,491 NBFCs that have been categorized as ‘high-risk’ due to non-compliance of one of the stipulated conditions mentioned in the PMLA Act and Rules. According to the FIU, these 9,491 NBFCs did not comply with the conditions of appointing a Principal Officer responsible to check and report suspicious transactions and cash transactions of 10 Lakhs and above and […] Read More >>


Compliance with RBI reporting for FDI

Compliance with RBI reporting for FDI

– By Khushboo Jain

To strengthen two of the major agendas currently being perused by the Government of India i.e. “Identification of Beneficial Ownership” and “Ease of Doing Business”, The Reserve Bank of India (“RBI”), apex Central Bank of India, in pursuance of regulation of foreign capital flows, has issued a Circular No. 30 dated June 7, 2018, streamlining the reporting requirement for entities which presently have Foreign capital contribution and/or entities contemplating to have foreign investments.

In this […] Read More >>