The weekly messenger | Edition 29.17

Accounting News

GN on Division II- Ind AS Schedule III of the CA 2013- 27 July 2017

The Institute of Chartered Accountants of India has issued a Guidance Note (GN) on Division II to Schedule III of the Companies Act (CA), 2013 which provides guidance on the following items: 

• On each item of Balance Sheet;
• On each item of Statement of Profit and Loss;
• Major Differences in Division I and Division II of the Schedule III of CA 2013. 

For more information, click here 

Regulatory News

Technical Guide on ICDS – 25 July 2017

ICAI in order to address the various concerns raised regarding the applicability, interpretation, implementation and impact of Income Computation and Disclosure Standards (ICDSs) on the taxability of an assessee has issued a “Technical Guide on ICDS”. The technical guide provide detailed guidance on each of the 10 ICDS notified till date and background of ICDS.

For more information, click here

Clarification regarding applicability of exemption given to certain private companies under section 143(3) (i) of the CA 2013- 25 July 2017

The Ministry of Corporate Affairs has issued a clarification wherein it has clarified that the exemption given to auditors w.r.t. their reporting responsibilities under Section 143(3)(i) of the CA 2013 would be applicable for those audit reports which are issued in respect of financial statements pertaining to financial years commencing on or after 1 April 2016 and are made on or after the date of the notification issued earlier i.e. 13 June 2017.

For more information, click here

Companies (Incorporation) Second Amendment Rules, 2017- 27 July 2017

The Central Government has amended the Companies (Incorporation) Rules, 2014 with the Companies (Incorporation) Second Amendment Rules, 2017 wherein certain procedural changes have been made in the below mentioned rules:

• Rule 28 “Shifting of registered office within the same State”;
• Rule 30 “Shifting of Registered Office from one State or Union Territory to another State”; 

Further, Form INC-23 has also been substituted with a new form.
 
For more information, click here 

Online Filing System for REITs and InvITs – 24 July 2017

In order to facilitate ease of operations in terms of applying for registration, reporting and various compliances under the Securities Exchange Board of India (SEBI) (Real Estate Investment Trusts (REITs)) Regulations, 2014 and SEBI (Infrastructure Investment Trusts (InvITs)) Regulations, 2014, SEBI has introduced an online system for filings related to REITs and InvITs.

For more information, click here

Master Circular: Unclaimed Amounts of Policyholders – 25 July 2017

The Insurance Regulatory and Development Authority of India has issued various directions regarding the unclaimed amounts of policyholders from time to time. All these directions have been now consolidated and issued in the form of a Master Circular.
 
For more information, click here

Clarifications on computation of book profit for the purpose of levy of MAT u/s 115JB of the IT Act for Ind AS compliant companies – 25 July 2017

Recently, Finance Act 2017 has amended the provisions of section 115JB of the Income Tax (IT) Act, 1961 for the Ind AS compliant companies. With respect to these amendments, the Central Board of Direct Taxes has received representations from various stakeholders seeking clarifications on certain issues arising therefrom which it has referred to an expert committee.
 
Now, this expert committee after considering the representations has issued clarifications in the form of frequently asked questions (FAQs).
 
For FAQs, click here

Further GST Updates

The Central Board of Excise and Customs has issued certain notifications w.r.t. Goods and Services Tax (GST) whose links are as follows: 

• For Central GST (Fourth Amendment) Rules, 2017, click here;
• For Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports, click here;
• For Printing of Post GST Rates on old Stock, click here

For GST Settlement of funds Rules, 2017, click here