The weekly messenger | Edition 03.22
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas
Auditing news
Implementation Guide to SA 210, ‘Agreeing the Terms of Audit Engagements’ and SA 560 ‘Subsequent Events’ ‒ 15 January 2022
The Auditing and Assurance Standards Board (AASB) of the ICAI has issued the Implementation Guide to ‘SA 210 Agreeing the Terms of Audit Engagements’ and ‘SA 560, Subsequent Events’, which provides practical guidance on implementation of the principles laid down in the aforesaid standards. The Implementation Guide contains:
- Introduction and Overview
- Frequently Asked Questions
- Illustrative clauses that can be considered to be included in Engagement Letters
- Illustrative Checklist and Illustrative Examples w.r.t. subsequent events.
For Implementation Guide to SA 210, click here.
For Implementation Guide to SA 560, click here.
Regulatory news
MCA notifies the commencement date of section 56 of Companies (Amendment) Act,2020 ‒ 11 January 2022
The Ministry of Corporate Affairs (MCA) has notified that the provisions of Section 56 of the Companies (Amendment) Act, 2020 i.e., Amendment to Section 403 ‘Fee for Filing, etc’ of the Companies Act, 2013 shall come into force w.e.f. 1 July 2022.
For more information, click here.
MCA notifies commencement date of second and third proviso to clause(i) of section 80 of Companies Amendment Act, 2017 ‒ 11 January 2022
The MCA has notified that the provisions of second and third proviso to clause (i) of section 80 of Companies (Amendment) Act, 2017 i.e., Amendment to Section 403 ‘Fee for Filing, etc’ shall come into force w.e.f. 1 July 2022.
For more information, click here.
Companies (Registration Offices and Fees) Amendment Rules, 2022 ‒ 11 January 2022
The MCA has issued the ‘Companies (Registration Offices and Fees) Amendment Rules, 2022’, wherein in the Annexure, in item I (Fee for filing under section 403 of the Companies Act, 2013), the sub-item B has been substituted with the following:
B. Following Table of additional fee and higher additional fee (in certain cases) shall be applicable for delay in filing of forms other than for increase in Nominal share capital or forms under section 92/137 of the Act or forms for filing charges.
Sl. No. | Period of delays | Additional fee as a multiple of normal fees | Higher additional fee as a multiple of normal fees (for certain cases) |
1 | Upto 15 days (section 139 and 157) | One time of normal fees | - |
2 | More than 15 days and upto 30 days (Section 139 and 157) and upto 30 days in remaining forms. | 2 times of normal filing fees | 3 times of normal filing fees |
3 | More than 30 days and upto 60 days | 4 times of normal filing fees | 6 times of normal filing fees |
4 | More than 60 days and upto 90 days | 6 times of normal filing fees | 9 times of normal filing fees |
5 | More than 90 days and upto 180 days | 10 times of normal filing fees | 15 times of normal filing fees |
6 | Beyond 180 days | 12 times of normal filing fees | 18 times of normal filing fees |
These rules shall come into force w.e.f 1 July 2022.
For more information, click here.
SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2022 ‒ 14 January 2022
The Securities and Exchange Board of India (SEBI) has issued ‘SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2022’, wherein the SEBI has tightened the rules w.r.t. utilisation of Initial Public Offering (IPO) proceeds.
These regulations shall come into force w.e.f 14 January 2022, except for certain amendments which shall come into force w.e.f. 1 April 2022.
For more information, click here.
Further extension of due date of furnishing Income Tax Returns and Tax Audit Reports for A.Y. 2021-22 ‒ 11 January 2022
The Central Board of Direct Taxes (CBDT) vide its Circulars dated May 2021 and September 2021, had extended the due dates of filing of the Income Tax Returns (ITRs) and Tax Audit Reports for the Assessment Year (A.Y.) 2021-22.
Now, considering the difficulties being faced by the taxpayers and other stakeholders due to COVID, the CBDT has once again decided to extend the timelines for filing of ITRs and the Tax Audit Reports, subject to certain clarifications. The revised due dates are as follows:
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| | 15 February 2022 |
| | 15 February 2022 |
For more information, click here.