ICAI has released the Exposure Draft of Disclosures of Accounting Policies - Amendments to Ind AS 1, Presentation of Financial Statements. Comments on the same may be submitted either electronically or via email or post by 31.08.2021.
The Cabinet, on 28th July 2021 approved amendments to the LLP Act, 2008 vide LLP Amendment Act, 2021. These amendments to the LLP Act were suggested in Union Budget 2021, presented by FM Nirmala Sitharaman in the parliament on 1st February 2021.
![[FAKE] Finance Ministry is providing emergency cash where recipients will receive Rs 1,30,000 per month for 6 months](/img/previewthumb/custom/fake.jpg "[FAKE] Finance Ministry is providing emergency cash where recipients will receive Rs 1,30,000 per month for 6 months")
The WhatsApp forward claiming that the Finance Ministry is providing emergency cash where recipients will receive Rs. 1,30,000 per month for 6 months is FAKE. Kindly don't believe this message.
GoI has announced various relief measures for several sectors under the Aatma Nirbhar Bharat Abhiyan and has taken a number of initiatives to support the MSME Sector in the country, especially in the COVID-19 pandemic situation.
The COVID-19 epidemic has temporarily affected various sectors including the Micro, Small and Medium Enterprises in the country. Economic activities have contracted due to the strict lockdown measures imposed by the Government.
A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017.
As of 14th July 2021 a total of 52,391 entities are recognized as startups by the Department for Promotion of Industry and Internal Trade and more than 5.7 lakh jobs have been reported by more than 50,000 startups.
The Ministry of Corporate Affairs has deployed the Costing Validation Tool 3.2. Thus, the Institute of Cost and Management Accountants of India has requested professionals to use the current tool for validating Instance Documents.
As per the information received from RBI, the number of cases of frauds of Rs 500 crore and above reported by Public Sector Banks/ Indian Banks / Select Financial Institutions are 79 in 2019-20, 73 in 2020-21 and 13 in 2021-22 (up to 30th June 2021).
As per the answer to Question no. 81 in the Rajya Sabha by FM on 27.07.2021, "Refunds are directly credited to the bank account of taxpayers making the end-to-end process from filing of ITR till receipt of refund seamless & fully electronic."
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