Covid-19 pandemic has dipped the Indian economy on very high and few sectors like Tourism, Banking, Real Estate are in danger zone. However, the Government and RBI has come out with various perquisites for Homebuyers to boost the Real Estate and Banking Sector like: Reduction in CRR and SLR, which has caused to reduce the bank loan interest rate; and Extension in the Pradhan Mantri Awas Yojana (PMAY) for MIG-I and II categories peoples. N..
The year 2020 has taken a toll on the mental health well being of most people. While CA aspirants are in general extremely anxious and stressed about their exams, being locked in your house in the middle of a pandemic makes the situation even worse. All this, coupled with the cynicism and negativity that revolves around the CA exams, students are bound to get anxious. With less than 20 days left for your exams, we uncover ways to effectively approach the November 2020 CA Examination..
The number of jobs self-reported by DPIIT Recognized startups, as on 6th September 2020, year-wise, for the last three years is as follows. No data on contribution to GDP by Start-ups is maintained by the Department for Promotion of Industry and Internal Trade. Calendar Year Number of Jobs Reported by Recognize..
ANNOUNCEMENT Extension of validity of Registration Period on account of cancellation and merging of May 2020 examination with November, 2020 examination due to outbreak of COVID-19. Students at all levels may please note that the Institute on account of cancellation and merging of May 2020 examination with Novem..
The Ministry of Corporate Affairs has taken steps to provide several incentives/ relaxation/concession during Lockdown period so as to reduce the burden of companies/LLPs during COVID-19. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha today. Enumerating the steps, Shri Thakur stated the following: Introducing Companies Fresh Start Scheme 2020 (CFSS) vide ..
COVID-19 can be termed as one of the biggest disasters of 2020. It has taken the whole world under its grip. The pandemic has not only affected the health of people around the world, it has also resulted in a devastating economy whose outcome is totally uncertain and unpredictable. In this article, we would restrict our concern to the MSME and the recent measures taken by Government to revive the situation of MSME. In a developing country like India, the role of MSME cannot be ignor..
It is better to be vigilant than to be negligent. Statutory Background: Section 96 of the Companies Act, 2013 (Annual General Meeting) (1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting o..
ICAI issued Guidance Note on May 10th, 2020 on Key Considerations for Auditor amid COVID-19. Key takeaways are as follows: Background Section 134(5) of the Companies Act, 2013 requires board of directors of every company to state in its Directors' Responsibility Statement that they have prepared the annual accounts on a going concern. Also, Ind AS 1 - Presentation of Financial Statements and AS 1 - Disclosure of Accounting Policies requires the management t..
Due to the COVID-19 pandemic, the economy of the country has been hit worse than ever and the goal of becoming 5 trillion economy is endangered. As a result of this catastrophe many ambiguities and confusion have propelled up in the industry which require immediate solution otherwise the effects are going to be detrimental. Through this article, an attempt has been made to address some of the basic issues. 1. Impact on obsolete inventory lying in factory/stores Inve..
These are unprecedented times for businesses. How to stay afloat in adverse circumstances is the thought troubling many entrepreneurs. Those who can weather this storm by minimizing losses will stand to gain in the long term. There are many ways to reduce loss and stay in business till the situation improves. Here I am only looking at ways to improve your profits using financial statement forecasts and by using some financial ratios. Definitions Accounts Recei..
Important Announcement COVID-19 (CABF) The Managing Committee of the Chartered Accountants Benevolent Fund (CABF) ICAI has considered the difficulties being faced by Members in the time of pandemic and has decided to grant Medical Financial Assistance to the Members and their dependents suffering from CORONA. This help is going to be available to the Members and their dependents who are in distress an..
Brief Contingency/Emergency Funds is not the new concept and we Indians have been knowing this since ages, I still remember my elders used to Say 'Beta Bure Samay K Liye Hamesha Bacha K Rakho". But, do the young Indians who have the responsibility to take the nation forward follow it or they have forgotten this simple, very most and the first step towards the financial freedom, I doubt they follow it and the recent event of Covid-19 (one of the black swan event of th..