Blogs

MASD endeavors to bring the latest information to you. Our topic includes business compliance, Internal audits, Global events (that impact the Indian economy), GST, etc. Furthermore, we cover GST news, Finance industry news, RBI norms, and the Companies Act 2013.

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Economic crisis in Sri Lanka

May 6, 2022

A state of emergency has been declared in Sri Lanka, Social media websites have been banned, and A curfew has been imposed across the country. Before this, thousands of people were out on the streets protesting. There is a scarcity of fuel and food in the country. People are enraged. And Sri Lanka is going […]

BILL OF MATERIAL [BOM]

April 28, 2022

Introduction: – Bill of material [BOM] is a list of all the materials or components that is used to assemble/manufacture a product. This detailed list comprises of all raw materials along with the standard quantity which is going to be used to manufacture one unit of the product. BOM can be specified while creating a […]

New Functionalities of GST Portal

April 22, 2022

•Returns Earlier a Taxpayer was allowed a deviation of 5% in ITC credit availment over and above the amount reflected in GSTR-2B, However, if the taxpayer avails more than 105% of the ITC reflected by GSTR-2B, a warning is thrown by the GST Portal. Due to recent changes on the GST portal the liberty to […]

Annual return (FLA) filing in case of FDI/ODI

April 14, 2022

Introduction: As mentioned in our previous article, Received Foreign Funding? Comply with FC-GPR filing in 30 days, we are witnessing a massive amount of foreign funds coming into India especially through investments into Start-ups. The government is also encouraging foreign investment through different incentives like liberalizing FDI limits in various sectors. But, due to lack […]

Impact of Russia-Ukraine Conflict on Indian Economy

April 8, 2022

Introduction On 24th February, 2022, Russia & Ukraine entered into a conflict, which has affected the Indian Economy, resulting in consequences & impacts on different areas & aspects. In a United Nations (UN) meeting, India abstained from voting. India has maintained a neutral stance in the UN meeting. 40 days elapsed since the start of […]

ALL ABOUT UPDATED RETURN

March 25, 2022

Introduction:- A New Section 140B has been inserted in Direct Taxation by Finance Minister in the Budget 2022 for the tax to be paid to file a return under the proposed provisions i.e. Section 139(8A) of Income Tax Act. As per this new clause, a Taxpayer will be allowed to file an “Updated Return” to […]

ALL YOU NEED TO KNOW ABOUT EQUALIZATION LEVY 2.0

March 14, 2022

I. Introduction: With the intention of taxing the digital transactions arising from increasing globalization-digitalization and industrial revolution, Equalization Levy was introduced in India in 2016 by Finance Act 2016. India is the first country to charge such a levy. Chapter VIII of the Finance Act, 2016 provides for Equalization levy (EL 1.0) as a direct […]

What are the different aspects of valuation, the company needs to consider at the time of issue/ transfer of shares?

March 4, 2022

With the boom in Startups, we are witnessing many corporate events like fund-raise, secondary sale of securities, ESOPs, etc. With these transactions, the aspect of valuation has become more prominent now than ever. There are various regulations under the Income Tax Act, 1961, Companies Act 2013, and FEMA 1999 which regulate the valuation of securities. […]

Companies Auditor’s Report Order, 2020

February 18, 2022

Companies Auditor’s Report Order 2020 brings more enhanced reporting disclosures which will provide more accurate insights to the business with completeness and accuracy providing the stakeholders knowledge about operational and financial position of the company. Such enhanced disclosures will provide foreshadow about corporate failures before the actual collapse Onus of comprehensive disclosure lies on both […]

ARE YOU A SELLER REGISTERED ON E-COMMERCE PLATFORM?

February 11, 2022

HERE ARE SOME THINGS YOU MUST KNOW…. E-commerce has transformed the way business is done in India. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. Accordingly, there is similar growth in sellers over E-commerce portals. In this article, we are depicting some of the key […]

WHY ARE INTERNAL CONTROLS REQUIRED FOR CHARITABLE INSTITUTIONS?

February 3, 2022

Introduction: Having effective internal controls is one of the most vital aspects of any organization’s operation. Among organizations that need effective operating internal controls, Charitable Institutions are found to be at the top of the list because they are administered and function by different third-party stakeholders to serve the ultimate needs and goals of numerous participants […]