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With an aim to curb tax evasion and promotion of transparency, the Honorable Finance Minister of India, Nirmala Sitharaman, in budget 2020, proposed to introduce a new Annual Information Statement replacing the existing Form 26AS. CBDT has notified vide Notification No. 30/2020 dated 28.05.2020, that the age-old Form 26AS, notified under Rule 31AB, by inserting
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Charity denotes a selfless act. Charity means giving something to those in needs without expecting anything back in return. It is doing something good to others without any expectations in return. People form Non-Government Organizations (NGOs) for doing the charities and social welfare. NGO’s are formed with the aim to help the society in many
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Petty cash fund or simply petty cash may be defined as a small amount of money available for making payments related to small expenses without writing a check. It is also known as imprest cash sometimes. A separate general ledger account is generally prepared to record the petty expenses being incurred and report the available
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Authorized push payment fraud (or usually abbreviated as an APP Fraud) can be defined as a fraud in which victims are exploited in such a manner that they enter into making real-time payments to persons acting as shams. This kind of fraud is usually carried out in various ways which may include: social engineering attacks
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Fringe benefits may be defined as the additional benefits that are meant for supplementing the money wage or salary of an employee. There are certain fringe benefits that are offered to the entire workforce working in the company while there are specific fringe benefits that are only meant for offering to only those who are
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A collaboration agreement is an agreement between 2 or more parties looking to work together on a commercial project on a collaborative or cooperative basis. It involves participation by at least two parties who agree to share resources, such as finances, knowledge, and people. The essence of collaboration is for all parties to mutually benefit
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A related party is a party related to a body corporate /company in any other way other than by the companies own transactions. It means that a special relationship persists between the parties even before the transaction takes place. Section 2(76) of the Companies Act, 2013 (“the Act”), defines a related party with reference to
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In a fillip to startups, the Ministry of Corporate Affairs (MCA) recently amended the Companies (Share Capital and Debentures) Rules, 2014 (SCAD Rules) which are relaxed norms for shares with Differential Voting Rights (DVR) that will help such companies to retain control while raising equity capital. A differential voting right share is one with higher
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Foreign Direct Investment (FDI) means investment through capital instruments (equity shares, debentures, preference shares and share warrants) by a person resident outside India in an unlisted Indian company or in 10% or more of the post issue paid-up capital on a fully diluted basis of a listed Indian company. FDI under various sectors is permitted
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In this contemporary world, initiation of globalization has lubricated great technological advancement. All this has facilitated easy access as well as real-time communication among various countries notwithstanding the physical distance. Currently, the world is a ‘global hub’ where no destination is secluded. Subsequently, corporates around the world have become global in their operations and have
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