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CBDT had introduced the new clause, i.e., Clause 44 for Form 3CD, updated in the tax audit form. Under this clause, a break up of total expenditure needs to be provided, including purchases made during the year. This clause is abeyance until 31st March 2022 vide CBDT Circular No. 5/2021 dated 25.03.2021. However, this clause
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What is a Public limited company?According to section 2(71) of Companies Act, 2013 Public company has separate legal entity that permits its shares to be traded on the market for the public to take a position in it. According to the provision of Companies Act 2013, it is compulsory for a Public Limited Company to
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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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