CAMS IPO Review

CAMS IPO Review

Background Computer Age Management Services Limited (CAMS) is set to launch it’s IPO on 21st September, 2020, the IPO will be open for subscription to the public for 3 days i.e 21-09-2020 to 23-09-2020. It is a technology-driven financial infrastructure and service provider. It is India’s largest registrar and transfer agent of mutual funds holding approx. 70% mutual fund aggregate market share. CAMS currently provides technology-based services including dividend processing, transaction origination interface, payment, transaction execution, dividend processing, intermediary empanelment,…

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Is Parking area a lease or a non-lease component as per Ind As-116?

Is Parking area a lease or a non-lease component as per Ind As-116?

Background: Ind AS 116 has been become effective with effective for the financial statement for the period beginning from 1 April 2019 onwards. There are lot many challenges, entities are facing while implementing and transiting to such new leases accounting standard. One of the issue in the real estate leases comes to every lessee’s experience while doing such accounting that is parking charges payment by the lessee to the lessor for the leases premises. This Article aims to explain the…

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Inadequate oversight by financial regulators resulting in regulated entities practising random ways to

Inadequate oversight by financial regulators resulting in regulated entities practising random ways to

In anxiety to improve the earnings under ‘miscellaneous income category,’ many business entities in the financial sector are looking at various opportunities and do mischievous things. I am focussing the banking segment for discussion. This equally applies to other segments like Insurance, SEBI regulated entities like /brokers/MFs, Mobile companies Levy of SMS charges & GST ( on it): Banks are not service providers to SMS. Banks are ‘user of SMS facility’ provided by ‘mobile’ / ‘telecom’ companies (and are the…

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Borrowing of money to meet GST revenue shortfall

Borrowing of money to meet GST revenue shortfall

As per provision in Sections 7, 8 & 10 of the GST (Compensation to States) Act, 2017, the issue of pending GST compensation and future course of action to meet the GST compensation shortfall has been discussed in 41st GST Council meeting on 27.08.2020 in the light of the opinion given by Ld. Attorney General of India, wherein States were given two options to meet their GST compensation shortfall for current FY from market borrowing. This was stated by Shri Anurag Singh…

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Extension of period of the Company Law Committee

Extension of period of the Company Law Committee

F. No. 211/2018-CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, New Delhi- 110001  Dated: 17th September, 2020  ORDER   Subject:- Constitution of the Company Law Committee  In continuation of the Order of even no. dated 18.09.2019 (annexed herewith), the tenure of the Company Law Committee is hereby extended upto two years from the date of that order i.e. upto 17.09.2021. 2. This issues with the approval of the competent authority. (Pranay Chaturvedi) Deputy Director…

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Amendment to section 5 and 6 of the PT Act

Amendment to section 5 and 6 of the PT Act

In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Bill, 2020 (L. A. Bill No. XXXVI of 2020), introduced in the Maharashtra Legislative Assembly on the 7th September 2020, is hereby published under the authority of the Governor. By order and in the name of the Governor of Maharashtra, RAJENDRA G. BHAGWAT, Secretary (Legislation) to Government, Law and Judiciary…

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Important Income Tax (Direct Tax) Amendments (since 2019)

Important Income Tax (Direct Tax) Amendments (since 2019)

The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019. The following measures have been measures taken by the Ministry of Finance: • Reduction in the corporate tax rate from 30% to 22% provided the company did not avail of any exemption or incentive. • An option to pay income-tax at the rate of 15% for the new domestic companies…

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Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund

Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund

1. Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. 2. The taxpayers have now been provided with a facility on the GST Portal to: Report in their Form GSTR-1 or in Form GSTR-6, single credit note or debit note issued in respect of multiple invoices Choose the note supply type as Regular, SEZ, DE, Export etc., to identify the table…

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ICAI reopens empanelment of members to act as observers for Nov 20 exams

ICAI reopens empanelment of members to act as observers for Nov 20 exams

Examination The Institute of Chartered Accountants of India 16th September, 2020 IMPORTANT ANNOUNCEMENT Sub: Reopening of empanelment of members to act as observers for November, 2020 examinations. In continuation to the Announcement dated 20th August 2020, it is informed that the window for empanelment of members to act as observers at the examination centres for the Chartered Accountants examinations, November, 2020 is reopened from 16th September to 20th September 2020. The eligible Members, who had not applied earlier, may get…

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What Can We Expect From 2021?

What Can We Expect From 2021?

Apart from differences in the perseverance in accounting and financial terms, the least we can predict is the future of both. The year 2020 has already been a year of financial loss and the loss did not hinder a state or a country, but the world has been suffering lately. Nonetheless, we can assure the instability of the accounting numbers, it is possible to predict some of the incitements that could develop the future of accounting and finances. It is…

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