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MCA has amended Instructions For Preparation of Balance Sheet and Statement Of Profit And Loss of A Company

Financials Presentation Minor Change

MCA has amended Instructions For Preparation of Balance Sheet and Statement Of Profit And Loss of A Company / NBFCs vide its notification dated 11.10.2018 and accordingly for Division I Part of Schedule III ,  The words Fixed Assets has been replaced by Property,Plant & Equipment in Balance Sheet and Securities Premium Reserve has been replaced by Securities Premium.  It is important to note here that Division I of Schedule III provides format for Indian GAAP Companies whereas Division II is…

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GST update | ITC can be availed till filing of Annual Return | Gujarat High Court

GST update | ITC can be availed till filing of Annual Return | Gujarat High Court

In the recent Judgement delivered by Hon’ble Gujarat High Court, it was held that Form GSTR-3B is a return in lieu of Form GSTR-3. The return in Form GSTR-3B is only a temporary stop gap arrangement till due date of filing the return in Form GSTR-3 is notified. Further, input tax credit can be claimed till filing of Annual Return. Writ Petition : AAP & Co. Vs Union of India (Special Civil Application No. 18962 of 2018) Plea : a)…

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