Major key clause wise changes/ Comparison in/of CARO 2020 v CARO 2016

MCA in place of existing the Companies (Auditor Report) Order, 2016 has notified CARO 2020 after consultation with National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013.

Every report made by the auditor under section 143 of the Companies Act on the accounts of every company audited by him, to which this Order applies, for the Financial Years commencing on or after the 1st April, 2019, shall contain report on matters specified in paragraphs 3 and 4 of the CARO 2020.

This Order may be called the Companies (Auditor Report) Order, 2020

Applicability: –To every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013)

Exception:

(i) A banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

(ii) An insurance company as defined under the Insurance Act, 1938 (4 of 1938);

(iii) A company licensed to operate under section 8 of the Companies Act;

Key Changes/Highlights between CARO 2016 and new CARO 2020

CARO 2016		CARO 2020		Nature of Change
Clause No	Matter	Clause No.	Matter
i (a)	Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets	i(a)(A)	Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment;	No Change

Tally releases new version of software with browser access, to enable GST e-invoicing

Highlights

• This will help entrepreneurs with business information like business reports and invoices.
• The customers remain in custody of their business data, while getting access to it using a simple web browser.
• Tally has about 17 lakh paying customers in India and the company says GST has given it a

ADDITIONAL DETAILS IN NEW GST RETURN WEF 1/4/2020

BREAKING NEWS|GST INTEREST TO BE AUTO CALCULATED IN GST PORTAL|GST NEW RETURN INTEREST CALCULATION

Massive fire breaks out at GST Bhavan

The fire broke out on the 8th floor of the GST Bhavan. At 12:42 pm Mumbai Fire Brigade

All Indians travelling abroad will have to pay upto 10% Income tax wef 1/4/2020

Income Tax Amendment went unnoticed effective from 1st April 2020

Indore: Union finance minister Nirmala Sitharaman has raised alarm bells for those who travel abroad on tour package booked by others, which is a common trend to oblige senior officials in government and private sector in the country.

From April 1, 2020, every foreign traveller will have to pay 5% (PAN holder) and 10% (non-PAN holder) TCS (Tax Collection at Source) on total amount of tour package. By paying TCS, every

Money Saving tip of the day - 16/02/2020

Internet has become a part of daily life and its penetration after it price reduction by telcos in 2016 has increased in an unprecedented level. What one is forgetting though is the cost involved in running and maintaining internet. Following Table is self explanatory on how one can save money by just switching from mobile to broadband internet at homes:

Calcutta HC Directs RBI To Consider Steps Including Cancellation Of License Of Bank Of Baroda

In a major blow to the Bank of Baroda, the Calcutta High Court has asked the RBI to consider taking appropriate steps against the bank, including revocation of its license, for its disorderly conduct in dealing with payment against an

Officials move to recover ₹46,000 cr interest on delayed GST payment

The Central Board of Indirect Taxes & Customs (CBIC) has asked GST officials to collect interest of nearly ₹46,000 crore on account of delayed payment of the Goods & Services Tax (GST). 

But experts feel this could lead to widespread tax litigations and inconvenience

GOOD NEWS|GST LATE FEE WILL BE REFUNDED|SUPREME COURT ORDER TO REFUND LATE FEE CHARGED 5 TO 7 FEB 20

IRCTC post huge rise in PAT

PAT rises by 68% YOY and 105% QOQ

Total Income rises by 28% YOY and 37% QOQ

IRCTC declares stellar interim dividend post IPO you will be shocked

https://investise.blogspot.com/2020/02/irctc-declares-stellar-interim-dividend.html

I-T cracks down on Indians owning Dubai properties

The Income Tax Department is planning to take strict action against individuals who did not declare ownership of properties in Dubai in their tax returns and failed to explain the source of funds when asked.
The Intelligence and Criminal Investigation Wing of the I-T Dept prepared a list of 2,000 Indian

RBI has stopped printing Rs.2000 notes since October 2019

The circulation of Rs 2,000 denomination currency notes has reportedly been put under restrictions by a top public sector bank.

According to a Business Insider report, a big public sector bank has issued instructions to senior management to keep Rs

Department is using Artificial Intelligence to send you GST notices and advisories

With government going all-out to plug GST loopholes to contain evasion and bolster collections, taxpayers are frequently receiving notices and advisories for a range of issues including sudden spike in input tax credit (ITC) claim, lower

ICAI revises rates for services by chartered Accountants

Daily Retail Food Price in India (06/02/2020) and its increase/decrease in percentage

Food Name	UOM	Brand	06-02-2020
			Rate/UOM (Rs.)
Sugar	1Kg	Madhur sugar	45.00
Salt	1Kg	Tata table Salt	18.00

BIG MISTAKE IN GST PORTAL|GST PORTAL TAKING LATE FEES IN GSTR9 AND GSTR9C|WHAT TO DO

Not just TDS, Form 26AS to show property, shares, MF transaction details

This proposed amendment will be effective from June 1, 2020 and the form and manner of the annual information statement will be prescribed by the government later separately.

As the union Budget has proposed rationalisation of provisions relating to Form 26AS, taxpayers will now get a detailed information statement beyond the tax deducted at source

Govt plans GST lottery offers of Rs 10 lakh-Rs 1 cr for encouraging customers to ask for bills

The government is planning to introduce lottery offers between Rs 10 lakh and Rs 1 crore under the GST to encourage customers to take bills while making purchases. 

Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said

Maharashtra GSTR9 and 9C due date for FY 2017-18 further extended

Fraudulently availing GST input credit void of invoice non-bailable, cognizable offence

At present, Section 132 of the CGST Act treats supply of goods and services without issuance of any invoice, issuance of any invoice or bill without supply of goods or services, collection of tax but non-payment to government as non-bailable and cognizable offences.

In a move which would further tighten the noose on those committing frauds under the Goods and Services Tax (GST) regime, the Union Budget for 2020-21 has made the fraudulent availment of input tax credit without invoice or bill a

NRIs not paying tax in other countries will be taxed in India

The Union Budget 2021 may have put a smile on the faces of some taxpayers by introducing a new tax regime. But, for non-resident Indians (NRIs), the Budget comes bearing bad news.

“An Indian citizen who is not liable to tax in any other country or territory will be deemed to be a resident in India,” says Chartered Accountant

Winner of Top commentator contest prize of Rs.1000 for the month of January 2020

The winner of Monthly Top commentator Award for the month of January 2020 is Nirav with 10 comments on various post. Congratulations! Nirav you are eligible for winning Rs.1000/- from

Here’s a list of the main exemptions that tax payers will have to forgo if they opt for the new regime

Here’s a list of the main exemptions that tax payers will have to forgo if they opt for the new regime.


(i) LTC - Leave travel allowance exemption which is currently

New Income Tax slab rates for individuals for FY 2020-21