Summary of changes – CARO, 2020 – a brief description of the changes in the Companies (Auditor’s Report) Order, 2020
The Statutory auditor of the company is now required to report on the following additional points
Companies Auditor’s Report Order – CARO 2016 vs CARO 2020
CARO is a set of points to be given by a statutory auditor of a company in addition to the Independent Auditors Report issued under section 143 of the Companies Act, 2013.
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FAQ’s on Composition levy – Section 10 of CGST Act, 2017
The Composition scheme under GST is an alternative method of levy of tax especially for small tax payers whose aggregate turnover does not exceed Rs.1.5 crore in the previous financial year.
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FAQ’s on Supply – Section 7 of CGST Act, 2017
If the value of the gift exceeds Rs. 50,000, the transaction shall be considered as supply as per para 2 of Schedule 1 of CGST Act. Therefore, GST will be applicable.
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FAQ’s on Reverse Charge Mechanism
Normally, the supplier should collect GST from the receiver and remit it to the government. In cases where reverse charge mechanism is applicable, the onus to pay GST rests upon the receiver of the supply.
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FAQ’s on Section 8 of CGST Act, 2017 – Composite & Mixed supply
In certain cases, supplies are a combination of goods or combination of services or combination of both goods and services and each component of such supply may be taxed at different rates.
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FAQs on Section 9 of Income tax Act, 1961– Income deemed to accrue or arise in India
Salary payable by Indian government to Indian citizen for services rendered outside India – under section 9(1)(iii).
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FAQs on Section 115BBA – Tax rates for specified income of non-resident sportsman
Section 115BBA provides the tax rates in respect of certain incomes received by non-resident sportsman, sports associations and entertainers.
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FAQ’s on Section 115BB – Tax rates for casual income
Section 115BB provides the tax rates applicable on casual income.
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FAQ’s on section 115AD – Tax rates for specified income of foreign institutional investors
Section 115AD provides the tax rates applicable on the income of Foreign Institutional Investors from securities or capital gains arising from such transfer.