Newsletter - May 2019

DNV & Co. is a Chartered Accountants' firm providing consultancy to various foreign companies to seamlessly establish their business entities in India. We advice them on Foreign Direct Investment (FDI) Policy, Foreign Exchange Management Act (FEMA), International tax implications including effect of bilateral treaties and overall entry strategy depending up on their business sector, current business with Indian companies and their reason for setting up Indian arm. We also specialise in Transfer Pricing regulations, Business valuations and secretarial compliance that specifically impacts the such companies.

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INCOME TAX

Changes in ITR for AY-2019-20 as compared to AY-2018-19

From the Assessment Year 2019-20 and onwards the forms for filing Income Tax Returns have been changed. There is substantial amount of additional information is required from specific category of persons including the persons having 'Capital Gains' during the financial year. Following is the chart that depicts what information is required to be disclosed by which category persons.

AUDIT

SA 720- Auditor's reporting responsibilities on Other Information included in entity's Annual Report

A. Brief Introduction:

The auditor's opinion on the financial statements does not cover the other information, nor does. SA 720 (Revised) require the auditor to obtain audit evidence beyond that required to form an opinion on the financial statements. As per this SA, other information defined as financial or non-financial information (other than financial statements and the auditor's report thereon) included in an entity's annual report. The SA 720 (Revised) requires an auditor to read and consider the other information to ascertain the cases where:

There is a material inconsistency between the other information
and the financial statements
There is a material inconsistency between the other information and the auditor's knowledge obtained in the audit.

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