In 2012, the Securities and Exchange Board of India (SEBI) introduced a framework for ESG (Environmental, Social, and Governance) reporting in India. This was initially done through the Business Responsibility Report (BRR), which was mandatory for the top 100 listed companies by market capitalization. However, as businesses and global expectations evolved, SEBI recognized that the […]
Non-financial reporting has gained global significance as businesses recognize their impact on the environment, society, and governance (ESG). This shift has encouraged companies to adopt more sustainable business models, ensuring greater transparency and accountability. Several international institutions, such as the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), and the Task Force on
The understanding of NGBRC is relevant to appreciating the BRSR reporting framework. The National Guidelines for Responsible Business Conduct (NGRBC) were introduced to help businesses go beyond regulatory compliance and adopt responsible practices. These guidelines align with international standards and frameworks, promoting transparency and sustainability. Evolution of NGRBC Year Development 2011 MCA issued National Voluntary Guidelines (NVGs)
What is Sustainability Reporting? Sustainability reporting provides an overview of a company’s economic, environmental, and social impacts caused by its daily activities. It is not just about presenting data but demonstrating an organization’s commitment to sustainability transparently. This helps organizations assess, measure, analyze, and present their performance across various parameters, setting challenging targets and goals.
Provisional assessment Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Original section was inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965
Self-assessment (1) Where any tax is payable on the basis of any return furnished under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4) of section 16 or under section 17, after taking into account the amount of tax, if any, already paid under any provision of
Return by whom to be signed The return made under section 14 or section 15 shall be signed and verified— 63[(a) in the case of an individual,— (i) by the individual himself ; (ii) where he is absent from India, by the individual himself or by some person duly authorised by him
Return after due date and amendment of return If any person has not furnished a return within the time allowed under sub- section (1) of section 14 or under a notice issued under clause (i) of sub-section (4) of section 16, or having furnished a return discovers any omission or wrong statement therein, he may
Power of Board to dispense with furnishing documents, etc., with return of wealth The Board may make rules providing for a class or classes of persons who may not be required to furnish documents, statements, receipts, certificates, audit reports, reports of registered valuer or any other documents, which are otherwise under any other provisions of
Return of wealth (1) Every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date exceeded the maximum amount which is not chargeable to wealth-tax, shall, on or before the due date, furnish a return of his net
CA Bhuvnesh Kumar Goyal
Chartered Accountants
cabkgoyal@gmail.com
9971782649
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