JOURNAL JANUARY 22

Capital M ar kets

· Valuation of Ninjakart was estimated by the farmer-to-retailer ecosystem to a much
different News Medias to be around $750 to larger goal of organizing the complete agri
$900 Mi llion. ecosystem and enabl i ng transparent
commerce.
Ninj acar t:
· In May 2021, Ninjacart raised $9.5 million
· Ninjacart is an Indian fresh produce supply fromitsexistinginvestor SyngentaVenturesand
chain company. It connectsproducersof food earlier inApril 2019 when it raised $90 million
directly with retailers, restaurantsand service from Tiger Global.
providersusingin-houseapplicationsthat drive
end to end operations. Currently its supply · Earlier thisyear, Ninjacart signed aMoU with
chain is equi pped to move 1400 tons of theUnion Ministry of Agriculture& Farmer
perishablesfromfarmstobusinessesevery day Welfareto strengthen themarket linkagesand
in lessthan 12 hours. promotebest practicesin thefarming sector.
I ts goal i s to create and host the A gri
· Ninjacart worksclosely with thefarmersand MarketplacePlatform (AMP), which should
has helped over 100,000 farmers across 150 allow farmers to earn a fair price for their
villagestogeneratebetter revenues. Ninjacart’s output.
supply chaintechnology hashelpedsolvesome
of theproblemssuchasdistributioninefficiency · Agritech is combination of agriculture and
and price risk. Its endeavor is to reach every technology.Technology isused to increasethe
singl e farmer across the country with its quality and yield of agricultural producewith
technology solutionsandhelpthem better their aim to increase the profitability. Agrostar,
lives. Dehaat, Stellapps, Intello labsetc. aresomeof
theplayersin theAgritech industry.
Flipk ar t/Walmar t:
· Flipkart offersgrocery in 1800 cities& towns
· TheFlipkart Groupisadigital commerceentity and aimsto takeitsoffering to 2,000 moretowns
and includesgroup companiesFlipkart, Myntra, by mid-next year. Fresh fruitsand vegetables
Flipkart WholesaleandCleartripand majority will bean integral part of theexpansion. It has
shareholding in PhonePe. intensified itsfocuson partnering with Farmer
Producer Organizations (FPOs) to provide
· Started in 2007, Flipkart has a registered access to fresh produce, staples, pulses, and
customer base of more than 350 million, spiceson itsmarketplaceplatform.
offering over 150 million productsacross80+
categories. A cknowl edgements: RBI Bul l eti n

· U.S. retail giant Walmart acquired majority (www.bul l eti n.rbi .org.i n), SEBI
(77%) stakein Flipkart in 2018.
(www.sebi.gov.in), NSE (www.nseindia.com),
Rationale:
BSE (www.bseindia.com)
· Thirukumaran Nagarajan, Co-founder and
CEO of Ninjacart commented that thefunds hhh
will enablethem to movebeyond organizing

Ahmedabad Chartered Accountants Journal Januar y, 2022 537

From CA. Pamil H. Shah
Published [email protected]
Accounts

Taxeson I ncome- Annual Repor t 2020-21 Deferred tax assets are reviewed at each
reporting date and are reduced to the extent
Godrej Pr oper tiesL imited that it is no longer probable that the related
tax benefit will be realized; such reductions
I) I ncomeTax are reversed when the probability of future
taxabl e profi ts i mproves. Def erred tax
Income tax expense comprises current and liabilitiesarerecognised for taxabletemporary
deferred tax. It isrecognized in Consolidated differences
Statement of Profit andLossexcept totheextent
that it relates to items recognized directly in Unrecogni zed def erred tax assets are
equity or in OCI. reassessedat eachreportingdateandrecognized
to theextent that it hasbecomeprobablethat
(I) Cur rent Tax futuretaxableprofitswill beavailableagainst
which they can beused.
Current tax comprisestheexpectedtax payable
or receivableon thetaxableincomeor lossfor Deferred tax is measured at the tax rates that
theyear and any adjustment to thetax payable are expected to be applied to temporary
or receivablein respect of previousyears. It is differenceswhen they reverse, using tax rates
measured usi ng tax rates enacted or enacted or substanti vel y enacted at the
substantively enacted at thereporting date. reporting date.

Current tax assetsandliabilitiesareoffset only Themeasurement of deferred tax reflectsthe
if, theCompany: tax consequencesthat would follow from the
manner in which the Group expects, at the
a) Has a legally enforceable right to set off reporting date, to recover or settlethecarrying
therecognised amounts; and amount of itsassetsand liabilities.

b) Intendseither to realisetheasset or settle DeferredTax assetsandliabilitiesareoffset only
theliability onanet basisor simultaneously. if:

(iii) Defer red Tax a) The Company has a legally enforceable
right to set off current tax assets against
Deferred tax is recogni zed in respect of current tax liabilities; and
temporary differences arising between the
carrying amounts of assets and liabilities for b) The deferred tax assets and the deferred
financial reporting purposesand theamounts tax liabilitiesrelateto incometaxeslevied
used for taxation purposes. by thesametaxationauthority onthesame
taxableentity
Deferred tax assetsarerecognized for unused
tax losses, unused tax creditsand deductible (ii) M inimum AlternateTax (M AT)
temporary differences to the extent that it is
probable that future taxable profits will be
available against which they can be used.

538 Ahmedabad Chartered Accountants Journal Januar y, 2022

MAT credit isrecognisedasadeferredtax asset From Published Accounts
only whenandtotheextent thereisconvincing
evidence that the Company will pay normal is no longer probable that it will pay normal tax
tax during specified period. MAT credit is during thespecified period.
reviewed at each Balance Sheet date and
written down to the extent the aforesaid In the si tuati ons where one or more uni ts/
convincing evidenceno longer exists. undertaking in the Company are entitled to a tax
holiday under the Income-tax Act, 1961, no
DL F L imited deferred tax (asset or liability) is recognized in
respect of temporary differences which reverse
Cur r ent incometax during the tax holiday period, to the extent the
concerned entity’sgrosstotal incomeissubject to
Tax expenserecognized in statement of profit and the deduction during the tax holiday period.
losscomprisesthesum of deferred tax and current Deferred tax in respect of temporary differences
tax except the ones recogni zed i n other which reverse after the tax holiday period is
comprehensiveincomeor directly in equity. recognized in the year in which the temporary
differences originate. However, the Company
Current income tax assets and l iabi liti es are restricts recognition of deferred tax assets to the
measured at theamount expected to berecovered extent it isprobable that sufficient futuretaxable
from or paidtothetaxationauthorities. Current tax income will be available against which such
isdeterminedasthetax payableinrespect of taxable deferred tax assetscan berealized. For recognition
incomefor theyear and iscomputedin accordance of deferred taxes, thetemporary differenceswhich
with relevant tax regulations. Current incometax originatefirst areconsidered to reversefirst.
relating to itemsrecognisedoutsideprofit or lossis
recognized outside profit or loss (either in other Defer red tax
comprehensiveincome or in equity). Current tax
itemsarerecognised in correlation to theunderlying Deferred tax isprovided using theliability method
transaction either in OCI or directly in equity. on temporary differencesbetween thetax basesof
Management periodically evaluatespositionstaken assetsand liabilitiesand their carrying amountsfor
in thetax returnswith respect to situationsinwhich financial reporting purposesat thereporting date.
appl i cabl e tax regul ati ons are subj ect to
interpretation and establishes provisions where Deferredtax liabilitiesarerecognisedfor all taxable
appropriate. temporary differences, except:

M inimum AlternateTax (M AT) • In respect of taxable temporary differences
associated with investments in subsidiaries,
Minimum Alternate Tax (MAT) paid in a year is associatesandinterestsin joint ventures, when
chargedtothestatement of profit andlossascurrent the timing of the reversal of the temporary
tax for theyear. Thedeferred tax asset isrecognised differencescanbecontrolledandit isprobable
for MAT credit availableonly to theextent that it is that thetemporary differenceswill not reverse
probablethat theCompany will pay normal income intheforeseeablefutureDeferred tax assetsare
tax during thespecified period, i.e., theperiod for recogni sed for all deducti bl e temporary
which MAT credit isallowed to becarried forward. differences, the carry forward of unused tax
In theyear in whichtheCompany recognizesMAT creditsand any unused tax losses.
credit asan asset, it iscreated by way of credit to
thestatement of profit and lossand shown aspart Deferredtax assetsarerecognisedto theextent that
of deferred tax asset. The Company reviews the it isprobable that taxable profit will be available
“MAT credit entitlement” asset at each reporting against whichthedeductibletemporary differences
dateand writesdown theasset to theextent that it and the carry forward of unused tax credits and
unused tax lossescan beutilised.

Ahmedabad Chartered Accountants Journal Januar y, 2022 539

From Published Accounts

The carrying amount of deferred tax assets is thecomputation of taxableprofit and isaccounted
reviewed at each reporting dateand reduced to the for using the balance sheet liability method.
extent that it isno longer probable that sufficient Deferredtax liabilitiesaregenerally recognisedfor
taxableprofit will beavailableto allow all or part all taxable temporary differences. In contrast,
of thedeferredtax asset tobeutilised. Unrecognised deferredtax assetsareonly recognisedto theextent
deferredtax assetsarere-assessed at each reporting that it isprobablethat futuretaxableprofitswill be
date and are recognised to the extent that it has availableagainst which thetemporary differences
become probable that future taxable profits will can beutilised.
allow thedeferred tax asset to berecovered.
Thecarryingvalueof deferredtax assetsisreviewed
Deferred tax assetsand liabilitiesaremeasured at at theend of each reporting period and reduced to
thetax ratesthat areexpected to apply in theyear theextent that it isnolonger probablethat sufficient
when theasset isrealised or theliability issettled, taxableprofitswill beavailableto allow all or part
based on tax rates (and tax laws) that have been of theasset to berecovered.
enacted or substantively enacted at the reporting
date. Deferred tax is calculated at the tax rates that are
expectedtoapply in theperiod when theliability is
Deferred tax relating to items recognised outside settled or theasset isrealised based onthetax rates
profit or loss is recognised outside profit or loss andtax lawsthat havebeenenactedor substantially
(either inother comprehensiveincomeor inequity). enacted by the end of the reporting period. The
Deferred tax itemsarerecognised in correlation to measurement of deferred tax liabilitiesand assets
theunderlyingtransaction either in OCI or directly reflects the tax consequences that would follow
in equity. from themanner in which theCompany expects,
at theendof thereportingperiod, torecover or settle
Deferred tax assetsand deferred tax liabilitiesare thecarrying valueof itsassetsand liabilities.
offset if alegally enforceableright existsto set off
current tax assetsagainst current tax liabilitiesand Deferred tax assetsand liabilitiesareoffset to the
thedeferred taxesrelateto thesametaxableentity extent that they relateto taxeslevied by thesame
and thesametaxation authority. tax authority andtherearelegally enforceablerights
toset off current tax assetsandcurrent tax liabilities
TATA Steel L imited within that jurisdiction.

I ncomeTax Current and deferred tax are recognised as an
expense or income in the statement of profit and
Tax expense for the year comprises current and loss, except when they relate to itemscredited or
deferred tax. Thetax currently payableisbased on debited either in other comprehensive income or
taxableprofit for theyear.Taxableprofit differsfrom directly in equity, in which case the tax is also
net profit asreported in thestatement of profit and recognised in other comprehensive income or
lossbecauseit excludesitemsof incomeor expense directly inequity
that aretaxableor deductiblein other yearsand it
further excludes items that are never taxable or Baj aj Consumer Car eL imited
deductible. TheCompany’sliability for current tax
iscalculated using tax ratesand tax lawsthat have Taxation
been enacted or substantively enacted by theend
of thereporting period. (I) Cur rent Tax

Deferred tax is thetax expected to bepayable or Current income tax assets and liabilities are
recoverable on differences between the carrying measured at the amount expected to be
value of assets and liabilities in the financial recovered from or pai d to the taxati on
statementsand thecorresponding tax basesused in authoritiesin accordancewith theIncome-tax

540 Ahmedabad Chartered Accountants Journal Januar y, 2022

Act, 1961enacted inIndia. Current incometax From Published Accounts
relating to itemsrecognised outside profit or
lossisrecognised outsideprofit or loss(either In thesituationswheretheGroup Company is
in other comprehensiveincomeor in equity). entitled to atax holiday under theIncome-tax
Act, 1961 enacted i n Indi a or tax l aws
Current tax assetsandcurrent tax liabilitiesare prevailing in the respective tax jurisdictions
offset when thereis legally enforceableright where it operates, no deferred tax (asset or
to set off the recognized amount and there is liability) is recognized in respect of timing
an intentionto settletheasset and liability on a di fferences which reverse duri ng the tax
net basis. holi day peri od, to the extent the Group
Company’sgrosstotal incomeissubject to the
(ii) Defer red Tax deduction during the tax holiday period.
Deferred tax in respect of timing differences
Deferred income taxes reflects the impact of which reverse after the tax holiday period is
temporary differences between the tax bases recognized in the year in which the timing
of assets and liabilities and their carrying differencesoriginate.
amountsfor financial reporting purposesat the
reporting date. Thecarrying amount of deferred tax assetsis
reviewed at eachreportingdateandreduced to
Deferredtax ismeasured basedon thetax rates the extent that it is no longer probable that
and the tax laws enacted or substantively sufficient taxableprofit will beavailabletoallow
enacted at thebalancesheet date. Deferred tax all or part of thedeferredtax asset tobeutilised.
assetsand deferred tax liabilitiesareoffset, if a Unrecognised deferred tax assets are re-
legally enforceableright existstoset off current assessed at each reporti ng date and are
tax assetsagainst current tax liabilitiesand the recognised to the extent that it has become
deferred tax assetsand deferred tax liabilities probablethat futuretaxableprofitswill allow
relatetothetaxesonincomeleviedby thesame thedeferred tax assetsto berecovered.
governing taxation laws.
hhh
Deferred tax assetsarerecognisedtotheextent
that it is probable that taxable profit will be
avai l abl e agai nst whi ch the deducti bl e
temporary differences, and thecarry forward
of unusedtax creditsandunused tax lossescan
beutilised.

Ahmedabad Chartered Accountants Journal Januar y, 2022 541

From the

Government

CA. Ashwin H. Shah CA. Kunal A. Shah
[email protected] [email protected]

Goodsand Ser viceTax reduci ng the compl i ance burden for
taxpayers.
1) Upcomingfunctionality - Interest Calculator
in GSTR-3B 4. T hi s f unct i onal i t y, as and when
availableon theGST Portal shortly, will
(GST Portal News and Updates Section dated beintimated to thetaxpayer s.
08/01/2022)
2) Advisor y on Revamped Sear ch HSN code
1. Asafacilitation measurefor taxpayers& Functionality
for assistingthetaxpayersindoingacorrect
self-assessment, a new functionality of (GST Portal News and Updates Section dated
interest calculator is being released in 06/01/2022)
GSTR-3B. This functionality will arrive
at thesystemcomputedinterest onthebasis TheSearch HSN Codefunctionality hasbeen
of thetax liability valuesdeclared by the enhanced, wherethetaxpayerscan search the
taxpayers. Theinterest applicable, if any, HSN code and the appl icable Technical
on thetax liability declared in theGSTR- description through common parlance/ trade
3B of a parti cular tax-period will be description of thegoods/ servicesas they are
computedafter thefilingof thesaidGSTR- known in theTrade. It helps the taxpayers to
3B.Thesesystemcomputedinterest values search HSN Code by providing description/
will beauto-populated in theTable-5.1 of part of adescription.
theGSTR-3B of thenext tax-period. The
facility would besimilar to thecollection TheSearchHSN functionality wasearlier given
of Latefees for GSTR-3B, filed after the asameasureof facilitation to thetaxpayer to
Due date, posted in the next period’s search the Techni cal Descri pti on of any
GSTR-3B. particular HSN code of any goods and/or
service used in the Trade, vis-a-vis HSN
2. This functionality has a user-friendly description in theCustomsTariff Act, 1975.
interface, which informs the taxpayers
regardi ng the manner of system However, there are many instances of goods
computationof interest valuesfor eachtax- and services where descriptions commonly
head. This functionality also assists the used in Trade in common parlance i.e. Trade
taxpayersin doing correct computation of descri pti on di ff er f rom the Techni cal
interest for theliability of any past period descriptions otherwise provided in the HSN
declared in the GSTR-3B for the current descriptions of the Customs Tariff Act, 1975
tax period, based on thedetailsfurnished and theabovesaid functionality. Thusfinding
by them on theportal. the corresponding HSN codes vis a vis a
common description wasabit challenging for
3. Thisfunctionality will further improveease the taxpayer. (Note: Technical descriptions
of f i l i ng return under GST and i s, imply thosedescriptionswhichpertain to each
therefore, i n the di rection of further and every HSN CodewhileTradedescriptions
imply those descriptions which are used in

542 Ahmedabad Chartered Accountants Journal Januar y, 2022

common parlanceby thetrade/ businessesfor GST Update GST Notifications & Cir cular s
variousgoodsand services.)
B) The due date of fur nishing of Repor t
(For more detai l s refer advi sory on the from anAccountant by personsentering
revamped search HSN codefunctionality) i nt o i nt er nat i onal t r ansact i on or
specified domestic tr ansaction under
I ncome Tax section 92E of the Act for the Previous
Year 2020-21, which was 31 st October
1) Cir cular r elating to extension of timelines 2021, asextended to30thNovember 2021
in caseof filing of I ncomeTax Returnsand and 31st January 2022 by Circular No.9/
Filing of var ious Repor ts of Audit for AY 2021 dated 20.05.2021 and Ci rcular
2021-2022 No.17/2021 dated 09.09.2021
respectively, ishereby further extended
The Central Board of Direct Taxes (CBDT), to 15th Febr uar y, 2022;
in exerciseof itspowersunder Section 119 of
theAct, provides relaxation in respect of the C) Theduedateof fur nishing of Retur n of
fol lowing compliances: Incomefor theAssessment Year2021-22,
under sub-section (1) of section 139 of
A) Theduedateof fur nishing of Report of the Act, is hereby fur ther extended to
Audit under any provision of theAct for 15th M arch, 2022;
thePreviousYear 2020-21 in thecaseof
assessees ref erred i n cl ause (a) of (CI RCUL AR NO 01/2022, DATED 11/01/
Explanation2 tosub-section (1) of section 2022)
139 of theAct AND assesseesreferred in
clause(aa) of Explanation 2to sub-section hhh
(1) of section 139 of theAct, is hereby
fur ther extended to 15th Febr uar y,
2022;

ADVERTI SEM ENT RATES OF
AHM EDABAD CHARTERED ACCOUNTANTS JOURNAL FOR FY 2021-22

(Journal Advertisement size10.5' length and 8' width letter size)

Page Monthly Quarterly Half yearly Yearly
Back Cover (Four Colour) (Single (Three (Six (Ten

Insertion) Insertions) Insertions) Insertions)

15000 40000 80000 125000

InsideFront (Four Colour) 10000 27000 50000 85000

InsideBack Four Colour) 10000 27000 50000 85000

Inner Full Page(singleColour) 5000 14000 27500 42500

Ahmedabad Chartered Accountants Journal Januar y, 2022 543

IT Corner CA. Rushabh Shah
[email protected]
Under standing the M ETA Wor ld
TheM eta Thesis TheWeb 2.0 mobileinternet changed how, where,
The internet has always been about connecting when, and why we used the internet. In turn, this
people. Over the past three decades, internet changed theproducts, services, and companieswe
technology hasevolved, andtheway weall interact used, which changed our businessmodels, culture,
with the web has evolved with it. Much has and politics – the Web 3.0 Metaverse has the
changed, but three key eras of onl ine-based potential to do thesame.
communitiescould bethought of as:
Web 1.0 - Netscapeconnected usonline TheMetaMarket Opportunity
Web 2.0 - Facebook connected us into online
A greater and greater portion of our attention is
communities going towards digital activities, especially for
Web 3.0 - Decentral and connected us i nto a younger generations.Today, ~1/3rdof our lives(~8
hours/day) isalready spent watching TV, playing
community-owned virtual world games, or on social media.
Fi gure 1: I l l ustrati ve Evol uti on of Web
Communities Aswespend moreof our timeinthesedigital world
experiences, we also spend more of our money
Web1.0 Web 2.0 Web 3.0 withinthesedigital realmsto buildour social status
within theseonlinecommunities.
ValueCaptured
Our social lives and gaming are converging and
Figure2: IllustrativeKey Featuresof Web 1.0, 2.0 creati ng a l arge, fast-growi ng vi rtual goods
& 3.0 consumer economy.It isestimatedthat revenuefrom
virtual gaming worlds could grow from ~$180
Web 1.0 Web 2.0 Web 3.0 billion in 2020 to ~$400 billion in 2025.

Interact Read Read-Write Read-Write-Own Thecontinuedshift of gamedeveloper monetization
isakey dynamic within thisgrowth trend. Players
Medium StaticText Interactive Virtual areincreasingly moving away from paying to play
Content Economies premi um games towards free games, whi ch
developers monetize by selling players in-game
Organization Companies Platforms Networks itemsto enhancegameplay or social statuswithin
thesevirtual worlds.
Infrastructure Personal Cloud & Blockchain
Computers Mobile Cloud Thisshift isaccelerating further with thetransition
from Web 2.0 closed corporatemetaversesto Web
Control Decentralized Decentralized Centralized 3.0 open crypto metaversenetworks, which are:

Web 2.0 Closed Corporate Metaverse: centrally
owned and controlled by big tech, or;

Web 3.0 Open Crypto Metaverse: democratically
owned and controlled by global users.

544 Ahmedabad Chartered Accountants Journal Januar y, 2022

Many gamerstoday spend their money and hours I T Cor ner
of their time building digital wealth within Web
2.0 cl osed corporate metaverse worlds. The The total market cap of the leading Web 3.0
problemis, most gamedevelopersdon’t let players Metaversecrypto networkssitsat ~$27.5 billion.
monetizetheir investment and efforts. Developers This pales in comparison to the ~$900 billion
prohibit players from trading items with other market cap of Facebook, the ~$2 trillion market
players and keep these worlds closed so players cap of the gaming sector, and the $14.8 trillion
cannot transfer their in-game wealth to the real market cap of Web 2.0 companiesthat could shift
economy. to theMetaverseor risk disruption.

Web 3.0 open crypto metaverse networks solve TheMetaWeb 3.0 Economy
this problem by eliminating the capital controls
imposed on these virtual worlds by Web 2.0 Web 3.0 crypto Metaverses are emerging market
platforms. Thisnew paradigm allowsusersto own vi rtual worl d economi es wi th a conti nual l y
thei r digi tal assets as Non-Fungi ble Tokens developing complex mix of digital goods, services,
(NFTs), tradethem with others in the game, and and assetsthat generatesreal-world valuefor users.
carry them to other digital experiences, creating
an enti rel y new free-market i nternet-nati ve Early Web3.0metaverseworldshavebeentypically
economy that can be monetized in the physical built on top of blockchain computing platforms
world. This evolution of the “creator economy” (layer one) withahost of partiescontributing to the
isknown as“Play to Earn”. development of thegamesand in-gamesitemsthat
can befreely traded on theblockchain.
In the metaverse, users dictate these types of
seamless, real-world adjacent interactionsacross Userspurchasing theseitemsarestarting tobuild a
digital communities. Conversely, theclosed nature new e-commerce experience. Examples of some
of Web more popul ar busi ness acti vi ti es wi thi n
Decentraland and other virtual world economies
2.0 corporateMetaverseplatformsmay put users today are:
at adisadvantagecomparedtoWeb 3.0opencrypto
Metaversenetworks. · Art Galleries, suchasSotheby’s, havelaunched
allowing owners to showcase and sell their
Established Web 2.0 corporations will need to digital NFT art at auction.
disrupt their business models by opening their
ecosystemsandremoving their competitivemoats. · Busi ness Offi ces: crypto busi nesses li ke
We don’t yet know the path Facebook will take Binance and others have established digital
with their Metaverseambitions, but headquarters i n the M etaverse where
employeescan meet and collaborate.
they— like other Web 2.0 companies— will need
tomakethischallengingshift inthefaceof pressure · Games & Casinos where players can win
to meet quarterly resultsfor shareholders. MANA.

Gaming is just one of the most immedi ately · Advertising: digital billboardshavebeenbuilt
addressable segments where value is already by property ownerstoadvertisetogameplayers
starting to naturally shift to Web 3.0, but the for afee.
Metaverseopportunity extendsfar beyond gaming.
TheMetaverse isestimated to be atrillion-dollar · Sponsored Content, such as the recently
revenue opportunity across advertising, social announced Atari arcade which will feature
commerce,digital events,hardware, anddeveloper/ gamesthat canbeplayed withinDecentraland.
creator monetization.
· Music VenueswhereDJsand musiciansplay
music and hold concerts.

Ahmedabad Chartered Accountants Journal Januar y, 2022 545

I T Cor ner
Examplesof MetaverseExperiences:

TheseWeb 3.0Metaverseworldsarepart of alarger decentralized infrastructure solution to store
interconnected crypto cloud economy. These datawhileserviceslikeLivepeer givevirtual
decentralized protocols interoperate with and worl ds decentral i zed vi deo transcodi ng
provide the technical infrastructure to support infrastructure.
Metaversevirtual economies.
· Self-Sovereign Identity: Internet-nativesocial
· Payment Networks: Web 3.0 metaverse reputationcoin(“creator coins”) datafromother
economiescan usetheir own digital currency, platformsmay betransferredintotheMetaverse
like MANA, or the currency of the layer one and used for identity or credit scoring.
base crypto cloud economy platform they’re
built on, such as Ethereum (ETH) or Solana The M eta Takeaway
(SOL).
The Metaverse is a digital universe that moves
· Decentral i zed Fi nance: Decentral i zed beyond the internet we know today. This vision
exchangesallow usersto tradein- gameitems for thefuture stateof theweb has thepotential to
whilelendingplatformsallow userstotakeout transformour social interactions, businessdealings,
loanson their virtual land. and theinternet economy at large. TheMetaverse
isstill taking shape, but Web3.0openvirtual world
· NFT Sovereign Goods: Playerscan purchase crypto networksareoffering aglimpseof what the
NFTsfrom other creatorsand bring them into futureof theinternet may hold.
other virtual worldstobeput ondisplay or sold.
Themarket opportunity for bringingtheMetaverse
· DecentralizedGovernance: Legal frameworks to life may be worth over$1 trillion in annual
takeback control of thedigital economiesfrom revenueand may competewithWeb2.0companies
centralized corporations and allow a global worth~$15 trillion in market value today. This
network of Web 3.0 metaverseusersto decide potential hasattracted companieslikeFacebook to
the rules of their collectively owned virtual pivot towardstheMetaverse, which may serveasa
space. catalyst for other Web 2.0 tech giantsand investors
to follow.
· DecentralizedCloud: Filestoragesolutionssuch
as Filecoin give Web 3.0 metaverse worlds a hhh

546 Ahmedabad Chartered Accountants Journal Januar y, 2022

Association

News

CA. Rushabh M . Shah CA. Jay B. Par ekh
Hon. Secretary Hon. Secretary

It isCRUNCH TIME – asweapproach thedeadlinesfor thetax audit season, and finally thesystem seems
to beresponding well enough. For all thefellow professionals, thebusy season isalmost hereasall of us
shall behunkering down for what islikely to bethemost challenging stretch of theyear. Let usensure, we
do not send up any flares, and maintain thework lifebalanceto makesurenoneof theexternal activities
hamper thewell-being.

1. Glimpsesof previousevents:

Time Pr ogr am Venue

15th December 2021 Foundation Day Walk River Front
Wednesday Near Vallabh Sadan Mandir

44 par ticipantshad attended thewalk

I ndirect Tax Study CircleCommittee

25th December 2021 – Second Brain Trust Meeting on issuesin CAAA Office -
Darshak Building
Tuesday GSTR9 and GSTR9C by CA Nitesh Jain

36 par ticipantshad attended thepr ogr am

I ndirect Tax Study CircleCommittee

27th December 2021 Analysisof variousprovisionsapplicablefrom CAAA Office -
Darshak Building
Tuesday 1st January 2022 under GST by CA Bishan Shah

81 par ticipantshad attended thepr ogr am

2. For thcoming Pr ogr ammes:

RRC

4th Januar y 2022 – Tuesday To 50th Residential JaypeeResidency
8th Januar y 2022 - Satur day Refresher Course Manor - Mussoorie

Time Pr ogr am Speaker Venue

Professional Development Committee

21st Januar y 2022 – Sustainability Reporting – CA. Vivek Shah Online
Fr iday An Emerging Business
4.00 pm to 6.00 pm Opportunity Zoom Platform

hhh 547

Ahmedabad Chartered Accountants Journal Januar y, 2022

ACAJ Crosswor d Contest - 8

Acr oss Down
4. Section 139 imposes an obligation on the
1. The RERA Act is designed to protect the
_______ of buyers and promote clarity and assesseeto furnish _____________ areturn of
liability in thesector. histotal incomeandfurther makesit obligatory
to discloseall material factsnecessary for his
2. A cryptocurrency isadigital or virtual currency assessment for that year fully and truly.
that issecured by _____________. 5. 2021 was the year of I POs as total
___________ companiesraisedaroundRs. 1.2
3. When the i ssue rel ati ng to deducti on or lakh Crorethrough IPOswhich isthehighest
disallowanceof deductionsis___________, amount ever raised in asinglecalendar year.
the Assessi ng Offi cer cannot make any 6. As per the exemption under Entry No. 14 of
adjustment in an order under section 143 (1) Notification No. 12/2012- Central tax (Rate)
(a). dated 28.6.2017, theactivity of providing the
hostel on therent to variousstudentswould be
_______wherehostel feeschargedper student
per day shall belessthan Rs. 1000/-.

Notes: Pr izeCour tesy

1. TheCrossword puzzleisbased on thisissueof Winner s of ACAJ Crosswor d Contest – 7
ACA Journal.
1. CA. Tirth Shah
2. Two lucky winnerson thebasisof adraw will
beawarded prizes. 2. CA. Hitesh Mandani

3. The contest is open only for the members of ACAJ Crosswor d Contest 7 - Solution
Chartered Accountants Association and no
member is allowed to submit more than one Across: Down:
entry.
1. Equal 4. Electronic
4. M embers may submi t thei r repl y ei ther
physically at the office of theAssociation or 2. Citizenship 5. Admissible
by email at [email protected] on or
before20-02-2022. 3. Beneficial 6. Invoice

5. Thedecisionof Journal Committeeshall befinal
and binding.

hhh

548 Ahmedabad Chartered Accountants Journal Januar y, 2022

Our Association held Golden Jubilee RRC (50th Residential Refresher Course) at
Rishikesh and Mussoorie from 04th January 2022 to 8th January 2022. Record
breaking 142 persons participated in this RRC. Along with studies, all the
participants were blessed with Aarti to Ganga Maiya at Rishikesh and enjoyed the
nature at its best in Mussoorie.