XBRL is a language for e-communication of financial and business data for business reporting. It is a standardized communication language in electronic form to express, report or file a financial statements by a Companies. However, XBRL is only a method of presentation or reporting. It does not attempt to make any changes in the content to be reported.
Period of holding is critical and initial step to determine tax liability on Capital Gain on shares, securities, immovable property, bonds or any other capital asset as the rate of tax, implication of carry forward and set off, and benefit of indexation depends upon the nature of asset. i.e. whether capital asset is Short Term […]
Indian economy is now on a recovery drive. The figures suggest that it has fared well as against predictions. A GDP contraction of 7.5% is a better picture after witnessing a 23.9% negative growth in June, 2020 quarter. For March 21, people now predict a contraction of 7-9% only. Economists and other agencies have now […]
British Airways PLC Vs ITO & Ors. (Delhi High Court) The limited grievance of the petitioner raised in this petition is that the withholding tax certificate issued to the petitioner has been made effective from the date of issue and not from the beginning of the financial year i.e. 01.04.2019. For example, it is pointed […]
Hon’ble AAAR, Maharashtra held that GST is to be levied on maintenance charges collected by cooperative housing societies if the monthly subscription or contribution charged from members is more than Rs 7,500 per month and the annual aggregate turnover is Rs 20 lakh or more.
♦ Patna reports lowest literacy levels with only 22% of borrowers aware of their CIBIL score, followed by Kolkata (25%) and Mumbai (25%), reveals research conducted to understand Financial Literacy levels ♦ 76% of borrowers do not know their interest amount on loan, research says ♦ 50% respondents aware about Mutual Funds; Kolkata leads the […]
Several Companies were found difficult to hold their AGM for the Financial Year ended on 31.03.2020 due to difficulties faced in view of the Covid-19 Pandemic. In View of the above common problem faced by companies, respective ROC’s in whose jurisdiction registered office is situated passed separate orders to extend the time to hold the […]
A share certificate is a certificate given to the shareholder of the company in the form SH-1. Share certificate being an instrument requires stamping and Stamp duty on share certificate is a state-related matter where delay in payment of stamp duty appeals penalty. Firstly, Stamp duty on share certificate has to be paid at the time of […]
A quarterly return with monthly payment (QRMP) scheme for small taxpayers with Annual aggregate turnover up to ₹ 5 Cr. will be made available on the common portal from 1st of January 2021. Once a taxpayer opts in he may file his FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax […]
When the nation is becoming Atmanirbhar, why should we Individuals lag behind? Let us discuss how we can Atmanirbhar and remain Atmanirbhar during all the phases of life. Early days in life Gaining basic knowledge about finance Ideally personal finance should be taught in the school. The basic knowledge about importance of compounding and time […]
