There are many instances wherein the Designated Partners/Partners might want to increase or decrease the capital contribution of the LLP. Accordingly, in this article, we shall study about the procedure and legal requirements for change in capital contribution of the LLP. Relevant Provision: Section 23(2) of the LLP Act, 2008 read with pr...
Complete guide on trade receivables audit and disclosure requirement for AS complaint and Ind AS complaint entities as per latest amendment in companies Act, 2013 This topic covers the step-by-step guidance on designing and performing the substantive procedures for the trade receivables and the disclosure and presentation requirement for ...
Schedule III of CGST Act, 2017: Exemptions from Supply of Goods or Services – Services By Any Court or Tribunal Established Under Any Law For The Time Being In Force Introduction: The CGST Act, 2017 defines the scope of “Supply” and outlines the chargeability of Goods and Services Tax (GST) for various transactions and a...
In its endeavour to convert the country into a cashless economy the government has been introducing very stringent provisions in the Income Tax Act, 1961 to curb cash transactions. Undoubtedly, a number of western economies have become cashless to the extent that stores on High Street do not accept cash payments at all, even the […...
Understanding Schedule III of the CGST Act, 2017: Exclusions from Supply of Goods or Services – Services by an Employee to Employer in the Course of or in Relation to his Employment The implementation of the CGST Act, 2017 has brought significant changes to the taxation landscape in India. While the Act defines “Supply” ...
This article aims to shed light on the significance of data privacy and data protection in the present time, examining the challenges we face, the potential risks, and the measures we must take to safeguard our digital future....
Section 56(2)(viib) & Rule 11UA(2) : Decoding the amendment in section 56(2)(viib) of the Income Tax Act and draft sub rule 2 of rule 11UA of the income tax Rules In Finance bill 2023, the government of India has bite the bullet with the amendment in section 56(2)(viib) by cementing the provisions for resident as […]...
We start from the meaning of all the terminologies. Retrenchment is defined under Section 2(oo) of ID Act 1947. To go further down this road, we shall look into some of the words which are used interchangeably with retrenchment or can be misunderstood if distinction is not established....
A tax audit in India involves a comprehensive examination of an entity’s financial records and tax compliance. Key areas scrutinized during the audit include the maintenance of proper books of accounts, accuracy of financial statements, income and expenditure computations, tax deductions and collections, compliance with tax return f...
When conducting a ledger scrutiny as part of the audit process, there are several key steps and considerations to keep in mind. Here’s a general outline of the process: Understand the Audit Objective: Before starting the ledger scrutiny, it’s important to have a clear understanding of the audit objectives. This helps determine...