Brief Overview of advisory on Financial Reporting issued by ICAI for the Current FY in the wake of businesses being impacted by coronavirus outbreak. Areas to be considered 1. Inventory Mgt (Ind AS 2) It might be necessary to write down inventories to net realizable value due to reduced movement in inventory, decline in selling […]
FINANCE ACT 2019- AMENDMENTS (Applicable for AY 2020-21 i.e FY 2019-20) Some important amendments made by Finance Act 2019 to be noted while filing returns for AY 2020-21 1. Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall […]
Credit & Financial Facilities to MSMEs (Micro, Small & Medium Enterprises) MSME sector has been recognised as a very important sector of the Indian Economy. MSMEs play a major role in industrialization of rural & backward areas and also play a crucial role in providing large employment opportunities. Ministry of Micro, Small & Medium Enterprises […]
Introduction : Under the new GST return, there will be 1 main form viz. GST RET-1 (Normal), / GST RET-2 (Sahaj)/ GST RET-3 (Sugam) (i.e. the taxpayer will have to file any of the above forms) and two Annexures namely GST Anx-1 & GST Anx-2. Date of Applicability of New GST Returns: 01/04/2020 GST RET-1 […]
