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Abhinav Bhavani Prasad

Latest Posts by Abhinav Bhavani Prasad

Reverse Charge Mechanism (RCM) Under GST Regime

April 28, 2020 21684 Views 4 comments Print

In the GST regime, An Entity or Supplier is required to be registered either mandatorily under cretin circumstances (say, crossing threshold limit – 40L/20L; involved in specified business’s) or on voluntary basis. However there are certain suppliers,not registered due to illiteracy (say, local good transporters) or they are situated in non-taxable territories (say, supplier in […]

Taxation of Partnership Firms and LLPs

January 6, 2020 184824 Views 6 comments Print

A charge imposed by government on the annual earnings (either earned# or unearned$ Income) of a Person (Section 2(31)).

E-Way Bill under GST regime- Rules & Regulations

April 28, 2018 6396 Views 0 comment Print

When to generate eWay Bill? When there is a movement of goods in a vehicle or conveyance of value more than Rs.50,000/-* (either each Invoice or in (aggregate of all Invoices)) –

Director’s Report under Section 134 of Companies Act, 2013

March 22, 2018 105531 Views 0 comment Print

A report is an informational work made with the specific intention of relaying information or recounting certain events in a widely presentable and scrutinized form.

Private Limited Company – Compliances & Reports by Management & Auditor

March 22, 2018 24939 Views 0 comment Print

Nowadays, there are lot of start-ups or business in India which have one of the most popular legal entity i.e., Private Limited Company (which gives a lot of benefits).

Audit Sampling Techniques

December 26, 2017 36165 Views 0 comment Print

Auditor shall design and perform audit procedures in such a way as to enable the auditor to obtain sufficient (quantity of audit evidence) and appropriate (quality of audit evidence) audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion.

Input Tax Credit under Goods & Services Tax (GST) Act, 2017

November 20, 2017 13488 Views 4 comments Print

Tax policies play an important role on the economy through their impact on both efficiency and equity. A good tax system should keep in view issues of income distribution and, at the same time, also endeavor to generate tax revenues to support government expenditure on public services and infrastructure development.

CARO 2016- Companies (Auditor’s Report) Order, 2016

November 18, 2017 29751 Views 0 comment Print

Earlier the limit for Private limited company was INR 50 Lacs which has been increased to INR 1 Cr & even the same was with the Total borrowings. Earlier, the turnover limit was restricted to INR 5 Cr which has been enhanced to INR 10 Cr.

An insight on Fraud Reporting under Companies Act, 2013

June 8, 2016 7360 Views 0 comment Print

If an Auditor of a company, in the course of the performance of his duties as auditor, has reason to believe that an offence involving fraud is being or has been committed against the company by officers or employees of the company, he shall immediately report the matter to the Central Government within such time and in such manner as may be prescribed (not later than 60 days)

Brief on Income Computation & Disclosure Standard

June 5, 2016 12880 Views 0 comment Print

Under Provisions of Sec. 145(2), Two Tax Accounting Standards have been notified on 25th January 1996 – Disclosure of Accounting Policies. Disclosure of Prior Period Items & Extraordinary items & changes in Accounting Policies.

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