SECTION 269SU: AN INTIATIVE TO BOOST DIGITAL TRANSACTION The Government of India has adopted several fiscal and non-fiscal measures to move towards a less cash economy, to reduce the generation and circulation of black money and to promote the digital economy, The GOI with a vision to transform India into a digitally empowered society and […]
With a view to promote Transparency and accountability in Company Financial Statement, the Ministry of Corporate Affairs (MCA) has amended the Schedule III to the Companies Act, 2013 vide notification dated 24.03.2020, wherein the certain disclosure requirements as well as the principles as stated in respect of the preparation of the financial statements has been […]
GOOD NEWS FOR ASSESSEE WHO HAD OR PLANNING TO PURCHASE ELECTRIC VEHICLE ON LOAN To encourage the purchase of ‘electric vehicle’, Govt of India had come with new incentive plan .In the union budget 2019, the government has announced an incentive for purchase electric vehicle. In the budget speech, the finance minister has stated that […]
As per GST law, A person supplying the services of exchange of foreign currency may exercise option to ascertain value in terms of 32(2)b for a financial Year. In service related to supply of foreign currency, including money changing, the problem of valuation always arise, therefore Govt. has prescribed the consideration should be taken to the difference in the buying rate or the selling rate.
Article explains TDS on cash withdrawals of over Rs 1 crore under section 194N of the Income Tax Act, 1961, TDS at the time of purchasing immovable property under Section 194-IA of the Income Tax Act, TDS on payments made to professionals and contractors under Section 194M, TDS on life insurance proceeds Under section 194DA, […]
A registered supplier is not allowed to avail of the Input Tax Credit of GST paid in respect of motor vehicles. The Act is silent on the allowability of Input Tax Credit of GST paid on insurance, repair and maintenance of motor vehicles. So, the taxpayers were in dilemma whether such ITC should be claimed […]
The new standard will require lessees to recognize most leases on their balance sheets. Lessees will use a single accounting model for all leases, with limited exemptions. Ind AS 116 is likely to be effective for accounting periods beginning on or after 1 April 2019.
Cryptocurrency is digital money. It is considered to be more secure that the real money. Cryptocurrency uses something called cryptography to secure its transactions. Cryptography, to put it in simple words is a method of converting comprehensible data into complicated codes which are tough to crack.
The Reserve Bank of India (RBI) has come out with a revised prompt corrective action (PCA) framework for banks, spelling out certain thresholds, the breach of which could invite resolutions such as a merger with another bank or even shutting down of the bank.
As we know, Companies is required to comply with IND As Provisions and make the opening Ind-AS balance sheet on the date of transition. This is the starting point for adoption of Ind-AS. For this purpose, an entity should, in its opening Ind-AS Balance Sheet:
