There is an earnest desire among many members of the public to do charity, welfare and social good. This leads to flow of money without consideration from one individual to another or from one entity to another. Such flow of money is termed as donation in common as well as legal parlance. Unlike in commercial […]
I. Introduction What qualifies as a “Start-up” under the Start-up India Scheme? An entity shall be eligible to apply for Start-up Registration if: 1. It is incorporated as a Pvt Ltd Company or registered partnership firm or LLP. 2. Up to ten years from the date of its incorporation/registration 3. Turnover for any of the […]
Enterprise Resource Planning (ERP) is a business management software that allows an organization to leverage a suite of integrated applications by streamlining and automating processes, creating a leaner, more accurate and an efficient operation along with providing complete visibility into core business processes.
Under law, identity or recognition of a person is established by relevant documents mentioned under those laws. For example passport establishes citizenship; Aadhar Card establishes residency for the purpose of government subsidies and benefits. In the same way, residency under direct tax laws is established by ‘Tax Residency Certificate’ also known as ‘TRC’. In one […]
♦ INTRODUCTION Assessment means determination of tax liability. There are several types of assessments in the GST regime i.e., self-assessment, provisional assessment, summary assessment and best judgment assessment. Under GST, an assessee is first required to self- assess his tax liability and furnish returns for declaring the taxable turnover, tax payable or refundable, input tax […]
I. Introduction In the previous article ‘IFC Reporting- Fresh Perspective beyond Compliance’, we have covered when the IFC will be applicable, the Responsibility of Management and Auditor while implementing IFC, advantages,and importance of IFC along with a case study. In this article, we are going to cover how the implementation of IFC will lead to […]
♦ Introduction: When a Company’s business activities are distributed evenly across various states both on input side and output side, then the company shall be able to utilise the input-tax credit on inward supplies in each such state while offsetting it against tax on outward supplies made from each such state. However, in many cases, […]
Gifts are usually capital receipts by nature. The Income Tax Act, 1961 (‘Act’) which is levies tax on incomes, that is revenue receipts, carves out certain exceptions and levies tax on capital receipts as well. Gifts are one such receipt. The Act defines gifts as any asset received without consideration like money or money’s worth (in kind).
In the past, we had come across many financial frauds, the most manipulated corporate frauds were Satyam Scam, Enron Scandal and WorldCom scandal. The major reason these scams were successful is due to lack of corporate governance, hiding the true position of the company by the intentional use of fraudulent accounting practices. Such scams spurred the government to bring strict rules and regulations and mandate the requirement of internal financial control reporting to prevent the recurrence of such kinds of frauds in near future.
Introduction: Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) is a kind of advance tax that needs to be deposited with the government periodically and the onus of doing the same lies on the deductor or collector respectively rather than taxpayer. For the tax payer, TDS or TCS can be claimed in […]
