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Ind AS 33 EPS- Contingently issuable ordinary shares

This article specifically covers the details / point in time when the contingently issuable ordinary shares shall be included in calculation of Basic and Diluted Earnings Per Share (EPS) : Extract of Ind AS – 33 Definition : 1. Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consider...

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Posted Under: CA, CS, CMA |

Equalisation Levy (EL) on Specified Services and E-commerce Supply or Services, Finance Act 2020

In Finance Act, 2020 the scope of Equalisation Levy has been expanded to include Equalisation levy of 2 % by an ‘e-commerce operator’ from ‘e-commerce supply or services’. In this article I have discussed the existing Equalisation Levy provisions along with new amendment related to E-commerce supply or services. Equalisation Levy ...

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Posted Under: CA, CS, CMA |

Audit Evidence Protects the Auditor from Failure

Auditor’s are expected to provide an unbiased and objective opinion on the facts they have examined. Boards and shareholders expect that the Auditor’s opinion must be near precise, however, auditing standards prescribe that auditor’s opinion is reasonable and not absolute as the auditors are never able to scrutinize all accounting a...

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Posted Under: CA, CS, CMA |

Ind AS 33 EPS- Contingently returnable ordinary shares

This article specifically covers the details / point in time when the contingently returnable ordinary shares shall be included in calculation of Basic and Diluted Earnings Per Share (EPS) :  Definition :  1. Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consideration upon the satisfac...

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Posted Under: CA, CS, CMA |

Donation made to PM CARES Fund eligible for 100% deduction

The pandemic of COVID-19 has engulfed the entire world and has posed serious challenges for the health and economic security of millions of people worldwide. In India too, the spread of coronavirus has been alarming and is posing severe health and economic worries for our country. Keeping in mind the need for having a dedicated […]...

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Posted Under: CA, CS, CMA |

Ind AS 33 Treatment of Options in calculation of Basic & Diluted EPS

Ind AS – 33 – Treatment of Options in calculation of Basic and Diluted Earnings Per Share (EPS) Ind AS 33 Earnings Per Share –Options : This article specifically covers the treatment of Options in calculation of Basic and Diluted Earnings Per Shareunder Ind AS – 33 Extract of Ind AS – 33 Definition : […]...

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Posted Under: CA, CS, CMA |

GST Impact on Freight

In this article, we are going to discuss about the impact of GST on freight. As we already know that goods are transported through the three medium i.e. by road, air and sea, so we can categorised freight as Road freight, Sea Freight and Air Freight....

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Posted Under: CA, CS, CMA |

Direct & Indirect Taxes Updates- March 2020

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Due to the outbreak of Novel Covid-19, Finance Minister has announced several relief measures on 24th March 2020– √ Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. √ Aadhaar-PAN linking date to be...

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ICSI Auditing Standards (CSAS)

The Auditing Standards were formulated by Auditing Standard Board of Institute of Company Secretaries of India  and issued by Council of ICSI. These Auditing Standards is effective from 01, July 2019 but on re commendatory basis , these are made mandatory from 01, April , 2020. These standards are applicable for audit by Practicing Com...

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Posted Under: CA, CS, CMA |

Section 269ST of Income Tax Act, 1961

Introduction:-Section 269ST of Income Tax Act, 1961 restricts the cash transaction. It was introduced to do cashless transaction for avoid evasion of Taxation. Lets we discuss about the Section in Details. Sec 269ST prescribes that no person shall receive amount of two lakh or more– 1. In aggregate from a person in a single day;or [...

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Posted Under: CA, CS, CMA |