Compliance Calendar April 2023 contains compliance as applicable from 01.04.2023 or which needs to be done in April 2023 under Companies Act, 2023, CGST Act, 2017, Companies Act, 2013, Employee Provident Fund Regulations etc Date Time Period Compliance 01.04.2023 Onwards Every company to fulfill the requirement of an audit trail in their ...

Introduction The taxation of Debt Mutual Funds has been a topic of discussion for the past few days, with several amendments being made to the rules and regulations surrounding it. The proposed changes seem to bring taxation of specified debt mutual funds on par with bank deposits, providing the government to tighten the arbitrage being [...

Company Law: 1. MCA establishes a Centre for Processing Accelerated Corporate Exit (C-PACE)  C-PACE is expected to expedite the voluntary winding-up of bankrupt companies to less than six months from the mandatory two years at In Union Budget 2023-23, FM had proposed to establish the Centre for Processing Accelerated Corporate Exit (C-PA...

We all know that the Educational and Medical Institutions’ are getting 100% exemption of their income u/s 10(23C) of Income Tax Act 1961, since last 40 years. While other charitable institutions or religious trusts or N.G.O. have to follow sections 11 and 12 for their income. Income tax department is very much strict for applying [&hell...

Indian Accounting Standard for Accounting the Corporate Restructuring Accounting for Mergers, Acquisition and Re-construction (internal and external) – Latest and Simplified Business Combination is one of the important accounting Standard which is related with the Corporate Restructuring Accounting for Mergers, Acquisition and Re-co...

Statement of Cash Flows (IND AS -7) by incorporating Companies (Indian Accounting Standards) Amendment Rules 2022 Statement of Cash Flows is an integral part of Financial Statements as per Indian Accounting Standards regime. Following are important Financial Statements of a Joint Stock Company as per IND AS regime. 1. Statement of Profit ...

Financial statements: ♦ The presentation of financial statements is governed by both IAS 1 (International Accounting Standard 1) and Ind AS 1 (Indian Accounting Standard 1). The standards are comparable in many ways, however, there are some variances in the presentation criteria. ♦The objective of financial statements is to provide in...

Summary of Provisions related to TDS on Commission (Section 194H) and TDS on Rent (Section 194I). It will be helpful for Revision for Students….. Section 194H (TDS ON Commission payments)  The Section lays down that TDS should be deducted on Commission payments. The rate of TDS is 5% irrespective of payer or payee type Threshold [&...

Exemptions from tax, also known as non-taxable income, refer to the income that is not subject to income tax. This income may be exempt from tax for a variety of reasons, such as being below a certain threshold or being earned through certain sources. In this article, we will delve deeper into the concept of […]...

1. If min. no. of members in co. fall below prescribed and co. carries on business with reduced no. for 6 months members cognizant about the fact shall be severally liable for the debts incurred after 6 months. 2. Member & Nominee of OPC to reside in India for a period of not less than […]...