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NOC (Communication with previous auditor) – A tool, defense, weapon or?

What should be the correct procedure to adopt when a prospective client tells you that he wants to change his auditor and wants you to take up his work? Is NOC (no objection certificate) required from previous auditor?...

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Posted Under: CA, CS, CMA |

Direct & Indirect Taxes Updates- November 19

A. DIRECT TAXES UPDATES i) Income Tax circulars/ notifications/ rules/ clarifications/News- November- 2019 ♠ CBDT notifies Form 16D (certificate of deduction of tax at source) and 26QD (challan-cum-statement) in relation to section 194 M (deduction of tax at source for contractual or professional payment by Individual or HUF) (Notificat...

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Posted Under: CA, CS, CMA |

Treatment of Lease Equalisation Reserve created as per Ind AS 17 on transition to Ind AS 116

CA Tasnim Tankiwala Ind AS 116- Leases, is effective from annual period beginning on or after 1 April 2019. Ind AS 116 Supersedes Ind AS 17 – Leases from the date of its applicability. Under Ind AS 17, lease rentals under an operating lease were recognised as an expense/income on a straight line basis over […]...

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Posted Under: CA, CS, CMA |

Sale and Leaseback Accounting under Ind AS 116 ‘Leases’

A sale and leaseback transaction is one where an entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) for consideration and leases that asset back from the buyer-lessor. Ind AS 116 makes significant changes to sale and leaseback accounting....

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Posted Under: CA, CS, CMA |

Ind AS 40 | Indian Accounting Standard-Investment Property | Summary

Do you think that there is only one standard which is applicable to Property Plant and Equipment: IND AS 16 Property, Plant and Equipment. The answer is No. Aren’t you Surprised? On one hand, it’s 100% true that you are required to apply IND AS 16 for most of your long-term tangible assets, but it’s […]...

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Posted Under: CA, CS, CMA |

Legal Audit Secures the Business and Boosts it Profitability!

How would you rate the efficiency of the business model in the absence of an advisory team? Of course, zero or below five! In the absence of an advisory team who assist the businessmen to keep plans on the right course, the effect of business model and attainment of business goals become quite dubious. When […]...

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Posted Under: CA, CS, CMA |

Major Impact of Rule 36(4) of CGST Rules, 2017 on SME Sector

So recently this new Rule 36(4) of CGST Rules, 2017 had inserted vide Notification No. 49/2019, which says that: ‘Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not […]...

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Posted Under: CA, CS, CMA |

Certified CAs From India Turned CEOs of Various Renowned Organizations

Every CA aspirant dreams of owning a successful career in the future and the thought of having a stable future along with a desirable package itself is an inspiration for all. Well, there are other real-life inspirations who are by now the CEOs of various renowned companies in India and are CAs by qualification. A […]...

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Posted Under: CA, CS, CMA |

How to Choose CA Firm For Articleship??

Article ship!! Probably the most important phase in the life of a student pursuing Chartered Accountancy. This phase of 3 years will decide what you will be in future. This is the reason why I have decided to pen this blog as I want my juniors to handle this phase very wisely as this is […]...

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Posted Under: CA, CS, CMA |

Guide to Programme Credit Hours (PCH) for Company Secretaries

It is mandatory for every Company Secretary to be it in practice or in employment to achieve mandatory Programme Credit Hours (PCH) as per the guidelines issued by the Institute of Company Secretaries of India (ICSI). Guidelines issued by ICSI for Compulsory Attendance of Professional Development Programmes for the Members (PCH Guideline)...

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Posted Under: CA, CS, CMA |