Finance : The article explains how audit and accounting systems help maintain financial transparency, accountability, and investor confidenc...
Finance : The issue highlights the distinction between accounting and auditing functions. The key takeaway is that independent audits ensure...
Goods and Services Tax : Explains how carbon credits have evolved into monetisable assets and outlines key accounting recognition, income-tax treatment und...
CA, CS, CMA : Clarifies how acquisitions are accounted for when the acquired company continues to exist, focusing on fair-value recognition, goo...
CA, CS, CMA : Highlights how agriculture, livestock, forestry, and oil & gas inventories need unique recognition and measurement approaches. Key...
CA, CS, CMA : Join our free webinar on foreign accounting and bookkeeping, led by expert CA Sachin Jain. Learn about opportunities, techniques, ...
CA, CS, CMA : The Council, at its 400th meeting, held on March 18-19, 2021, considered the matter relating to applicability of Accounting Standa...
CA, CS, CMA : Announcement providing Temporary Exceptions to Hedge Accounting prescribed under Guidance Note on Accounting for Derivative Contra...
CA, CS, CMA : ICAI Research paper on Money laundering and scams THROUGH Multi-State Urban Cooperative Credit Societies, Angadia’s & Banks in I...
CA, CS, CMA : The Credit Co-operative societies have misused various gaps of the system over period of time by tapping various regulations for c...
Income Tax : Change in method of accounting was bona fide and with the compliance of the Accounting Standard – AS 9 – Revenue Recognition i...
Income Tax : Method of Accounting regularly followed by the taxpayer which was accepted by the Tax Officer in past cannot be rejected in future...
Income Tax : We find that at the time of survey the sample processing was carried out and according to the sample processing, the bi-products c...
Income Tax : We have heard both the sides in detail. Thrust given by the C1T(A) on the mens rea reflected in the conduct of the assessee does n...
Income Tax : In the instant case, learned counsel for the Revenue is not in a position to demonstrate or satisfy us that due to the change of a...
Self assessment – The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment – On the basis of thereturn of income chargeable to tax furnished by the assessee an intimation shall be sent to the assessee informing him about the tax or interest payable or refundable to him.
In today’s time, you may have become habitual of hearing the word “cloud” and would be curious to know if it’s safe for your business. Well, cloud is one of the few things that give your business functions a unified platform for multiple solutions, safely stores data, and lets you access your operations anytime from […]
Automated accounting helps accountants with the mundane tasks of accounting such as bill payments and invoices. As the tasks of accounting are getting automated, so the accountants can use the data from technology and execute it in real business at a much greater pace. Over 50% of C-level executives expect that with the intelligent automated […]
Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken for granted. With the present Covid19 crisis, the basic fundamentals of business existence itself has changed and standards relating to going concern are becoming suddenly relevant and […]
The Taxation Laws (Amendment) Ordinance, 2019 (or ’the Ordinance’) was passed by Lok Sabha on December 2, 2019. The Ordinance provides significant tax cuts to Domestic companies. This article specifically enlightens the treatment of the same in Books of Account of the assessee taking benefit of the ordinance.
Few General considerations that we should know before we start with the topic Identification of contracts (First of the five steps for revenue recognition) Important Definition: Customer: A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchange for […]
Bookkeeping or the books of accounts are the lungs of your business. It is advisable to streamline your accounts to keep your financial records sorted. Streamlining your bookkeeping makes sure that you save your time and money and reduce the last-minute anxiety and financial stress while not compromising on productivity. Here’s listing 5 simple ways […]
What is Adjusted Gross Revenue (AGR)? Pursuant to the National Telecom Policy, 1994, the telecom sector was liberalized. The licenses were granted to the companies operating in the telecom sector. To tide over the huge fixed license fee, the government in 1994 gave an option to the licensees to follow the Revenue sharing model. Under […]
ALL ABOUT GOODS IN TRANSIT (GIT) OR TRANSIT INVENTORY. The term Goods in Transit (or Transit inventory) refers to inventory items that have been shipped by the seller, but not yet received by the buyer. Transit inventory is an important component of company’s inventory valuation. GIT is booked in books of accounts on quarterly basis […]
Why Actuarial Services are required by Companies for Accounting for Defined Benefit Plans? This article is prepared to create general awareness about requirement of Actuarial Services for Accounting for Defined Benefit Plans amongst Professionals/Company Personnel involved in Finalization of Financial Statements. In Indian context, Companies needs to comply with Section 133 of Companies Act 2013 […]
