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Accounting Standards: Definition, Global History and Indian Adoption

June 13, 2023 5061 Views 0 comment Print

Discover the concept of accounting standards, their purpose, and their role in enabling stakeholders to compare financial data across entities. Explore the global history of accounting standards, including the transition from International Accounting Standards (IAS) to International Financial Reporting Standards (IFRS).

Financial Influencers Settles Case with SEBI for Unregistered Advisory Services

June 13, 2023 1785 Views 0 comment Print

Read about the settlement between SEBI and Mr. P R Sundar, Ms. Mangayarkarasi Sundar, and Mansun Consultancy Pvt. Ltd. for offering unregistered investment advisory services. Explore the alleged violations, penalties imposed, and the importance of obtaining SEBI registration for advisory firms.

Understanding TCS: Purpose, Implications and Proposed Reforms

June 13, 2023 4206 Views 0 comment Print

Explore the concept of Tax Collected at Source (TCS) and its intended purpose. This article discusses the recent increase in TCS rates, its impact on individuals, and proposes keeping the rates between 0.5% to 1% for the benefit of taxpayers and the Income Tax Department.

Social Audit in India: Emerging Field, Statutory Mandates & Impact on Social Welfare

June 13, 2023 10218 Views 2 comments Print

Discover the emergence of social audit in India and its statutory mandates, including the role of Gram Sabhas. Explore the impact of social audits on sectors like NREGA and CSR, and the potential of Social Stock Exchanges. Learn about sustainability reporting standards and the country’s commitment to global initiatives for social development.

Balance confirmation portal and its need in the world of auditing

June 13, 2023 6891 Views 2 comments Print

Explore the need for a Balance Confirmation Portal in auditing, a collaborative effort by ICAI and IBA to enhance audit integrity. Learn how it addresses challenges, reduces risks, and streamlines the external confirmation process, citing historical frauds like the SATYAM Scandal. The proposed portal aims to provide standardized, transparent, and cost-free access to information from public sector banks initially, with plans for future expansion. Stay informed about this innovative solution shaping the future of auditing.

The role of insurance companies in personal injury claims: A statistical analysis of settlement amounts and outcomes 

June 13, 2023 753 Views 0 comment Print

If you got injured in a car accident, you might be thinking of filing a personal injury claim to seek compensation for your economic and noneconomic damages. One of the major components of personal injury claims is dealing with insurance companies, who will try their best to minimize their payout.

Creation of Entity Master with Regard to FC-GPR Filing

June 13, 2023 4164 Views 0 comment Print

Discover a step-by-step guide to filing the FC-GPR form for receiving Foreign Direct Investment (FDI) in India. Understand the process, registration requirements, and important details related to FDI.

SA 210: Understanding the Terms of Audit Engagement: An Analysis

June 13, 2023 9783 Views 0 comment Print

Explore the important initial audit engagement step of agreeing to the terms of the audit engagement as outlined in SA 210. Learn about preconditions, roles, responsibilities, and the significance of the Letter of Engagement (LOE).

Unraveling the Mysteries of Royalties and Fees for Technical Services in India

June 13, 2023 31173 Views 0 comment Print

Classification of royalties and fees for technical services as income in India according to the Income-tax Act, 1961. Explore the definitions and implications of these categories, as well as the concept of Tax Deducted at Source (TDS) and its rates for residents and non-residents.

SEZ units not exempt from search & seizure proceedings conducted by GST authorities

June 13, 2023 2133 Views 0 comment Print

HC held that GST authorities have power to conduct search and seizure against assessee operating in SEZ and further applied a cost on assessee for abusing due process of law.

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