Revenue is a fundamental component of financial statements as it indicates the income generated by an entity through its primary business activities. Proper recognition of […]
Essential Guidelines for Bank Audits: Procedures and Best Practices
Bank audits require special considerations due to several unique factors related to the banking sector. The particular nature of risks associated with financial transactions, the […]
Understanding Investment Options: Mutual Funds vs PMS vs AIF
Investing in the stock market can be intimidating for many individuals, especially when it comes to identifying multi-bagger stocks or avoiding poor investment choices. Mutual […]
Derivatives Explained: Origins, Development, and Classification
A derivative is a financial contract or product whose value is derived from the value of some other asset known as the underlying. The underlying […]
Understanding Gold Seizure Under Income Tax Searches: Scope and Judicial Precedents
Gold has always held a significant place in Indian culture and society. It is often seen as a store of wealth, a symbol of prosperity, […]
A Complete Guide to Contract Costing: Definitions, Calculations
Contract costing is a specific form of costing used where costs are attributed to particular contracts. It is a method that helps in tracking and […]
Understanding Customs Law: A Guide to Various Customs Duties
Customs duty is levied on the import and export of goods in India. Historically, merchants entering a kingdom with goods were required to make a […]
Understanding GST on Electric Vehicle Charging Stations
India is among the few countries supporting the global electric vehicle campaign that aims for at least 30 percent of new vehicle sales to be […]
MSME Registration for Startups: Eligibility and Key Advantages
Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the growth and development of the economy. Startups, as emerging businesses, often seek to […]
Forensic Accounting Fundamentals: Case Studies and Real-World Applications
Forensic accounting involves the application of accounting skills to investigate financial crimes. It is the implementation of a robust framework designed to prevent financial crime […]
Understanding the Companies Act, 2013: Key Features and Classifications
The Companies Act, 2013, is a comprehensive legislation enacted by the Indian Parliament to regulate the incorporation, functioning, and dissolution of companies in India. This […]
Understanding Activity Based Costing: Principles and Practical Steps
Activity Based Costing (ABC) is a costing methodology that assigns overhead and indirect costs to related products and services based on the activities they require. […]
Understanding Clause 44 of Form 3CD: Insights from the 2023 Tax Audit Guidance Note
Clause 44 of Form 3CD was introduced as a new requirement in the Tax Audit Report starting from the Assessment Year 2022-23. Although this clause […]
Comprehensive Guide to Liberalised Remittance Scheme (LRS) and Required Documentation
The Liberalised Remittance Scheme (LRS) was introduced by the Reserve Bank of India in February 2004 as a measure to facilitate resident individuals in remitting […]
Understanding the New CBDT Guidelines on Tax Deduction Under Section 194-O
The Central Board of Direct Taxes (CBDT) has released a circular outlining the guidelines for deduction of tax at source under Section 194-O of the […]