The integrity of a financial statement audit relies on the quality and sufficiency of audit evidence. This evidence forms the backbone of an auditor’s opinion, […]
Step-by-Step Guide to Voluntary Liquidation under the Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Code, 2016, was enacted by the Parliament on 11 May 2016, received Presidential assent, and was notified in the Official Gazette […]
Understanding CBDT’s Move to Withdraw Outstanding Tax Liabilities
The Central Board of Direct Taxes issued a significant order aimed at providing relief to taxpayers by allowing the withdrawal of certain outstanding tax demands. […]
Sections 148A(b) vs 148A(d): A Comparative Analysis
The Finance Act, 2021, introduced substantial reforms to the reassessment procedure under the Income-tax Act, 1961, with the clear intention of bringing in a structured, […]
Govt Not Bound to Issue Capital Gains Exemption Notification Under Section 54EE: High Court
Section 54EE of the Income Tax Act, 1961, was introduced to encourage taxpayers to invest the proceeds of long-term capital gains in specified assets, thereby […]
Nature and Scope of Administrative Law Explained
Administrative law is a specialized branch of public law that governs the activities of administrative authorities and agencies. It encompasses the powers, functions, and procedures […]
A Complete Guide to Valuation under the Customs Act for Customs Duty
Customs duty is payable as a percentage of the value, often referred to as the assessable value or customs value. This value may either be […]
GST Registration Explained: Scope and Relevance for Businesses and Individuals
Goods and Services Tax, commonly known as GST, is an indirect tax levied on the supply of goods and services in India. Introduced to simplify […]
Understanding the Indian Contract Act: A Beginner’s Guide
The Indian Contract Act, 1872, is one of the most significant pieces of legislation in India’s legal framework, governing the law of contracts. It establishes […]
GSTR-1 Explained: Filing Requirements and Process Overview
Under the Goods and Services Tax (GST) law, every registered person is mandated to file the details of outward supplies made during a relevant tax […]
Understanding Accounting Standards: A Beginner’s Guide
Accounting standards are the foundational rules and guidelines that govern the preparation and presentation of financial statements. These standards are designed to bring uniformity, consistency, […]
US Court Rules Credit Card Reward Redemptions Are Taxable
Credit card reward points have long been considered a benefit or incentive for cardholders, typically viewed as a form of rebate or discount on purchases. […]
Assessing Risks of Material Misstatement: A Complete Framework
A traditional audit focuses on the transactions that make up the financial statements, such as the balance sheet. A risk-based approach seeks to identify risks […]
Understanding Capital Work In Progress, Stock In Process, and Inventory Management
Capital work in progress, stock in process, and stock of raw materials and finished goods are three critical components of the balance sheet for any […]
Understanding Preponderance: The Legal Standard of Probability
The principle of preponderance of evidence or probabilities plays a central role in the adjudication process, especially within the framework of civil and quasi-judicial proceedings. […]