Input Service Distributor is defined under section 2(61) of the CGST Act. It refers to an office of the supplier of goods or services or […]
Understanding Private Limited Companies: A Complete Guide to Compliance
A private limited company is a popular form of business that provides limited liability protection to its shareholders. It is considered one of the simplest […]
Understanding the Companies Act 2013: Key Highlights
The Companies Act 2013 is the cornerstone of corporate legislation in India. It regulates the incorporation, responsibilities, and governance of companies. Introduced to replace the […]
Preference Share Capital vs Equity Share Capital: Key Differences Explained
Share capital forms the cornerstone of a company’s financial foundation. It provides the necessary funds for business operations, expansion, and sustenance. Share capital can be […]
How to Become a GST Practitioner: Exam Process, Rules, and Registration Explained
The Goods and Services Tax regime in India introduced a need for a new category of professionals well-versed in the provisions and application of GST […]
Ultimate Tax Audit Checklist for Clause 18 of Form 3CD under Income Tax Act, 1961
Form 3CD is a critical annexure to the tax audit report prescribed under section 44AB of the Income Tax Act, 1961. It contains specific clauses […]
Non-Resident Taxation in India: Section 115A Compliance Errors That Can Cost You
The Indian Income Tax Act, 1961 contains specific provisions designed to streamline tax treatment for non-residents earning income from India without having any permanent presence […]
Understanding Section 37 of Income Tax Act, 1961: Deductibility, Exclusions, and Case Law
Section 37 of the Income Tax Act, 1961 serves as a residuary clause for the deduction of business and professional expenses that are not specifically […]
Ind AS 102 Made Easy: Learn Share-Based Payments with Real Scenarios
Share-based payments are transactions in which an entity acquires goods or services from another party and settles the consideration by issuing equity instruments or transferring […]
GST Amnesty Scheme 2024 Explained: Relief from Penalties, Interest & Pending Litigations
The Goods and Services Tax (GST) system in India, introduced in 2017, brought about a monumental shift in the country’s indirect tax landscape. While it […]
Ultimate Guide to Working Capital Management: Definition, Types, and Business Needs
Working capital management refers to the efficient handling of a company’s short-term assets and liabilities to ensure continuous operations and financial stability. It plays a […]
What Are Financial Instruments? Full Breakdown Using Ind AS 32, 109, and 107
In the domain of financial reporting, one of the most vital and comprehensive topics is the treatment of financial instruments. Financial instruments form the basis […]
Banking Audit Process Demystified: Frameworks, Risk Assessments, and Advance Audits
The audit of banks plays a crucial role in ensuring the integrity, transparency, and compliance of financial institutions with the applicable legal and regulatory framework. […]
Statutory Audit of Banks: Complete Overview for Auditors and Finance Professionals
Banks are fundamental to the functioning of an economy, acting as custodians of public funds and intermediaries in the financial system. They play a central […]
Comprehensive Guide to Bank Loan Classification and Advance Audit Procedures
Auditing bank advances is a fundamental aspect of financial oversight in the banking sector. Advances constitute a significant portion of a bank’s assets and directly […]