The Income-tax Act, 1961 mandates that certain categories of assessees must undergo a tax audit under section 44AB. This audit is required when a business […]
Complete Guide to Ind AS 34: Interim Financial Reporting Standards Explained
Interim Financial Reporting refers to presenting financial results for periods shorter than a full financial year, generally on a quarterly basis. Companies are required to […]
CA Foundation Business Law Made Easy: Smart Techniques to Score High
The CA Foundation Business Law paper is a fundamental component of the Chartered Accountancy curriculum, serving as a crucial introduction to India’s core legal systems. […]
Employees Provident Fund Guide: EPF Interest Rate, Withdrawal Rules, and Passbook Access
The Employees Provident Fund has become one of the most important savings instruments for salaried individuals in India. It not only helps in accumulating wealth […]
Aggregate Turnover in GST: Definition, Scope, and Compliance Explained
The concept of aggregate turnover is central to the Goods and Services Tax (GST) regime in India. It serves as the basis for determining various […]
Goodwill and Capital Reserve in Cross-Holding Explained: Practical Application of AS-21
Accounting Standard 21 lays down the principles and procedures for preparing and presenting consolidated financial statements of a group consisting of a parent and its […]
Major GST Relief: Composition Dealers Excluded from RCM on Renting of Commercial Properties
In the 55th GST Council Meeting held on December 21, 2024, a significant clarification was announced regarding the applicability of the Reverse Charge Mechanism (RCM) […]
How to Convert a Partnership Firm or Company to LLP: Legal Process and Compliance
The Limited Liability Partnership (LLP) model has emerged as a preferred structure for businesses seeking the flexibility of a partnership while benefiting from the limited […]
Valuation of Shares under Income Tax Rules: Implications for Startups and Investors
The issue of securities by private companies is one of the most significant mechanisms for raising funds. With growing entrepreneurship, especially in the start‑up ecosystem, […]
Step-by-Step Guide to Filing Modified Income Tax Returns for Past Business Reorganizations
Business reorganizations such as mergers, demergers, and amalgamations require accurate reflection in income returns to ensure compliance with legal and financial frameworks. The Central Board […]
Navigating Section 201(1) Proviso with Form 26A: TDS Liability in Cross-Border Real Estate Deals
The regime of tax deduction at source has been designed by the Indian legislature as a mechanism to ensure upfront collection of revenue. This framework […]
Understanding Section 40A(2)(b) Transactions in Tax Audit Form 3CD
Clause 23 of Form 3CD is a pivotal disclosure requirement under the Income Tax Act, 1961, applicable during a tax audit. It pertains to reporting […]
Income Tax Slab Rates for Individuals and HUFs under AY 2021‑22
Understanding the income tax slab rates for Assessment Year 2021‑22 is important for individuals and Hindu Undivided Families (HUFs) when planning finances. The Indian income […]
Simplified Process to Download GST Practitioner Certificate After Approval
The Goods and Services Tax (GST) regime has significantly transformed the indirect taxation system in India. Among the various professionals playing a crucial role in […]
Mastering Adjusted Financial Statements: Everything You Need to Know
Financial statements are formal records that outline the financial activities and position of a business, individual, or other entity. These documents are essential tools used […]