The practice of auditing has long been associated with financial statements and statutory compliance. However, in modern economies, cost accounting plays an equally important role […]
Business Environment Explained: Definition, Key Features, and Why It Matters
Every organization operates within a broader external framework known as the business environment. This environment comprises all external factors and forces that influence an enterprise’s […]
Complete Guide to Business Income Measurement and Revenue Recognition in Accounting
In the field of financial accounting, one of the most fundamental objectives is the determination of business income. The term income is used in both […]
GST Inverted Duty Structure Refund Explained: Step‑by‑Step Filing Process
The Goods and Services Tax regime was introduced in India to simplify indirect taxation and ensure seamless credit across the supply chain. One of the […]
Derivative Accounting Simplified: Complete Overview of ICAI’s Latest Guidance Note
Derivative contracts are financial instruments whose value is linked to changes in an underlying asset, rate, or index. These instruments do not require a significant […]
Understanding GST Liability on Reimbursed Expenses After CBIC Guidelines
The Goods and Services Tax regime, introduced in India to unify indirect taxation, has faced its share of interpretational challenges. One such persistent area of […]
CBDT Simplifies Compliance Check for Higher TDS and TCS under Section 206AB & 206CCA
The Indian income tax framework has undergone multiple changes in the past decade with a sharp focus on widening the tax base, improving compliance, and […]
CBIC Circular No. 04/2021: Rule 86A Guidelines on Blocking Input Tax Credit
The implementation of Rule 86A under the Central Goods and Services Tax (CGST) Rules marked a significant step in curbing the fraudulent use of input […]
Transfer Pricing Documentation: A Complete Guide to Compliance and Practical Importance
Transfer pricing has steadily become one of the most important areas of focus for revenue authorities worldwide. As cross-border trade and investment flows expanded rapidly […]
Residential Status of a Company under Section 6(3) of Income Tax Act
The determination of a company’s residential status is a fundamental concept under the Income Tax Act as it dictates the extent of income subject to […]
Revised Taxation of Market-Linked Debentures: Finance Act 2023 Insights
Market-Linked Debentures are structured fixed-income securities where the returns are tied to the performance of a market-based index or financial benchmark. These instruments differ significantly […]
Mastering AS 10: Essential Rules for Property, Plant and Equipment Accounting
Property, Plant and Equipment, often abbreviated as PPE, represent one of the most important categories of assets in financial reporting. These are tangible assets that […]
Income Tax Return Filing AY 2021-22: New ITR Form Changes You Shouldn’t Miss
The Central Board of Direct Taxes issued the income tax return forms for the assessment year 2021-22 through Notification No. 21/2021 on 31 March 2021. […]
Section 270A Penalty for Under-Reporting and Misreporting of Income
The Indian Income Tax Act was amended to introduce Section 270A, a significant provision that deals with penalties for under-reporting and misreporting of income. Enacted […]
What is Share Buyback? Meaning, Objectives, Benefits, and Methods Explained
The practice of a company buying back its own shares is a relatively modern development in Indian corporate law. When the Companies Act, 1956 was […]