The Ministry of Corporate Affairs (MCA), in collaboration with the National Financial Reporting Authority (NFRA), has notified the Companies (Accounting Standard) Rules, 2021. These rules […]
Cash Basis of Accounting: ICAI’s Latest Technical Guide and Its Real-World Impact
In India, accounting practices are shaped by both legislative mandates and commercial usage. Among the accepted methods for recognizing financial transactions are two principal approaches: […]
Understanding Ind AS 2 Inventories: Complete Accounting and Valuation Guide
Inventories are among the most critical assets in any business. They represent the goods held for sale, raw materials waiting to be processed, and supplies […]
Essential Principles of Partnership Accounting: Rules, Procedures, and Applications
Partnership is one of the oldest and most common forms of business organization. It represents a combination of resources, skills, and efforts of two or […]
How CIRP Works Under IBC: Essential Procedures and Legal Requirements Explained
The Corporate Insolvency Resolution Process (CIRP) is a structured, time-bound mechanism under the Insolvency and Bankruptcy Code (IBC), 2016. It enables financially distressed companies or […]
Wedding Gift Income in India: Tax Rules, Exemptions, and Penalty Traps
In India, weddings are not just ceremonies but significant cultural events that involve elaborate celebrations and the exchange of valuable gifts. From an income tax […]
Different Forms of Business Organisation in India: Types, Features, and Benefits
A business organisation represents the legal and structural framework that determines how a business operates. It defines the ownership structure, management responsibilities, liability exposure, compliance […]
CARO 2020 Reporting Requirements – Applicability to Companies and Auditor’s Responsibilities
The Companies (Auditor’s Report) Order, 2020, widely known as CARO 2020, is one of the most important regulatory mechanisms under the Indian corporate law framework. […]
Finance Act 2022 Slump Sale Definition Amended: Impact on Business Transfers
The Finance Act, 2022 brought forth significant amendments to the Income Tax Act, particularly concerning the definitions and tax implications related to slump sale and […]
Capital vs Revenue Expenditure and Receipts: Key Differences Explained with Examples
One of the primary objectives of accounting is to determine the profit or loss for a specific accounting period and to assess the financial position […]
Extended Period Demands Under Section 74 of CGST Act: Key Rules and Judicial Insights
The mechanism of show cause notices under the Central Goods and Services Tax framework is one of the most critical areas of indirect tax administration […]
Rule 21AAA Explained: Tax Relief for Indian Residents on Foreign Retirement Income
The Finance Act of 2021 introduced a new provision, Section 89A, to help Indian residents who earn income from foreign retirement benefit accounts. These accounts, […]
GST Rule 37A and ITC Reversal: Key Insights from the Latest GSTN Advisory
The introduction of the Goods and Services Tax was intended to simplify indirect taxation in India and bring in a unified framework of compliance and […]
Everything You Need to Know About the Functions of the Accounting Standards Board (ASB)
Accounting standards are structured frameworks of guidelines that assist entities in handling specific accounting issues. These frameworks offer a consistent approach by selecting from among […]
How to Claim Exemptions on Capital Gains from Sale of Commercial Property
Real estate has always played a central role in wealth creation in India. Even before modern investment tools like mutual funds and equities became popular, […]