Accounting Standard 7, titled Construction Contracts, serves as a critical guideline for recognizing revenue and costs associated with construction activities. The construction industry is characterized […]
Understanding PPIRP Under IBC: Fast-Track Insolvency for Small Businesses
The Pre-Packaged Insolvency Resolution Process (PPIRP) was introduced as a timely and targeted reform within India’s insolvency framework, specifically addressing the unique needs of micro, […]
Partnership in Business: Meaning, Features, Types, and Key Elements Explained
Before the enactment of the Indian Partnership Act in 1932, the regulation of partnership in India was governed by the provisions of the Indian Contract […]
Surcharge Rate Chart FY 2023-24: Income Thresholds and Tax Rates for All Assessees
Surcharge is an additional tax levied on taxpayers whose income exceeds specific thresholds. For the Financial Year 2023-24, surcharge rates in India vary depending on […]
Mastering Consignment Accounts: From Basic Principles to Advanced Treatment
Consignment refers to an arrangement where one party, called the consignor, sends goods to another party, known as the consignee, who agrees to sell them […]
Government’s Ease of Doing Business Initiative: Bigger Role for Small Companies
The concept of a small company was formally introduced in the Companies Act, 2013 with the objective of providing a separate classification of companies that […]
LRS Documentation Checklist: What You Need to Send Money Overseas
The Liberalised Remittance Scheme (LRS) is a regulatory framework introduced by the Reserve Bank of India (RBI) that allows Indian residents to remit a certain […]
Income Tax Act and Corpus Donation: Importance of Specific Direction for Exemption
Donations have been an integral part of human society for centuries, serving as a means of supporting those in need and promoting social good. The […]
EPC Contracts Explained: Complete Guide to Features, Scope, and Best Practices
Engineering, Procurement, and Construction contracts represent a turnkey project delivery approach where a single contractor assumes full responsibility for the design, procurement of materials, construction, […]
Role of the Competition Commission in Controlling Anti-Competitive Agreements
Anti-competitive agreements refer to arrangements between enterprises or associations that restrict competition within the market. Such practices undermine the principles of a free market economy […]
Tax Audit Clauses 26 to 29 Explained: Complete Guide with Case Laws and ICAI Guidance
The Income-tax Act, 1961 mandates a tax audit under section 44AB for certain categories of taxpayers. The prescribed format for reporting is Form 3CD, which […]
Global Tax Compliance: Managing Intangible Assets with the DEMPE Functions Framework
Multinational enterprises operate across various jurisdictions, managing complex value chains where intangible assets like patents, trademarks, and proprietary technology play a crucial role. The Development, […]
Mastering AS 5 Disclosures: Prior Period Items, Extraordinary Losses & Profit Reporting
Accounting Standard 5, which focuses on net profit or loss for the period, prior period items, and changes in accounting policies, serves as a key […]
Comprehensive Guide to Cash Flow Statement under Accounting Standard 3
A cash flow statement is one of the most essential financial statements used by businesses to evaluate their financial health and performance. While the balance […]
Understanding the Legal Position of Operational Creditors in IBC Proceedings
Before the Insolvency and Bankruptcy Code, 2016 was enacted, India’s legal framework classified creditors into two categories: secured and unsecured. Secured creditors had the benefit […]