The Finance (No. 2) Act, 2024, has introduced a new block assessment scheme applicable specifically to search and requisition cases. This scheme applies to any […]
A Complete Guide to ITC Allocation and Reversal Under GST Law
The fundamental principle under the GST regime, derived from the concept of value-added taxation, is that input tax credit is allowed only when tax is […]
Understanding Undisclosed Income: A Practical Look at Sections 68–69D
The legislative framework for the taxation of undisclosed income in India is primarily embedded under sections 68 to 69D of the Income-tax Act, 1961. These […]
A Comprehensive Look at the Companies Act, 2013
The Companies Act, 2013, represents a significant step in reforming corporate regulation in India. It replaces the Companies Act, 19,56 and introduces new concepts, mandates […]
Corporate Social Responsibility: A Complete Guide to Execution and Compliance
Corporate Social Responsibility refers to activities undertaken by a company to fulfill its statutory obligation under section 135 of the Companies Act, 2013, and by […]
Understanding Ind AS 34: Interim Financial Reporting Explained
Interim financial reporting refers to the reporting of financial results for a period shorter than a full financial year, typically for three months or quarterly. […]
Understanding AS 10: A Beginner’s Guide to Property Plant and Equipment
Property Plant and Equipment also referred to as fixed assets are tangible items held by an entity for use in production or supply of goods […]
A Critical Evaluation of Section 37 of the Income Tax Act, 1961
Section 37 of the Income Tax Act, 1961 serves as a residuary provision under the head “Profits and Gains of Business or Profession” (PGBP). It […]
Accounting Standards Relaxations Applicable to SMCs
Small and Medium Companies (SMCs) often do not have the same level of resources, systems, or personnel as large enterprises. Recognising this, Indian Accounting Standards […]
Unmasking Altruism: The Controversy Behind Anonymous Donations
Section 115BBC of the Income Tax Act, 1961 was inserted by the Finance Act of 2006, effective from April 1, 2007. This provision introduced a […]
Understanding Customs Duty: Laws and Fundamentals
Customs duty historically emerged as a customary obligation where merchants entering a kingdom would present a gift to the sovereign. Over centuries, this informal practice […]
Understanding the Nature and Features of a Company
The Companies Act is the fundamental statute providing for the incorporation, management, administration, and regulation of companies. It outlines procedures related to the declaration and […]
Legal and Financial Implications of Non-Filing MGT-14 with RoC
Companies conduct meetings of the board of directors, shareholders, or creditors to make key decisions. During these meetings, resolutions are passed. At board meetings, resolutions […]
Tax Audit Clauses 42 & 43: In-Depth Analysis as per ICAI Guidance Note
Clause 42 and Clause 43 of the Tax Audit Report as prescribed under Form 3CD of the Income-tax Rules, 1962, are designed to ensure comprehensive […]
Choosing Between Big 4 and Mid-Size Firms for CA Articleship
The Chartered Accountancy course in India, governed by the Institute of Chartered Accountants of India, is structured into three levels: Foundation, Intermediate, and Final. In […]