Goods and Services Tax in India, being a vast legal framework, inevitably provides mechanisms to address and rectify errors. Section 161 of the Central Goods […]
Understanding ESG in India: Key Features, Principles, and Reporting Norms
The evolution of Environmental, Social, and Governance (ESG) standards in India has followed a structured and progressive path. The journey began in 2011 when the […]
Understanding Accumulated Profits: A Source of Persistent Tax Disputes
The term ‘accumulated profits’ holds critical importance in the context of income taxation, particularly concerning the taxation of dividends under the Income-tax Act, 1961. The […]
Capital Budgeting Explained: Importance, Process, and Key Methods
Capital budgeting is a crucial financial management process that involves planning and managing a firm’s long-term investments in fixed assets. It entails evaluating potential major […]
Understanding Ind AS 24: A Guide to Related Party Disclosures
Related party relationships are common in the business world. Companies often conduct transactions through subsidiaries, associates, and joint ventures. While financial statements usually present transactions […]
Compliance Obligations of Reporting Entities Under the PMLA
Under the Prevention of Money Laundering Act (PMLA), reporting entities are entrusted with the duty to maintain prescribed records and report specified transactions to the […]
Key Definitions in the Income Tax Act: Explained
The term ‘liable to tax’ was introduced by the Finance Act, 2021, and holds significance especially in the context of determining tax residency and the […]
Understanding Audit Quality Control: Key Provisions of SQC 1 and SA 220
Audit quality is a crucial concept that ensures confidence in the financial reporting process. The standards that directly address audit quality include SQC 1 and […]
Understanding UIN in GST: Meaning, Purpose, and Eligibility
Under the Goods and Services Tax regime, supplies made to foreign diplomatic missions, embassies, and international organizations such as United Nations agencies are treated in […]
Understanding Rule 12 of the Income Tax Rules, 1962: Return Filing Explained
Rule 12 of the Income Tax Rules, 1962, is closely aligned with the statutory framework provided under Section 139 of the Income Tax Act, which […]
Understanding E-Commerce Security: Importance, Threats, and Controls
E-commerce companies are uniquely vulnerable to security threats due to their reliance on the internet. Originally designed for military and academic use, the internet has […]
A Comprehensive Guide to Analyzing Financial Statements: Methods and Applications
Analyzing financial statements is an essential process for understanding the performance and position of a business. Through various techniques, users can interpret financial data, assess […]
Understanding Materiality in Auditing: A Complete Guide
The concept of materiality is central to the entire audit process. It influences the auditor’s approach and judgments at every stage of the audit engagement. […]
Understanding Entrepreneurship and Its Emerging Types
An intrapreneur is an internal entrepreneur within a large organization who employs entrepreneurial skills to develop innovative projects without bearing the personal risks associated with […]
Understanding PAN Card: Meaning, Eligibility, Documents & Application Process
The Permanent Account Number, commonly referred to as PAN, is a unique ten-digit alphanumeric identifier issued by the Income Tax Department of India. It is […]