The principles of financial accounting are man-made rules designed to guide action. They are the result of a broad consensus and are therefore referred to […]
Understanding Tax Audit Report: Forms 3CA, 3CB, and 3CD Explained
Under Section 44AB of the Income-tax Act, 1961, individuals and entities falling within specific categories must get their accounts audited by a Chartered Accountant. The […]
Understanding Tax Residency and PoEM Under Indian Law
The core issue regarding taxation in cross-border transactions is that the tax laws of two or more countries may apply to a single transaction. Concepts […]
Understanding Section 43B(h): Reporting Disallowances in Form 3CD
Section 43B(h) was introduced by the Finance Act, 2023, and is effective from the assessment year 2024-25. It aims to ensure timely payments to micro […]
RBI Requires 3 Years of Trade Records for Diamond Dollar Account Eligibility
The Diamond Dollar Account, commonly known as DDA, is a special foreign currency account facility granted by the Reserve Bank of India to Indian firms […]
Understanding the Reverse Charge Mechanism under GST
Under the Goods and Services Tax regime, the general rule is that the supplier of goods or services is liable to pay the applicable GST. […]
Understanding Composite and Mixed Supply under GST: Definitions, Concepts, and Case Laws
To fully understand the concepts of composite and mixed supply under GST, it is essential to explore their historical evolution. These ideas are not unique […]
Understanding the Prevention of Money Laundering Act (PMLA): A Complete Guide
Money and crime are closely related. Many crimes are committed because of the potential to earn large amounts of money. When this money, which is […]
Faceless Tax Assessment in India: A New Era of Transparency and Efficiency
The Indian government has been actively engaged in the digitization of the income tax framework for several years. This transition aimed at overhauling traditional methods […]
Comprehensive Guide to Bank Audits: Procedures, Risks, and Best Practices
Special audit considerations arise in the bank audit due to the unique characteristics of banking operations. The financial transactions of banks are inherently complex and […]
Understanding the Legal Framework of NBFCs in India
Non-Banking Financial Companies (NBFCs) are financial institutions that provide various banking services but do not hold a banking license. They are incorporated under the Companies […]
Understanding GSTR-3B: Filing Requirements, Timelines, and Key Provisions
Under the GST law, every registered person, excluding certain specified categories, must furnish details of inward and outward supplies of goods or services, or both, […]
National Financial Reporting Authority: Functions and Jurisdiction
The National Financial Reporting Authority is a regulatory body established by the Government of India under Section 132(1) of the Companies Act, 2013. It serves […]
Understanding Company Meetings: Types and Legal Essentials
A meeting may be generally defined as a gathering or assembly or getting together of several persons for transacting any lawful business, for entertainment, or […]
Business Communication: Definition, Forms, and Strategic Importance
Communication derives from the Latin word “Communis,” meaning to share. It is a process where information is exchanged between individuals using a common system of […]