Bitcoin was the first cryptocurrency to enter the market in 2009, created by an unknown person or group using the alias Satoshi Nakamoto. Since then, […]
E-Way Bill Explained: A Guide to Goods Movement Under GST
With the introduction of the Goods and Services Tax (GST) on July 1, 2017, the landscape of indirect taxation in India transformed. Among the many […]
Step-by-Step Guide to the Accounting Process: Journal, Ledger, and Trial Balance
The accounting process follows a standardized sequence of steps to ensure the accuracy and completeness of financial records. These steps include the preparation and use […]
Understanding Joint Development Agreements in Real Estate
The real estate and infrastructure sector plays a pivotal role in the economic development of any country. Developing real estate projects requires substantial investment, considerable […]
Understanding Revenue Recognition as per Accounting Standard 9 (AS 9)
The primary purpose of Accounting Standard 9 is to determine when revenue should be recognized in the profit and loss account. It also outlines the […]
Understanding Accounting Standards: Meaning and Purpose
Accounting Standards are selected sets of accounting policies or broad guidelines regarding the principles and methods to be chosen from several alternatives when dealing with […]
Show Cause Notices Under CGST Section 74: What You Need to Know
Section 74 of the Central Goods and Services Tax (CGST) Act governs the issuance of Show Cause Notices (SCNs) in cases involving tax evasion or […]
Understanding the Role and Objectives of the Accounting Standards Board (ASB)
An accounting standard is a selected set of accounting policies or broad guidelines regarding the principles and methods to be chosen out of several alternatives […]
From Transactions to Trial Balance: A Guide to the Accounting Process
The accounting process refers to a structured sequence of steps used to record, classify, and summarize business transactions to produce meaningful financial information. The primary […]
Section 194R Explained: TDS on Business Benefits and Perquisites
Section 194R of the Income Tax Act introduces a provision regarding the deduction of tax at source (TDS) on any benefit or perquisite provided to […]
Comprehensive Guide to Cost Audit and Reporting Standards
Cost audit refers to the verification and examination of cost accounting records to ensure they are accurate, complete, and conform to established principles and procedures. […]
Understanding the Liberalised Remittance Scheme (LRS): Law and Procedure
Before the introduction of the Liberalised Remittance Scheme, the drawal of foreign exchange by a resident individual was governed by the Current Account Transaction Rules, […]
Bailment in the Indian Contract Act: Legal Framework and Judicial Interpretations
Bailment is a legal relationship that arises when one person delivers movable goods to another person for a specific purpose under a contract that the […]
Understanding Consideration in Indian Contract Law
Internal control refers to the policies and procedures adopted by the management of an entity to support the achievement of its objectives. These objectives include […]
Fundamentals of Income Taxation Under the Income Tax Act, 1961
The assessment year is the twelve months beginning on April 1 of a given year and ending on March 31 of the following year. For […]