Addressingto challenges faced by taxpayers, FINMIN has proposed some changes in GST provisions through Finance Bill,2020 which majorly relates to restrictions in respect of availment of input tax credit (referred to as ‘ITC’) and cancellation of voluntary registration. To make…
Changes in Income tax Act proposed in Finance Bill, 2020
The Union Finance Minister Nirmala Sitharaman delivered budget speech breaking all previous records w.r.t. time. The budget speech began with a homage to late Mr Arun Jaitley with emphasis on Sabka Saath, Sabka Vikas, Sabka Vishwas. Synopsis of budget proposals…
Third Party Auditor: What It Means, How It Works?
The third-party auditor is one of the components of an audit program, which aims to monitor the performance of a work organization in all its tasks and functions and to direct general reference criteria and assess compliance with the same…
Things You Must Do After Registering LLC
To create an LLC, you need to go through the appropriate state registration procedure at the registration authority and mention the place of the legal address of your LLC. At the same time, one should be aware that the creditors…
The Main Stages Of The Audit Of Financial Statements
Audit standards take into account numerous factors when conducting inspections, such as the scale of the client’s activities, risk areas (financial, tax, investment, and on-farm), the specifics of the client’s activities. An audit of financial statements consists in a comprehensive…
Internal Audit: A New Perspective For The Businessmen
Scandals shaking the management of large companies are endless. To prevent a recurrence, many companies have reinforced the internal audit department. Internal auditing monitors the appropriateness of corporate activities from within the organization. In addition to an audit firm that…
FLP or LLC- What To Choose?
At the time of starting a business, the question that certainly arises is which form of business organization (as well as the legal form) to choose. More often than not, does the investor choose between registering a private entrepreneur (i.e.…
IND AS 116 – LEASES
The Ministry of Corporate Affairs (MCA) has notified Ind AS 116, the new Indian Accounting Standard on Leases as on 30th March 2019. This Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. This amendment is effective from on 1st April 2019.…
Tax On Non-Monetary Perquisites
As a normal practice, it is the employee who bears the tax on the salary earned by it, while the employer withholds such tax on salary and deposits it with income tax authorities. However, sometimes employees move across borders and…
Sabka Vishwas Legacy Dispute Resolution Scheme
Introduction In theUnion Budget 2019-20, the Honourable Finance Minister Shrimati Nirmala Sitharaman announced the Sabka VishwasLegacy Dispute Resolution (SVLDR) Scheme, 2019, a one-time measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure…