A Company incorporated under the provisions of Companies Act, 2013 or any other previous laws, can be removed from the Register of Companies by the Registrar of Companies. A Company can be removed from the Register of Companies either suo…
The Significance Of Physical Verification Of Inventory
As per definitions given in several textbooks, inventories are defined as tangible property held for sale in the ordinary course of business, or in the process of production for such sale. Furthermore, inventories can be summed up as consumption in…
Restriction on ITC Utilization As Per New Rule 86B
The Central Board of Indirect Taxes and Customs (CBIC) in India has introduced new rule 86B in CGST (Central Goods and Services Tax) Rules vide notification number 94/2020 dated 22.12.2020. The rule 86B became effective from 01.01.2021. As per the…
Salvation From GST Errors
An insight has been provided to the readers how one can safeguard against unwanted demand notice from tax authorities or unwanted issues that may arise from errors in GST compliance that are committed unknowingly. It is to be kept in…
Different Types Of Financial Reports A Business Owner Must Know About
A business owner should keep financial reports at disposal which enables to analyze the business operations for better future functioning and make more informed decisions. Given below are the five most important types of financial reports which the owner should…
Accounting Standard on Property, Plant & Equipment (PPE) (AS-10) Treatment of Depreciation
Depreciable amount is: Cost of an asset less Residual value. The depreciable amount of an asset should be allocated on a systematic basis over its useful life. Depreciation Method The depreciation method used should reflect the pattern in which the…
Voluntary Liquidation of Corporate Persons under IBC
Section 59 of the Insolvency & Bankruptcy Code, 2016 deals with the provisions related to Voluntary Liquidation of Corporate Persons. Pre-requisites for initiation of voluntary liquidation proceedings: Intention to liquidate itself voluntarily. Not committed any default under the provisions of…