Under GST regime, separate returns namely GSTR-1 & GSTR -2 respectively were designed for reporting of sale and purchase details. But due to teething problems under GST law, GSTR -2 did not materialised since its inception. Also, initially GST law makers had plan to introduce GSTR-3 which obviously could not be possible in the absence…
The provisions of Income tax Act, 1961 require an employer to file statement of tax deduction at source (TDS) with respect to its employees in Form 24Q, providing therein details of tax withheld in respect of his employees. Additionally, the employer is required to furnish certificate of TDS in Form 16 to its employees specifying…
The Indian Accounting Standards also known as Ind AS and are structured in line with the International Financial Reporting Standards (IFRS). The nomenclature for the naming and numbering of Ind AS is same as that of IFRS. Overall, the accounting changes introduced by Ind AS are positive for foreign firms operating in India. Implementation of…
Since Indian companies have a far wider global reach now as compared to earlier, the need to converge reporting standards with international standards was felt, which has led to the introduction of Ind AS (Indian Accounting Standard). These new standards ensure that Indian accounting standards (Ind AS) are in lines with globally accepted standards, IFRS. Therefore,…
With the purpose of enhancing the communicative value of auditor’s report by offering better transparency about audit and providing additional information to the users of financial statements, for the first time, audit reports of listed companies for the Financial year 2018-19 will contain a Key Audit Matters (KAM) as per Standard on Auditing (SA) 701….
Under the existing rules as per IND AS 17 (Lease), lessees account for leases either as operating leases or as finance leases, depending on complex rules and tests. These, in practice, use ‘bright-lines’ resulting in all or nothing being recognized on-balance sheet for lease transactions that are sometimes economically similar. New rules as per IND AS…
As a common practice while importing goods, the goods shall first land to custom bonded area then transfer or sale of such goods occur from that area. As a trade practice importer files an into-bond bill of entry and stores the goods in a customs bonded warehouse and thereafter, supplies such goods to another person…
The income-tax department has notified new income-tax return (ITR) forms for assessment year (AY) 2019-20. A synopsis of relevant changes have been presented herewith: S.No. ITR Form Relevant Change 1 ITR 2, 3 If the taxpayer is a director in a company, at any time during the tax year, following details need to be furnished:…
For movement of goods across India, GST law provides a mechanism for generation of e-way bill (EWB) number electronically. E-way bill is a document/number to be carried by the person-in-charge of conveyance. The provisions related to the generation and non- applicability of e-way bill has been laid down in GST law. The same are updated…
A huge portion of economy is dependent on import and export businesses. For making payments outside India compliances of certain governmental authorities like RBI, FEMA, Income Tax Department etc need to be ensured.One of such compliance of is submitting the form 15CA and 15CB. As per the revised rules relating to preparation & submission of…
