This section has been inserted by Finance Act 2021 which will be effective from 01-July-2021. Applicability The buyer is liable formaking payment of a sum to the resident seller and related payment is to be make for the purchase of goods of the value/aggregate of the value exceeding INR 50 Lakhsin any previous year, shall,…
The Finance Act 2021 always came up with several amendments to the existing provisions. One new amendment has beenintroduced by the Finance Act 2021with respect to the scope of Slump Sale and Computation of Capital Gain in the case of Slump Sale. With this amendment, the Central Board of Direct Tax (CBDT) has brought some…
The accounting records in a company are essential for its success, since, in addition to helping in making strategic decisions, it is the way to constantly evaluate the state of its finances and guarantee its profitability. The importance of keeping proper accounting in the company is such that without it you would not know how…
The accounting in the company is a necessary process that serves to meet the economic conditions of the same. It is practically impossible to have reasonable management of an organization without knowing exactly its financial numbers and circumstances, its relationships between assets and liabilities. This circumstance is true for both a large company and…
From financing errors to deficiencies in the business plan: The reasons why business start-ups fail are often due to a bad start. No wonder: The step into self-employment is complex and holds many pitfalls. This makes having professional support more important. Business start-up advice from tax advisors For tax advisors, start-up advice is a lucrative…
Many companies start their operations with a lot of courage and effort, clear and good ideas, and excellent plans, but they focus more on marketing and sales than on internal processes that are fundamental for their operation, such as correctly controlling their expenses and income, that is, adequate accounting. Accounting is a discipline that deals…
Accounting in one form or another has existed for a very long time and appeared around the time people began to engage in trade. This kind of accounting makes sense because if we want to conduct business in an organized way, then we need an accounting system to streamline and track business transactions. If we…
Internet and social media have led to an information boom in our lives and the kind of information we get is relevant in all walks of life. Moreover, there is always a preference to consume information that is clear, concise snippets and not some lengthy text. The same goes well for the financial statements that…
“Why do you need an accountant?” generally, the answer to this question is given as “To keep the accounting of the company and to fulfill the liabilities against the finance”. Accountants are positioned as sort of “tax accountants”. However, most of the time your needs are not limited to “tax accounting”. Your needs and expectations…
In the Pre-GST era, many debatable issues had been settled by various high court judgments. Among the various issues, one of the burning issues, which was highly debatable even before GST came into the picture was whether ITC would be allowed to the recipient on default of the supplier for non-payment of tax to the…
