Liquidity plays an essential role in financial planning, but it cannot be easy to comprehend what it is and how it impacts our finances. In this blog post, we’ll explore the concept of liquidity and why it’s essential when making intelligent financial decisions. We’ll look at the different types of liquidity, the pros and cons…
The Indian financial reporting process is about to revolutionize thanks to the new Ind AS standard. The Indian Accounting Standards (Ind AS) are a set of accounting principles and standards developed by (ICAI) the Institute of Chartered Accountants of India to bring Indian accounting practices in line with global standards. This new standard is anticipated…
Are you feeling overwhelmed by your financial situation? Do you want to take a more active approach to managing your money but need help knowing where to start? Financial planning and analysis could assist you to achieve your financial goals and gain greater control over your finances. Financial planning and analysis (FP&A) are critical for…
A company’s balance sheet is made by gathering all accounting entries carried out during the year, such as the inflows and outflows of resources and purchases of goods, for example. It is essential to know how to carry out a balance sheet efficiently. See our step-by-step guide! Determine the period A balance sheet should represent…
Controlling finances is perhaps the most important task any entrepreneur should consider when managing their business. However, it’s an area that not everyone likes, usually because they don’t have the habit, or they think they don’t have the necessary knowledge to do it. As we will see later, it only takes some basic knowledge and…
Financial reporting by tax consultancy firms is very important and should not be undervalued. Whether connected to a business or not, practically everyone needs financial reports for various reasons. The following are some of the points highlighted: Principal Goals of Financial Reporting The following are the main goals for tax consultancy firms’ financial reporting: The possibility and potential…
As we discussed in our earlier blog about the appeal process, we got to know about the Hierarchy of 4 levels of Appeal under GST. Taxpayers can approach the First level i.e., Appellate authority against the adjudication order, and thereafter can approach the Second Level i.e., Appellate Tribunal against the order pass by Appellate authority….
Now that adjudication under the Goods and Services Tax (GST) law is in full swing, GST officers are issuing notices and conducting adjudicating processes against the Taxpayers on a scrutiny basis. Based on the Adjudication conducted by the GST officer, an adjudication order is passed by them thereby concluding the final decision on the subject…
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 in direct tax has been categorized here under: Direct tax rate card: New tax scheme…
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. Ind AS Definition: Ind AS-116 defines a lease as a contract, or part of a…
