Financial year or financial year in India, may be a time counted in 12 months, from 1st April to 31st March, when an amount of cash is earned. As per the Government’s tax policy, the income of this point is taken into account to be taxable within the succeeding year, that’s called Assessment year. during …
The Union Budget 2021-22 was presented by the Hon’ble minister of finance Nirmala Sitharaman on 1st February 2021 within the Parliament. The Budget speech was given by the FM from 11 a.m. to 1 p.m. This year’s Budget lays specialise in the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial …
The Ministry of Corporate Affairs (MCA) through a notification dated 18th December 2020, relaxed both the requirements and timelines for the Online Self-Assessment Proficiency Test Independent Directors must take under the amended Companies (Appointment and Qualification of Directors) Rules, 2014. Passing the Online Test was a prerequisite for every individual to pass for their name …
Introduction MCA on 24th of December, 2020 inserted the new rule 9A. The rule provides the extension in the time limit for the reservation of name. Rule 9 An application for reservation of name shall be made through the web service available at www.mca.gov.in by using web service SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus: …
Derivative trading (stock, index options and futures and multi commodities) has gained a nice interest with all kind of investors. Many times traders gain and many times they lose the money in the stock market. Sometimes people who are salaried or have incomes like interest or other heads, have lesser idea on how to report …
A Partnership firm gets registered under section 58 of the Indian Partnership Act 1932 and it’s done through the Registrar of Firms. A business entity that’s controlled by an association of individuals is defined as a partnership firm. The partners of a partnership firm share the liability of profit and loss. Steps to register a …
FDI or Foreign Direct Investment allows a business outside India, make an investment during a business in India. The role of FDI is best explained here and the way it helps accelerate the growth: FDI extends Capital – FDI is predicted to usher in the capital that’s important for the developing countries to enjoy better …
As per chapter X of the Companies Act, 2013, which is dealing in Audit and Auditors, An auditor can be an individual who shall be a qualified Chartered Accountant as per CA Act, 1949 or a firm having its majority members as a qualified Chartered Accountant. An auditor is an individual who is trained to …
The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of: (a) the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognised in an entity’s balance sheet; and …
What is advance tax? “Advance Tax” name itself suggests the tax that’s to be paid up in advance. Advance tax means income tax should be paid in advance rather than lump sum payment at year end. it’s also referred to as “pay as you earn tax”. These payments need to be made in instalments as …