IND AS 1 is the Indian Accounting Standard that sets out the rules for the presentation of financial statements.
An Audit Trail is a chronological record of all the events or transactions that have occurred within a particular system or process. It is used to track changes to data and document who made those changes, when they were made, and why.
Section 194IA of the Income Tax Act governs the TDS deduction on the transfer of immovable property. In this article, the author will discuss the provisions and implications of this section in detail.
Blocked credit refers to the input tax credit that cannot be claimed by a taxpayer under the GST regime. Input tax credit is the tax paid on inputs, i.e., goods and services that are used in the course of business, which can be set off against the output tax liability of the taxpayer.
Job work is a process where a principal manufacturer or supplier (referred to as "principal" from herein) sends raw materials or semi-finished goods to a third-party manufacturer or service provider (referred to as "job worker") to process, assemble, or complete a particular job or work.
In this article, we will discuss the definition of GTA, its scope under GST and the compliance requirements for businesses that fall under the category of GTA.
Under GST, the term "Export" refers to the supply of goods or services that are sent outside the territory of India. This means that any supply of goods or services that leaves India's boundaries can be considered an export.
Advance tax is a tax that needs to be paid in advance on estimated income, in contrast to the regular tax paid at the end of the financial year. In this article, we will cover the basics of advance tax, including the procedure for calculating and paying it.
In this article, we will explore the procedure to incorporate a startup company in India and its benefits.
PROCEDURE TO CLOSE A COMPANY A company can be closed by adopting the following ways:- (A) Strike off a company under Section 560 : Section 560, of the Companies Act, 1956, deals with strike off provisions of a defunct company. Any defu
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