How Schools should do their accounting is explained by The Institute of Chartered Accountants of India in a guidance note GN(A) 21 (Issued 2005) Guidance Note on Accounting by Schools, here in after referred to as GN (A) 21.
Provisions related to NIDHI have been amended under the Companies Rules by the central government. Nidhi companies have to apply to the Central government for updation of their status/ declaration as Nidhi Company in Form NDH-4.
Many non-resident Indians (NRIs) came to India just as COVID-19 had started to spread and were stuck in India for a longer period. The main concern after the pandemic was regarding the treatment of their tax liabilities. However, the government has come up with various rules about the residential status of these people.
Revaluation fund is the accounting term utilised when a business establishes a line item on the balance sheet for the purpose of maintaining a contingency account connected to other assets. A line item will be used when a re-evaluation appraisal shows that the carrying value of the asset has changed.
Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax.
RBI relaxation due to COVID19
Key Takeaway: Report of Company Law Committee 2019
The CBIC vide Notification No. 19/2021-Central Tax (Rate) dated December 28, 2021 has amended relevant entries of the Goods Exemption Notification w.e.f. January 1, 2022
The Institute of Chartered Accountants of India issued the detailed Revised Schedule of May 2024 Examinations on 19th March 2024.
The term "digital marketing" refers to all forms of marketing that utilize digital technologies, primarily the Internet but also including mobile devices, display advertising, and other digital media.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English