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Making the Right Choice between New Tax Regime Vs. Old Tax Regime
The concept of Old Vs New Tax regime = a dual tax regime was introduced by Finance Act 2020 for FY 2020-21. In this article, we discuss the criteria one should follow while making the right choice between the two regimes.
Gujarat HC granted interim relief in writ challenging late fee for delayed filing of GSTR-3B
The Hon'ble Gujarat High Court in the matter of AAP & Co. vs Union of India has grants interim relief in writ challenging imposition of late fees for late filing of GSTR-3B under Section 47 of the CGST Act.
What is IFRSs and IFRSs for SME
Scope of IFRSAll International Accounting Standards (IASs) and Interpretations issued by the former IASC (International Accounting Standard Committee) and SIC (Standard Interpretation Committee) continue to be applicable unless and until they are am
Rich are getting richer and poor getting poorer
Hi Friends, Rich are getting richer and Poor are getting Poorer, Even though literacy rate gone high and child labour plunged. Why is it so? I Guess the only reason is we are literates but not Financial literates. Money is one form of power. But wha
How to crack group discussion
How to crack Group DiscussionHello friends, I would like to share with you how we can tackle group discussion (i.e. GD). GD is an important part of interviews and most of us don't know how to survive in GD. First of all we should know that GD is not
How to reduce NPA?
Banks can take following steps to keep the NPAs at an acceptably low level
Embezzlement-Arthshastra, Audit and Tax
Fraud, embezzlement, concealment of material facts, misappropriation, the list seem endless when the auditor is involved in the examination of financial statements. Chanakya who lived in India, is considere
Failure to voluntarily apply sec 50C does not attract penalty
The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit
Indian Accounting Standards
In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 and sub-section (1) of section 210A of the Companies Act, 1956, the Central Government, in consultation with the National Advisory Committee on Accoun
Leave travel concession / assistance - Taxation issues
We go on travel with our families ,if we can get tax benefits, why waste it. Hence the article on Leave Travel allowance or LTA. Have you claimed LTA? Leave Travel Allowance (LTA) is basically defined as the cost of travel granted to e
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