These are unprecedented times for businesses. How to stay afloat in adverse circumstances is the thought troubling many entrepreneurs. Those who can weather this storm by minimizing losses will stand to gain in the long term. There are many ways to reduce loss and stay in business till the situation improves. Here I am only looking at ways to improve your profits using financial statement forecasts and by using some financial ratios. Definitions Accounts Recei..
Important Announcement COVID-19 (CABF) The Managing Committee of the Chartered Accountants Benevolent Fund (CABF) ICAI has considered the difficulties being faced by Members in the time of pandemic and has decided to grant Medical Financial Assistance to the Members and their dependents suffering from CORONA. This help is going to be available to the Members and their dependents who are in distress an..
Brief Contingency/Emergency Funds is not the new concept and we Indians have been knowing this since ages, I still remember my elders used to Say 'Beta Bure Samay K Liye Hamesha Bacha K Rakho". But, do the young Indians who have the responsibility to take the nation forward follow it or they have forgotten this simple, very most and the first step towards the financial freedom, I doubt they follow it and the recent event of Covid-19 (one of the black swan event of th..
Due to the ongoing pandemic considering the difficulties for the taxpayers, various relaxations for the taxpayers were provided by the GST council. This is in order to reduce the burden & to ease the return filing process which was hindered due to the lockdown across the county. Few were waiving off of late fee for filing GSTR- 1 and GSTR- 3B with extended dates, relaxation from various compliances such as filing of ITC- 04 forms etc. The major relaxation was reduction in the interest rat..
COVID 19 pandemic has caused a great deal of uncertainty in the global trade & economy. This has resulted in impact in the financial market as well. The uncertainty arises primarily due to interruption in the production, disruption of supply chain, closure of office facilities, unavailability of personnel and communication between them. Due to restrictions caused by the COVID 19 pandemic and the related lockdown, several restrictions are faced by the auditors in terms of visitin..
Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended due dates for GST Return filings and provided relief to taxpayers which includes Relief in late fee and interest to taxpayers filing Form GSTR-3B, GSTR-1 and other returns. The same is summarized below for your ready reference. DUE DATE OF GSTR-3B Taxpayers having turnover more than 5 crores in previous FY <tbod..
The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders/members of the Company to discuss the future of the Company and also company's overall performance is analyzed. Provisions of Section 96 of Companies Act, 2013 - AGM Related ..
As I write this missive the world around us has undergone a pandemic situation leading to global economic crisis. The year 2020 has been a very tough challenging year with severe problems, tension' anxiety. Year 2020 is facing an unforeseeable event with COVID 19 making the worst Impact. COVID 19 an unusual disease for which no medical treatment is available rather than for which several researches are going on by various experts for which vaccine is expected to come by this year end. Thi..
From March 2020 till the next 9 months are going to be very unpredictable for all the companies. This will majorly be dominated by the effects of the COVID-19 pandemic. It is an unprecedented situation that nearly everyone in the world has decided to stay at home. People have quarantined themselves at home all around the world. Within a period of about a month, all the people decided to cut social contact with each other for the sake of humanity. F..
Coronavirus has led to many issues world around not just in relation to health but also has impact over various other concerns and one such concern is its accounting impact. Since lots of businesses have been hurt economically, a lot of matters will now be of concern to be informed to the stakeholders, as a lot will be concerned about the financial stability of the orgaizations Governments world around have taken steps to stop its spread which have indirectly affected the financial ..
The next business revolution has come in the form of digital transformation and technology adoption. Technology is playing a key role during the COVID-19 pandemic in keeping our society working at the time of lockdowns and quarantines. And beyond COVID-19 these technologies can have a long-lasting effect. From start-ups to MNC, all are adopting technology at different levels, in accordance with their immediate needs and capabilities. However, the COVID-19 pandemic and the subsequent..
As per the World bank's Forewarn, the global economy is going to shrink by 5.2% this year resulting in a global economic crisis deepest recession catastrophe ever in decades. We cannot deny the fact that Indian economy is under devastating & catastrophic change and is witnessed sinking due reasons below – 1. The contraction in markets, 2. Supply chain crisis, 3. Lack of demand, 4. Credit growth is declining 5. Revenue collection is..