Revenue from customers is a significant income for businesses all over the world. Accounting for the same requires proper understanding of the accounting principles and standards governing revenue recognition. In India, Ind AS 115, ‘Revenue from … [Read more...]
Ind AS 116 Leases
Lease financing is an age old financing agreement type where a lessee buys or rents capital equipment from lessor for an agreed period of time. The accounting of these transactions, w.e.f. April 1, 2019, is governed by Ind AS 116 “Leases”, issued by … [Read more...]
How To Become A Chartered Accountant
A Chartered accountant is a professional playing a prominent role in the economy and society serving in all fields of business and finance, including auditing, taxation, financial and general management. Statutory recognition is given to the role of … [Read more...]
GST On Property- Commercial and Residential
Real estate is a very crucial pillar of an economy. With the introduction of GST, taxes on various real estate transactions have been streamlined to make a positive effect on the public. GST on Property is classified into two 1) GST on commercial … [Read more...]
All About Invoice Under GST
In common trade, a tax invoice is a legal document that records a transaction between a buyer and seller. Under GST law, an invoice or tax invoice means a tax invoice as referred to in section 31 of the Act. This article attempts to decode the … [Read more...]
What is One Person Company ?
Under the recommendation of the expert committee of Dr. JJ Irani in 2005, a new concept of One Person Company (OPC) was introduced into the Companies Act, 2013. The concept of OPC allows a great deal of opportunities for people looking forward to … [Read more...]
Presumptive Taxation Scheme for Professional Section 44ADA
Presumptive taxation scheme for professional section 44ADA was brought into effect from the financial year 2016-17. It provides a simple and efficient method of taxation for professionals whose annual gross receipts derived from profits and gains … [Read more...]
Presumptive Taxation Scheme Section 44AD
The Income Tax Act, 1961 pertains to a number of schemes that benefit the tax payer. In the interest of the tax payers Presumptive Taxation Scheme section 44AD was designed for a smoother and simpler form of taxation of income in the hands of the … [Read more...]
Interest on Late Payment of GST
In this article you will find complete information on interest on late payment of GST. Interest on GST is paid, if : You make the GST Payment after due date You claim undue or excess input tax credit You unduly or excessively reduce the output tax … [Read more...]
Income Tax help Line contact numbers
Are you looking for Income Tax help Line contact numbers. Here is the solution. The below chart presents the income tax help line numbers purpose wise. For example, in case of general queries you need to contact the Aaykar Sampark Kendra and in case … [Read more...]
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