Amendments in Ind AS and their Impact on Financial Statements for the year ended 31st March 2025 The financial reporting landscape in India continues to evolve with amendments to Indian Accounting Standards (Ind AS). For the financial year ended 31st March 2025, several key changes in Ind AS are […]
Income Tax Bill 2025 – Key Changes The proposed Income Tax Bill, 2025 is a comprehensive revamp of the Income-tax Act, 1961, focusing on simplification, clarity, and structural reorganization while retaining the core taxation principles. Key Changes: The term “previous year” has been replaced with the expression “tax year” The term […]
Requirements of BRSR for listed companies in India In the contemporary global business environment, the emphasis on sustainability and responsibility has grown significantly. Recognizing the need for transparency and accountability, SEBI introduced the Business Responsibility and Sustainability Reporting (BRSR) framework and its derivative, BRSR Core, alongside specific ESG disclosure requirements for […]
Expenditure Allowed to Micro or Small Ent on Payment basis under Sec 43B(h) – effective from 01.04.2023 Click Here to watch Video explaining these Amendment or altenatively you may read through blog. In order to promote timely payments to micro and small enterprises, a new clause (h) has been inserted in […]
How to Restore ICAI membership? If your ICAI membership is disabled, kindly follow the following steps to restore the membership: Step – 1 Login to Self Service Portal (SSP) of ICAI https://eservices.icai.org/ User Id – membershipnumber@icai.org and Password In case if you forgot password, click link forgot password to reset the […]
Exceptional and Extraordinary Items under AS and Ind AS (IFRS) The terms exceptional and extraordinary items are sometimes used interchangeably and creates practical issues as to whether any items can be labeled as such and if yes in which circumstances. The blog provides the understanding on the meaning of these terms, […]
Illustrative list of Observations/Comments/Remarks in Tax Audit Report Form 3CA/3CB PREFACE The stakeholders like government, bankers etc has high expectations from Tax Audit. The Quality of Tax Audit report is very important documentation that evidences the work carried out by Tax Auditor in discharge of duty. Form 3CA/3CB is the Only […]
Tax Return 1040: Standard Deduction vs Itemized Deduction Tax Return for Individuals (in USA) Form 1040 provides option of selecting Deductions from income either Standard or Itemised. The Standard deduction is a fixed amount that reduces the income you’re taxed on but for itemized deductions, you need to keep track of […]
UDYAM (MSME) REGISTRATION PROCESS: Step-wise and Other important related information CONTENT Introduction and Salient features of registration process New Registration Process: Point-wise information required Registration of existing registered enterprises Udyam Registration Certificate Updation of information Change in Classification Penalty for false information 1. INTRODUCTION Section 8(1) of the Act cast responsibility on […]
Udyam Registration (Effective from July, 2020): DEFINITION, ELIGIBILITY AND ISSUES CONTENT A. Definition of MSME B. Activities (NIC codes) not covered under MSMED Act, 2006 for registration C. How to Calculate Investment and Turnover? D. Answers to queries relating to eligibility You may watch Video explaining new MSME definition, eligiblity and […]