US TAX RETURNS – CA Vishal Jagetiya, CA Shivam Thakkar 1. Introduction The U.S. tax system is set up under both a federal and state level. There are several types of taxes such as income, sales, capital gains, etc. Federal and state taxes are completely separate and each one has is […]
Budget 2020 was introduced with an objective of “Ease of Living” with three prominent themes as Aspirational India, Economic Development and Caring Society with Good Governance and Robust Financial Sector. However, it may not result into ease of calculating and determining tax liability. The Budget 2020 has made many changes including […]
The Finance Budget 2020-2021 came as a big surprise for NRIs as it changed the definition of a “Resident” in India. The Government noticed an individual managing his/her period of stay in India, so as to remain a non-resident in perpetuity and not be required to declare the global income in […]
Overview of New GST Returns (Applicable from April 2020) 1. Background The GST Council approved a new simplified GST return format in its 27th Council meeting. The new GST return aims at enhancing transparency and accuracy of the return filing process. The Council has decided that the new return filing […]
Future of Accounting:- Cloud based solutions A couple of times, we have heard desktop based accounting is good and it will give more control over accounts and secrecy of data. Well, this blog aims at debunking the above statement. In fact, cloud accounting has made accounting super efficient and useful for […]
Generation of Unique Document Identification Number (UDIN) is made mandatory for all other audit, assurance and attestation functions by ICAI w.e.f. 1st July, 2019. Therefore this is first year where the statutory auditor of companies (including private limited company) has to ensure generation of UDIN and to mention after every signature […]
Just a week ago, who wouldn’t want to be like Mr. V G Siddhartha? Mr. VG Siddhartha was a catalyst business tycoon and founder of the most successful coffee chain in India (Café Cofee Day), an early investor of successful IT company (Mind tree), owner of 10000+ acres of coffee plantations, […]
Auditor Report Format (Applicable for the financial year 2019-20) CLICK ON BELOW LINK TO DOWNLOAD (Word Format): 1. AUDIT REPORT FORMAT (F.Y. 2019-20) 2. ILLUSTRATIVE AUDIT REPORT OF PVT. LTD CO. (F.Y. 2019-20) SPECIAL ATTENTION REQUIRED (Due to Covid-19): 1. Going Concern (a) If there exists material uncertainty related to going […]
Union Budget (No 2) 2019 takes us a step closer to achieving short term goal of becoming a $5 trillion economy by 2024. The biggest theme of the budget was Connectivity. In addition, it also addressed liquidity issues, relaxed investment criteria and introduced key initiatives in R&D and education to pave way for […]
On July 5, the First full-time Female Finance Minister of India, Ms. Nirmala Sitharaman, presented the budget in the Parliament. While it may be a mixed bag for many, the one category it affect the most, and that too positively, is Non- Residents (NRIs/ PIOs). We have analyzed all the budget […]