Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file their annual income tax returns. The form contains sections that require taxpayers to disclose their taxable income for the year to determine whether additional taxes … Continue reading
The partnership, as well as an entity (Domestic LLCs, Foreign partnerships with income in the US and nonprofit religious organization) treated as a partnership for federal income tax purposes, uses Form 1065. A partnership doesn’t pay tax on its income … Continue reading
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 … Continue reading
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 … Continue reading
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 … Continue reading
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 … Continue reading
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 … Continue reading
Revised Auditor Report: Key Changes (Applicable for the financial year 2018-19) (Published in Chartered Accountants Association Ahmedabad May 2019 Journal) Click Here to download Audit Report Format Private Limited Company 2018-19 The auditor’s report is the key deliverable communicating the results of … Continue reading
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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 … Continue reading
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Ind AS 116 is effective from 1st April 2019 for all companies preparing their financials in compliance with Indian Accounting Standards by replacing Ind AS 17. New standard requires Lessees to follow single accounting model for all leases. For lessors, … Continue reading
RBI in its bi-monthly Monetary Policy Review meeting decided to change the policy stance from calibrated tightening to neutral and to reduce the repo rate from 6.5% to 6.25%. This was mainly due to 1. Slowdown in global economy, 2. Low inflation (just 2.2% in December with … Continue reading
Dear All, Creating a Common Pool of Materials/ Presentations/ Checklists / Circulars useful for Statutory Bank Audit : Now next few weeks are crucial for practicing Chartered Accountants who have been allotted the statutory audit of Bank. The time is short … Continue reading