Category Archives: General

IRS Form 1040 – U.S. Individual Income Tax Return

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

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IRS Form 1065 – U.S. Return for Partnership

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

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USA Tax Returns : Types and Applicability

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

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Budget 2020: Important Changes that Affect Investments and Taxation in India

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 … Continue reading

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Future of Accounting:- Cloud based solutions

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

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Practical Issues on UDIN generation for Statutory Audit of Companies and important UDIN FAQs

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

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Revised Auditor Report: Key Changes (Applicable for the financial year 2018-19)

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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Ind AS 116 : A Major Shift for Accounting by Lessees

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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

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Can on you hack over the internet games only to do you wish to entice in big trouble this is why?

When online games hit the very digital surveys, then they had taken the entire digital world by simply storm. Every one was playing online games and non-e have now been left behind. Individuals from other parts of the globe were … Continue reading

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Why execute you first need free of charge Musically tastes?

If you as a rule wind up bursting down into that an active song and then dance routine every time your favorite song comes on the radio or your own body’s Spotify playlist, then Musical. Ly may be something value … Continue reading

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Awards Received – ACCOUNTANT OF THE YEAR and CUSTOMER CENTRIC BUSINESS OF THE YEAR

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We are honored to have received Two Awards at the Intuit Quickbooks Excellence Awards 2013 in association with Bloomberg TV India at Delhi on 21st November 2013. Naresh J Patel & Co, Chartered Accountants received “ACCOUNTANT OF THE YEAR” and for NRI Advisory … Continue reading

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Domestic Transfer Pricing – Need to Know

·  Applicability: From Assessment year 2013-14. The provision of transfer pricing have been extended to cover “specified domestic transactions”. Due Date of filing return of Income is 30th November 2013. ·   Coverage:  Any Assessee having Specified Domestic Transaction need to comply with … Continue reading

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Service tax Amnesty Scheme and recent clarifications by CBEC

The Finance Act, 2013 has provided “Amnesty Scheme for Non Filers and Stop Filers”. Notification No. 10/2013 dated 13th May 2013 brings into action the proposed scheme and notified Service Tax Voluntary Compliance Engagement Rules, 2013. The purpose of this … Continue reading

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Thank you for the Overwhelming Response!!!!!

In less than 7 weeks since we started tracking visitors on our 2 month old blog, without any promotion, our blog has witnessed Over 1,500 reads Visitors from 53 countries Visitors from every part of the world and ALL continents Average … Continue reading

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SEBI – Restatement of Accounts if Qualified Audit Report

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On June 26, Sebi notified that annual accounts of companies that carry a qualification by their auditors will have to go for a restatement. The notification said all such audit qualifications will have to be mentioned in a form (Form … Continue reading

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No Service Tax on NRI Money Transfers from abroad (Inward Remittance) – CBEC

CBEC (Central Board of Excise and Customs) Circular No. 163/14/2012 –ST dated July 10, 2012 clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas. This is a good news for NRIs … Continue reading

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Indian Market Scenario 1: Would you Invest in India under these circumstances?

Currently, there are lots of negatives news, events and circumstances related to Indian Market such as  India’s Rating India has lowest Investment grade rating by rating agencies (BBB-). One more downgrade will change its status to non-investment grade i.e. Junk … Continue reading

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