The term “cloud” is extremely overused and worn out by this point. However, it has never been more relevant in terms of revolutionising the efficiency of bookkeeping, data analysis tools and many accounting services. In simple words, cloud-based accounting is a new way of accessing accounting software from the web browser without installing it and refers to the delivery of computing services via the internet. Prior to cloud, most accounting software was desktop based, which meant that applications were installed
Month: May 2022
Automated Accounting Processes
Accountants have used software in one form or another for decades. Classics like excel are used to enhance all sorts of tasks. Despite countless software updates and new tools, the profession only made strides recently due to the introduction of automated accounting, a powerful tool for business owners to use when eliminating manual accounting issues. It is a software that allows you to automate the accounting process so that the most manual tasks are completed efficiently and instantly. Automated accounting
Forensic accounting
Forensic accounting is the investigation of fraud or misinterpretation. It involves different techniques and skills like accounting and auditing to conduct an examination into the finances of an individual or business while providing an analysis suitable to be used in legal proceedings. This process is carried out by a team of professionals trained to look beyond the numbers and deal with the business reality of a situation. As forensic accounting is often used in fraud or embezzlement cases to explain
Corporate Finance Alert
Sources of Elon Musk’s funding offer to buy Twitter for $44 billion: After the Social networking platform, Twitter Inc agreed to Elon Musk’s “best and final” offer of USD 44 billion. Musk increased his financing commitment to USD 27.25 billion, from USD 21 billion – including the new USD 7.14 billion funding from Oracle Corp’s co-founder Larry Ellison, Saudi investor Prince Alwaleed bin Talal, Binance.com, and a bunch of investors. Oracle Corp. co-founder Larry Ellison, who sits on Tesla’s board,
Direct Tax Alert
Recent Updates ITR Form-U for Updated Income Tax Return: CBDT notifies form and manner for filing Updated Return in Notification no. 48/2022 dated 29.04.2022. Updated return can be filed from the assessment year 2020-21 inwards. CBDT issues revised norms for constitution of committee to deal taxpayer’s grievance from high pitched assessment. Instruction F. No. 225/101/2021-ITA-II, DATED 23-4-2022 Important Judicial Precedents OECD and Indian TP guidelines don’t prohibit selecting foreign AE as tested party for TP Study Indian Transfer Pricing guidelines issued
Corporate & Legal Alert
In this edition we have tried to bring you notice the latest amendment that followed in the month of April, 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA MCA has Stakeholders are requested to use their V2 user ID and Password to log into the new V3 portal Stakeholders are requested to use their V2 user ID and Password to log into the new V3 portal, and then upgrade to a Business user. Once Upgraded
Indirect Tax News Letter
GST Calendar –Compliances for the month of April’2022 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) May 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) May 10,2022 GSTR-1 May 11,2022 IFF- Invoice furnishing facility (Availing QRMP) May 13,2022 GSTR-6 Input Service Distributor May 13,2022 GSTR-2B (Auto Generated Statement) May 14,2022 GSTR-3B May 20,2022 GSTR-5 (Non-Resident Taxable Person) May 20,2022 GSTR-5A (OIDAR Service Provider) May 20,2022 PMT-06 (who have opted for QRMP scheme) May 25,2022 Hon’ble Supreme Court’s suo-motu