Recent Updates Central Govt. approves 8.10% interest rate on provident fund deposits for year 2021-2022 The Ministry of Labour and Employment, Government of India has conveyed the approval of the Central Government to credit interest @ 8.10% for the year 2021-22 to the account of each member of the EPF scheme. NOTIFICATION NO. INV-11/2/2021—INV/4670 dated 03.06.2022. CBDT notifies Faceless Penalty (Amendment) Scheme, 2022; omits Regional Faceless Penalty Centres NOTIFICATION NO. S.O. 2425 (E) [NO. 54/2022/F. NO. 370142/51/2020-TPL(PART III)], DATED 27-5-2022. CBDT
Month: June 2022
Recognition, Measurement, and Presentation of Deferred Tax as per Ind AS 12
Recognition, Measurement and Presentation of Deferred Tax as per Ind AS 12 As per Ind AS 12, Income Taxes- Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carry forward of unused tax losses; and (c) the carry forward of unused tax credits. The following steps are to be followed
The significance of Bookkeeping in Accounting
Recording, tracking, and retaining organized transactional records is vital whether you manage a small firm or a multinational corporation. And that is exactly what a bookkeeper performs for your company. It is a process of organizing and tracking day-to-day transactional data. In simper words, bookkeeping in accounting is the systematic process to store, organize, and track the business transactional data. It is one of the most significant parts of accounting that allows the smooth financial functioning of the business and
Fiscal Year
A fiscal year is an accounting year that does not end on December 31, it could be a 12-month period or a 52/53-week period. Typically, the term “fiscal year” refers to a one-year period that companies and governments use for financial reporting and budgeting. A fiscal year is most commonly used for accounting purposes to prepare financial statements. For companies that operate on a seasonal basis, using a fiscal year may be beneficial. This is because it may provide a more accurate reflection
Accounts Payable
When a company orders and receives goods or services in advance of paying for them, we say that the company is purchasing the goods on account or on credit. The supplier of these goods and services on credit is also referred to as a creditor. If the company receiving the goods does not sign a promissory note, the vendor’s bill or invoice will be recorded by the company in its liability account Accounts Payable. As is expected for a liability account, Accounts Payable
Corporate and Legal Alert
In this edition, we have tried to bring you to notice the latest amendment that followed in the month of May 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA Relaxation in paying additional fees in case of delay in filling all the event Relaxation in paying additional fees in case of delay in filling all the event-based e-forms by LLPs which are due on and after 25th February 2022 to 31st May 2022 up to
Corporate Finance Alert
Twixor raises capital from Axilor Ventures, and others in Series A round: Twixor, the digital process automation platform operated by Twixor Pte Ltd has announced that it has bagged $2.4 million (INR 18 Cr) in its Series A funding round from Season Two Ventures, Axilor Ventures and The Chennai Angels. The digital process automation platform was developed by the IIT Madras campus and has established a stronghold in Chennai along with a presence in other parts of India. The start-up
Importance of Audit Evidence in Auditing
Introduction: Auditing is a logical process. An Auditor is called upon to assess the actual situation, review the statement of accounts and give an expert opinion about the truth and fairness of such accounts. This he cannot do unless he has examined the financial statements objectively. Objective examination means critical examination and scrutiny of the accounting statements of the undertaking with a view to assess how far the statements present the actual state of affairs in the correct context and
Indirect Tax News Letter
GST Calendar –Compliances for the month of May’2022 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) June 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) June 10,2022 GSTR-1 June 11,2022 IFF- Invoice furnishing facility (Availing QRMP) June 13,2022 GSTR-6 Input Service Distributor June 13,2022 GSTR-2B (Auto Generated Statement) June 14,2022 GSTR-3B June 20,2022 GSTR-5 (Non-Resident Taxable Person) June 20,2022 GSTR-5A (OIDAR Service Provider) June 20,2022 PMT-06 (who have opted for QRMP scheme) June 25,2022 ITC refund of unutilized
BLOCKCHAIN
Even though the term “Block Chain” is commonly thrown around, for many, blockchain technology is still a mysterious or even intimidating topic. Some remain sceptical that we’ll use this technology in the future. This scepticism that exists today is understandable because we’re still very early in the development and widespread adoption of blockchain technology. A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital