GST Calendar –Compliances for the month of December’2022. Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) January 10, 2022 GSTR-8 (Tax Collected at Source ‘TCS’) January 10, 2022 GSTR-1 January 11, 2022 IFF- Invoice furnishing facility (Availing QRMP) January 13, 2022 GSTR-6 Input Service Distributor January 13, 2022 GSTR-2B (Auto Generated Statement) January 14, 2022 GSTR-3B January 20, 2022 GSTR-5 (Non-Resident Taxable Person) January 20, 2022 GSTR-5A (OIDAR Service Provider) January 20, 2022 PMT-06 (who have opted
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Statutory Audit – December 2022
Environmental, Social and Governance (ESG) As Sustainable development and Climate change movements are getting momentum along with the push from investors. It is imperative for companies to report their sustainability performance in order to maintain transparency with stakeholders. Global sustainable investments are growing rapidly and reached $35 trillion or 36% of the total assets under management in 2020. In India, almost all sustainable investment products have been launched in the last two years, reflecting increasing interest and potential. Evolution of
Internal Audit – December 2022
Special Economic Zone and Export Oriented Units Introduction Special Economic Zone A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country. The SEZ economic regulations tend to be conducive to—and attract foreign direct investment (FDI). Special Economic Zones are typically created in order to facilitate rapid economic growth by deploying investment and creating employment. This economic growth is accomplished by providing various economic advantages such as tax incentives. Exported Oriented Zone
Direct Tax Alert – October 2022
1.CIRCULAR NO. 21/2022 [F.NO. 275/25/2022-IT (B)], DATED 27-10-2022 Vide this circular the Central Board of Direct Taxes (CBDT) in exercise of its powers under section 119 of the Income-tax Act, 1961, extends the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st of October, 2022 to 30th of November, 2022. 2. CIRCULAR NO. 22/2022 [F.NO.197/93/2022-ITA-1], DATED 1-11-2022 Vide this circular dated 01.11.2022 the CBDT condones the delay in filing of Form 10A up
CORPORATE FINANCE ALERT-JUNE 2022
PhysicsWallah joins unicorn club with $100 mn maiden fundraise: Edtech startup PhysicsWallah (PW) has raised USD 100 million (around INR 777 crore) in Series A funding from Westbridge and GSV Ventures at hitting a unicorn valuation in its maiden fundraise. With this PW has become India’s 101th unicorn. The latest capital raised will be used for business expansion, branding, and opening more PW learning centres. In 2016, PW, initially, started as a YouTube channel by Alakh Pandey. During the pandemic of 2020, Alakh joined hands
Direct Tax Alerts- May 2022
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
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