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Formation, Registration and Taxation of NGOs

Formation, Registration and Taxation of NGOs

Charity denotes a selfless act. Charity means giving something to those in needs without expecting anything back in return. It is doing something good to others without any expectations in return. People form Non-Government Organizations (NGOs) for doing the charities and social welfare.

NGO’s are formed with the aim to help the society in many different ways. NGO’s mainly have charitable objects and objects to advancement of general public utility. These organizations do not operate with the motive of earning profit. There are many NGO’s operating in India with the aim of welfare of society some are registered and some … Read more

Casual taxable person under GST

Casual taxable person under GST

In any tax regime, registration is considered as the most vital requirement in identification of the taxpayers and ensuring tax compliance. Under the GST regime, a number of categories of persons have to register themselves mandatorily under the Act which include:

  • A business firm having annual turnover for INR 40 lakhs or more whereas the annual turnover limit is INR 20 lakhs or more in case of special states*
  • A business firm already registered under the previous regime
  • Casual taxable person
  • Taxable person under reverse charge mechanism
  • E-commerce operators and suppliers operating though an e-commerce operator
  • Inter-state supplier of goods
Read more
Petty Cash

Petty Cash

Petty cash fund or simply petty cash may be defined as a small amount of money available for making payments related to small expenses without writing a check. It is also known as imprest cash sometimes. A separate general ledger account is generally prepared to record the petty expenses being incurred and report the available petty cash of the company. A petty cash voucher (for each expense incurred) is generally made for controlling the petty cash.

As far as the presentation of petty cash is concerned, it is presented in the current assets section of the balance sheet. Since petty … Read more

Consolidated Financial Statements

Consolidated Financial Statements

Meaning
Consolidated financial statements (or usually abbreviated as CFSs) are defined as the financial statements in which the company’s financial statements, as well as financial statements for all of its subsidiaries, divisions, or sub-organizations, are combined and presented as being those of a sole business entity.

What is the purpose of consolidated financial statements?
Consolidated financial statements play an integral part in the accounting process and help in reviewing the overall financial position of the entire group altogether. It is of utmost significance from the viewpoint of creditors and shareholders of the parent company. It is always presumed that consolidated … Read more