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Import Export Code

Import Export Code

In this era of globalization, trade is not just restricted to local markets. Rather the approach has been shifted from domestic to each corner of the world. To make India an export-oriented country, the concerned authorities are trying their best by introducing schemes, granting subsidies, licenses, and by making the export-related processes easier than ever. One of such requirement to extend your business globally is to have IEC- Import Export Code.

Who all are required to obtain IEC registration?
Every person who wants to lead off its import/export business in the country is required to obtain the Import Export Code … Read more

Accounting for Inventory

Accounting for Inventory

Inventories are assets- held for sale within the ordinary course of business; in the process of production for such sale or assets in the form of materials; supplies to be consumed within the production process or in the rendering of services.

Indian Accounting Standard 2 provides the principles for measurement of inventories, recognition of inventories as expense and disclosure of inventories etc. The objective of the standard is to prescribe the treatment of accounting for inventories. While accounting for inventories an entity needs to recognize the costs and amount to be carried forward until the related revenues are recognized. The … Read more

Vivad Se Vishwas Act, 2020 (Scheme)

Vivad Se Vishwas Act, 2020 (Scheme)

As per the announcement made by the Finance minister in Budget speech on 1st February 2020 regarding the resolution of Income Tax disputes pending in Court and appellate jurisdiction, the Vivad se Vishwas scheme was tabled on 5th February 2020 in Lok sabha. After discussion in both houses of parliament, the bill was passed by both houses of parliament and received the assent of President of India on  17th March 2020 and was accordingly published in the official gazette of India on 17th March 2020 making the same as “Vivad se Vishwas Act, 2020”

Benefit to Read more

Companies (Auditor’s Report) Order, 2020

Companies (Auditor’s Report) Order, 2020

Introduction
CARO 2020, commonly known as Companies Auditors Report Order 2020 is the latest prescribed format of audit reports of companies under Companies Act, 2013 which supersedes CARO 2016. The objective of CARO 2020 is to cover the wide variety of information mandated to be disclosed by the auditors in their Audit reports, covering the additional requirements of the National Financial Reporting Authority, to be disclosed to the shareholders and to enhance the overall reliability and transparency of reporting in the financial statements of companies. For instance, earlier, details of any proceedings pending under the Benami Transactions (Prohibition) Act, 1988 … Read more

TDS on salary under Section-192 of Income Tax Act’1961

TDS on salary under Section-192 of Income Tax Act’1961

TDS on salary under Section-192 of Income Tax Act’1961
Salary as defined u/s 17(1) of the Income Tax Act’1961 is the amount paid or payable by an employer to his employee in the return of the services rendered by him. However, salary as per 17(1) includes all wages, annuity or pension, any gratuity, fees, commissions, perquisites or profits, any advance salary, Leave encashment, etc.

Every employer is required to deduct TDS of his eligible employees on the estimated total salary as per section 192 and subsequently provide form 16 at the end of the financial year. For any sum to … Read more

Interim Financial Reporting

Interim Financial Reporting

An Interim Financial Report is a complete or condensed set of financial statements reporting the financial results for a period shorter than a fiscal year. Ind AS 34 does not specify which entities must publish an interim financial report. It applies if any entity publishes an interim financial report that asserts compliance with the Indian Accounting Standards.

Ind AS 34 provides the minimum content required to be mentioned in the interim financial report and provides the principles required for recognition and measurement in complete or summarized financial statements for a specified interim period. However, it doesn’t mandate which entities must … Read more