The Companies Accounting Standard Rules, 2021 was notified by the Ministry of Corporate Affairs on 23rd June 2021. These rules include accounting standards, the revised definitions of small and medium companies (SMCs), and exemptions offered to these SMCs. These rules replace the Companies (Accounting Standards) Rules 2006. These rules are applicable to all the companies…

GST brought various changes to the taxation scene in the country. From the earlier practice of origin based taxation, GST was destination based tax. GST is a single tax regime for both goods and services. However, just like Service Tax there are two mechanisms to levy tax in GST also, i.e. Forward Charge Mechanism and…

Non-Banking Financial Company (NBFC) is the financial institution which is registered in Company Act, 2013. Activities performed by NBFC are loan and advance, acquisition of shares, debenture, bonds and securities which are issued by the government or by the local authorities. These banks provide activities such as loans against property, shares, various short term loans,…

Being the largest liquid market in the world, Forex opens opportunities for lot of people who wish to invest in it and earn by making rational decisions thus opening avenues for every person in making money who takes keen interest in Forex. Table of Contents What is Forex? Foreign Exchange Trading Capital & Current Account…

Every person who earns income is supposed to pay tax on that income if he is liable as per Income Tax Act. Calculation of tax and payment thereof still is a tedious task for layman. Income Tax Department has been working to simplify things as much as possible, from launching new portal which is claimed…

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