Microfinance companies are financial institutions that provide finance to low-income groups where the financial burden is less than in other sectors of society. Such sectors do not have access to traditional financial institutions which include banks and other financial institutions. In this article, we will discuss Microfinance Company Registration in India Table of Contents What…
E-payments have been launched by the IT department for the online payment of direct taxes by taxpayers. As a result, taxpayers can now choose between two modes of payment for direct taxes: (I) the physical mode, i.e., payment made by presenting a hard copy of the challan at an authorised bank, and (ii) the electronic…
Revenue recognition is one of the most important accounting principles that can have a direct impact on a company’s financial performance. Ind AS 115 lays down new requirements and rules in many aspects of revenue recognition that are either new or significantly different from the accounting principles under existing revenue recognition standards. In this article,…
Handling the obligations of reporting for Micro, Small, and Medium Enterprises (MSMEs) can be a challenging undertaking. It is crucial to have a clear understanding of the complexities involved. In this complete article, our objective is to simplify the complexities and offer you clear, sequential instructions. We have gathered a list of commonly asked questions…
The Ministry of Home Affairs issued a notification on 01 June 2022 seeking to amend the Companies (Appointment and Qualification of Directors) Rules, 2014. According to the amendment, it will be mandatory to obtain security clearance for persons from countries sharing a land border with India before being appointed as directors on the boards of…
Introduction Embarking on company formation in Kolkata, the dynamic capital of West Bengal .Company Registration in Kolkata offers a compelling opportunity for rising entrepreneurs. The metropolis’s mix of a strong economy and rich culture makes it a perfect place to start a business. The way Kolkata’s history and its growing economy come together makes it…
IND AS 109 Financial Instruments deals with the classification, reporting, de-recognition, and measurement requirements of all financial assets and liabilities. This standard guides the accounting and reporting of financial instruments (FI) to enable stakeholders to assess the timing and uncertainty of an enterprise’s future cash flow. In this article, we will discuss IND AS 109…
Are sampling services for laboratory diagnostic testing exempt from GST? The collection center has no laboratory. Collects samples from patients and deliver them to the laboratory for testing. There are two different approach exists that is presented by our Hon’ble Supreme Court of India, which says that, when the activity of a collection agent for…
Wondering if you have to charge and collect Goods and Services Tax (GST) on the rent you receive? GST treatment differs between residential and commercial tenancies. On the other hand, if you are running a business, then paying rent is one of those prominent expenses and you may want to know your eligibility for input…
Typically, taxes are collected by business owners on behalf of customers, who then pay the government. A reverse charge is when the buyer pays the tax directly to the government. The responsibility for the transfer of tax liability may rest either entirely with the buyer or, in certain special cases, it may be partially/jointly borne…