Consolidation is the process of including the financial statements of all subsidiaries into the parent company’s financial accounts. Companies with one or more subsidiaries are necessary to prepare Consolidated Financial Statements under Clause 3 of Section 129 of the Companies Act, 2013. Financial statements are formal financial performance records that demonstrate how a company did…
Table of contents Shares: Statutory Definition Transferability of shares Share Capital Share Transfer with no consideration chargeable to Income Tax Facts of the Case Shares: Statutory Definition According to Section 2(84) a share may be defined as a share capital of a company and it includes stocks. All shares of the company must have a…
Introduction GSTR-2B is another static month-wise auto-drafted statement for citizens (whether or not selected into the QRMP scheme) presented on GST portal. The statement was launched from the August 2020 tax period time onwards. Table of Contents What is GSTR-2B? What are the features of GSTR-2B? What are the benefits of GSTR-2B? Steps to view…
Living in 21st century, everyone became very much comfortable and used to electronic mode of transaction. Considering the rapid change and innovation made in the field of e-commerce mode of transaction the government has brought in new changes through GST to tax those negotiations which simultaneously happen across the portal 24*7 and for every transaction…
Charitable institutions registered under section 12AA of the Act may seek exemption under section 11 of the Act once conditions have been met. Section 11 is a general provision and applies to all institutions which are charitable while Section 10 (23C) is a specific exemption provision relevant to certain public and private educational institutions. This…
Provident Fund revenue has been tax-free for many years. As with old provisions, at least 12% of salary should have been paid to the employer and employee in the Provident Fund. More than 12% of an employer’s salary was tax-deductible. To bring more benefits to higher-income earners under tax revenues, the Union Budget 2020 has…
Now while making Purchases of Goods you need to keep in mind for this all new Section 194Q of the Income Tax Act, which is introduced through the Finance Act – 2021, bringing in new TDS provisions on the purchase of goods. This became effective from 01/07/2021. So, let us now dive into the details…
The rebate under section 87A is one of the several tax provisions that help taxpayers decrease their tax liability. This section is inserted to provide relief to individual taxpayers. You can apply for an income tax rebate under section 87A if your gross income does not exceed Rs 5 lakh per financial year. This article…
Foreign Exchange Management Act, 1999 (FEMA) came to force by parliament approval enacted on 29th December 1999. This act complies the accords of WHO and acted as a building block for Money Laundering Act, 2002. FEMA is a set of regulation which is powered and governed by RBI to pitch in foreign investment and foreign…
RBI i.e. Reserve Bank of India is the central bank of India. It has set various rules and regulations so as to control and manage the operations of the Banking sector in India. In this article, we will discuss the guidelines by RBI on Statutory Central Auditors. So, let us see what those guidelines are…