Real estate sector in India had many disputes existing between home buyers and developers. To resolve such disputes, the Indian government introduced the RERA Act, on 1st May, 2016. The Real Estate Regulation and Development Act, 2016 (RERA) came into full force on 1 May 2017 across India and 52 sections were notified in 2016. The…
The Central Board of Indirect Taxes and Customs (CBIC) has made the Customs Audit Regulations, 2018 which shall come into force on the date of their publication in the official gazette. The Customs Act, of 1962, is an important legislation that governs the levy of customs duties and regulation of imports and exports in India….
Income tax is an essential source of revenue for the government to meet the expenses of running the country. It is a legal obligation for every citizen to pay income tax on their income as per the income tax laws of the country. Taxpayers need to file tax returns and get them audited by a…
One of the critical aspects of taxation in India is the Goods and Services Tax (GST) regime, which has radically transformed the country’s indirect tax system. As per the CGST Act, 2017 every registered taxpayer is required to maintain proper records and books of accounts to comply with the law’s provisions. Furthermore, the government mandates…
The introduction of an International Trade Settlement Mechanism in the Indian Rupee (INR) will expand India’s trade with countries facing shortage of the American dollar. It can also arrest the slide in the value of the INR against the United States dollar and pave the way for the INR’s acceptance as a global currency. The…
The Government of India has launched the Interest Subsidy Scheme (ISS) for farmers by providing loans to them at a subsidised interest rate. Farmers can get short-term crop loans up to Rs. 3 lakh at an interest rate of 7 percent for one year under the interest subsidy scheme. In this article, we take a…
India is a religious and devout country. India has a long tradition of using charitable gifts to achieve spiritual fulfilment for good deeds. Individuals from all over India have made monetary and in-kind contributions to various trusts, NGOs, charity organisations, temples, and other institutions, sometimes out of compassion and sometimes out of religious conviction. Also, many…
Income tax department has now launched Faceless tool for income tax appeals. Under the facility, all cases will be completed face-to-face in an anonymous environment, except for appeals involving tax evasion, serious fraud, black money, international tax and special investigation. Let us discuss the common issues, solutions, and suggestions for improvement of functioning of NFAC….
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,…
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…