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The Budget traditions
The Union Budget brings in a lot of colours and excitement with it. There are myriads of rituals and traditions forming part of the rich heritage. In an effort to identify the most interesting rituals we have compiled the following: The 5:00 P.M. St
Companies Act, 2013- Sec 128 books of accounts
Introduction Section 128 of the Companies Act deals with the books of accounts to be kept by the company. As per this section every company shall prepare and keep at its registered office books of account and other relevant books and papers and
TDS u/s 195: Reimbursement of Expenses
Taxability of Reimbursement of expenses has always been a contentious issue. In most of the cases, assessee get away with non-taxability of reimbursement of expenses on the plea of no profit element. However, in some cases, even without profit elemen
Decoding 2015 statutory audits of the banks
A chartered accountant is mandated to conduct statutory and other audit of banking industries. This is in compliance of various statutes applicable to
Offences for which punishment for fraud prescribed u/s 447
Section 447 Punishment for Fraud: Any person who is found to be guilty of fraud Imprisonment for a term which shall not be less than 6 months but which may extend to 10
Services which can be rendered by the auditors
As per Provisions of Section- 144 of Companies Act, 2013, A Statutory Auditor of company cant provide the following below mentioned services to followings: Services which a Statutory Auditor cant provide directly or indirectly to above
TDS U/S 195- Reimbursement of salary of seconded employees
Secondment of employees by foreign parent company to Indian subsidiary is a regular feature considering the requirements to meet their global standards of quality and to ensure proper functioning and assistance to Indian Subsidary Companies. However,
Ind AS 2 - Inventories
1. Objective: a) Deals with the determination of cost ,b) Subsequent recognition as an expense , including any write-down to NRV ,c) Guidance on the cost formulas that are used to assign costs to inventories.2. Scope: This Standard applies to all inv
Union Budget - My story and history
February is a month of love and proposals. This statement holds true even for Chartered Accountants. Although, the proposal which invokes excitement in Chartered Accountants are the Tax proposals presented by the Finance Minister in the Union Budget
Three distinct aspects of financial applications
Three distinct aspects of Financial Applications that help in Systems Requirement Study (SRS). What is SRS? By SRS I am referring to the exercise undertaken to understand and to specify the requirements of a Business Application for development. Ther
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