LLPs must comply with statutory requirements such as Annual Return, Income Tax Return, Profit and Loss Account, and Balance Sheet, even if they do not conduct any business activities. Similar to companies, LLPs must maintain their financial year from 1st April to 31st March.
Cost Inflation Index (CII) is a measure used in India to adjust the inflationary effects on the cost of assets. It is basically an index that reflects the changes in the prices of goods and services over a period of time.
All the income earned through winnings from lottery, crossword puzzle, gambling, betting, horse racing and any similar nature were taxed under section 194B of t...
Benefits for Senior Citizens under Income Tax Act 1961
In this article, we will discuss statutory provisions involved and things to be taken care of while doing compliance of this Section.
IND AS 19 is a standard that deals with employee benefits. It requires companies to account for their obligations towards employees, such as pensions, gratuity, and other post-employment benefits. In this article, we will explore IND AS 19 in detail.
The term "business structure" refers to the legal framework that governs an organization within a specific jurisdiction. It defines the rights and responsibilities of the company and its owners, including the ability to raise capital, assume liabilities, and pay taxes.
10 Income Tax Amendments that are applicable from April 2023
Q 1: Whether a Firm of Chartered Accountants can accept Audit of a branch of a bank, while one of the partners of the said firm has taken loan from a different ...
Important points related to GST notifications as issued on 31st March 2023.
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