What is “Revenue”? Revenue is income arising in the course of an entity's ordinary activities.In general we use word “Turnover” for “Revenue”.Now, question is what is mean by an “Ordinary Activity”‘Ordinary activities’ means normal trading or operating activities. Such as manufacturing of products, trading of product, providing service etc. alternatively we can say the “Main”... Continue Reading →
What is “Cash Flow Statement”?
Definitions: As per IndAS 7: Cash Flow: - Cash flows are inflows and outflows of cash and cash equivalent Operating Activities: - Operating activities are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. Investing Activities: - Investing activities are the acquisition and disposal of long-term... Continue Reading →
A Short Introduction to the World of Crypto-currencies
INTRODUCTION Bitcoin originated with the white paper that was published in 2008 under the pseudonym “Satoshi Nakamoto.” It was published via a mailing list for cryptography and has a similar appearance to an academic paper. The creators’ original motivation behind Bitcoin was to develop a cash-like payment system that permitted electronic transactions but that also... Continue Reading →
New Non Convertible Debenture (NCD) isuue.
Are you looking for fixed income from interest? You might be aware about Non Convertible Debenture (NCD). So let’s talk about new coming NCD in market. Here I am trying to give you maximum useful details about NCD but it’s just factual data there is no recommendation or no opinion express by me for purchasing... Continue Reading →
The income statement
Last time we learn that what is Financial Statements? As i promised, I am here to explain each part of Financial Statement in details, so let's start. The income statement Income statement, we already known it as "Profit & Loss Account". The income statement is an essential part of the financial statements that an organization releases. The... Continue Reading →
Apportionment of credit and blocked credits
Section -17 : Apportionment of credit and blocked credits. Where the goods or services or both are used by the registered person partly for the purpose of any business and partly for other purposes, the amount of credit shall be restricted to so much of the input tax as is attributable to the purposes... Continue Reading →
Section 15 of CGST Act, 2017 – Value of Taxable supply.
The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the... Continue Reading →
Salient Features of Transition Rules of GST
Persons entitled to take transition credit will have to submit a declarationwithin 90 days (upto 30th Sept) specifying the credit he wants to take on stocks lying with him on 30th June. Declaration will have to be submitted in from GST Tran-1 Commissioner can extend this timeline by another 90 days In case of capital goods whose part... Continue Reading →
Industry gets 90 days to claim credit for GST transition stock
NEW DELHI: Traders and retailers can file declarations within 90 days claiming a tax credit for transition stock after the GST rolls out from July 1. The draft transition rules for the Goods and Services Tax (GST) regime had pegged the time at 60 days. The transition rules approved by the GST Council provides that... Continue Reading →
SA-230 Audit Documentation
Standers on Auditing
Rotation of Auditor
Section 139(2) of The Companies Act, 2013 The concept of Rotation of Auditor is Applicable to- Listed Companies; All Companies belonging to such class or classes of companies as may be prescribed. Following classes of companies have been proscribed for the purpose of Rotation of Auditor[Rule 5 of The Companies (Audit & Auditor) Rule, 2014]: All... Continue Reading →
Appointment of Auditor:
Section 139 of The Companies Act, 2013 Applicable to all companies. Appointment of First Auditor : In case of Government Company : As per Section 139(7) Auditor appointed by Comptroller & Audit General of India, within period of 30 days. If Comptroller & Audit General of India fail to appoint an Auditor, then Auditor appointed by Broad of Director of Company within... Continue Reading →
What is “The FInancial Statement”?
What is "The Financial Statement" ? Financial Statement if Formal Report of Financial Performance, issued by every entity at every specific period like Quarterly or yearly summary of performance by entity. Financial Statement normally covered following statement/report: Income Statement (Profit & Loss Account) Cash Flow Statement Statement of Financial Position (Balance... Continue Reading →
Remove long-term capital gains tax exemption: BSE
One of the most important stock market participants is making a case for reinstating of long-term capital gains (LTCG) tax on equity investments. According to sources, the BSE has made a presentation to the Union finance ministry that LTCG exemptions cause huge revenue loss to the government and also lead to market manipulation. LTCG is... Continue Reading →