Compare GSTR-3B & GSTR-1 and understand their significance in the GST regime: GSTR-3B (Summary Return): GSTR-3B is a monthly summary return that contains details of both inward and outward supplies, tax liability, and input tax credit (ITC) claimed by the taxpayer. Unlike GSTR-1, GSTR-3B does not require invoice-level details. Instead, it provides a summarized view …
Financial Forensics and Forensic Audit Techniques Financial forensics and forensic audit techniques are specialized fields within accounting and finance that involve investigating financial transactions, statements, and records to uncover fraud, embezzlement, or other financial misconduct. Here’s an overview of these concepts and some common techniques used in forensic audits: Definition: Financial Forensics: This involves the …
Overview about the Forensic Audit Introduction of Forensic Audit: Definition: A forensic audit is a specialized financial investigation aimed at gathering evidence for legal proceedings. Purpose: It covers a wide range of activities, including investigating embezzlement, fraud, and other financial crimes, but also non-fraudulent situations like business closures and divorces Process: Similar to a traditional …
ROUTES TO ISSUE ESOP (Employee stock ownership plan) Under Companies Act, 2013, a company can issue ESOP to its employees through two modes, namely – Direct Route and Trust Route: 1. DIRECT ROUTE – Under direct route, the company directly grants the options to the employees. At the time of exercise, fresh equity shares are allotted to …
EBITDA & EBIT are both measures of profitability of business Both EBITDA & EBIT are indicators of a company’s profitability. Net income before interest and taxes is known as EBIT. Additionally, amortisation and depreciation are not included in EBITDA. Operating profit is commonly measured by EBIT, which is sometimes equivalent to operating income as measured …
Beneficial Provisions relating to “Labours” under Income Tax- “Employee or Labours Income tax laws often include provisions that provide benefits or relief to laborers or employees. Provisions beneficial for labours is Section 10 of the Income tax Act, which deals with exemptions in income tax. For example, gratuity paid to employees exempt u/s. 10(10), leave …
Overview about the partition of a Hindu Undivided Family: Section 171 of the Income Tax Act, 1961 defines the partition of Hindu Undivided Family (HUF) and deals with the provisions of assessment after its partition. Section 171 of the Income Tax Act, 1961, is crucial for understanding the partition of a Hindu Undivided Family (HUF) …
Importance, documents and applicability of Form 10F for Non-Residents : Income Tax Form 10F is an important document for non-residents (NRIs) as it is used to claim beneficial tax treatment under Double Taxation Avoidance Agreements (DTAA) between India and other countries. this Article on Navigating Form 10F and PAN Requirements for Non-Resident Taxpayer. – Purpose: …
Overview about Income Tax Form 10IE & Form 10IEA: Income Tax Form 10IE & Form 10IEA are related to the option of choosing between the old and new tax regimes in India. Income Tax Form 10IE: Form 10IE: This form is indeed required to be filed when an assessee (taxpayer) wants to shift from the …
What Investors Should Do When a Company Gets Delisted? Delisting occurs when the shares of a publicly traded company are removed from a stock exchange, making them no longer available for trading. This event can profoundly impact investors as it affects the liquidity and potentially the value of the shares they hold. Delisting can happen …