MCA removes restrictions on conducting board meetings via video conferencing

0 Views 0 Table of Contents Introduction Timeline of amendments w.r.t. meetings via video conferencing Provision regarding Board Meetings through Audio-Visual means Procedures for Convening and Conducting Board’s Meetings Conclusion 1. Introduction  The MCA vide. Notification No. G.S.R. 409(E). Dated 15.06.2021, has notified the Companies (Meetings of Board and its Powers) Amendment Rules, 2021, which seeks to … Read more MCA removes restrictions on conducting board meetings via video conferencing

Measurement of Property, Plant and Equipment (PPE) – Outline

0 Views 3 Contents: Introduction Initial Measurement of PPE In Case of Purchase of PPE In Case of Self-Construction of PPE In Case of Exchange of PPE Subsequent Measurement of PPE Subsequent Measurement when PPE is Held for Sale Conclusion 1. Introduction Property, Plant, and Equipment (PPE) are fixed assets that are used in business to … Read more Measurement of Property, Plant and Equipment (PPE) – Outline

What are the Functions, Duties, and Powers of NFRA (National Financial Reporting Authority)

0 Views 2 Table of Contents: Summary Functions & Duties of NFRA Recommending Accounting Standards and Auditing Standards Advisory Committees, Study Groups, and Task Forces Financial Reporting Advocacy and Education International Associations and International Assistance Confidential and Security of Information Avoidance of Conflict of Interest Powers of NFRA [Section 132(4)] 1. Summary The functions, duties, … Read more What are the Functions, Duties, and Powers of NFRA (National Financial Reporting Authority)

Accounting Standards – Meaning and its Applicability

0 Views 3 Contents: Introduction Scope and Compliance with Accounting Standards Applicability of Accounting Standards Classification of enterprises Introduction  Accounting Standards are the written form of statements which consists of rules, principles and guidelines to be used consistently and uniformly for the preparation and presentation of financial statements by a business entity. These Accounting Standards … Read more Accounting Standards – Meaning and its Applicability

Donating to Family of Deceased | Know the Implications under Income-tax Act

0 Views 3 With an increase in the nationwide cases of COVID-19, people and the Government are coming together to help those in need. Everyone is doing the best that they can to help humanity in this severe pandemic. Many charitable organizations, employers, institutions are providing financial assistance to the family of the deceased. While … Read more Donating to Family of Deceased | Know the Implications under Income-tax Act

Special ‘Cash allowance’ to avail benefit of Leave Travel Allowance during FY 2020-21

0 Views 3 Leave Travel Allowance is allowed by an employer to his employee for traveling to any place in India. If an employee goes on vacation, he can claim tax exemption for the Leave Travel Concession (LTC) or Leave Travel Allowance (LTA) received from the employer. The allowance shall be exempt from tax to … Read more Special ‘Cash allowance’ to avail benefit of Leave Travel Allowance during FY 2020-21

Winnings from Online games! Might have to pay higher tax

0 Views 2 1.  Introduction Online gaming industry has seen a humongous boost due to lockdown worldwide. Online fantasy games not just only provide a good distraction to the people during this lockdown but is also providing monetary as well as non-monetary rewards on winnings. Fantasy game is not defined under any Indian statute and … Read more Winnings from Online games! Might have to pay higher tax

Section 194Q-Purchase/Sale of Goods– Adding More Compliances To Your Plate

0 Views 3 “To ensure that compliance burden is only on those who can comply with it …….” These words feature in Memorandum to Finance Bill, 2021 in relation to Sec. 194Q which has been inserted vide the Finance Act, 2021 w.e.f. 01-07-2021. The irony behind these words lies in the fact that those taxpayers … Read more Section 194Q-Purchase/Sale of Goods– Adding More Compliances To Your Plate