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Ind AS 115:Revenue from Contracts with Customers||Step 3: Determining the Transaction Price

FinanceFebruary 17, 202318Views 0Likes 0Comments

Table of Contents Introduction What is the Transaction Price? o Variable Consideration o Constraining estimation of variable consideration o Significant Financing Component o Non-cash Consideration o Consideration payable to a customer Introduction Ind AS 115 Revenue from Contracts with Customers talks about revenue recognized in financial statements. There is a 5-step model to recognize the…

Exploring the Indirect Tax Highlights of Budget 2023

TaxationFebruary 9, 202315Views 0Likes 0Comments

Table of Contents Overview GST Reforms Custom Duty Reforms Conclusion Overview On February 1, 2023, Finance Minister Nirmala Sitharaman released the Union Budget for the forthcoming fiscal year. Since this is her fifth full budget before the NDA government led by the BJP ends its term, the presentation of the budget was closely…

Get the Scoop on Budget 2023 Changes to Income Tax

Budget & Policies, TaxationFebruary 6, 202362Views 0Likes 14Comments

Table of Contents Introduction Income Tax Rates Tax Benefits to Agniveers House Property Business Income Presumptive Taxation Capital Gain TDS Provisions TCS Provisions Penalty Provisions Other Provisions Introduction So, the Union Budget for 2023 is out! As always, there's been a lot of buzz about the various proposals and changes announced by the Finance Minister.…

GST Compliance, Offences and their Penalties

TaxationFebruary 2, 202339Views 0Likes 8Comments

Table of Contents Introduction Compliances under CGST Act,2017 Registration Raising Invoices Filing Returns Payment of Taxes Availing Eligible Credit TDS/TCS liable Offences Under GST Act Registration Invoices & Books /Records Returns Payment of Taxes ITC TDS/TCS Introduction: “One nation, one tax” is the motto of the introduction of GST in India. It…

Concept of Bad Banks in India

OthersJanuary 21, 202316Views 0Likes 0Comments

Table of Contents Introduction The Idea of Bad Banks Why India needs bad banks? Development of Bad Banks Advantages of Bad Banks Challenges on the path of Bad banks’ development Conclusion Introduction India is introducing the idea of bad banks, which has been effective in nations like the USA. India…

Ind AS 115: Revenue from Contracts with Customers||Step 2 Model: Identifying the Performance Obligation

FinanceJanuary 17, 202315Views 0Likes 0Comments

Table of Contents Introduction Promises in contracts with customers Distinct goods or services Introduction Ind AS 115 Revenue from contracts with Customers talks about revenue recognized in financial statements. There is a 5-step model to recognize the revenue. Here we will talk about Step 2 of such a model, i.e., identifying the Performance…

Recap of Budget 2022 and Pre-Budget 2023

Budget & PoliciesJanuary 12, 202314Views 0Likes 0Comments

Table of Contents Introduction Recap of Budget 2022. ICAI Pre-Budget Recommendations Introduction Budget 2023 is fast approaching, so it's time to take a look back at Budget 2022 and see what's in store for the upcoming budget. Everyone is eagerly anticipating the incoming 2023 budget with high expectations. In its pre-budget memorandum…

SAE 3400 The Examination of Prospective Financial Information

FinanceJanuary 10, 202329Views 0Likes 2Comments

Table of Contents Introduction The Auditor’s Assurance Regarding Prospective Financial Information Acceptance of Engagement Knowledge of the Business Examination Procedure Introduction The objective of this Standard on Assurance Engagement (SAE) is to establish standards and provide guidance on engagements to examine and report on prospective financial information, including examination procedures for…

Inspection, Search, and Seizure Under GST

TaxationJanuary 5, 202315Views 0Likes 0Comments

Table of Contents Introduction DefinitionsReason to Believe Place of Business InspectionSituations when Inspection may be Conducted Places and People who can be inspected under GST Initiation of Inspection SearchWhen and by whom search can be ordered under GST? Powers of Officers Authorized to Search Inspection V/s Search SeizureProcedure Duration for which books and…

Real Estate (Regulatory and Authority) Act, 2016- Blessing to Home Buyers or Builders

OthersJanuary 2, 202324Views 0Likes 2Comments

Table of Contents Brief Introduction Scope Objective How safeguarding provisions affects the Buyers Designated Project Account Details Disclosures of Project Additions and Alterations Specifying the exact carpet area is mandatory Others Safeguarding Provisions How RERA safeguarding the Builders/Promoters Conclusion Brief Introduction The Real Estate (Regulatory and Authority) Act, 2016 is an Act of…

Virtual Digital Assets (VDAs)- A Detailed Analysis

FinanceDecember 29, 202219Views 0Likes 0Comments

Table of Contents Introduction What are Virtual Digital Assets? VDAs Vs Digital Currency Classification of Virtual Digital Assets Taxation under head Capital Gains , Business Income and Income from Other Sources Treatment of Losses TDS Deduction u/s 194S Illustrations Introduction Cryptocurrencies, also known as virtual digital assets have emerged as one of the most talked-about subjects…

Ind AS 115: Revenue from Contracts with Customers||Step-1 Model: Identifying the Contracts

FinanceDecember 27, 202236Views 0Likes 8Comments

Table of Contents Introduction Criteria for recognizing a contracts Term of contracts Combining Contracts Modification of Contracts Introduction Ind AS 115 Revenue from contracts with Customers talks about revenue recognized in financial statements. There is a 5-step model to recognize the revenue. Here we will talk about Step 1 of such a model, i.e.,…

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