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

February 17, 20230Comments

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…

Exploring the Indirect Tax Highlights of Budget 2023

February 9, 20230Comments

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.…

Get the Scoop on Budget 2023 Changes to Income Tax

February 6, 202314Comments

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…

GST Compliance, Offences and their Penalties

February 2, 20238Comments

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…

Concept of Bad Banks in India

January 21, 20230Comments

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…

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

January 17, 20230Comments

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…

Recap of Budget 2022 and Pre-Budget 2023

January 12, 20230Comments

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…

SAE 3400 The Examination of Prospective Financial Information

January 10, 20232Comments

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…

Inspection, Search, and Seizure Under GST

January 5, 20230Comments

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…

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

January 2, 20232Comments

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…

Virtual Digital Assets (VDAs)- A Detailed Analysis

December 29, 20220Comments

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…

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

December 27, 20228Comments

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…

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