Section 142 (1): - Sending Notice: - As per this Section, the A.O. can send a notice to the assesses requiring him to: - File the Return of Income (if the same is not filed up to the due date of filing of return. Furnish and Produce Accounts & Documents (Accounts for a maximum of 3 preceding years can be demanded. Furnish such information as the A.O. (Assessment Officer) may re......

Charitable Trusts, Societies, and Section 8 Companies, that receive a foreign contribution or donation from foreign sources are required to obtain registration under Section 6(1) of the Foreign Contribution Regulation Act, 2010. Such a registration under the Foreign Contribution Regulation Act, of 2010 is called a FCRA registration. Eligibility for obtaining FCRA Registration Organizat......

Sections List Of Income Tax Act 1961:- Section – 1: Short title, extent and commencement Section – 2: Definitions Section – 3: “Previous year” defined Section – 4: Charge of income-tax Section – 5: Scope of total income Section – 5A: Apportionment of income between spouses governed by Portuguese Civil Code Section &......

Form DPT-3 is an important document required to be filed with the Registrar of Companies (RoC) in India. It pertains to the return of deposits and particulars of transactions not considered as deposits under the Companies Act, 2013. Filing Form DPT-3 accurately and on time is crucial to maintain compliance and avoid penalties. Here is the link to the Excel File: https://www.compliancecalenda......

An auditor of co-operative society is appointed by the registrar of co-operative societies and the auditor so appointed conducts the audit on behalf of registrar and also submits his audit report to Registrar as well as to the society. The principle of propriety audit (focuses on public interest, financial prudence and prevention of wasteful expenditure) is applicable in audit of Co-operative......

Issuing licenses to an applicant bank is at the discretion of RBI. Before a license is issued RBI satisfies itself regarding the “Tests of entry” namely: Information about background, credentials of promoters Funding aspects of capital Sources of such funds Background of key supporting professionals Geographical coverage of the proposed bank Business and e......

DEFINITION OF AUTHORISED CAPITAL:- Under Section 2(8) of the Companies Act, 2013, Authorised capital’ or ‘nominal capital’ means such capital which is authorised by the memorandum of a company to be the maximum amount of share capital of the company. PROCEDURE OF INCREASE IN THE AUTHORISED CAPITAL OF A COMPANY:- 1. Authorisation must in the Consonance under Article of Associati......

GEORGE VINCI THOMAS (APPELLANT) vs. CAPEDGE CONSULTING PVT. LTD. & ORS (Res) NCLAT COMPANY APPEAL (AT) (INSOLVENCY) No. 1395 of 2019 DATED: 16/03/2020   APPLICABLE PROVISIONS:  BRIEF FACTS: The Operational Creditor (Respondent No.1 herein) was engaged the Corporate Debtor (Respondent No.2 herein) in November, 2015 to render assistance in resolving issues related ......

Bond is fixed income security created to raise fund. Bonds can be raised through Public Issue and through Private Placement. Types of Bonds Based on call, Bond can be categorized as: (i) Callable Bonds: A callable bond has a call option which gives the issuer the right to redeem the bond before maturity at a predetermined price known as the call price (Generally at a premium). (ii) Puttable Bo......

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.                                     &......

1. It deals with the auditor responsibility to apply the concept of materiality in planning and performing an audit of the financial statements. Materiality in context of Audit:- Financial Reporting Framework (Mis-statements/ Omission) economic decisions of users taken on the basis of Financial Statements (FS). Judgements about materiality on FS Considerations Size and nature of FS (mis......

Definitions as per Accounting Standard (AS) 21 Control: (a) the ownership, directly or indirectly through subsidiary (ies), of more than one-half of the voting power of an enterprise; or (b) control of the composition of the board of directors in the case of a company or of the composition of the corresponding governing body in case of any other enterprise so as to obtain economic benefits from......

Advances generally constitute a major part of the assets of the bank. There are large number of borrowers to whom variety of advances are granted. The audit of advances requires the major attention from the auditors. In carrying out audit of advances, the auditor is primarily concerned with obtaining evidence about the following: Amounts included in balance sheet in respect of advances which......

The New Companies Act, 2013 has laid down provisions for issue of Global Depository Receipts under Section 41 and Companies (Issue of Global Depository Receipts) Rules, 2014. According to Section 2(44) of Companies Act, 2013, “Global Depository Receipt” means any instrument in the form of a depository receipt, by whatever name called, created by a foreign depository outside India and ......

This standard prescribes the accounting treatment of taxes on income and follows the concept of matching expenses against revenue for the period. Matching of such taxes against revenue for a period poses special problems arising from the fact that in a number of cases, taxable income may be significantly different from the accounting income arises due to two main reasons. Firstly, there are diff......

One of the key principles of the accrual basis of accounting requires that an asset’s cost is proportionally expensed based on the period over which the asset is expected to be used. Both depreciation and amortization are methods that are used to prorate the cost of a specific type of asset over its useful life.Depreciation represents the systematic allocation of the depreciable value of an ......

• Exchange rate is the rate at which the currency of one country exchanges for the currency of another country. • A direct quote (European Currency Quotation) is the number of units of a local currency exchangeable for one unit of a foreign currency. For example, Rs. 65/US$. • An indirect quote (American Currency Quotation) is the number of units of a foreign currency exchangeable......

Introduction 1.This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements. 2. This Standard does not deal with: i) The base for recognition of interest, dividends, and rentals earned on investments which are covered by Accounting Standard 9 on Revenue Recognition; ii) Operating or finance leases; iii) Investments in retir......

Date Act Particulars Period Description 07-01-23 Income Tax TDS/TCS Payment for December, 2022 Dec, 22 Due date for deposit of Tax deducted/collected for the month of December, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan......

Transfer pricing (TP) provisions were earlier restricted to International transactions only. However, with effect from 1st April 2013 the transfer pricing scope has been extended to specific domestic transactions and is accordingly effective from Assessment Year (A.Y) 2013-14. Legal Definition of Domestic Transfer Pricing? Section 92BA defines specified domestic transactions which are governed b......