For practical papers practice more sums. Do not simply do audit of the sums. Ensure practice of the sums maximum no of times. The key is the adjustment is to be given due importance. After doing sums fully till understanding, again and again adjustment, assumption alone is to be practiced. In practical subjects also theory is important and very easy to score providing by taking steps. With regard to accounting focus on accounting

With the outbreak of pandemic Corona Virus (COVID 19) across the globe, demand for medical supplies like COVID Test Kits, Infrared Thermometers, Sanitizers, Protective garments like Disposable Face Masks/Face Shields, Gloves, Personal Protective Equipments (PPE) Kits & many medical consumables have  increased drastically. Even everyone in the finance field like

1. What is GSTR-10?

A taxable person whose GST registration is cancelled or surrendered has to file a return in the form of GSTR-10. This return is called as final return.

Meaning of Electronic commerce-means the supply of goods or services or both including digital products over digital or electronic network.

Electronic commerce operator means- any person who owns, operates or manages digital or electronic facility or platform for electronic

After the implementation of GST, the GST Council announced the GST on hotels and GST on Restaurants. The GST Council determines the GST Rates for all the goods and services is determined by the GST Council in India. GST Council consists of members from the Central Government and State Government to regulate all aspects of GST implementation and administration in India. With GST set to be implemented in India from 1st July 2017, GST

Companies are required to incur many expenses for creation of new assets in terms of immovable property as well as Plant and Machinery to sustain and augment their businesses. GST law was brought in with a promise of seamless credit across all business expenses be it capital or revenue in nature. However, Section 17 of the CGST and SGST Act (Hereinafter referred to as the Act) prescribes certain restrictions on claiming of credits.

The broad notion on GST from the economic perspective can be that of a very optimistic and consumer-centric tax regime. This can be clearly noticed from the rising tax base and conducive impact on the traders having GST registration, during the current fiscal year.

In a bid to further simplify the Goods and Services Tax, the honourable Prime Minister of India Sh. Narendra Modi has announced that the

IRP, known as the Invoice Registration Portal is instrumental in validating the genuineness of the invoices used in the GST ecosystem. It generates and assigns IRN to every GST invoice.

The infrastructure to support the new e-invoicing system will be available for voluntary use from 1 January 2020. The Invoice Registration Portal (IRP) will play a key role in running the show.

What is Invoice Registration Portal

G.S.R. 636(E).— In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B

IN the recent past, many instances of financial fraud pertaining to banks have come into light. The quandary of non-performing assets has also severely impacted the operations of banking and financial institutions in India. It is expected that the lending to corporates would be choked as a fallout of the recent fraud involving public sector banks. It is also likely that the banks will squeeze lending operations and focus on scattering their

1. Inverted Tax Structure in the pre-GST regime
In the pre-GST regime, a situation of Inverted duty structure arose in cases where import duty on raw materials that were used in the production of finished goods was higher than the import duty on finished goods.

An example which shows a case of Inverted Duty Structure :

Duty on the import of tyres (Finished Good) = 10%

Duty on the imports of natural rubber (Raw

1. What is the New GST Return System?
In the 31st GST Council Meet, it was decided that a New Return System under GST would be introduced for taxpayers. This return system will contain simplified return forms, for ease of filing across taxpayers registered under GST. Under this

SA 200: Overall  Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing

Objective of audit to obtain Reasonable Assurance about Financial Statements are free from Material Misstatements and express opinion in form of Audit Report.

Auditor should fulfill Ethical Requirements in Relation to Audit of Financial Statements.

Auditor

Form DIR-3C: - Intimation of Director Identification Number (DIN) by the company to the Registrar DIN services              

Form CRL-1: - Information to the Registrar by company regarding the number of layers of subsidiaries. 

Form CRA-2 -Form of

CA Final Direct Tax Amendments as applicable for May 2018 and Nov 2018 exams B...

Applicability of E - Way Bill on Inter State Basis from 1^st April 2018:-

From 1^st April 2018 E – Way Bill

To Reduce Burden of More Compliance of Law and Regulation under Goods and Service Tax Composition Scheme was introduced by Government of India for Small Businesses. It helps small businessmen to concentrate more on business rather than Compliance of Goods and Service Tax. Composition Scheme is defined under section 10

Supply means and includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business.

Input Tax Credit (ITC) in GST and Utilisation of Input Tax Credit