What Is an Audit Trail?
Audit Trail An audit trail is a step-by-step record by which accounting, trade details, or other financial data can be traced to its source An auditor can trace the financial data of a particular transaction right from the general ledger to its source document with the help of the audit trail. Audit trails are used to verify and track many types…
Why India has become a hotspot for foreign investments?
Foreign direct investment (FDI) is an important source of non-debt finance and hence a factor in the economic development of a country. Apart from supplementing domestic investment, it brings with it internationally available technologies, managerial skills and practices, and new employment opportunities. Although India has been a preferred destination for foreign investors for long, the…
How to carry out business valuation
How to carry out business valuation (International Valuation Standard -200 (IVS-200 (2020)) – Businesses and Business Interests) Valuations of businesses are required for different purposes including acquisitions, mergers and sales of businesses, taxation, litigation, insolvency proceedings and financial reporting. Business valuations may also be needed as an input or step in other valuations such as…
MAHARASHTRA PACKAGE SCHEME OF INCENTIVES 2019
PACKAGE SCHEME OF INCENTIVE 2019 – SCHEME HIGHLIGHTS Scheme highlights Period of operation– Application under PSI 2019 can be made between April 2019 to March 2024 provided one of the effective steps is undertaken during the validity period Coverage – Industries envisaging manufacturing; qualifying as SSI, MSMED, Large Scale Units, IT Manufacturing, Bio Technology units,…
Synopsis of Important Announcements in Press Meet of Finance Minister
INCOME TAX GOODS AND SERVICE TAX Sabka Vishwas Scheme is not extended to 30th June 2020, from 31st March 202 No interest will be levied if you pay dues by 30th June 2020.OTHER IMPORTANT RELIEFS/ANNOUNCEMENTS MCA 21 registry, the moratorium period being issued form 01/04/2020 to 30/09/2020, there will be no late fees for late…
KEY DECISIONS OF 39TH GST COUNCIL MEETING (14TH March 2020)
The GSTR-9 & 9C deadline is extended to 30 June 2020 for FY 2018-19. Also, the turnover limit will be increased from Rs 2 crore to Rs 5 crore for mandatory annual return filing. Hence, filing GSTR-9C is optional for the taxpayers having a turnover of less than Rs 5 crore. The taxpayers with an…
Relief for statutory compliances under GST, Income Tax and others
Highlights of FM Press Meet dated 24th March 2020 GST Due date extensions – The due dates for GSTR-3B for March 2020, April 2020 and May 2020 is extended up to 30th June 2020 for those with an annual aggregate turnover of up to Rs 5 crore. The due date for filing annual returns are…
What is CFO Service? How to know if you need one?
Customers and money are two things that fuel every business. But, having money alone doesn’t suffice. There are several factors and risks that revolve around money. So, you need someone who can manage your finances at the enterprise level, and maintain the financial health of your organization. No, we aren’t referring to hiring an accounts…
7 Things Every Business must do before the Financial Year End
The financial year-end is only a couple of months away. So, it is time, you take the necessary steps associated with year-end compliance, and prepare for the upcoming FY. Here are seven things every business owner must do before the end of every financial year. Calculate Payable Advance Tax Paying the income tax on time…
Valuation of ESOPs and Accounting of ESOPs
Important Definitions: Employee Stock Option is a contract that gives the employees of the enterprise the right, but not the obligation, for a specified period of time to purchase or subscribe to the shares of the enterprise at a fixed or determinable price. Exercise means making an application by the employee to the enterprise for…