Background MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. The MSME sector contributes to 45% of India’s...
Impact on Physical Inventory Verification due to Covid-19
Background Physical verification of inventory is the responsibility of management of the entity. Management is required to establish procedures under which inventory is physically counted at least...
Section 194J_Interpretation
Finance Act 2020 - TDS under section 194 J FA 2020 has introduced lower rate of deduction @ 2% instead of 10%, under section 194J, if the service is in the nature of: For the part of royalty, there...
Valuation Rules 11UA amended
Valuation u/r 11UA (2)(b) of Income-tax Rules, 1962 (‘the Rules’) by a Chartered Accountant removed The valuation rules specified under Rule 11U, Rule 11UA, Rule 11UAA and Rule 11UB for various...
Thin capitalisation
Thin Capitalisation Rules under the Income-tax provisions (section 94B of Income-tax Act, 1961) ‘Thin Capitalisation’ is a situation where an entity is financed at a relatively high level of debt...
Tax consideration around the digital era
Digital Era & Chartered Accountancy Profession Back in 2006, when I entered in CA profession, we were thought that CAs are expected to be perfect in their accounting skills. Accounting was...