The standards that control financial reporting and accounting differ from country to country. In the United States, financial reporting executions are set away by the Financial Accounting Standards Board (FASB) and arranged within the framework of the generally accepted accounting principles (GAAP). The GAAP and IFRS are technically classified as generally accepted accounting principles in the financial …
ISO Certification, Importance & Requirements
Introduction ISO stands for International Organization for Standardization. It is an Independent, non-government international organization with a membership of 165 national standards bodies which develop standards to ensure the quality, safety and efficiency of products and services. With ISO Standards, the consumers can have confidence that the products are safe, reliable and of good quality. …
Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure
Why: Most of the business started as sole proprietorship or partnership firm due to its easy & lesser compliance and low cost. Although, once the business grows enough in terms of revenue, profit, operation area, number of employees, it would become obvious to convert the same into private limited company considering under mentioned: Separate Legal …
Audit: Items/Income other than Sales/Service Receipt – GST Implication
There are many items which has different treatment in Income tax v/s treatment under GST Laws. So while auditing we should careful about the same. As per charging section of GST act, GST shall be levied on supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption. Supply …
Basic details about setting up a Business Entity in India
Can foreign nationals and foreign organizations setup a company in India? Yes, the foreign companies can setup the subsidiary companies in India with 100% shareholding. Also, foreign nationals can individually be the share holder in the company, barring few sectors like defense, media and retail. Do I need a Indian resident to setup a company …
From the Managing Partner’s desk
Dear Clients, On 4th May 2021, our team suffered a terrible and an irreparable loss, Mr. Neeraj Bhagat- Managing Partner, SC Bhagat & Co. passed away. He was the pillar of the organization and he shall always remain alive in our hearts. We understand this message may be difficult to process, however, courage is the most important …
Things to Know About Corporate Fixed Deposits
Fixed deposits (FDs) have been a popular investment instrument in India for earning fixed and guaranteed returns on savings. However, following the flat-lining interest rates on FDs and recent rate cuts by the Reserve Bank of India (RBI), many investors are now looking for a different investment option. If you are looking for stable interest …
What is the Liberalized Remittance Scheme (LRS)
What is the LRS? Prior to 2004, Indian residents required approval from the reserve bank of India (RBI) every-time they sent money overseas because the RBI wanted to limit capital outflow. The RBI was concerned that excessive outflow of cash would destabilize the rupee and make it lose value. The RBI feared that if everyone …
Job Work provisions under GST – Key Points
Job work means any treatment or process undertaken by a person on goods belonging to another registered person. So registered person need to send inputs/capital goods to job worker to do job work. To send these inputs/capital goods without payment of tax only on challan basis – Job Work provision under #GST comes into force. …