Event After the Reporting Period: These events, whether they bring positive or negative outcomes, take place between the end of the reporting period and the date when the financial statements receive approval for distribution [IAS 10.3]. Adjusting Events: These are events occurring after the reporting period that provide additional evidence about conditions that existed at […]
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The UAN is a 12-digit number issued by the Indian Ministry of Employment and Labour to EPFO members. It enables salaried individuals to manage their Provident Fund (PF) accounts across different jobs via the UAN Login Portal. The portal streamlines PF management and offers access to various services. Benefits of UAN Portal: Access to KYC
UAN Activation: A Quick Guide Read More »
The Income Tax Department has recently introduced a major update that carries substantial implications for how income tax is calculated. The crux of this update revolves around a pivotal change that necessitates closer examination: As per the most recent notification issued by the Income Tax Department, individuals will now be required to pay taxes on
Taxable Life Insurance Policy Bonuses Read More »
The Income Tax Login service helps people access the online tax portal easily. This portal provides various services for income tax matters. It’s a safe way to handle tax-related tasks on the Internet. Here’s how you can log in: 1. Using e-Filing Password: Go to the e-Filing Portal’s homepage and click “Login.” Enter your PAN
Income Tax Login made easy: Tips Read More »
The primary objective of International Accounting Standard (IAS) 7 is to mandate the disclosure of historical alterations in an entity’s cash and cash equivalents through the issuance of a statement of cash flows. This statement categorizes cash flows over a given period into operating, investing, and financing activities. A foundational principle embedded in IAS 7
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A departmental GST audit is a critical process for ensuring businesses adhere to GST regulations. This article presents a comprehensive checklist to guide businesses through a GST audit, covering various aspects of the process. Legal Provisions: The Commissioner of CGST/SGST or an authorized officer can conduct a GST audit on a taxpayer. The taxpayer receives
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Fulfilling certain responsibilities is crucial for businesses in India. Companies must file their annual returns and financial statements on time to follow the law. If they fail to do so, they might face legal trouble and financial penalties. This article highlights the importance of timely filing, the necessary forms to submit to the Registrar of
Returns & Financial Statements: Impact & Fixes Read More »
Taxes are a fundamental aspect of a well-organized society. Governments rely on tax revenues to fund various societal needs and development projects. Individuals, businesses, and companies are obligated to pay taxes based on their income levels. Tax payments contribute to the overall progress and betterment of the community. This article explains the consequences and possible penalties
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IAS -2 serves to define the proper accounting procedures for managing inventories. It offers comprehensive guidance on evaluating inventory costs and recognizing associated expenses, including write-downs to reflect net realizable value. Scope of Inventories Inclusions: Inventories comprise finished goods for sale, work in process, and raw materials and supplies consumed in production. Exclusions: Excludes inventories from
IAS-2: Inventories Read More »
Emerging as a preeminent global sector in the contemporary landscape, real estate is divided into four distinct sub-sectors: housing, retail, commercial, and hospitality. The dynamic surge in corporate environments, the embrace of co-working culture, and the escalating influx of multinational corporations (MNCs) into India have precipitated a notable boom within this sector. This growth is
GST on Real Estate Industry Read More »
The Annual Information Statement (AIS) serves as a comprehensive record depicting an individual’s tax contributions over a given fiscal year. Sometimes, the tax you paid when filing your Income Tax Return (ITR) doesn’t show up correctly in the AIS. This happens because the tax department changed how they show tax payments to people. Before, all
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The Companies Act, 2013 lays down a precise framework for appointing auditors. Adhering to Section 139 and related rules is vital for smooth and compliant auditor appointments. Key Aspects of Auditor Appointment Process: Initial Appointment: Every company must appoint an auditor during its 1st Annual General Meeting (AGM). The auditor serves from this AGM’s
Auditor Selection Rules Read More »
Legal Suvidha has been a one-stop Compliance Provider for all start-ups and entrepreneurs.
Want to Setup your business in India? Connect with the best Online Registration, Licenses and Return filing solution providers for business across India. Since 2007, LegalSuvidha has been a one-stop shop for all startups or entrepreneurs looking for a chartered accountant, company secretary or lawyer. We have been ensuring Startups and SMEs are fully compliant with India’s legal system. Over the past 15 years, the depth of our offerings has increased and that too at affordable prices and customer satisfaction has made our standing different and we are giving a tough competition to other online facilitators of legal services in India. We have the best team for Company incorporation, Trademark Registration, Auditing, Advisory and Tax Filing for large, medium, small businesses and Startups in India.
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We are Authorized e-return Intermediaries and have recently launched our own ITR filing platform, this will help the salaried employees and businesses to get their ITR filed within the time and at a reasonable price. Through the use of automation, the system is highly effective and will help in filing ITR in up to 10 minutes for Salaried employees. We have on-boarded the best Chartered Accountants who will provide consultation for both Salaried employees and Businesses to file proper taxes to the government of India. This will help in avoiding legal notices in the future and will also help in getting the returns processed at the earliest. We are the first in the market to launch the ITR filing facility for FY 2018-19.
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