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An input tax credit means claiming the credit of the GST paid on the purchase of goods and services utilized to further business. The mechanism of an input tax credit is the backbone of GST and is one of the most prime basis for the introduction of GST. It is a pretty common practice that
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CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. CARO 2020 includes additional reporting requirements after consultations with the National Financial Reporting Authority (NFRA). NFRA is an independent regulatory body to regulate the audit and accounting profession in India. The main motive
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Residential Status of an Individual under taxation is determined on the basis of his physical presence in India, i.e. depending on the number of days he stays in India during the Previous Year and Preceding Previous Years. For tax purposes, taxpayers are categorized into two categories: Resident Non Resident (NR) And further Residents are categorized
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The world, as a whole, is on a lockdown currently due to the exceptional situation regarding public health and safety caused by the Coronavirus (COVID-19) pandemic. Further due to economy lockdown the whole world get into disruption. The Ministry of Corporate Affairs, in order to ease matters for the companies, recently announced a new scheme
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A Limited Liability Partnership has become one of the most sought-after businesses these days. Just as the name implies, it exhibits the blend of both partnership and corporation by offering the advantage of Limited Liability of a company and flexibility of a partnership. All LLPs are administered under the Limited Liability Partnership Act of 2008.
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