Aug 27, 2024 Regulators, ICAI agree to align key a/c standard

Accounting

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After months of discussion, the National Financial Reporting Authority (NFRA) on Monday decided to move towards the International Standard of Audit 600 (ISA 600) for all listed companies, barring public sector companies and state-run banks and their branches. Separately, the Institute of Chartered Accountants of India (ICAI) also agreed to revise the Standard on Quality Management (SQM), a mechanism for quality management for audits or reviews of financial statements, where public consultations have been completed.

Apr 12, 2024 Supreme Court upholds NCLAT order against errant auditors

Accounting

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Apr 12, 2024 Supreme Court upholds NCLAT order against errant auditors In a boost to the National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms dealing with large and listed companies, the Supreme Court has upheld an order by the National Company Law Appellate Tribunal (NCLAT) related to disciplinary action against errant auditors. Last month, the apex court dismissed an appeal filed by chartered accountant Sam Varghese, partner at K Varghese & Co.

Checklist on Disclosure requirements under AS 3: Cash Flow Statements

Accounting

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02 January, 2023

The economic decisions of users of financial statements require an evaluation of the ability of an enterprise to generate cash and cash equivalents and the timing and certainty of their generation. AS 3, Cash Flow Statements, deals with the provision of information about historical changes in cash and cash equivalents of an enterprise by means of a cash flow statement which classifies cash flows during the period from operating, investing and financing activities.
 
 

Compliance Calendar December 2022

Accounting

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Compliance Calendar in Your Business:-

 

Business involves juggling many tasks in terms of compliance, local and federal regulation, which required filing tax- related compliance on the due dates. If the business working is not done in a plan or systematic way, there is always possibility of missing any important deadline. So setting up compliance calendar which help to manage all these tax related compliance, various aspect of business. A compliance calendar keeps track of all of your business required filings, their due dates, and related.  Non-compliance with the due dates of return filing as per compliance calendar may result in imposing heavy penalties by the government for taxpayers in India. Paying taxes as per the compliance calendar by taxpayers also helps the government in terms of the proper functioning of the administrative work related to tax collection. Taxpayers can also avoid heavy penalties and fines imposed by the government by filing their Income Tax returns on time.

 

 

What to include in a Compliance Calendar:-

 

What include in compliance calendar depends upon types of business, state and industry. Compliance calendar include monthly, quarterly tax return, corporate meeting minutes and schedule, annual report filing deadlines, or special event related to compliance activities. Compliance calendar helps us to track all these types of monthly or annual filing deadline on time.

 

Income Tax & GST Compliance Calendar of December 2022:-

 

Statutory compliance is an essential part of running a business. So, here is a Tax & GST Compliance Calendar for the months of December, 2022, covering all of the important due dates for Income Tax Return Filing, GST Return Filing, and TDS Payments.

 

 

 

Due Dates		Return Filing		Description
7/12/2022		INCOME TAX		Due date for deposit of Tax deducted/collected (TDS/ TCS) for the month of November, 2022.
10/12/2022		GSTR 7		GSTR-7 is a monthly return filed by individuals who deduct tax at source or TDS under the Goods and Services Tax (GST).
		GSTR 8		GSTR 8 is a monthly GST return that must be filed by all e-commerce operators registered under GST for collection of TCS
11/12/2022		GSTR 1		Monthly Return of Outward Supplies for the month of November, 2022.
13/12/2022		GSTR 6		GSTR 6 is a monthly return that has to be filed by an Input Service Distributor.
		IFF		IFF- An Optional Upload of B2B invoices, Debit or credit notes for the Month of November under QRMP scheme.
15/12/2022		ESI		ESI Payment for the month of November,2022
		PF		PF payment for the month of November, 2022.
15/12/2022		INCOME TAX		Ø  Third installment of advance tax for the assessment year 2023-24
				Ø  Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2022.
				Ø  Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of October, 2022.?
				Ø  Due date for issue of TDS Certificate for tax deducted under section 194M in the month of October, 2022.
				Ø  ?Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of November, 2022.
				Ø  Due date for issue of TDS Certificate for tax deducted under section 194S in the month of October, 2022.
20/12/2022	GSTR 3B		GSTR 3B- is a simplified summary return of inward and outward supplies and declaration and discharge of GST liabilities for the month of November 2022.
	GSTR 5		GSTR 5- return that has to be filed by a non-resident foreign taxpayer who is registered under GST for the period during which they carry out businesses transactions in India.
	GSTR 5A		GSTR 5A- Return furnished by the OIDAR service providers providing services to unregistered service recipients in India.
25/12/2022	GST		GST Challan Payment for insufficient ITC for November,2022 (for QRMP(Scheme)
30/12/2022	INCOME TAX		Ø  Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of November, 2022
			Ø  Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of November, 2022.
			Ø  Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2022.
			Ø  Furnishing of report in Form No. 3CEAD for a reporting accounting year.
			Ø  Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of November, 2022
31/12/2022	INCOME TAX		Filing of belated/revised return of income for the A Y 2022-23 for all assessee if the assessment has not been completed before December 31, 2022.
31/12/2022	GSTR 9		GSTR 9 is an annual return to be filed once for each financial year, by the registered taxpayers whose turnover is above Rs 2 cr.
	GSTR 9C		GSTR 9C is an annual audit form for all the taxpayers having the turnover above 5 crores in a particular financial year.

 

 

The Key Principles of GAAP or Basic Accounting Principles

Accounting

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1ST DECEMBER,2022

There are general concepts that lay out the main mission of GAAP.
1. Principle of Regularity:- The accountant has adhered to GAAP rules and regulations as a standard.
2. Principle of Consistency:- Accountants commit to applying the same standards throughout the reporting process, from one period to the next, to ensure financial comparability between periods. Accountants are expected to fully disclose and explain the reasons behind any changed or updated standards in the footnotes to the financial statements.
3. Principle of Sincerity:- The accountant strives to provide an accurate and impartial depiction of a company’s financial situation.
4. Principle of Permanence of Methods:- The procedures used in financial reporting should be consistent, allowing a comparison of the company's financial information.
5. Principle of Non-Compensation:- Both negatives and positives should be reported with full transparency and without the expectation of debt compensation.
6. Principle of Prudence:- This refers to emphasizing fact-based financial data representation that is not clouded by speculation.
7. Principle of Continuity:- While valuing assets, it should be assumed the business will continue to operate.
8. Principle of Periodicity:- Entries should be distributed across the appropriate periods of time. For example, revenue should be reported in its relevant accounting period.
9. Principle of Materiality:- Accountants must strive to fully disclose all financial data and accounting information in financial reports.
10. Principle of Utmost Good Faith:- Derived from the Latin phrase uberrimae fidei used within the insurance industry. It presupposes that parties remain honest in all transactions.
Note: At our firm, we are committed to provide the best services without compromising the quality of work. 

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