Intangible asset means an asset that is not in physical nature but have monetary value. Eg – Patents, Copyrights, Brand name, Tradenames, Goodwill and Software. As per Para21 of INDAS 38 Intangible Assets, Notified by MCA: An intangible asset should be recognized only when following conditions are satisfied i.e. a. future economic benefits will be earned by …
The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st February 2021 in the Parliament. This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and …
In response to the large corporate financial scandals like energy firm Enron Corp, telecommunications giant WorldCom and Tyco International, Sarbanes-Oxley Act (SOX) was introduced, in the USA, in year 2002. Purpose of the Act was to improve accuracy of financial reporting by establishing formalized system of checks and balances and protect shareholders/ general public from …
What’s Transfer Pricing? “Transfer price” means the worth charged for transfer for goods or services. However, as far as tax cares , in common parlance, “Transfer pricing: is taken into account as price charges for transfer of products or service between associate entities. For example: Let’s assume a UK computer manufacturer group buys the pc …
Before we get into the small print of how corporate advisory services can help companies, allow us to first understand the meaning of corporate advisory services. Corporate consulting service is that the term used for advice that’s especially given to corporate houses. Such advice is typically given by professional advisors like accountants, company secretaries, law …
Facility of unblocking EWB has now been provided to the taxpayers on the GSTN Portal. To avail this facility, the taxpayer would be required to file Form EWB-05. the appliance so filed are going to be auto-populated on the dashboard of jurisdictional tax official, who can issue a Notice for private hearing to the taxpayer …
The government on Monday issued a public notice, asking all the news websites, portals, aggregators and agencies to suits the 26% foreign direct investment (FDI) policy for digital journalism during a bid to see foreign influence and interference in domestic affairs, investigate Chinese and other overseas funding in news sites, and make a level-playing field …
India’s taxation makes salaried people feel as if they spend on an additional loved one . This woe increases if they’re at 20% or above tax slab. This blog is about the varied tax saving options available to a private . A. Tax Saving options under tax Section 80 C ELSS Funds Equity-linked savings scheme …
The purpose of auditing internally is to supply insight into an organization’s culture, policies, procedures, and aids board and management oversight by verifying internal controls like operating effectiveness, risk mitigation controls, and compliances with relevant laws or regulations. Reasons why there’s an importance of Auditing Internally Internal auditing programs are critical for monitoring and assuring …
Internal Controls are systematic and procedural steps adopted by an organization to mitigate risks, primarily in the areas of financial accounting and reporting, operational processing and compliance with laws and regulations. Internal Controls (ICs) are essentially risk mitigation steps taken to strengthen the organization’s systems and processes, as well as help to prevent and detect errors …