Articles

AMENDMENTS – CARO 2020

APPLICABILITY: CARO 2020 is applicable to all the companies which were covered under CARO 2016. There has been absolutely no change on the applicability of CARO with respect to CARO 2016. It is applicable to all the statutory audits commencing on or after 1st April, 2021 corresponding to the financial year 2020-21. Previously, there were […]

Audit Scope of Chartered Accountant in Banks

Source- BCA The Banking system normally using the services of CA profession to examine the banking operations from a “Safety and Soundness” perspective.  Regulator Reserve Bank of India (RBI) has been depending upon the CA profession to ensure that the Banking system remains under control. Statutory Audit -Every Bank under the respective Act to get […]

What is PTEC and How to do PTEC Payment?

About PTEC: PTEC means Professional Tax Enrollment Certificate. Professional tax is levied by the State Government as a source of revenue and it’s a Direct Tax. PTEC permits to pay the professional tax of the business entity (Private Ltd, Public Ltd, OPC, etc) and also of the owner or professional (sole proprietor, partner, director, etc). Self-employed persons who […]

Input Service Distributor (ISD) under GST Law

What is Input Service Distributor under GST Law? A supplier of goods /services may have various offices such as head office (registered office), regional office, branch office, sales depot etc., Such units having large share of common expenditure (input services) but get invoiced on centralized location may obtain registration as an Input Service Distributor for availment […]

No Depreciation on Goodwill from 1st April-2021

The Hon’ble Finance Minister presented the Union Budget 2021 on 01 February 2021 wherein announced “No depreciation to be allowable on Goodwill from 01 April 2021” (assessment year 2021-22 onwards). The tax authorities always argued that the depreciation on goodwill in business restructuring like Merger and Acquisition should be disallowed. The rationale beside that no […]