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  • 24-Apr-2024

What are the Depreciation Rates & Rules of Income Tax Act

  According to the Income Tax Act, depreciation is the reduction in an asset's value brought on by use, deterioration, aging, or obsolescence. The Income Tax Act permits an entity's depreciation costs to be subtracted from its taxable income. Since depreciation is a non-cash expen...

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  • 11-Apr-2024

ROC Compliance Calendar for year 2024-25 related to FY 2023-24

What are ROC compliances? Depending on the context, ROC (Regulatory Compliance) can mean different things. For example, it can refer to "Report on Compliance" in the context of PCI DSS (Payment Card Industry Data Security Standard), or it can have a broader meaning that encompasses regu...

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  • 03-Apr-2024

Impact of the 45-Day MSME Payment Rule Starting April 1

The 45-day MSME (Micro, Small, and Medium Enterprises) payment rule, also known as the TReDS (Trade Receivables Discounting System) rule, is a regulation that mandates large companies to make payments to MSMEs within 45 days of the confirmation of goods or services. This rule is significant because ...

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  • 28-Mar-2024

What Are Indian Accounting Standards?

  Indian Accounting Standards Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Companies Act, 2013. These standards are largely converged with the International Financial...

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  • 05-Mar-2024

What is GSTR-1? | How to file GSTR 1

What is GSTR-1? Goods and Services Tax (GST) has revolutionized the taxation system in India by replacing multiple indirect taxes with a unified tax structure. Under the GST regime, businesses are required to file various returns to comply with tax regulations. One such crucial return is GSTR-1, ...

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