Accrual Advisors

16/03/2019

Those taxpayer who wants to convert themselves from Regular taxable person to Composition taxable person can apply for conversion to Composition scheme before 31.03.2019.

04/07/2016

Income Declaration Scheme Simplified – by Kushal Soni (FCA)

1. Applies to undisclosed income of FY 2015-16 and prior years
2. Pay just 45% of declared income and relax
3. Window for declaration remains open from 01-06-2016 to 30-09-2016
4. Last date for payment of tax and other sum on declared income is 30-11-2016
5. Relaxation from penal provisions of Wealth Tax Act, Benami Transactions Act, some immunity from penal provisions of Income Tax Act
6. Simplified online filing procedure
7. If any proceedings for Section 142 / 143 / 148 / 153 is pending, this class of assessee is ineligible of declaration
8. Income earned through malpractices, bribe and corruption cannot be declared in this scheme
9. Valuation reports are not mandatorily to be field with declaration
10. Non payment of tax on declared income on time and false declaration leads to cancellation of declaration
Declare your undisclosed income and come clean for all income tax matters at just 45%. Contact your CA fast

10/03/2016

By CA. Kushal Soni - Major changes in IndAS:
1. Bank OD is now treated as cash and cash equivalent, not a financing activity item
2. Prior period errors needs to be corrected with opening balances rather than disclosing in current financial years
3. Recognise proposed dividend in the year in which it is paid
4. DTA and DTL is to be recognise with Balance sheet approach
5. Follow component accounting approach for Fixed Assets
6. Lease to now cover leas of land as well
7. Benefit of Para 46 and 46A of AS-11 will not be available in IndAS-21
8. Provisions needs to be discounted
9. Useful life of Intangible assets is not specially mentioned in IndAS-38 (10 yrs mentioned in AS-26)

Keep learning, keep growing

03/03/2016

This is last month of financial year (FY) 2015-16, following points may require your attention:
1. Make tax saving investments
2. File your pending Income Tax Returns
3. Review your bank accounts, for any high value transactions (loans) during the year and resolve to settle it with corresponding book entry.
4. Get your provisional Balance Sheets and Profit & Loss accounts prepared by your CA for making provisions of taxes and create fund for it.
5. Plan to begin with startups in the month of March, if possible, it may add one more FY to your profile.
6. March is also known as month of making budget, prepare one for you for FY 2016-17, preserve it n look for deviations in March 2017, you will find yourself better financially aligned.
7. Always buy fixed assets for business in the month of March, to avail for maximum depreciation and to have less cash in balance sheet.
8. Communicate your capital gain transactions clearly to your CA, if any, to claim benefits by further investments.
9. Renew or make rent agreements, if you are claiming HRA exemptions.
10. Set your targets and resolve to be more financially literate in upcoming FY.
From CA. Kushal Soni

17/11/2015

We at "Accrual Academy" announce batches for CA-IPCC and CS-Executive from 1st December.
At 1-CH-13, Dadabari Main Road, Above Nagrik Sahkari Bank, Kota.
For any queries please contact CA. Kushal Soni - 9462730437 and CA Shweta Verma Soni - 7073271640.

29/04/2015

INC-29 introduced by MCA - One more step towards ease of doing business in India - now get your company register in fast track mode.

29/04/2015

You need a consultant for your business venture and here we are for u :)

31/12/2012

28/11/2012

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETD/2012/11/27&PageLabel=15&EntityId=Ar01500&ViewMode=HTML


Share Application money in Balance Sheets , a blinker for Accounting Professionals, must read.