Parshotam and Associates

15/01/2018

As citizens of India, we are also consumers of the country’s public infrastructure and facilities. When we want these facilities and infrastructure to improve, it is also our duty and responsibility to contribute towards building and maintaining it. Paying income tax and filing income tax returns is one way of doing that.
Tax planning is not difficult if we take a little interest in the same. When it comes time for us to submit or proofs in our respective offices or to our CA’s we start scurrying for answers, answers which can help us save maximum amount of Tax and this results in making forced savings which usually results us in making a financial mess.
Prepared by : Sakshi Gupta

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11/01/2018

An Article About Is Audit Rotation is enough for Audit Independence by Vishal Roy

Auditor independence refers to the independence of.... Click here to view the full Article

11/01/2018

An Article About Input Tax Credit under Goods and Services tax by Navneet Singh

A recipient of goods or services or both can take .... Click here to view the full Article

11/01/2018

An Article About Form 15CA & 15CB, its Provisions, related rules and Filing by Mandeep Singh

Rule 37BB defines the manner to furnish informatio.... Click here to view the full Article

01/01/2018

Fraud is not a recent phenomenon associated to some highly-publicized cases of financial fraud from the last two centuries. It can be found early in the history of our world as men have made use of tricks, manipulation, and deceit in order to acquire money, land, goods, or trust, with the overall objective of making profit. The creation of accounting and audit are connected in economic history with the desire, especially on the part of the state to contain and prevent stealing and misrepresentation in their finances

01/01/2018

The concept of CSR is a relatively new one—the phrase has only been in wide use since the 1960s. The concept of Social responsibility can be described in two ways. First, the classical perspective is directly related to social obligation. It states that the corporation has to meet several economic and legal responsibilities, thus its only responsibility is to maximize the profits of the stockholders. Second being the socioeconomic view states that organizations have to go beyond making profits in actions to preserve the environment and improve the community's well-being. This perspective stems from the concept that organizations are an integral part of the society and they are not solely responsible toward the shareholders but also responsible toward the society and environment as a whole.
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30/12/2017

30/12/2017

Extends the due dates for quarterly furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of upto Rs.1.5 crore.

30/12/2017

Extends the due dates for monthly furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of more than Rs.1.5 crores.

30/12/2017

Accounting Standard (AS) 10 Property, Plant and Equipment
DEFINITION: Property, plant and equipment are tangible items that:
(a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and
(b) are expected to be used during more than a period of twelve months.
Recognition
7. The cost of an item of property, plant and equipment should be recognised as an asset if, and only if:
(a) it is probable that future economic benefits associated with the item will flow to the enterprise; and
(b) the cost of the item can be measured reliably.
Depreciation
45. Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item should be depreciated separately.
50. The depreciation charge for each period should be recognised in the statement of profit and loss unless it is included in the carrying amount of another asset.
Depreciation Method
62. The depreciation method used should reflect the pattern in which the future economic benefits of the asset are expected to be consumed by the enterprise.
63. The depreciation method applied to an asset should be reviewed at least at each financial year-end and, if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset, the method should be changed to reflect the changed pattern. Such a change should be accounted for as a change in an accounting estimate in accordance with AS 5.
Derecognition
74. The carrying amount of an item of property, plant and equipment should be derecognised
(a) on disposal; or
(b) when no future economic benefits are expected from its use or disposal.

29/12/2017