The scheme, “Vivad se Vishwas I – Relief to MSMEs” for furnishing relief to Micro, Small, and Medium Enterprises (MSMEs) for the COVID-19 period is been incorporated by the Department of Expenditure, Ministry of Finance. The scheme was declared in the Union Budget 2023-24 by Union Finance Minister Smt. Nirmala Sitharaman. In Para 66 of the Union Budget speech, Smt. Sitharaman had announced:-
Government launches Vivad se Vishwas scheme for relief to MSMEs for COVID-19 period, as announced in the … Read More
The company’s accountability to the stakeholder would be mandatory and would get performed through the financial statements, disclosures, Board’s report, and Auditor’s report. Between the board of directors and the shareholders, the major means of communication would occur via financial statements. For filing the financial statements for each fiscal year Form AOC 4 would be used with the Registrar of Companies (ROC). The company will file the AOC 4 CFS for the case of consolidated financial statements.
Filing Form AOC … Read More
Goods and Services Tax (GST) which has subsumed all the other applicable indirect taxes levied on goods and services. With the implementation from the 1st of July 2017, it formulated the biggest-ever reform in the Indian tax structure. Filing under the GST regime is very important for each and every registered business and taxpayer. As the system is shifted towards online filing, the rules are quite strict and required to be filed GST returns on time.
A Brief Introduction To… Read More
What is Income Tax?
Tax is a pivotal arm for the good governance of a state or nation.
There are different types of taxes and they can all be categorized into two main groups i.e Direct tax and Indirect Tax.
A direct tax is levied on the income or profit of an individual. Income tax is an example of direct tax. Indirect tax is levied on goods and services.
Income tax due dates come every year in March ending must … Read More
The criterion for furnishing the MSME I form (MCA) through those particular forms whose outstanding payment to MSMEs supplier is more than 45 days is given below:
Order named: Specified Companies (Detailed information regarding payment to micro and small enterprise suppliers) Order, 2019
Date of Notification: In context to Order on January 22, 2019, issued beneath Section 405 of the Companies Act, 2013
Effective Date: From the Date of Publication in the Official Gazette
What is MSME Form 1 (MCA)?… Read More
What is XBRL?
It is a language for e-communication of financial and business information for reporting the business. The companies through this standardised communication language which is in electronic form can express, report or file financial statements. But the only way of presentation and reporting is XBRL. It does not try to execute any modifications in the content to be published. However, these all can be done with the help of a solid XBRL software. XBRL filing is required to … Read More