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2017

 

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Contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as the outcome of a pending lawsuit. A contingent liability is a potential liability...it depends on a future event occurring or not occurring. Because it cannot be determined whether the amount must be paid until events unfold, the company's likelihood of loss is scored as one of the following:

  1. Probable - The future event or events are likely to occur.
  2. Reasonably possible - The chance of occurrence of future events is between probable and remote.
  3. Remote - The chance of future event or events occurring is slight

2017

New Blog3

What is Presumptive Taxation Scheme?

Despite being an important task, maintaining books of accounts become very tedious particularly for small businesses operating at relatively lower profit margins and scale. To give relief to such small businesses, The Income Tax Department has provided for provisions of Presumptive Taxation Scheme. Under Presumptive Taxation Scheme, an assessee does not require to maintain books of accounts. On the other hand, a prescribed percentage of total turnover is presumed to be the profit for the respective financial year. The tax is payable on such presumed amount of profit.

2017

How GST helped to improve Indias Ease of Doing Business Ranking

GST is capable of boosting India's GDP or Gross Domestic Product rate by 1.5-2 percent over the long term. This tax will deliver significant benefits by improved taxation efficiency and ease of doing business. The notion of ‘One Nation, One Tax’ converts India into a huge common market. The proposed system is more transparent, more paperless, but requires greater compliance as well. Prior to GST, indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to the multiplicity of taxes and costs involved. GST regime is going to be proved as business-friendly and pro-development tax reform in the long run.

2017

Impact of Recent GST Changes on Common Man

GST (Goods and Services Tax) has spread both confusion and chaos across the corporate sector in India. Apart from finance and account-related problems, many business persons are still in the state of confusion because of the lack of clarity in India’s biggest tax reform. The GST regime is here to stay and the government has started to consider the requests from various industry sectors.

2017

Regulatory Bodies in India Securities Exchange Board of India SEBI 


Securities Market and Need for a Regulator:

Amid many debates and differences, all economists agree that Securities market plays a vital role in the development of any economy. The Securities market is the backbone of an economy. Without a sustainable securities market, an economy cannot get the required finance to fund the development projects. Hence, for any economy to survive and grow in long run the presence of a well regulated and transparent securities market is a must. India is no exception to this fact. It is only through securities market that even a common man in India can become an investor in a multi-national company. The securities market ensures that savings are properly channelized so that sufficient finance is available where it is needed the most.

2017

10 Reasons for Increasing Demand of Business Accounts in GST EraGST has brought a radical change in the way Corporate India pays taxes during the financial year. While implementing ‘One Nation, One Tax’ approach on July 1, 2017, the government has sent a clear message to the businesses that more transparency and openness in the business model must come with this biggest tax reform.

On one hand, GST has posed many challenges in front of Indian enterprises and on the other hand, it has opened the doors of opportunities for skilled business accountants. Yes, it’s true! An updated, tech-savvy, and experienced accountant can grab the opportunities offered by the GST regime.

Financial Management