A Fresh Look at the New Financial Statement Format for Non-Corporate Entities (And How It Compares to the Old Way of Doing Things)
If you’re running a sole proprietorship, partnership firm, LLP (not governed by the Companies Act), trust, or society, there’s a good chance you’ve been preparing your financials in a format that’s worked for years—but maybe lacked structure or consistency. That’s changing. To bring more clarity, transparency, and comparability to financial reporting, the Institute of Chartered
Goods and Services Tax- A Complete Overview
Goods and Services Tax launched on 1st July 2017 is a significant indirect tax reform in India that consolidates various taxes like excise duty, service tax, VAT, CST, luxury Tax, Entertainment Tax and Entry Tax. GST is a destination-based tax, a value added tax applied to the supply, which includes the manufacture or sale of
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Income Tax Return: Guide for the Year 2024-25
Your Income Tax Return: Guide for the Year 2024-25 Every Year it’s the same story- How to file my Income Tax return? Which exemptions and deductions are applicable to me? Should I take the help of someone professional? But he’ll charge heavy fees…… The Income Tax Act provides taxpayers with the option of selecting from
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Comparison between Income Tax Act,1961 and Direct Tax Code 2025
The Indian government has introduced the Income Tax Bill, 2025, aiming to replace the long-standing Income Tax Act, 1961. This legislative overhaul seeks to modernize and simplify the country’s direct tax framework. Below is a comparative overview highlighting the key differences and similarities between the two statutes: 1. Structural Simplification 2. Language and Readability 3.
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