Types of Share Capital
The money raised by the corporation by issuing shares to the general public is referred to as share capital. In simple terms, share capital refers to the money invested in a firm by its shareholders. It is a long-term source of capital in which stockholders receive a portion of the company's ownership. The term capital usually refers to the amount [...]
AS 7 – Construction Contracts
AS 7 Construction Contract defines and specifies the accounting treatment of revenue and expenditures associated with a construction contract. Construction contracts have to be accounted for in the financial statements of the contractors using Accounting Standard 7 Construction Contract. Different Types Of Contracts A construction contract is one that is entered into expressly for the building of an asset or [...]
Export Promotion Capital Goods (EPCG)
Under the Export Promotion Capital Goods (EPCG) plan, capital goods, including spares for pre-production, production, and post-production, can be imported duty-free if an export requirement of six times the duty saved on the capital goods is met within six years following the Authorization issue date. Manufacturer exporters with or without supporting manufacturer(s)/vendor(s), merchant exporters with supporting manufacturer(s), and service providers [...]
Pradhan Mantri Rojgar Protsahan Yojana : Objectives, & Eligibility
The Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Scheme attempts to incentivize companies for job creation by paying the entire employers' EPS contribution of 12 percent for new employees for the first three years of their employment, and it is intended to be extended to semi-skilled and unskilled unemployed people. The Ministry of Labour and Employment is in charge of the [...]
AS 19 – Leases
AS-19 deals with the accounting policies applicable for all types of leases except certain listed below. A lease is an arrangement between the lessor and the lessee that grants the lessee the right to use an asset in exchange for a payment or series of payments over a predetermined period of time. What types of leases are excluded from this [...]
GST on commission and brokerage
Regardless of the taxpayer's turnover limits, GST registration applies to all commission and brokerage revenue. Who acts as a broker and commission agent under GST? A person who takes on the business of supplying goods or services on behalf of another person is referred to as an agent under the GST law (principal). A broker, commission agent, factor, auctioneer, or [...]