Tax, GST, TDS, financial reporting and practical accounting guidance — explained clearly.
Phase II of the ICAI Guidance Note on Financial Statements of Non-Corporate Entities is now in effect for accounting periods from 1 April 2026, covering every proprietorship, partnership, HUF, trust and society regardless of turnover.
A practical step-by-step approach for Chartered Accountants converting years of traditional Excel-format client financials into the ICAI Guidance Note / Schedule-III-style presentation.
How the ICAI Guidance Note format changes a partnership firm's capital account, profit-sharing and Notes to Accounts presentation compared to the traditional layout.
Schedule III under the Companies Act and ICAI’s Guidance Note for non-corporate entities are different frameworks. Understand what “Schedule 3 style financials” really means.
Book depreciation follows the applicable accounting framework, while tax depreciation follows income-tax blocks and prescribed rates. The two figures are not expected to match.
Assets acquired during the year and put to use for less than 180 days generally get only 50% of the normal tax depreciation for that year. Learn the practical calculation.
Finance Act 2026 changed the income-tax deduction timing for employee PF/ESI contributions under the new Act. Statutory PF/ESI compliance still remains separate.
GSTR-2B is an important ITC statement but it must be reconciled with the purchase register. Use this checklist for missing, duplicate and ineligible credits.
The modern GST return process involves supplier reporting, recipient actions, ITC statements and liability filing. This guide connects the monthly flow.
GSTR-1A is an optional same-period amendment facility available after GSTR-1 and before GSTR-3B. Learn when it can be used and how recipient ITC is affected.
IMS is an action platform for recipient review, while GSTR-2B is the auto-drafted ITC statement used for return preparation. Understand how they work together.
GST IMS lets recipients review eligible supplier records before they flow through the ITC process. Understand Accept, Reject, Pending and No Action in practical terms.