CA CMA Syam sundar

 "GAAP vs IFRS - Which one is better ….?? 1. Local vs. Global IFRS is used in more than 110 countries around the world, including the EU and many Asian countries. GAAP, on the other hand, is only used in the United States. 2. Rules vs. Principles GAAP tends to be more rules-based, while IFRS tends to be more principles-based. Under GAAP, companies may have industry-specific rules and guidelines to follow, while IFRS has principles that require judgment and interpretation to determine how they are to be applied in a given situation. 3. Inventory Methods Both GAAP and IFRS allow First In, First Out (FIFO), weighted-average cost, and specific identification methods for valuing inventories. However, GAAP also allows the Last In, First Out (LIFO) method, not allowed under IFRS. 4. Inventory Write-Down Reversals Both methods allow inventories to be written down to market value. However, if the market value later increases, only IFRS allows the earlier write-down to be reversed. Under GA...

Many people are hailing the government for "reducing middle-class taxes" via this budget. The budget results do not suggest a savings under the new scheme like earlier Budget. There is NO change in slab rates under Old Tax regime. I am here with attaching 2 scenarios for Income Tax salary. Scenario 1 : If Person having 20 lakhs salary income and does not claiming any exemptions except standard deductions and professional Tax     Amount in ₹   Tax Slabs under New Regime Tax Rates Tax liability   New Tax rate NEW   Up to 3 Lakhs   Nil   ₹ 3 lakhs -6 lakhs 5%          15,000   ₹ 6 lakhs - 9 lakhs 10%       ...

    Finance Bill Can be viewed under below link : https://www.indiabudget.gov.in/doc/Finance_Bill.pdf Key highlights  of Budget 2023  from indirect tax perspective mentioned below:    Part-A: Customs   a)    The basic customs duty is reduced on import of denatured ethyl alcohol, acid grade fluorspar, crude glycerine etc. which are used in the manufacture of industrial chemicals. b)             The import duty on articles which are made of precious metals and on imitation jewellery is being increased. However, Social Welfare Surcharge is exempted on them. c)             To boost export of lab grown diamond (LGD), the basic customs duty on import of seeds used to manufacture LGD is reduced to Nil. d)             The basic customs duty reduced on import of ...