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Section 247 of the Companies Act, 2013 states that any property, stocks, shares, debentures, securities, goodwill, or any other assets or net worth of a company or its liabilities, shall be valued by a person having such qualifications and experience, registered as a valuer, and being a member of an organization recognized, in such manner, on such terms and conditions. According to the 2013 Act, all valuations must be performed by a Registered Valuer, and the Registered Valuer for a company's valuation needs must be selected by the Audit Committee or, in its absence, by the Board of Directors. What is the definition of valuation? Valuation is the process of determining the market value of a firm or the worth of an asset. Business Valuations   consultants analyze a company's growth rate, predicted future earnings, the value of its tangible and intangible assets, and the company's management when determining its worth. The value of shares and other securities, as well...

The US Congress enacted the Sarbanes-Oxley Act of 2002 (SOX) to protect the public from corporations and other business organizations engaging in fraudulent or erroneous practices. "To safeguard investors by increasing the accuracy and reliability of company disclosures," says SOX. The SOX compliance data security framework can be stated as follows:  Ensure financial data security Prevent harmful financial data manipulation Keep track of attempted data breaches and repair actions. Make event logs easily accessible to auditors. Demonstrate compliance over 90 days. Who Must Comply With SOX? SOX applies to all publicly traded firms with wholly-owned subsidiaries, including overseas publicly traded companies that do business in the United States. Accounting firms that audit public corporations are likewise subject to SOX. SOX creates a firewall between accounting companies and the auditing function. Private corporations, charities, and non-profits are often exempt from SOX's ...

Advance Pricing Agreement was introduced in India by the Central Board of Direct Taxes in 2012 to minimise the dispute in the transfer pricing structure in India which required the Arm’s Length Price (ALP) for every international transaction. It was instituted by Finance Act, 2012 by adding section 92CC and 92CD that shall be read with rules 10F to 10G and rule 44GA. What is an Advance Pricing agreement (APA)? Advance Pricing Agreement is an agreement between CBDT and taxpayer to fix the transfer pricing policy to resolve the future international pricing transaction of the taxpayer. After the Advance Pricing Agreement is fixed, the policy is applied for a definite period with certain terms and conditions. The purpose of APA is to promote transparency for taxpayers with regards to tax risks, to have a check on tax evasion by big MNCs working on international level. What is the Objective of the Advance Pricing Agreement?   APAs is applied for different international transactions: In...

BIS Certification stands for Bureau of India Standards, under the BIS Act, 1986. BIS is the prominent Indian certification body and has a significant role in regulating and managing the quality standards of consumer products listed under the Act. BIS is responsible for various activities like formulating the standards, schemes for registration, hallmark, certification of the system, certifying the products, laboratory services, and more. What is BIS CRS Registration? Chapter IVA of BIS Rules 1987 deals with the Compulsory Registration Schemes. MeitY introduced the Compulsory Registration Scheme (CRS) in 2012 for the electronic and IT electronic goods. Presently, there are 49 goods that are categorized under this scheme that comprises electronic products like mobile phones, IT, audio and video equipments, LED Flood Lights, smart card readers, CCTV cameras, and other listed gadgets. All the manufacturers importing, selling or distributing goods has been notified by the authority to manda...

Equipment Type Approval (ETA) is required to promote importing "wireless" equipment into India. The ETA must be approved by the Wireless Planning and Coordination (WPC) department. Mobile phones, Bluetooth devices, RFID, Wi-Fi technology, and other items are covered by the WPC's Equipment Type Approval (ETA) program. What do you need to know about ETA? The Equipment Type Approval (ETA) is a mandatory requirement for any wireless devices and operate within the DE licence bands. The Department of WPC monitors and controls the licence. Only Indian agencies will be granted ETA, not by any foreign manufacturer's name. The application must be submitted with a full copy of the RF test report. The test reports must include the frequency span, resolution bandwidth, sweep, video bandwidth, and so on. All manufacturers and importers of Wi-Fi and Bluetooth capabilities items must obtain WPC approval for an ETA certification . Procedure for obta...

India is expecting to become a $5 Trillion economy by 2025, and exports can play a crucial role. A high export growth rate would be the primary objective while keeping the average GDP growth rate above 9%. For achieving the target, one condition is by tripling India’s Export up to $1 Trillion by the same year. What are Export Incentives? Export Incentives are regulatory, monetary, legal, or tax programs designed or implemented to encourage businesses to export certain specific types of goods or services. Exports are goods that are produced in one nation and then transported to another nation for trade purposes. These export incentives are acknowledged by the Government for bringing in foreign exchange, and as compensation for the costs, traders incur for trading goods and services to other nations. The incentives provided for exports align with the “Make in India” and “Atmanirbhar Bharat” programs aiming to achieve self-sufficiency. 1.       Export Promo...

Accounting and bookkeeping help a business evaluate its worth and plan its future by preparing financial records at the end of a year/ quarter. Bookkeeping and accounting are inseparable, however, there is a thin line distinguishing the two. While accounting has a broader scope, bookkeeping is a part of it. Accounting and bookkeeping might seem like the untrained eye because both require basic accounting knowledge. But they are inherently different and have their own sets of advantages.  What is Bookkeeping for Businesses? The process of maintaining and recording all financial transactions is bookkeeping. Bookkeeping involves summarizing and organizing all day-to-day financial transactions in the system chronologically. The financial transactions in bookkeeping include tax payments, sales revenue, loans, payroll, and other expenses and investments, etc. Bookkeeping involves transactions held in the original entry books of a business. There are original account books to re...