Maximize Your Startup’s Growth with Section 80 IAC Tax Benefits-Apply Before March 31, 2025
“80 IAC Tax Break for Startups: Deadline March 31, 2025!” India’s startup ecosystem has grown rapidly in recent years. This growth is partly due to several government initiatives aimed at encouraging innovation and entrepreneurship. One important initiative is the income tax exemption under Section 80 IAC of the Income Tax Act. This provision offers crucial […]
Navigating Tax Returns as a Representative Assessee: Essential Tips and Steps
Filing income tax returns as a representative assessee may seem challenging, but it is an important task when the original taxpayer cannot handle their own taxes. This situation can arise if the taxpayer is a minor, incapacitated, deceased, or a non-resident. In such cases, the representative is responsible for ensuring the tax obligations are met. […]
The Ultimate Accounting Guide to Efficient and Effective Financial Audits
Introduction Preparing for an audit can be overwhelming, but with a structured approach, you can simplify the process and gain valuable insights into your financial health. This guide outlines essential steps to ensure your accounting records are in excellent shape. By following these steps, you’ll streamline your accounting records and facilitate a smooth audit process. […]
7 Ways Virtual CFO Services Can Support Business Growth and Expansion!
In today’s fast-paced business environment, companies of all sizes are turning to Virtual CFO (Chief Financial Officer) services to drive growth and manage expansion effectively. Virtual CFO services offer a cost-effective solution to gain high-level financial expertise without the overhead of a full-time CFO. Here’s how a Virtual CFO can support your business growth and […]
Understanding Tax Audits and Form 3CA-3CD: A Comprehensive Guide
Tax audits and form 3CA-3CD are vital for ensuring compliance with tax laws and preventing tax evasion. Established by the Finance Act of 1984 under Section 44AB, this requirement took effect from the Assessment Year 1985-86. The goal is to enhance the accuracy and transparency of income reporting. What is a Tax Audit? A tax […]
Forms 15CA and 15CB Explained: Filing Requirements and Essential Documentation
The Indian Income Tax Department mandates filing Forms 15CA and 15CB for foreign remittances. These forms help ensure that taxpayers comply with tax regulations when transferring funds abroad. By understanding their purpose, filing requirements, and the process, taxpayers can avoid penalties and stay within the law. What Are Forms 15CA and 15CB? Form 15CA is […]
Advisory on Reporting to Unregistered Dealers – GSTR-1/5 (Notification No. 12/2024)
The Government of India recently updated the reporting rules for inter-state taxable supplies to unregistered dealers. Notification No. 12/2024 – Central Tax, dated July 10, 2024, reduces the threshold limit for reporting these supplies. Businesses now need to report invoice-wise details for transactions above ₹1 lakh, instead of the previous limit of ₹2.5 lakh. These […]
Understanding TDS and TCS Rates for FY 2024-25
Introduction Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are important parts of the Indian tax system. They help ensure taxes are collected efficiently. Staying updated with the latest TDS and TCS rates is crucial for both taxpayers and businesses. This helps them follow rules and avoid fines. In this guide, we […]
Crucial GST Changes You Need to Know Starting September 2024
The GST Council has announced several key updates that will take effect from September 1, 2024. These changes are crucial for businesses, taxpayers, and professionals to understand to ensure compliance and avoid penalties. Let’s break down these updates and what you need to do to stay compliant. 1. Report Supplies Over Rs. 1 Lakh in […]
Financial Statement Preparation: Best Practices for Businesses!
Financial statements are the backbone of any business’s financial health, providing essential insights into its profitability, liquidity, and overall performance. Accurate financial statement preparation is essential for legal compliance, informed decision-making, and effective strategic planning. In this blog, Will cover the best practices for financial statement preparation, helping businesses achieve accuracy, transparency, and compliance. Understanding […]