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 […]
GST Notices and Orders: Don’t Miss These Crucial Deadlines
In the world of GST compliance, keeping track of deadlines for issuing GST notices and passing orders is crucial. Missing these deadlines can lead to significant penalties and legal challenges for businesses. Understanding when GST notices must be issued and when orders should be passed can help businesses stay on the right side of the […]
From Local Heroes to Global Giants: Business Models That Rule the World !
In today’s interconnected economy, companies that started as local ventures have scaled to become global giants. This transformation is often driven by innovative business models that allow businesses to reach and resonate with a global audience. Understanding these models is crucial for any entrepreneur or company aiming to expand their footprint beyond their local market. […]
No Penalty for Human Error in E-Way Bill: A Landmark Judgment
In a recent ruling, the Allahabad High Court decided that no penalty is required when an incorrect address is entered in the e-way bill due to human error. This decision brings relief to many businesses that face penalties for minor mistakes under the Goods and Services Tax (GST) regime. Key Issue The main question in […]
New TDS Rules for Partner Payments: What You Need to Know!
Introduction: Starting April 1, 2025, a new section called 194T will change how partnership firms and Limited Liability Partnerships (LLPs) handle payments to their partners. Under this rule, firms must deduct 10% Tax Deducted at Source (TDS) on payments made to partners if the total amount exceeds ₹20,000 in a financial year. Let’s explore what […]
India’s New Income Tax Act: What It Means for You
India is set to introduce a new Income Tax Act within the next six months. Union Finance Minister Nirmala Sitharaman announced that this new law will replace the Income Tax Act of 1961. The primary goal is to simplify the tax code, making it easier to understand and comply with. Why a New Income Tax […]
World Entrepreneurs Day: The Heartbeat of Global Innovation!
Every year, on August 21st, the world comes together to celebrate the visionaries, innovators, and risk-takers who drive global progress – Entrepreneurs. It is a time to recognize the contributions of those who turn ideas into reality, create jobs, and lead the way in economic development. In this blog, we’ll explore the significance of this […]