The Role of Accounting in Business Growth: Why Accounting is Important
Accounting is crucial for running a business because it helps you track income and expenses, ensures compliance with laws, and provides financial information to investors, management, and the government. This information is essential for making business decisions. Here are three key financial statements generated by your accounting records: Keeping your financial records clean and up-to-date […]
Strategic Tax Planning: For Business Success
Managing taxes can be challenging for any business, but strategic tax planning can make a significant difference. This approach helps companies save money, stay compliant with tax laws, and make informed financial decisions. One effective strategy is outsourcing to professionals.Let’s explore the importance of strategic tax planning, the benefits of outsourcing, and how to choose […]
June 2024 Tax Compliance Calendar: Key Deadlines and Tips
As we approach June 2024, it’s critical for both businesses and individuals to remain vigilant about their tax compliance obligations. This month brings several significant deadlines that must be met to ensure the timely and accurate filing of taxes and related forms. Below, we offer a comprehensive overview of the key tax compliance dates for […]
Navigating the Tax Maze: Your Ultimate Guide to GST Insights (Feb 2023 – Jan 2024)
Description: Dive into the dynamic world of Goods and Services Tax (GST) with our comprehensive blog series. From the latest regulatory updates to expert insights on compliance, our curated collection of articles covers everything you need to know about GST. Stay informed, make strategic decisions, and empower your business with the knowledge to navigate the […]
CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24
Latest Update: Introduction: The Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023, dated 18th September 2023, addressing concerns raised by taxpayers and stakeholders regarding the filing of Form 10B, Form 10BB, and ITR-7 for the Assessment Year 2023-24. In this article, we’ll delve into the key points of this circular and its […]
Income Tax Audit u/s 44AB: Applicability, Due Date, Form 3CA, 3CB & 3CD 
What is Tax Audit? 
The term “audit” essentially refers to inspection or assessment and under various laws and regulations, different audits are required to be performed, such as company audits, cost audits, etc. Under Section 44AB of the Income-Tax Act, a taxpayer is required to undergo an audit of the business accounts on fulfilling […]
TDS Rate Chart For FY 2023-24 (AY 2024-25) with TDS Section List
Staying compliant with TDS regulations is crucial for businesses as non-deduction, wrong deduction and even deduction under wrong TDS section could attract huge penalties. It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. Note: Here is the latest income tax slab for AY 2023-24 (FY 2022-23) […]
2-Factor Authentication For All Taxpayers With AATO Above Rs 20 Cr Is Mandatory From November 01, 2023
Two Factor Authentication for e-Way Bill & e-Invoice The National Informatics Centre (NIC) has announced that 2-factor authentication (2FA) will be made mandatory for all taxpayers with an Aggregate Annual Turnover (AATO) above Rs. 100 crore from July 15, 2023. This is being done to enhance the security of the e-Way Bill/e-Invoice System and to […]
15th Sept 2023 – 2nd Installment of Advance Income Tax
What is advance tax? As the name suggests, advance tax is the practice of paying taxes in advance rather than paying a lump sum amount at the end of the financial year. Also known as ‘pay as you earn’ scheme, these taxes are supposed to be paid in the same year the income is received. […]
GST Related reporting (Clause 44) in Tax Audit Report.
Form 3CD of Tax Audit Report was amended in July 2018 by Notification No. 33/2018 dated 20.07.2018 Clause 44 on reporting of GST transactions was added. However its implementation was kept in abeyance till 31st March 2022. However, for tax audit reports filed from 1st April 2022 onwards, reporting under this clause will be mandatory. Hence, you […]