The Key to a Strong Business Model: Unlocking Value!
In the ever-evolving world of business, a strong business model is the foundation that can make or break a company’s success. While several factors contribute to a successful business model, the most crucial aspect is unlocking value for customers, stakeholders, and the company itself. A business model that unlocks value effectively positions itself to thrive […]
September 2024 Compliance Calendar: Key Deadlines You Shouldn’t Miss
As September 2024 rolls in, it’s essential for businesses and professionals to stay on top of their compliance requirements. Missing key deadlines can lead to penalties, so here’s a quick guide to the crucial dates this month. 7th September: TDS Payment for August 2024 Ensure that your TDS (Tax Deducted at Source) for August 2024 […]
Avoiding Costly GST Filing Errors: Insights from the Recent Court Judgment
In GST compliance, even small mistakes can lead to big problems. A recent court judgment highlights the importance of filing returns correctly and the consequences of errors. Let’s explore the details of this case and what it means for businesses. The Error: Filing GSTR-1 for the Wrong Period In the case of Veeran Mehhta vs. […]
7 Ways Virtual CFO Services Can Drive Financial Strategy and Planning!
In today’s dynamic business environment, staying ahead in financial strategy and planning is crucial for sustainable growth. For many companies, employing a full-time Chief Financial Officer (CFO) might not be feasible. This is where Virtual CFO (V-CFO) services come into play. Virtual CFOs offer expertise and strategic insights without the overhead costs of a traditional […]
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 […]
RCM Liability/ITC Statement: A New Transparency Tool on the GST Portal
The GST landscape is evolving to better support taxpayers and enhance transparency in tax transactions. A significant addition to this framework is the new “RCM Liability/ITC Statement” on the GST Portal. Designed to help taxpayers report Reverse Charge Mechanism (RCM) transactions more accurately, this statement bridges the gap between RCM liabilities and corresponding Input Tax […]
Important Advisory: Furnish Bank Account Details Before Filing GSTR-1/IFF
Introduction If you’re a registered taxpayer under the Goods and Services Tax (GST), there’s an important update you need to know. The GST Council has issued Notification No. 38/2023, requiring taxpayers to provide their bank account details before filing GSTR-1 or using the Invoice Furnishing Facility (IFF). This rule will be enforced from September 1, […]
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 […]
National Space Day: Aim High, Reach for the Moon !
On this National Space Day, we reflect on the boundless possibilities that space exploration has unlocked for humanity. As we celebrate this day, we are reminded of the recent triumphs like Chandrayaan-3, which successfully reached the moon, showcasing India’s prowess in space exploration. This remarkable achievement is not just a milestone of nation but a […]
How to Avoid Notices from Tax Authorities
Receiving a notice from the tax authorities can be a stressful experience for any business owner. It often signals potential discrepancies or issues in your tax filings, which can lead to penalties, interest charges, or even audits. However, by taking proactive steps, you can significantly reduce the likelihood of receiving such notices. This blog will […]