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 […]
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 […]
The Government of Gujarat has re-opened the ‘Information Form’ registration window for expansion units to claim subsidies under the Gujarat IT/ITeS Policy FY 2022-27 till June 26, 2024.
Hello Readers, Gujarat’s New IT policy was published on the 8th of February 2022, and it is published for 5 years, till 31st March 2027. Gujarat is committed towards promoting faster and inclusive growth in the IT/ITeS sector. This Policy focuses on attracting investments and generating employment across the State along with propelling growth through […]
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 […]
Maximize Your ITC Tracking Efficiency with GSTN’s New Electronic Credit Reversal and Re-claimed Statements!
You can Refer the below link for detail blog : https://www.rmpsco.com/maximize-your-itc-tracking-efficiency-with-gstns-new-electronic-credit-reversal-and-re-claimed-statements/ This Vlog is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event RMPS & Co. or the Author or any other persons be liable for […]
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. […]
EXTENSION OF DUE DATE TO COMPLY WITH THE REQUIREMENTS UNDER THE COMPANIES ACT
The Ministry of Corporate Affairs (MCA) vide Notification dated March 31, 2022, has issued ‘Companies (Accounts) Second Amendment Rules, 2022 (hereinafter referred to as “Second Amendment Rules”), which amends the Companies (Accounts) Rules, 2014 as below: Rule 3 – Manner of Books of Account to be Kept in Electronic Mode As per the Companies (Accounts) Amendment Rules, […]