India's New Income Tax Act What It Means for You

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 […]

Role of Accounting

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 […]

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) […]

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, […]