As the business world continues to adapt to the complexities of taxation, one topic that remains at the forefront is the transition from the earlier systems of Service Tax and VAT to the present Goods and Services Tax (GST). In this blog, we’ll explore some of the challenges faced by the business community in this […]
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The world of statutory regulations is always evolving, and the latest buzz is all about gratuity following the gazetting of mandatory insurance for gratuity contributions and liabilities. But what does this mean for businesses? Let’s delve into the details. Firstly, it’s essential to understand that gratuity isn’t a new act; it has always been applicable […]
In the intricate world of tax advisory, spanning over 29 years of experience, one thing remains consistent: the pursuit of tax savings. Whether you are a salaried individual, a business owner, or provide services, the desire to minimize tax liabilities is universal. Let’s delve into the three distinct categories of taxpayers that emerge from this […]
HIGH COURT OF KARNATAKA : S V Halavagali & Sons v. Superintendent of Central Excise. ANANT RAMANTH HEGDE, J. WRIT PETITION NO. 102048 OF 2023 (T-RES) DATED NOVEMBER 3, 2023 The assessee had inadvertently filed for Cenvat credit under the wrong head, i.e., 7(d) instead of 7(b), but possessed documents to substantiate his claim under […]
Are your Accounts Department or Outsourced Agency delivering a truly justifiable Management Information System (MIS)? Can your management confidently make crucial decisions based on the insights provided by this MIS? Discover the power of MIS in safeguarding your business from potential damages. A well-rounded set of MIS is indispensable for every Manufacturing Organization. Consider incorporating […]
Tally stands out as the primary accounting software in India, widely adopted by a majority of businesses. Aspiring accountants are advised to prioritize Tally proficiency, given its prevalence and global recognition with over 1.8 million users in India. The software presents abundant career opportunities. For success in accounting, Tally certification is essential, covering tasks like […]
Outsourcing accounting and tax preparation services has manifold benefits for businesses seeking to enhance efficiency, reduce costs and ensure compliance with ever-evolving landscape of tax regulations. Following are the top reasons why outsourcing these services makes strategic sense: Cost Efficiency: Outsourcing accounting services to standalone tax and accounting companies will lower labour costs, allows businesses […]
Effective October 1, 2023, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant notification, numbered 37/23 and dated August 4, 2023, outlining a specialized procedure for Electronic Commerce Operators (ECOs) concerning the supply of goods facilitated through individuals who are exempted from mandatory registration. In a move aimed at streamlining operations […]
NOTIFICATION number 36/23 Dated August 4, 2023, Central Tax. This notification is effective from October 1, 2023. CBIC notification for ECOs in respect of goods supplied by them by composition dealers. It is proposed that: • ECO shall not allow interstate supply by composition dealers. • TCS should be collected by ECOs on their supply […]
We would like to bring your attention to the Provident Fund Act, a Central Government legislation that binds entrepreneurs who employ a specified number of employees. From an employee’s perspective, it serves as a Social Security Act, providing a lump sum amount upon retirement and continued pension funds for the unorganized and private sectors. Applicability: […]