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: […]
We would like to bring your attention to the ESIC 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: Mandatory […]
Highlights of Section 44(AD), Presumptive Tax: Taxable limits for Section 44(AD) for FY 2023-24, 2024-25 is 3 Crores. A new condition has been introduced wherein a minimum of 5 years to be continued for Presumptive Tax benefits under Section 44(AD). If in the event, you switch over to regular business, the Presumptive benefits will be […]
The redefined role of MSME classification aims to boost business and entrepreneurship, recognizing them as the backbone of the economy. It is designed to promote entrepreneurship and self-employment in India. Here are the key features: 1. Promotion of local manufacturing: The government encourages local production and reduces dependence on imports through incentives and subsidies. This […]
Micro, Small, and Medium Enterprises (MSMEs) play a vital role in the growth and development of economies worldwide. In India, MSMEs are considered the backbone of the economy, contributing significantly to employment generation and industrial production. To promote and support these enterprises, the Indian government has implemented various policies and initiatives. Let’s explore the classification […]
Budgets have come and budgets have gone. Ruling party is happy, opposition party is not. We need an FM who can balance. The experts have given this budget more than 7 out of 10, which is really good. The FM has done a balancing act by satisfying everyone who do not want tax increase and […]