As the financial year-end approaches, accountants in India play a crucial role in ensuring that corporate companies adhere to essential checks and balances for a smooth transition into the new financial year. With March 31st marking the end of the fiscal year and April 1st signaling the beginning of a new one, meticulous attention to…
The Ministry of Corporate Affairs (MCA) has mandated all companies, regardless of size or complexity, to incorporate an audit trail feature in their accounting software, aiming to bolster accountability and transparency. Originally slated for implementation in the financial year starting April 2021, the requirement was deferred twice and is now enforced from April 1, 2023….
Background: As per the Income Tax law, employers are required to calculate the income tax for each employee based on the chosen tax regime (Old or New) and deduct TDS from their salary accordingly, following the Income Tax Slab Rates. At the beginning of the financial year i.e. in April, employers are required gather declarations…
In their efforts trying to promote growth of Micro Small & Medium Enterprises, Government has brought about amendment effective from 1st April 2024 which requires all business entities, including companies, proprietorships, partnership firms, or LLPs, to timely make payments to registered Micro and Small enterprises suppliers. Section 43B(h) of the Income Tax Act, a provision…
In today’s dynamic business operations, strategic asset management stands as the cornerstone of organizational excellence. Whether its machinery, equipment, or digital assets, keeping track of these resources is essential for enhancing operational efficiency, curbing costs, and upholding regulatory standards. Within this paradigm, asset tagging and verification emerge as pivotal mechanisms, providing businesses with the means…
