Understanding your true financial position is the foundation of smart money management in today’s fast-paced world. It’s no longer enough to simply budget and save— clarity begins with knowing exactly where you stand financially at any given moment. One of the most effective tools to gain this insight is a personal balance sheet. Although many individuals track monthly expenses or monitor credit card bills, few…
Since its rollout in 2017, the Goods and Services Tax (GST) has seen several structural refinements. One of the most anticipated reforms currently under discussion is GST rate rationalisation, aimed at simplifying the tax structure and addressing long-standing concerns from industry stakeholders. How GST is Currently Structured Currently, the GST regime consists of four primary tax slabs—5%, 12%, 18%, and 28%—along with exempted and zero-rated…
Liberalized Remittance Scheme (LRS) was introduced in 2004 by the Reserve Bank of India (RBI) as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. The Regulations are amended by the RBI from time to time to incorporate the changes in the regulatory framework. Remittance Limit under LRS: Under the LRS, the…
In the accounting profession, where accuracy, compliance, and timeliness are paramount, employee transitions can significantly impact both operations and reputation. Whether the change occurs within an accounting firm or a company’s internal finance team, managing the process thoughtfully is essential to avoid disruptions and ensure continuity. Employee movements —such as resignations, internal transfers, extended leaves, or new hires—are a natural part of any organization. However,…
