As a business owner, you are always looking for ways to increase efficiency, reduce costs, and grow your business. One way to achieve these goals is by conducting regular internal audits. An internal audit is a comprehensive review of your business’s operations, processes, and financials to identify any areas of risk or inefficiency. Here are …
Rule 86B of the Central Goods and Services Tax (CGST) Rules governs the issuance of refund vouchers by a registered taxpayer. The rule was introduced to streamline the process of refunds under the GST regime and to ensure that the taxpayer receives the refund in a timely and hassle-free manner. In this blog, we will …
Fraud is a persistent problem in the business world, causing significant financial losses and damaging the reputation of organizations. To prevent and detect fraud, companies rely on auditors, who are responsible for conducting independent assessments of financial statements and identifying any red flags that may indicate fraudulent activity. The role of auditors in reporting fraud …
Individual taxpayers may have multiple sources of income, which could be subject to Indian tax. The head Income From Other Sources’ covers income that isn’t covered by the four headings – ‘Income form Salary’, ‘Income out of House Property’ (‘Income aus Capital Gains’), ‘Income Out Of Business or Profession’ and ’Income From Salary’. This head …
The nationwide GST laws have created an extensive system of compliance. GST laws are constantly changed to make it easier to comply with the GST regulations and to make it equitable for all. However, the government is focused on making GST tax laws more stringent as they’ve ever been. A failure to comply with GST …
Outsourcing vs In-house accounting management is a question that plagues many early entrepreneurs today. Many business owners are keen to expand their businesses however, along with that growth comes a lot of challenges, especially in the area of accounting. Weighing the pros and cons of Outsourced Vs In-House accounting compliance can be tricky. Depending on …
“It’s not about the amount of money you make, it’s about the amount of money you have and how that money can benefit you, and the number of generations you have.” The biggest mistake many of us make is to work hard for our entire life for money and not expect money to work for …
The concept of refund in the parlance of GST is crucial for a taxpayer as it facilitates trade by releasing blocked funds for working capital, expansion, and modernization of existing business. The GST refund can arise on account of excess cash balance in the electronic cash ledger or the accumulated Input Tax Credit unable to …
Indians have a passion for precious metals is well-known. According to the 2019 data of the World Gold Council, Indian households are the biggest owners of the yellow metal with more than 25,000 tonnes of it being held by families. In a world that is predominantly hostile to stocks market investments such as silver and …
It’s a fact that the implementation of Goods & Service Tax (GST) will result in a significant rise in compliance, which is required to incorporate all indirect tax systems of India. As of now, it is the GST portal contains a total of twenty-two kinds of GST Returns (GSTR) that fall under eight of them and …