Different Types of Audit Under GST The Goods and Services Tax (GST) regime in India has transformed how businesses function, bringing transparency, efficiency, and consistency to the tax system. The audit process is an important component of GST compliance since it guarantees that firms follow the government’s laws and regulations. Businesses may face many types […]
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Understanding Payroll Compliance: How to Avoid Fines Payroll compliance is an important part of business since it guarantees that organizations follow labor laws, tax rules, and employee compensation standards. Failure to conform might result in legal consequences, restrictions, and reputational harm. If payroll tax compliance is ignored, businesses can face costly penalties and legal trouble.
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The Role of Section 145 of Income Tax Act 1961 Ever questioned how businesses and professionals are required to keep their books of account for tax purposes? The Income Tax Act of India provides a structured method under Section 145 of the Income Tax Act 1961 to ensure transparency and consistency in accounting methods. In this article, we’ll look at Section 145 of the Income Tax Act, its sections, and how
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Income Tax Audit under Section 44AB: Criteria, Processes, & Due Dates If you’re a business owner or a professional in India, you’ve possibly come across the term Section 44 AB of the Income Tax Act. It might seem difficult, but understanding this section is important for keeping your tax legal. In simple terms, Section 44
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In today’s competitive business environment, statutory compliance is a critical concept that every business must understand and adhere to. Whether you’re a startup, small enterprise, or large corporation, complying with statutory laws ensures that your business operates legally and efficiently. But what exactly is statutory compliance and why is it crucial for businesses, especially in
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Tips for a Tax-Efficient Retirement Plan Naturally, all of us will retire one day and we definitely want our retirement to be as comfortable as possible. For this, preparing a retirement plan with the best of our ability and knowledge is needed. But most of the times, we forget the most vital element of our
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Learn the Best Ways to Reduce Your Tax Payments with Spouse Don’t consider your spouse being your partner in managing household chores only or sharing financial responsibilities. Because your partner can help you with tax saving as well! Yes, your partner can help you save tax to a great extent. And the benefits get extended
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The Interim Budget 2019 – Newly Proposed Changes in the Income Tax Laws The Indian Government announced the Interim Budget in February 2019. It is the most recent budget announced by the government before the Lok Sabha elections. Hence, the government has made numerous possible attempts to please the public. Within the budget, the Government
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Internal Audit – An Organization’s Checklist for Short-Term Cash Management On a general note, the aim of an internal audit is to analyze the risk of material misstatement in financial reporting. Material misstatements can occur from inadequacies or errors in internal controls and from incorrect management assertions. Hence, testing the validity of numerous implicit managerial
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DUE DATES FOR THE MONTH OF JANUARY, 2019 A. Due dates for Compliances under GST 11-01-2019 The due date for filing GSTR-1 for m/o Dec 2018 → Applicable for taxpayers withAnnual Aggregate turnover Above Rs. 1.50/- Crore or opted to file monthlyReturn (Rs. One Crore Fifty Lacs) only. 18-01-2019 Due date for filing GSTR-4 (to
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