IMPORTANT DUE DATES IN July 2024
Particulars Due Date Payment of TCS/TDS for the month of June-24 7th July TCS Return for the month of April to June-24 15th July Form 15G/15H (for Apr-June 24) 15th July TDS Return for period April to June 24 31st July Income Tax Return for FY 2023-24 (AY 24-25) non-audit cases 31st July Form 10BBB…
Tax Implications of ESOPs for Startup Companies in India
Employee stock option plans, or ESOPs, were created with the idea of distributing ownership duties among staff members and keeping talent on board, which is critical for startups. To minimize cash outflow and attract and retain people, startups are increasingly creating an ESOP pool prior to funding as it is a tax-efficient strategy. Do you wish to…
Common Tax Deductions Every Business Owner Should Know About in India
Business owners must report their business income on the ITR-3 form and pay taxes on it. They usually look for deductions and exemptions to reduce their tax liability because the tax amount might be a sizable amount. So, knowing the amount of the tax deduction and using it correctly will save a lot of money. Read below to learn about the…
What are the major differences between in-house audits and external audits?
Audits will be routine within corporate governance and compliance. Though there are many forms of audits, the terms internal (in-house) and external audits is used more frequently. It is important for stakeholders to understand the differences between internal and external audits as they each have a unique but related function in guaranteeing operational efficacy and financial transparency. Most of…
Common Tax Deductions Every Business Owner Should Know About in India
Business owners must report their business income on the ITR-3 form and pay taxes on it. They usually look for deductions and exemptions to reduce their tax liability because the tax amount might be a sizable amount. So, knowing the amount of the tax deduction and using it correctly will save a lot of money. Read below to learn about the…
What are the major differences between in-house audits and external audits?
Audits will be routine within corporate governance and compliance. Though there are many forms of audits, the terms internal (in-house) and external audits is used more frequently. It is important for stakeholders to understand the differences between internal and external audits as they each have a unique but related function in guaranteeing operational efficacy and financial transparency. Most of…
Recommendations of 53rd GST Council Meeting
GST Council recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e., cases not involving fraud, suppression, or willful misstatement, etc.) for the fiscal years 2017-18, 2018-19, and 2019-20, if the full tax demanded is paid up to 31.03.2025. GST Council recommends the time limit to avail input…
IMPORTANT DUE DATES IN JUNE 2024
Income Tax Particulars Due Date Payment of TCS/TDS for month of May-24 7th June Advance Tax – Deposit of first Instalment of Advance Tax (15%) by all assessees (other than 44AD & 44ADA cases) 15th June Issuance of TDS Certificate for period Jan to March 2024 15th June GST Particulars Due Date GSTR 7 –…
RECORD UNDER GST
In the context of Goods and Services Tax (GST), record-keeping is a critical aspect of compliance for businesses. Maintaining accurate and organized records ensures that businesses can calculate and report their GST liabilities correctly, claim input tax credits, and fulfil their GST-related obligations. Here are the key records that businesses are typically required to maintain…
Top 5 Investment Strategies for Corporate Professionals: Maximizing Your Financial Future:
If you are a corporate professional, you are in a position to earn a lot. Even though the earning potential is completely based on your skills, you can earn a good salary. On the other hand, time is precious and must be used properly. Imagine if you are becoming a corporate professional at 25, you…