In the past, we had come across many financial frauds, the most manipulated corporate frauds were Satyam Scam, Enron Scandal and WorldCom scandal. The major reason these scams were successful is due to lack of corporate governance, hiding the true position of the company by the intentional use of fraudulent accounting practices. Such scams spurred the government to bring strict rules and regulations and mandate the requirement of internal financial control reporting to prevent the recurrence of such kinds of frauds in near future.
Introduction: Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) is a kind of advance tax that needs to be deposited with the government periodically and the onus of doing the same lies on the deductor or collector respectively rather than taxpayer. For the tax payer, TDS or TCS can be claimed in […]
Are you worried about your customers defaulting in payments? Vendors defaulting in fulfilling their terms after you pay advance to them? Are you capturing all relevant details before you deal with any party? Business entities often do not ver0ify the background or creditability of their customers/ vendors before initiating transactions with them. However, they may […]
E-invoicing is the proposed system where business-to-business (B2B) invoices are digitally prepared in an e-invoicing format and authenticated by the Designated Portal – Invoice Registration Portal (IRP). This system ensures that a common format is followed by all businesses before reporting invoices to the GST portal.
I. Introduction: Determining costing in a service industry is an essential concept since every service organization needs to ascertain its business overheads as service sector companies provide their customers with services or intangible products. Put simply, the term service costing or operational costing refers to the computation of the total operational cost incurred on each […]
Determining an appropriate costing of your product can make or break your business. Most business owners fail to understand the importance of costing which can actually help your business avoid running into troubles such as loss of profits, time mismanagement and over budgeting.
Are you struggling to reconcile GSTR 2B with the books? With recent changes in GST, GTSR 2B is implemented to ensure transparency of credits availed by the dealer. GSTR 2B, along with it brings some complexities. Read the following article where such issues are addressed. Before we start with the possibilities & possible solutions, please […]
Nowadays on account of the globalized environment and expansion of business outside India, a person may earn income from more than one country and sometimes the same income may be taxed twice, once in the source country and other in the resident country as well. Let us know these two methods for taxing income earned by a person in more detail.
What is crypto currency? Crypto currency is a type of currency which uses digital files as money. Usually, the files are created using the same methods as cryptography – the science of encrypting information. It is claimed to be more secure than the real money. How is crypto currency acquired or generated? Is Crypto currency taxed in India? Concept of crypto currency is […]
Standard Operating Procedures (SOPs) are the documented processes that an organization has consisting of a step-by-step instructions to help the employees within its organization to carry out its routine operations and to achieve efficiency, quality output & uniformity of performance while reducing miscommunication and time.
