CBDT recently proposed significant changes to Rule 11UA regarding valuation of shares and applicability of section 56(2)(viib), commonly known as Angel Tax
RBI recently made a significant decision to withdraw circulation of Rs 2,000 denomination banknotes. While these notes will continue to be legal tender, the RBI has set a deadline of September 30, 2023, for their exchange.
In an ever-evolving business landscape, the ability to effectively manage risks is crucial for the long-term success and sustainability of any organization. Traditionally, companies have relied on conducting periodic risk assessments, often on an annual or semi-annual basis. However, with the dynamic nature of risks in today’s business environment, organizations are increasingly turning to a more agile and proactive approach known as rolling risk assessment.
Goods and Services Tax (GST) system plays a pivotal role in streamlining indirect taxation in India, ensuring transparency and accountability. To further fortify the integrity of the GST framework, the GST Department has recently announced a Special All-India Drive against Fake Registrations.
In the era of digital transformation, organizations are harnessing the power of technology to gain a competitive edge. One such technology revolutionizing the business landscape is artificial intelligence (AI).
All companies that default or make delayed payments to their micro and small enterprise suppliers are obligated to file Form MSME-1. This form serves as an intimation to the Registrar of Companies regarding the payment default. However, medium enterprises are exempted from this requirement.
Finance Act, 2023 introduced significant amendments related to Micro, Small, and Medium Enterprises (MSMEs) in India. One of the key changes pertains to the payment compliance and deductions for MSMEs. Let’s explore the definition of MSMEs, the amendment to Section 43B of the Income Tax Act, and provide some author remarks on the matter.
Internal audit serves as the sentinel of controls within an organization. By meticulously examining control systems and processes, internal auditors identify vulnerabilities and weaknesses that fraudsters may exploit.
Explore the key aspects of internal audit, a crucial function for effective risk management, governance, and continuous improvement in organizations. Understand how internal audit provides independent assessments, helps manage risks, ensures compliance, and enhances overall performance. Celebrate Internal Audit Awareness Month by recognizing the significance of this function in today’s dynamic business environment.
Discover the recent amendments to Indias Prevention of Money Laundering Act (PMLA) expanding its scope to include professionals like Chartered Accountants, Company Secretaries, and Cost and Works Accountants. Learn about the implications, compliance requirements, and the government’s efforts to strengthen the legal framework against money laundering and financing of terrorism in India.
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