Small and Medium Enterprises (SMEs) play a pivotal role in driving economic growth and fostering innovation. Despite their significance, SMEs often grapple with resource limitations that hinder their ability to compete in an increasingly competitive marketplace. However, in recent years, outsourcing has emerged as a strategic solution that empowers SMEs to transcend these constraints and […]
Explore Section 43B(h) of the Income Tax Act 1961, effective from April 1, 2024, applicable from Assessment Year 2024-25, impacting timely payments to micro and small enterprises.
Explore recent GSTN advisories on registration delays, E-way bill integration with new IRP portals, and GSTR-1/IFF amendments for enhanced compliance. Stay informed!
Discover the detailed analysis of Section 43B(h) under the Income Tax Act, 1999, concerning timely payments to Small and Micro Enterprises (MSMEs) and its implications.
Gain insights into the U.S. Fed’s anticipated rate cuts for 2024. Explore the economic factors shaping this decision and their impact on global markets.
Stay compliant with Income Tax regulations. Learn about 10 transactions that may trigger scrutiny from the IT Department if not accurately reported in your ITR.
Planning for retirement early ensures a secure and comfortable future. Yet, nearly half of Americans find themselves without any retirement savings. This startling statistic underscores the need for proactive financial strategies and planning.
The financial year 2023-24 is about to end, so all taxpayers who purchase goods or services from MSME registered MICRO and SMALL manufacturers and service providers are required to make payment within 45 days or if there is no agreement, then the payment is to be made within 15 days. Under this provision, even if […]
To safeguard the interest of the MSMEs, the government introduced section 43B (h) of the Income Tax Act, 1961 last year. The Finance Act of 2023 inserted a new clause (h) in income tax section 43B that allows deductions made to MSMEs on an actual payment ground rather than the accrual basis if the payment […]
Control assurance services encompass various activities aimed at assessing the effectiveness and efficiency of internal controls within organizations. These controls ensure that business activities align with established policies, procedures, and regulatory mandates.
