Stay on top of your compliance obligations with our comprehensive calendar for November 2022. Know the due dates for income tax, GST, and other important forms.
Legal Entity Identifier (LEI) is a 20-character alpha-numeric code used to uniquely identify parties to financial transactions worldwide. It has been implemented to improve the quality and accuracy of financial data reporting systems for better risk management.
Govt. has announced launch of CBDCs (or e-Rupee) during the presentation of Finance Bill, 2021 which has triggered a lot of inquisitiveness amongst many stakeholders from the perspective of its Advantages, Benefits, Challenges, Threats and Concerns etc.
Local cheques are payable within the jurisdiction of the clearing house and will be presented through the clearing system prevailing at the centre. Credit arising out of local cheques shall be given to the customer’s account as indicated in the Cheque Collection Policy (CCP) of the concerned collecting bank.
When the first ever cryptocurrency hit the market, this was a completely new concept which had the potential to revolutionise the financial market, as it introduced within itself, a completely untraceable and network-based way for one to make purchases on different items within different industries.
Get an overview of Fake Invoicing under GST and the penalties associated with this fraudulent practice. Learn how to protect yourself and your business.
Stay compliant with tax regulations in November 2022. Learn about the important due dates for GST, income tax, and company filings.
The acronym RTGS stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a real time and on gross basis. This is the fastest possible money transfer system through the banking channel. Settlement in real time means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. Gross settlement means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.
Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic image of the cheque would be sent to the drawee branch along with the relevant information like the MICR fields, date of presentation, presenting banks etc.
Learn about the special features of Advance Pricing Agreements (APAs) in India, annual compliances, revision, cancellation, and more in this detailed guide
