USES OF STANDARD OPERATING PROCEDURE     Standard operating procedures enable organizations to gain a better understanding of their business process and identify areas that need improvement. Reasons to use a SOP include:   1.Helping one stick to a defined schedule 2.Assisting in training employees 3.Guaranteeing compliance standards are met. 4.Certifying that the procedure will...

The Indian economy has remained resilient and is on track to grow by seven percent in the FY 2024 despite the ongoing global headwinds caused by external factors like post-pandemic spillovers, supply chain disruptions due to the ongoing Russia-Ukraine conflict, and potential recessionary pressures facing developed economies. This resilience can be attributed to large domestic...

The Bhartiya Nyaya (second) Sanhita Bill 2023 received the assent of the President of India on 25th of December 2023. Bhartiya Nyaya Sanhita Bill 2023 (BNS) is one of three criminal bill (Bhartiya Nagarik Suraksha Sanhita and Bhartiya Sakshya Act 2023) introduced by the Union Government to replace the era old Indian Penal Code,1860 (IPC)....

Updated Income Tax Return (ITR U)   Ever filed an income tax return (ITR) and then realized you forgot to include some income, claimed the wrong deductions, or simply made a mistake? Don’t panic! The Income Tax Department offers a lifeline to rectify these errors through the ITR-U mechanism, empowered by Section 139(8A) of the...

Due diligence lays the foundation for a sound business decision. This investigation highlights potential risks and synergies, thus paving the way for companies to reap the benefits of M&As. Identifying Potential Risks and Liabilities Due diligence gives companies a clear and detailed overview of the target’s operations and financial position. Companies can identify potential problems, such...

Environmental, social, and governance (ESG) investing refers to a set of standards for a company’s behaviour used by socially conscious investors to screen potential investments. Environmental criteria consider how a company safeguards the environment, including corporate policies addressing climate change, for example. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where...

The Finance Act 2023 inserted Section 43B(h), which specifies that any sum owed to Micro, Small & Enterprises (MSME), for goods supplied or services given, may be deducted in the same year if the actual payment is made within the deadline stipulated by the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. Section 43B(h)...

Obtaining a Nil / Lower Withholding Tax Certificate One Step ahead and 2 steps backwards. Why? This principle of the dilemma is equally applicable in the tax mechanism also. The same error/ fault was persisting in the regime of Tax Deducted at Source (TDS) for certain categories of taxpayers. But now, by inserting section 197...

Financial Planning is a critical component of running a successful business. Over the past decade, many companies have decided to outsource these functions to professionals because they can have a tremendous long-term impact on their business. Are you looking for ways to improve your financial reporting? Is it time to invest in additional people and new...

Over the years, India has become one of the preferred destinations for foreign investments owing to favorable demographics as well as a noticeable and consistent growth trajectory. During the financial year 2021-2022, India witnessed its highest-ever foreign direct investment (FDI) inflow of approximately US$83.57 billion. Interestingly, this surge in FDI was observed despite the restrictions...

The term ‘due diligence’ alludes to a sensible investigation of the points of interest and issues related to going into an agreement or arrangement for a merger or acquisition that must be completed by the gatherings to such agreement or understanding. This may either be interpreted as a legitimate commitment or a deliberate endeavor. Using...

In today’s globalized business landscape, companies are constantly seeking opportunities to expand their operations and market reach. One of the most effective strategies for international growth is through cross-border mergers and acquisitions (M&A). These transactions allow businesses to access new markets, technologies, and talent, paving the way for greater competitiveness and profitability. In this blog,...