RESIDENTIAL STATUS AS PER INCOME TAX

RESIDENTIAL STATUS AS PER INCOME TAX   MEANING OF RESIDENTIAL STATUS The taxability of an individual in India depends upon his residential status in India for any particular financial year. An individual may be a citizen of India but may end up being a non-resident for a particular year. The residential status of different types of persons...

Understanding of Audit Trail

Understanding of Audit Trail   An audit trail (also called audit log) is defined as a step-by-step sequential record which provides evidence of the documented history of financial transactions to its source. It includes details such as who initiated the transactions when they occurred, and any subsequent changes made to them.   Introduction of Rule...

2024 Market Research Insights: Unlocking the Secrets to Success in India’s Business Arena

Starting a business in India means entering a vibrant and ever-changing environment with rapid economic growth, diverse business opportunities, and complex rules. India is a promising market with a growing population, expanding middle class, and strong demand for goods and services. However, alongside its potential, there are many challenges like bureaucracy, cultural differences, and logistical issues....

Environmental and Social Due Diligence: Mitigating Risks and Ensuring Compliance

Introduction In the fast-paced landscape of corporate growth and expansion, mergers and acquisitions (M&A) transactions play a pivotal role in shaping the trajectory of businesses worldwide. These transactions encompass a spectrum of strategic moves, from consolidating market share to accessing new technologies and diversifying product portfolios. In the midst of seeking synergies and financial benefits,...

STANDARD OPERATING PROCEDURE

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...

INDIAN ECONOMIC LANDSCAPE

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...

Bhartiya Nyaya Sanhita Bill, 2023

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)

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...

Environmental, Social, and Governance (ESG)

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...

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