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...
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...
Cross-border financing, also known as import and export financing refers to any financing arrangement that occurs outside a country’s borders. Cross-border financing helps businesses participate in international trade by providing a source of funding that enables them to compete globally and conduct business beyond their domestic borders. Process of navigating cross-border financial services Assess Your Financial...
In today’s data-driven world, businesses are constantly seeking ways to harness the power of data to drive growth and gain a competitive edge. However, managing and processing vast amounts of data efficiently can be a daunting task. This is where Data Process Outsourcing (DPO) comes into play. DPO allows organizations to streamline their data-related operations,...
The Importance of Recycling in Waste Management Waste management is a critical issue that affects our environment and our health. The improper disposal of waste can lead to pollution, contamination of water sources, and a host of other environmental problems. One of the most effective ways to manage waste is through recycling. Recycling is the...
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