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 backward. 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...

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...

Sexual Harassment Policy Introduction A sexual harassment policy is a set of guidelines and procedures put in place by an organization to prevent and address instances of sexual harassment in the workplace or any other environment where the policy applies. It is designed to ensure a safe and respectful environment for all individuals and to...

Job Order Costing Welcome to the KNM Management Advisory Pvt. Ltd. blog, where we delve into one of the important fundamental aspects of cost management – Job Order Costing. In this comprehensive guide, we will explore the ins and outs of job order costing, its importance for businesses, and how it can help organizations effectively...