Debit Note and Credit Note: A Detailed Overview of GST Treatment.
Under the GST regime, proper documentation is crucial for compliance and accurate tax reporting. Two important documents in this context are Debit Notes and Credit Notes. This blog aims to provide a comprehensive overview of these documents, their purposes, and the situations in which they are used, with a focus on GST treatment.
Introduction to Debit and Credit Notes...
Understanding the Wage Components Included in EPF Calculations.
The Employees’ Provident Fund (EPF) scheme is a mandatory retirement savings plan for employees in India, regulated by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Employers and employees contribute to the EPF on a monthly basis, and the contributions accumulate to provide financial security for employees upon retirement or during emergencies. One...
Section 40A(3A) of the Income Tax Act: Implications of Cash Transactions in Business.
Introduction
The Indian tax landscape has undergone significant changes over the years, aiming to curb tax evasion and promote transparency in business transactions. One such critical provision is Section 40A(3A) of the Income Tax Act, 1961. This section deals with the disallowance of business expenses in cases where payments exceeding a specified limit are made in cash....
Tax & Compliance Due Date Calendar for August 2024.
07th
TDS/TCS
Payment for July 2024.
10th
GST
Return for authorities deducting tax at source – GSTR 7 for July 2024.
Details of supplies effected through the e-commerce operator and the amount of tax collected-GSTR 8 for July 2024.
11th
GST
Details of outward supplies of taxable goods and/or services effected – GSTR 1 for July 2024.
13th
GST...
Navigating Labour Law Compliance Calendar: August 2024 Edition.
Introduction: As we step into August 2024, businesses across India are gearing up to ensure compliance with various labour laws. Understanding and adhering to these regulations are vital not only to avoid legal repercussions but also to foster a healthy work environment. In this article, we’ll delve into the Labour Law Compliance Calendar for August 2024,...
How Can Small Businesses Benefit from Implementing Attendance Software?
Small businesses can significantly benefit from implementing an attendance management system in various ways. Firstly, it streamlines the process of tracking employee hours, reducing the administrative burden on HR staff and minimizing errors associated with manual timekeeping. This leads to more accurate payroll processing, ensuring employees are paid correctly and on...