CA Akshay

Internal financial controls (IFCs) are systematic measures implemented by organizations to ensure the integrity of financial reporting, safeguard assets, prevent fraud, and promote operational efficiency. They form the backbone of a company’s financial health, ensuring compliance with laws and regulations while fostering investor confidence Aspect Description Definition Measures to ensure integrity of financial reporting, safeguard […]

When it comes to taxation, businesses must navigate multiple compliance requirements, and two of the most critical ones are Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). The Income Tax Act has provisions for these mechanisms to ensure tax is collected at the point of income generation. Specifically, Section 194Q governs TDS […]

Compliance Guidelines for Provident Fund (PF) and Employee State Insurance Corporation (ESIC) Ensuring compliance with Provident Fund (PF) and Employee State Insurance Corporation (ESIC) regulations is a crucial responsibility for employers in India. These schemes provide social security benefits to employees, and adhering to the rules helps avoid penalties while safeguarding employee welfare. Overview of […]

Understanding GST on the Sale of Old Cars in India The Goods and Services Tax (GST) framework in India has specific provisions for selling old and used cars. Recent updates have introduced changes impacting businesses and individuals involved in such transactions. GST Rates on Used Cars As of December 2024, the GST Council has standardized […]

Litigation issue involves Rental Income Under Section 9(3) and 9(4) of the Central Goods and Services Tax (CGST) Act, 2017, the Reverse Charge Mechanism shifts the liability to pay GST from the supplier to the recipient of goods or services. While typically the supplier collects and remits GST, RCM is applied to ensure tax compliance […]