Hello, money-savvy readers! Are you prepared to address an issue that is sometimes neglected but can have significant consequences for your finances? If so, let’s get to know those high-value cash transactions which can attract the unwanted attention of the IRS (Indian Revenue Service) or income tax department. Yes, you read that correctly. These types of transactions violate the cash tra......

When it comes to marketing small business, making wise financial decisions is critical to ensuring the success and growth of your brand. Are you a small business owner trying to make smart financial decisions for promoting your company? You've arrived at the correct link! This article looks at some practical techniques and methods to help you confidently navigate the marketing world. Keep reading......

Face liveness verification is a process that verifies a person in front of the crime in real life. It is a biometric solution that stands as a remarkable technology. This powerful technology combines a live photograph or video of the user's face with an earlier visual from a formal document. The user can access many web applications and logins on smartphone devices. It protects against theft, iden......

Banks and other financial forms utilize the robust services of digital KYC to recognize client IDs accurately during onboarding. The preliminary purpose of this service is to control scamming activities such as money laundering and terrorist financing by identifying the credibility of the relevant individual. Previously, when an applicant wanted to create an account, the old version of the KYC p......

Money is a double-edged sword that can either bring joy or deep distress. For businesses, the nightmare of a financial crisis can seem like a looming disaster, capable of driving even the most promising ventures to the brink of closure. However, with the right approach and strategies, it is possible to turn the tide and emerge stronger. In this article, we will explore effective ways to manage and......

Life has an intricate pattern of weaving dreams. While some dreams might hover around the next holiday destination, others revolve around the cosy corner of our home. Is the fear of hefty EMI commitments or the uncertainty over complex loan processes stopping you from purchasing your dream home? Well, fear not. This comprehensive guide introduces you to a viable solution - the SMFG Grihashakti Ho......

WHAT IS A RESEARCH ANALYSIS? It is a type of work where in research analysts collect a lot of information, process them to understand it and makes a decision whether to buy certain stocks or not. Research analysis is made of 2 words, Research meaning to collect information from various sources and the Analysis i.e. processing the data to take decision. Data and information are imperative to res......

ELSS, also known as an equity-linked saving scheme, allows users to invest in mutual funds that can save a huge amount that drains out of their hands in the form of tax payments. Such funds that enable their holders to claim tax benefits are known as tax saver mutual funds. Amongst the various types of tax-saving alternatives, tax saver mutual funds march ahead with great potential to offer their......

Basis ESOP Sweat Equity Shares Nature ESOPs are issued in the form of an incentive and as a retention plan to directors and employees. Further, It is not create an obligation, and it is in the form of a right given to employees to exercise their option to purchase the shares. Sweat Equity Share is a reward given to employees by way of discount or considerati......

Creating a good website is one thing and making it compliant is yet another. In particular, website compliance helps you avoid government action and a lawsuit just in case something happens while your site is still active.  Most importantly, website compliance provides equal opportunities to different users. For example, a compliant website allows people with disabilities to access vital inf......

A business contingency plan is a comprehensive course of action that guides your company if the unexpected happens. While a contingency plan mostly involves negative events, it can also cover positive events. Businesses create contingency plans to take care of situations that could have a negative impact on the organizational reputation or financial health. Contingency plans are essential for any......

In today's extremely competitive business market, you must have legal permission to own it if you possess something. Intellectual property (IP), which refers to intangible creations of the human intellect, must be registered in the form of a trademark, patent, copyright, industrial design, or geographical indication to ensure that illegal or unlawful people do not have the power to copy or re......

What is Rights Issue? In layman’s term Right Issue is a benefit available with the shareholders of a company to subscribe to the additional shares on priority basis at a price lower than the market price. It is often construed as a right of the existing shareholders to first and foremost subscribe to any new shares being issued by the company and by virtue of their position in the company, ......

INTRODUCTION Vivad se Vishwas Scheme was publicized in Budget 2020 to resolve unsettled disputes associated with direct taxes. It is a trial to unharness 9.32 trillion (as of 30 November 2019) blocked in roughly 483000 appeals unfinished at varied appellant forums. The theme got assent from the Hon’ble President on 17 March 2020. According to the Vivad se Vishwas bill, this theme is approp......

How to calculate the gross receipt or turnover? ‘Turnover’, ‘Gross Receipts’ and ‘Sales’ are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year. Sec. 44AB of the Income Tax Act 1961 lays down limits o......

Let us first of all see what section 69C of the Income Tax Act, 1961 reads. Section 69C reads as under: 69C. Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount covered by such ......

The basic edifice of presumptive scheme u/s 44AD is assessee would not be called to maintain books under the Act and get them audited if profit shown by assessee is otherwise in accordance with prescription of section 44AD of the Act. But maintaining books of account is sine qua non for making addition under section 68. Since section 44AD does not obligate assessee to maintain books, pro......

There is a misconception in the mind of business as well as professional community that if a person opts the provisions of presumptive taxation, then he is free to enjoy the difference between the actual profits and the presumptive profits. It is to be noted that the provisions of presumptive taxation are enacted to facilitate computation of total income and filing of return of income. It does not......

The limits specified for getting your accounts audited are different in case of business and profession.  Some persons are engaged in carrying on both business and profession at the same time. Now a question may arise in the case of an assessee carrying on business and at the same time engaged in a profession as to what are the limits applicable to him under section 44AB for getting the accou......

Section 44AB of the income-tax Act, 1961, which provides for tax audit of certain taxpayers, has been amended in the recent past in order to relax the compliance burden on small taxpayers. However, while these amendments are well-intentioned, they have increased confusion amongst taxpayers. We know that there are various monetary limits u/s Sec 44AA , 44AB and Sec 44AD of the Act relating to ......