Power Of Factorial Business Solutions - Top Auditors & Tax Consultants.

 November 2024 is a crucial month for businesses, accountants, and tax professionals to ensure they meet all tax and compliance requirements. Missing these deadlines can lead to penalties or complications, so staying on top of these obligations is essential. Here’s a list of the key compliance tasks you need to complete this month: 1️⃣ Challan-cum-Statement Filing If you have deducted tax under sections 194-IA, 194-IB, 194M, or 194S during October 2024, make sure to file the challan-cum-statement by the due date. 2️⃣ Filing Return of Income (AY 2024-25) Assessees involved in international or specified domestic transactions must submit a report under section 92E and file their income tax return for the assessment year 2024-25. 3️⃣ Form 3CEAA for International Groups Constituent entities of international groups must file Form No. 3CEAA for the accounting year 2023-24. This ensures compliance with transfer pricing documentation requirements. 4️⃣ Income Distribution Statement by Ve...

 Staying compliant with regulatory requirements is essential for businesses in India. As of 29th November 2024 , there are two critical filing deadlines every company must adhere to: Form PAS-6 Filing Form PAS-6, or the Reconciliation of Share Capital Audit Report , is a mandatory compliance document for: Unlisted public companies Private limited companies , excluding small companies This form must be submitted half-yearly to ensure the reconciliation of the share capital and the records maintained by the depositories. Non-compliance may result in penalties, making it crucial to meet this deadline. Annual Return Filing The filing of annual returns is another significant compliance requirement: It must be completed within 60 days from the conclusion of the Annual General Meeting (AGM) . Annual returns include details such as the company's shareholders, directors, registered office address, and shareholding pattern. Every company—be it private limited, public limited, or otherwise—m...

 Bookkeeping is the backbone of every successful business. It’s not just about recording transactions; it’s about organizing your finances to make smarter decisions. Whether you’re a startup or a thriving business, bookkeeping services can help you stay on top of your financial game. In this blog, we’ll break down everything you need to know about professional bookkeeping services , why they matter, and how they can transform your business operations. What Are Bookkeeping Services? Bookkeeping services involve recording, organizing, and maintaining a company’s financial transactions. This includes tracking income, expenses, invoices, and payments. The goal is to ensure that your financial records are accurate, up-to-date, and ready for analysis at any time. With the help of bookkeeping professionals, businesses can: Monitor cash flow Prepare for tax filing Generate financial reports Avoid financial errors and penalties Why Your Business Needs Bookkeeping Services Accuracy and Com...

 In today’s fast-paced economic landscape, staying tax-compliant is not just a legal requirement but also a cornerstone for building credibility in business. The Goods and Services Tax (GST) revolutionized the Indian tax system, simplifying indirect taxation with a unified structure. Whether you’re running a startup, a small business, or an established company, GST registration is indispensable for ensuring smooth operations and long-term growth. What Is GST, and Why Was It Introduced? GST is a destination-based tax introduced on July 1, 2017, to replace multiple indirect taxes like VAT, service tax, and excise duty. Its primary objective is to create a seamless tax system across India, promoting transparency and reducing the cascading tax effect. Key Benefits of GST: Eliminates double taxation. Simplifies compliance procedures. Boosts interstate trade by removing entry barriers. Enhances input tax credit benefits. For any business crossing a turnover threshold of ₹20 lakhs (₹10 l...

 Gold is more than just a precious metal in India—it is a symbol of wealth, tradition, and security. Whether for cultural events, weddings, or investment purposes, owning gold comes with certain responsibilities under income tax regulations. This blog provides a detailed overview of gold possession limits and tips to ensure compliance. Why Is Gold Compliance Crucial? Gold ownership in India is deeply tied to traditions and customs, making it a cherished asset for families. However, without proper documentation, gold holdings may attract scrutiny from the Income Tax Department. Ensuring compliance protects you from penalties and helps safeguard your wealth for future generations. CBDT Guidelines on Permissible Gold Limits The Central Board of Direct Taxes (CBDT) has outlined permissible gold possession limits during tax searches to align with traditional practices and fairness: Married Women: Up to 500 grams . Unmarried Women: Up to 250 grams . Men: Up to 100 grams . Gold above ...

As a business owner, staying compliant with GST regulations is crucial to avoid penalties and maintain smooth operations. With the due date of 20th November 2024 fast approaching, it's time to ensure you have all your filings in order. This blog outlines the essential requirements for this deadline, particularly focusing on OIDAR services and businesses with a turnover exceeding ₹5 crore in the last financial year. Understanding GST Compliance for 20th November 2024 1. Filing for OIDAR Services Providers Businesses offering Online Information and Database Access or Retrieval Services (OIDAR) must file the following: A summary of outward taxable supplies 📊. Details of tax payable 💰. This filing ensures transparency in your business operations and compliance with GST laws. 2. Filing for Businesses with Turnover Exceeding ₹5 Crore For businesses with a turnover of over ₹5 crore in the previous financial year or those who have not opted for the Quarterly Return Monthly Payment...

Introduction to GST: A Game-Changer in India's Taxation System Goods and Services Tax (GST) has transformed the way businesses operate in India. Introduced on July 1, 2017 , GST simplified the previously complex tax structure by merging numerous indirect taxes into a unified system. Whether you're a small business owner or a large enterprise, understanding GST is crucial for ensuring compliance and optimizing your tax liabilities. In this blog, we'll explore the essentials of GST, including its structure, registration process, returns, and benefits, in a humanized way—making it easy to understand for everyone. What is GST? GST is a destination-based, multi-stage tax levied on the value addition at each stage of the supply chain. Its primary aim is to create a seamless tax system across India by replacing taxes like VAT, service tax, excise duty, and others. Key Features of GST Dual Structure: GST in India is divided into: CGST (Central GST) - Collected by the central gov...