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

 India’s business landscape is undergoing significant changes, with the new regime introducing reforms designed to simplify operations, encourage transparency, and boost economic growth. Whether you’re an emerging startup or a well-established organization, understanding these updates is crucial for staying competitive. Here’s a closer look at the key aspects of the new regime and how Power of Factorial Business Solutions can support your journey. Simplifying Tax Compliance: A Business-Friendly Move Tax compliance is often a daunting task for businesses, but the new regime aims to change that. With a revamped GST framework, processes are becoming more streamlined, reducing the complexity of tax filings. What businesses gain: Easier GST filing with simplified processes. Reduced time spent on compliance, allowing focus on growth strategies. Minimization of errors, reducing penalties and delays. Power of Factorial specializes in GST services, ensuring accurate and timely filings, so y...

 In today’s world, health insurance is an essential part of safeguarding both your well-being and your finances. It not only provides coverage for unexpected medical expenses but also offers an opportunity to save on taxes. Section 80D of the Income Tax Act is a powerful tool that can help you reduce your tax burden while ensuring that you and your loved ones are protected. Let's dive into how Section 80D works and how you can make the most of it. What is Section 80D of the Income Tax Act? Section 80D of the Income Tax Act offers tax deductions on premiums paid for health insurance. This deduction is available for premiums paid for your own health, your family's health, and even your parents. The aim is to encourage people to invest in their health by making health insurance premiums more affordable through tax relief. Who Can Claim Section 80D Deductions? You are eligible to claim deductions under Section 80D if you have paid premiums for: Your own health insurance policy The ...

 The Government of India has extended the due date for filing Form 3CEB under Section 92E of the Income Tax Act to 15th December 2024 . This decision comes as a relief to businesses engaged in cross-border transactions and high-value domestic transactions , giving them additional time to meet compliance requirements. In this article, we’ll explore the key aspects of Section 92E, why Form 3CEB is crucial, and how this extension impacts businesses. A Closer Look at Section 92E of the IT Act Section 92E applies to businesses involved in international or specified domestic transactions . It mandates the submission of Form 3CEB , a Transfer Pricing Report, certified by a Chartered Accountant (CA) . This ensures compliance with arm’s-length pricing regulations, preventing tax avoidance. Key Aspects of Form 3CEB Objective : To document transactions between associated enterprises to ensure fair pricing and prevent profit manipulation. Details Required : Information on transaction type, ...

 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...