Poornima Nayak

🚨 ICAI Launches Stress Management Initiatives for CAs 🚨 ICAI has introduced stress management initiatives in response to the tragic deaths of chartered accountants due to work pressure. Key points: 1. ICAI will set up a counseling help desk and develop strategies for better work-life balance. 2. Collaboration with health institutions and industry partners to promote flexible work models. 3. Enhanced grievance redressal system for empathetic resolutions. ICAI President Ranjeet Kumar Agarwal stresses the importance of balanced work policies. Source: https://lnkd.in/gDe9vCQS What do you think? #ICAI #StressManagement #WorkLifeBalance #MentalHealthMatters #EmployeeWellbeing

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"Understanding GST Implications for Nursery Businesses: Composition Scheme vs. Regular Scheme." Dive into the key differences and benefits to determine the best GST scheme for your nursery business. Read More: https://lnkd.in/der6xUVE #GST #NurseryBusiness #Taxation #SmallBusiness #Compliance #RMPS #RMPSBlog #RMPSAcademy

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​Taxsutra 'Greentick' Presents Clause-wise “CARO 2020 Reporting” by Auditors of 10 Companies for FY 2024 (Part 2)! Click here to read this exclusive compilation. >> https://buff.ly/4fm4SJU ​#Taxsutra #CARO2020 #AuditInsights #GreentickSeries #AuditCompliance #FinancialReporting #CompanyAudit #FY2024 #CorporateGovernance #AuditorReports

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🚨 Attention Indian taxpayers! ⏰ The countdown to file your Income Tax Returns (ITR) is on, with the deadline approaching fast on July 31, 2024. Don't risk late fees – file on time to avoid penalties. 📝 ITR Forms 1, 2, 4, and 6 are already up on the e-filing portal since April 1. So far, over 23,000 returns have been filed for the 2023-24 fiscal year – kudos to early birds! 🔄 This year, you can kickstart your filing from day one of the new financial year, streamlining the process. Keep it simple with Sahaj and Sugam forms tailored for small to medium taxpayers. 💰 Remember, if your tax liability hits or exceeds Rs. 10,000 in the fiscal year, you're obligated to pay advance tax. And payments made before March 31 count as advance tax. Stay ahead of the game – file your ITRs in time and stay clear of late fees! #TaxFiling #India #ITRDeadline 🇮🇳

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*Attention & Caution Taxpayers for availing ITC based on auto populated GSTR2B in filing Oct24 GSTR3B return.* If you have any credits received from QRMP supplier (quarterly filing) or ISD registrations, please be mindful about DUPLICATION of ITC. 𝐂𝐫𝐞𝐝𝐢𝐭𝐬 𝐚𝐥𝐫𝐞𝐚𝐝𝐲 𝐫𝐞𝐟𝐥𝐞𝐜𝐭𝐞𝐝 𝐢𝐧 𝐒𝐞𝐩 24 2𝐁 𝐚𝐫𝐞 𝐨𝐧𝐜𝐞 𝐚𝐠𝐚𝐢𝐧 𝐠𝐞𝐭𝐭𝐢𝐧𝐠 𝐫𝐞𝐟𝐥𝐞𝐜𝐭𝐞𝐝 𝐢𝐧 𝐎𝐜𝐭 24 2𝐁. QRMP and ISD transactions reporting has 13th as monthly cut off date. IMS system seems to have an algorithm error to capture all credits based on filings after 11th including QRMP & ISD and hence GSTR2B resultantly flowing through IMS is erroneous. If Sep24 QRMP GSTR1 or ISD GSTR6 are 𝐟𝐢𝐥𝐞𝐝 𝐨𝐧 12𝐭𝐡 𝐨𝐫 13𝐭𝐡 𝐨𝐟 𝐎𝐜𝐭24 𝐛𝐲 𝐬𝐮𝐩𝐩𝐥𝐢𝐞𝐫, it is getting once again reflected in GSTR2B of Oct 24 also. 𝐀𝐂𝐓𝐈𝐎𝐍 𝐏𝐎𝐈𝐍𝐓𝐒 to avoid errors: 1. Do Not Claim ITC solely based on GSTR-2B 2. Validate ITC Claims and check for duplications 3. Ensure Accurate ITC Calculation 4. Raise a Grievance complaint if Needed Extra-ordinary care to be exercised while filing Oct24 returns, thanks to new IMS!

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Read this insightful Business Standard article, where ClearTax Expert, Manikandan. S provides a comprehensive guide for NRIs planning to file their ITR for the year 2024, including details on taxable income types, necessary documentation, and step by step instructions on using the Income Tax e-Filing Portal. It also provides solutions to common challenges faced by NRI tax filers. Read more at https://lnkd.in/giVCjhQc #ClearTax #TaxFiling #MaximizeSavings #NRI

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Ministry of Finance constitutes Goods and Services Tax Appellate Authority (GSTAT) w.e.f September 01, with Principal Bench at New Delhi Click here to read /download Ministry of Finance Notifications dated July 30 and July 31. >> https://buff.ly/46u99rx #Taxsutra #NewsFlash #GSTAT #GSTAppellateAuthority #TaxReforms #GSTUpdates #IndianEconomy #NewDelhi #TaxPolicy #FinanceMinistry #TaxLaw #GSTNews

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📢 Attention Taxpayers! Before you File Your ITR, Make Sure to Check out this Must-Read Article on AIS & TIS by SAA TAXATION 🌐 Learn all about it here: https://lnkd.in/geP8gTaP 📑 #TaxTips #ITR #Saataxation

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Advisory for FORM GSTR-1A (July 26, 2024) 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐅𝐎𝐑𝐌 𝐆𝐒𝐓𝐑-1𝐀? It's an optional form introduced by the government to correct or add details about supplies that were missed or wrongly reported in FORM GSTR-1 for the current tax period before filing GSTR-3B for that period. 𝐊𝐞𝐲 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬: Optional Use: You can choose to file FORM GSTR-1A, but only once for each tax period. Impact on Liability: Any changes made in FORM GSTR-1A will affect the tax liability in FORM GSTR-3B for the same period. Recipient's Input Tax Credit (ITC): Changes in FORM GSTR-1A will update the recipient’s ITC in their next period’s FORM GSTR-2B. For Monthly Filers: Available from the due date or actual filing date of FORM GSTR-1, and can be used until the corresponding FORM GSTR-3B is filed. The net impact of changes in FORM GSTR-1A will auto-populate in FORM GSTR-3B. 𝐅𝐨𝐫 𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲 𝐅𝐢𝐥𝐞𝐫𝐬 (𝐐𝐑𝐌𝐏): Available after the actual filing or due date of FORM GSTR-1 (Quarterly), and can be used until the corresponding FORM GSTR-3B is filed. Changes in the quarterly GSTR-1A will affect the quarterly GSTR-3B. No separate amendment facility for records furnished through IFF for the first (M1) and second (M2) months of the quarter. 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐍𝐨𝐭𝐞: To change the GSTIN of a recipient for a supply reported in FORM GSTR-1, you must make the correction in the subsequent period’s FORM GSTR-1. 𝐍𝐨𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞:- https://lnkd.in/gdjBBEsV #GST #GSTR1A #TaxUpdates #GSTCompliance #TaxFiling #GSTR3B #TaxAmendments #QRMP #TaxPeriod #IndianTax #ITC #GSTNotification #Notification #Update #ComplyX #CX

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📹 Ind AS 116 Video - Sale and Leaseback Transaction Accounting 📹 In this illustrative video, you will get a conceptual understanding of - 1. What is a sale and leaseback transaction 2. Purpose and perspective 3. Measurement and recognition 4. Calculate the proportion between right-of-use retained and rights transferred 5. Adjustments when transactions are above or below market terms 6. 3 examples explaining the accounting treatment with journal entries Video link Part 1 - https://lnkd.in/gTyCG7Mu 📢 Part 2 of the video containing the latest amendment to Ind AS 116, coming soon! 📢 For the full video lecture on Ind AS 116: Leases, please visit www.indasedu.com #IndAS #FinancialReporting #Accounting #IndAS116 #Leases #IFRS #IFRS16 #LeaseAccounting #CharteredAccountant #SaleandLeaseback #CA #ICAI

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India's industry lobby groups have already presented their wishlists to the #FinanceMinistry officials. From simplifying capital gains #tax system to tax breathers to middle class, check out #IndiaInc's suggestions for the upcoming #UnionBudget

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#MCExclusive | From revisiting safe harbour clause under Section 9A of Income Tax act to divestment in low float PSUs, here are a few things that #market participants asked from Finance Minister Nirmala Sitharaman Read on 👇 #PSU #Budget #IncomeTax

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Read this insightful Financial Express article where Manikandan S, Tax Expert, ClearTax expresses his views on the strategic financial advantages of filing taxes even in loss making years. The article dives into the importance and benefits of filing ITR despite losses and reporting all income, highlighting various set off provisions and ways to carry forward losses. Learn why it's crucial to report losses and how it can benefit your future tax planning here- https://lnkd.in/gzkqpa6T #ITRfiling #Taxes #ClearTax #CarryForward

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