Udyamica Professionals A New TDS Requirement for Partnership : 194T The recent amendment to the Income Tax Act, India, introduced a new section, 194T, effective from April 1, 2025. This section mandates the deduction of tax at source (TDS) on certain payments made to partners of firms. Let’s delve into the details of this new provision and … Read more
Everything You Need to Know About PPF Account 1. What is the Public Provident Fund (PPF) Scheme? The PPF Scheme is a government-backed savings scheme aimed at providing long-term investment options for individuals, offering tax benefits and a fixed rate of interest. 2. Who can open a PPF account? Any individual can open a PPF … Read more
All about Limited Liability Partnership Audit Report Audit Requirements under LLP Act, 2008, and Rules thereunder for the FY 2023-24 LLP Act 2008: Mandates that LLP accounts be audited in accordance with the rules prescribed under the LLP Rules 2009. LLP Rules 2009: Rule 24 outlines the requirements for LLP audits, including the exemption for … Read more
All about minutes of the board meeting Minutes of Board Meetings serve as a vital record of the discussions, decisions, and actions taken by a company’s board of directors. These documents provide essential evidence of the proceedings and help ensure transparency, accountability, and compliance with corporate governance regulations. Here is the summary of provisions related to … Read more
Not All Indian Residents Need a Tax Clearance Certificate Understanding the Rumor After the The Finance (No.2) Act, 2024 there has been a widespread misconception that all Indian citizens must obtain a tax clearance certificate (ITCC) before leaving the country. This rumor has been circulating, causing unnecessary anxiety and confusion among travelers. The provision requiring a … Read more
Independent audit report format for the FY 2023-24 It’s important for all of us to take a moment and actually read the entire independent audit report for each auditee. At the very least, make sure you understand what you’re signing and what the consequences could be. I’ve noticed that some audit reports for FY 2023-24 … Read more
Maharashtra Latest minimum wages July 2024 The Minimum Wages Act is applicable to any establishments / industries / factories / employment either registered under the shops & establishment Act or the Factories Act, irrespective to the strength of employment. That is even if anybody employs an one employee he has to pay Minimum Wage. The term Minimum Wage … Read more
Get the Financial / Assessment year from a date While working in Excel on financial data, we often need to check the financial year (FY) and assessment year (AY) for transaction dates. With the “AY/FY” add-in, you can directly get the FY and AY from a date in Excel, streamlining your workflow and enhancing accuracy. … Read more
Cost inflation index (CII) is required to calculate the inflation-adjusted cost of asset acquisition/ improvement for computation of long term capital gain (LTCG) of assets, this indexation can help to reduce tax liabilities on long term capital gain. CBDT has notified cost inflation index for the FY 2024-25 on 24th May 2024 vide notification no Notification No. … Read more
Provident Fund Form 3A revised in excel format Form 3A of the Employees’ Provident Fund (EPF) is an important document for employees in India, as it provides a summary of contributions made to their Provident Fund and Pension Fund over the year. This form is a key part of the EPF system and includes essential … Read more