Rule 3 of Companies (Cost Audit and Records) Rules 2014 states that both domestic and foreign companies either in regulated or non-regulated sector engaged in production of goods or providing services with overall turnover from its all goods and services of 35 crore rupees or more is required to get the cost audit done compulsorily. Section 148 […]
The growing use of artificial intelligence and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, the Governor of the Reserve Bank of India said on Monday (October 14, 2024). The RBI Governor said that the use of artificial intelligence and machine learning in financial
Samarth Scheme is the flagship skill development scheme of the Ministry of Textiles, which is a continuation of the integrated Skill Development Scheme under the 12th Five Year Plan. Also known as the Scheme for Capital Building in the Textile Sector (SCBTS) was introduced in 2017. It is to train an untrained labor force of
The Trademarks Act, 1999, provides for the registration of a trademark in India. The owner of the trademark has to apply to the Registrar of Trademarks (‘Registrar’) for obtaining the trademark registration. Upon receiving the application for registration, the Registrar will advertise the trademark in the trademark journal. Any person can file an opposition for registration
They rolled out FEMA in 1999, which is short for Foreign Exchange Management Act. It basically took over from the old Foreign Exchange Regulation Act (FERA) of 1973. This new rulebook is all about handling cross-border investments and external trade. It is mainly applied to ensure smooth international business payments. It includes a wide range of
All the tax professionals are very familiar with the terms, contributions to various funds (i.e., provident fund, Employee state insurance, superannuation funds, gratuity fund or any other fund etc.) by employees as well as employers as per defined percentage in accordance with the respective law. However, this seems as a mandatory requirement by Statue for
MSME industries are the backbone of the economy. They are also known as Small Scale Industries (SSIs). The government of India provides an MSME registration to the industries classified by the government as Micro, Small and Medium Enterprises (MSME) in India. The MSME registration helps MSMEs to obtain various benefits provided by the government for
The Section 80D of the Income Tax Act allows a taxpayer to claim deductions of up to ₹25,000 for individuals and ₹50,000 for senior citizens. 80D tax deductions include medical insurance premiums for self, parents, dependent children, and spouse. The idea is to encourage people to secure themselves and their families against unexpected medical expenses. Section 80D tax
An Occupancy Certificate is an essential document certifying the construction of the building and that it complies with the local laws, and according to permissible plans. The local municipal authority issues the Occupancy Certificate upon the completion of the construction of the building and is ready to be occupied. Introduction Occupancy certificates are issued by
Section 194C of Income Tax Act, 1961 deals with the TDS that has to be deducted from specific payments made to resident contractors and sub-contractors. Generally, individuals paying the contractors or sub-contractors are entrusted with the responsibilities of deducting TDS. As a result, both parties involved, i.e. a contractor and a payer (party or person)
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