Knowledge Pool
Tips for SMEs & Start-ups to secure their financial data from Cybersecurity Threats
As we enter the 75th year of India’s independence it is important to recognise the 6.3 Crore plus SMEs who are the second largest employers of India after agriculture. They provide 80% of jobs with just 20% investment. They contribute around 31% to nations GDP and 45% of the overall exports and 34% of manufacturing output. SMEs including start-ups are
RBI – Master Direction on Digital Payment Security Controls
RBI has issued a Master Direction to provide necessary guidelines for the regulated entities to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services. Refer : Master Direction on Digital Payment Security Controls
Bad Bank : Is this a Good Idea?
In her latest Budget-2021 our Finance Minister has floated the idea of BAD BANK. The concept behind the Bad Bank is to clean the Balance Sheet of all the PSU Banks which are getting clogged due to rising NPAs. The Government intend to open a separate bank which will take over all the NPAs. Government will deal with all those
BUY-BACK OF SHARES
How to withdraw hard-earned tax-paid money from a Company has always been a challenge. Before any money can be paid to shareholders and promoters in the form Dividends or Buy back, the company already suffers a tax of 30% plus surcharge and Cess. The effective rate of Dividend Distribution Tax (which has been abolished from 01-04-2020) was 20.35%. Even now,
ITC on lift available or not under GST
Lift is not a machine , it is part of Building, is it true . is the ITC claimable on purchase of Lift . Let us discuss whether lift is machine or Building only we would reach to conclusion of ITC is eligibility. Section 17(5) blocks credit of works contract and goods or services received by a taxable person for
Third Party Risk Management
The recent Covid19 pandemic has made companies relook at their third-party relationships as for some companies supply chains for stressed or reliance on cloud providers increased, The view point pre-pandemic was that majority of third parties used can easily be replaced in the open market due to large number of options. Managements rated third party related risks low or quoted
GST Rules 89(5) cannot override Section 54(3) of CGST Act, 2017
In GST, Rules 89(5) can not override the Section 54(3) The Rules were meant only for the purpose of carrying out the provisions of the Act and they could not take away what was conferred by the Act or cutting down its effect.” This is placed with respect to Section 54(3) of CSGT Act , 2017. Rule 89(5) where the rule override the section 54(3). This has
SPEAK THE SAME LANGUAGE
When a group of people speak the same language, their attitude and opinion are on the same wave length. If two people were to communicate, they have to be sure that they are speaking the same language. However, one could be talking in English and the other could be replying in Hindi, and still they could be speaking the same
Applicability of Accounting Standards with Entity level
Dear Friends, Audit is a challenging task and the Auditor needs to comply with many Accounting Standards (AS) which keep changing over a period of time and one needs to keep a track of those changing requirements. AS are applicable based on type of Organisation, Size and Financial Standings. These have been defined under three entity level. For convenience of
An Opportunity in Crises !
What has COVID 19 done? Disruption – Biggest in shortest duration, of our life time. Lock-down, a reality, everywhere, in one way or the other. What to do? Behavioral change – though Optional for each one of us. What lies Ahead ? Opportunities!! Driven by changed behavior in a new world. Yes, it is a changed world now. A world
