In today’s dynamic business landscape, handling finances and adhering to tax regulations can often feel overwhelming.If you’re running a business in Gurgaon, having a trusted financial partner is essential. One of the top firms offering expert accountancy and consultancy services is DMC Global LLP. Known for their high-quality service and personalized solutions, DMC Global LLP […]
In today’s rapidly evolving business landscape, companies are always looking for ways to streamline operations, cut costs, and enhance efficiency. Outsourcing, especially for accounting functions, has emerged as a highly effective strategy to achieve these goals. By outsourcing accounting services, businesses can enjoy a range of benefits, including significant cost savings and access to specialized […]
What is the Work of a CA Firm? Chartered Accountancy (CA) firms provide a broad spectrum of financial services critical to businesses and individuals alike. At DMC Global, our work spans several key areas: Audit and Assurance: We offer thorough auditing services to ensure the accuracy and compliance of financial statements. Our audits help businesses […]
DMC GLOBAL the evolving landscape of business operations and tax compliance, GST registration stands out as a crucial aspect for enterprises. Goods and Services Tax (GST) has transformed the way businesses manage taxes, integrating various indirect taxes into a single, streamlined process. For businesses aiming to remain compliant and optimize their operations, understanding why GST […]
Query: Does reverse charge liability under GST arise on provisions for expenses booked in accounts? Our opinion is sought keeping in view: Provisions of CGST Act, 2017 read with CGST Rules, 2017 Indian Accounting Standard-37 “Provisions, Contingent Liabilities and Contingent Assets” Analysis and Facts: To further analyze the query, it is imperative to quote the […]
Background & Facts: Section 197 of the Income Tax Act, 1961 provides for the facility of NIL deduction of tax at source or at a deduction at a Lower rate of tax. To avail of this benefit the assessee whose TDS is likely to be deducted on certain receipts should make an application before the TDS Assessing […]
Introduction and Legislative History of Section-14A – Section 14A is a disallowance provision. This section provides that while computing the total income of any assessee, no deduction will be permitted in respect of any expense incurred in relation to any income which is exempt from income tax. Position prior to the introduction of Section 14A: Prior […]
Research and Analysis on reporting of certain transactions in as envisaged u/s 40A(2)(b) of the Income Tax Act, 1961. Section 40A(2) of Income Tax Act, 1961 deals with payments to relatives and associated persons. It provides that where the assessee incurs any expenditure in respect of which payment is to be made to a specified person […]
Research and Analysis on applicability of GST on gifts, rewards and recognition by Employer to Employees: The taxability and availability of Input Tax Credit on Gifts has always been a matter of discussion and confusion. With the implementation of GST, the term gift has become a buzzword. The gifts are provided by the company for the purpose […]
Research and Analysis on Generation of IRN and QR Code after the date of InvoiceEver since the concept of E-invoicing was approved by the GST council, the buzz around Einvoicing has gained importance among the business community. In the 37th meeting, GST council approved a standard E-invoice which was held on 20/09/2019 and accordingly a […]