We have an in-depth exploration of the SEC’s recent and proposed Broker-Dealer Amendments—a comprehensive guidebook decoding the intricate world of securities transactions and the evolving roles within the financial landscape. Here, we work through: 1. What are Broker-Dealers? 2. Impact of FINRA’s Regulatory Notice 23-02 Amendment Overview Implementation Steps Summary 3. SEC Proposes Amendments to Enhance Customer Protection Rule Rule 15c3-3 Overview Proposed Amendments Summary 4. Footnote 74: Exemption Process for Non-Carrying Broker-Dealers Amendments and Industry Response Details of Fo ..read more

In the dynamic landscape of today’s global economy, India has emerged as a prominent player with immense potential and influence. As one of the world’s largest and fastest-growing economies, India’s role in the global market has evolved significantly. This transformation is a testament to India’s economic prowess and reflects the changing dynamics of international trade and commerce. In this regard, Foreign Trade Agreements (FTAs) have become crucial instruments that shape a country’s economic landscape and international relations. Here, we explore the recent Foreign Trade Agreements executed ..read more

Introduction Tax audit is a crucial aspect of the Indian income tax system, governed by Section 44AB of the Income Tax Act, 1961. It is a comprehensive examination of an individual’s or a business organization’s financial records, tax returns, and books of accounts to ensure compliance with the provisions of the Income Tax Act. The primary purpose of a tax audit is to verify the accuracy of the information reported on tax returns and to identify any discrepancies, errors, or potential instances of tax evasion or fraud. Tax audits can be conducted by tax authorities, such as the Internal Revenu ..read more

Introduction The Foreign Exchange Management Act (FEMA) is the critical piece of legislation in India, regulating foreign exchange transactions, investments, and payments. It encompasses various aspects of international financial dealings, including the requirement for companies to submit a mandatory Annual Performance Report (APR). It was introduced in 1999 to replace the previous Foreign Exchange Regulation Act (FERA) and is aimed at facilitating external trade and payments and promoting orderly development and maintenance of the foreign exchange market in India. Here, we will explore the im ..read more

Introduction TDS under section 194R was introduced in the Union Budget 2022, and it was made effective from 1st July 2022. Section 194R was introduced to avoid tax evasion in case of income received in the form of any perks or other non-monetary benefits from the business or profession. Before this section was introduced people used to manipulate their income by claiming expenses for the benefits or gifts provided to their distributors or channel partners under the provisions of the Income Tax Act, 1961. Applicability Any resident person who receives any gift, perquisite, incentive, or any oth ..read more

Introduction Where Compensation is received at the time of voluntary retirement or in case of separation, the income received as compensation is exempt from tax if the following conditions are satisfied- Compensation is required to be received on voluntary retirement or voluntary separation. Compensation is received by an employee from the following undertakings- an authority which is established under Central, State or Provincial Act; local authority; university; an Indian Institute of Technology; the State Government; the Central Government; a notified institute having importance throughou ..read more

IntroductionA start-up is a type of business venture that is usually a new and rapidly growing company. The goal of a start-up is to identify an unmet need and create a profitable business model around an innovative product, service, process or platform. A startup is usually a company designed to effectively develop and validate a scalable business model. Startup India policyThe Indian government launched the “Startup India” initiative in 2015, aimed at promoting entrepreneurship and innovation. Some of the key elements of this initiative include: Funds of Funds A “Fund for Startups” has been ..read more

Are you looking to expand your company into the global market but unsure of how to navigate it? In this article, we’ll discuss how outsourcing the payroll services can allow US companies to take advantage of international opportunities and why they are so important for growth! Introduction As the world becomes increasingly connected, more and more businesses are looking to expand their operations into global markets. However, expanding into new markets can be a challenge, especially when it comes to managing payroll. By working with a payroll service provider, businesses can outsource their pa ..read more

Analytical procedures (SA 520) are used to evaluate the financial information by analyzing the plausible relationships between financial as well as non-financial data. Auditors refer to SA 520 in order to investigate the identified fluctuations or relationships that do not match with the other relevant information, or which differ from the expected values with a significant amount. There is a particular order in which Analytical Procedures are conducted. This order can be explained by the following steps: Step 1 – Studying suitable plausible (probable) interrelationship in financial and non ..read more

We are all familiar with Scams and Frauds! Even the Corporate Sector is not left untouched, and the alarming increase in fraud from Stayam to ABG Shipyard leads to not only decreasing investors’ interests but also keeping the deserving ones away from resources and support. Not only investors of these industries and the corporate sectors but also the public at large must have an awareness of what constitutes fraud, what are the duties we, being Chartered Accounts, have towards the same, along with the procedures that Chartered Accountants need to adhere to in such situations. So, starting with ..read more