Hasmukh Shah & Co. LLP
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Hasmukh Shah & Co. LLP is a multi-disciplinary chartered accountant firm that offers a gamut of services like Setting Up Business in India, Business Support Services, Audit & Assurance Services and Tax & Regulatory Services to clients that are currently conducting or initiating business in India.
Hasmukh Shah & Co. LLP
11h ago
Mentoring fresher is a key strategy for fostering business growth. By guiding and nurturing new employees, experienced team members help fresher quickly adapt to the company's culture and processes. This enhances their productivity and effectiveness, enabling them to make meaningful contributions to projects and initiatives more quickly. Through mentorship, fresher gain valuable insights, industry knowledge, and best practices that enable them to excel in their roles. Mentoring fosters the development of future leaders and cultivates a collaborative, innovative workplace conducive to long-term ..read more
Hasmukh Shah & Co. LLP
1w ago
Giving and receiving gifts is an integral part of India’s cultural heritage. While in most cases, the value of such presents is nominal, but in some cases, the value of gifts such as property, jewelry, works of art, etc., can be substantial. Inheriting wealth or receiving a generous gift can be endearing, but the joy can be dampened by confusion about potential tax implications. Navigating the intricacies of gift and inheritance taxes in India necessitates a thorough grasp of specific regulations and exemptions. How does the Income Tax Act Define a ‘Gift’? Under the definition provided by the ..read more
Hasmukh Shah & Co. LLP
3w ago
In the realm of finance, where numbers reign supreme and transparency is paramount, one aspect stands out as a critical focal point for maintaining organizational integrity: accounts payable internal controls. These controls serve as the guardians of financial accuracy, ensuring that every penny spent aligns with company policies, procedures, and ethical standards. Let's delve into why bolstering these internal controls is not just advisable but imperative for any business striving for financial health and trustworthiness. Guarding Against Errors and Fraud Accounts payable processes are vulner ..read more
Hasmukh Shah & Co. LLP
1M ago
As the financial year-end approaches, accountants in India play a crucial role in ensuring that corporate companies adhere to essential checks and balances for a smooth transition into the new financial year. With March 31st marking the end of the fiscal year and April 1st signaling the beginning of a new one, meticulous attention to detail is paramount to maintain financial integrity and compliance. Let’s delve into key considerations for accountants in India during this critical period. Year End Closing Entries: During year-end closing, a crucial responsibility entails making essential closi ..read more
Hasmukh Shah & Co. LLP
1M ago
The Ministry of Corporate Affairs (MCA) has mandated all companies, regardless of size or complexity, to incorporate an audit trail feature in their accounting software, aiming to bolster accountability and transparency. Originally slated for implementation in the financial year starting April 2021, the requirement was deferred twice and is now enforced from April 1, 2023. This initiative aligns with MCA's efforts, including Revised Schedule III and CARO 2020, towards greater transparency and accountability. While such requirements aren't common globally, MCA's move, positions it as a pioneer ..read more
Hasmukh Shah & Co. LLP
1M ago
Background: As per the Income Tax law, employers are required to calculate the income tax for each employee based on the chosen tax regime (Old or New) and deduct TDS from their salary accordingly, following the Income Tax Slab Rates. At the beginning of the financial year i.e. in April, employers are required gather declarations from employees regarding their savings, rental expenses, investments, tax regime etc., which are essential for availing exemptions under salaries, commonly referred to as “Income Tax Declarations”. During the income tax calculation process, declared exemptions and ded ..read more
Hasmukh Shah & Co. LLP
1M ago
In their efforts trying to promote growth of Micro Small & Medium Enterprises, Government has brought about amendment effective from 1st April 2024 which requires all business entities, including companies, proprietorships, partnership firms, or LLPs, to timely make payments to registered Micro and Small enterprises suppliers. Section 43B(h) of the Income Tax Act, a provision introduced in the 2023 Finance Bill, has generated significant confusion as well as anger among business community engaging with Micro and Small Enterprises. To claim the deduction, the payment to Micro & Small En ..read more
Hasmukh Shah & Co. LLP
2M ago
In today’s dynamic business operations, strategic asset management stands as the cornerstone of organizational excellence. Whether its machinery, equipment, or digital assets, keeping track of these resources is essential for enhancing operational efficiency, curbing costs, and upholding regulatory standards. Within this paradigm, asset tagging and verification emerge as pivotal mechanisms, providing businesses with the means to accurately monitor, manage, and protect their valuable assets. Let's now dive into the specifics of Asset Tagging and Verification. What is Asset Tagging? Asset ..read more
Hasmukh Shah & Co. LLP
2M ago
As we boldly stride into the Digital Age, India advances towards a cashless future! In a sweeping transformation, India’s digital payment ecosystem has surged forward, propelled by a synergy of government mandates, financial institution’s innovations, and technological expertise. The country's demonetization drive in 2016, aimed at curbing black money and promoting a cashless economy. This pivotal moment not only accelerated the adoption of digital payments but also revolutionized the way transactions were conducted. One of India's most popular digital payment methods is the Unified Payments I ..read more
Hasmukh Shah & Co. LLP
2M ago
Managing a business requires meticulous attention to numerical data, requiring constant monitoring to achieve success. As we step into 2024, let's talk about some important trends in accounting that business owners must pay attention to. Let’s discuss these trends, examine their impact on businesses and outline an actionable plan to maintain a competitive edge. Digital and AI Taking the Lead: Technology is moving fast, and in 2024, we’ll see even more focus on digital and AI (Artificial Intelligence) tools. These tools can do things like handling repetitive tasks and providing insights. Being ..read more