SBS Global

  Direct Taxes Partial relaxation with respect to electronic submission of Form lOF by select category of taxpayers in accordance with the DGIT (Systems) Notification №3 Of 2022. Reference is invited to Notification №03/2022 dated 16th July 2022 issued by Directorate of Income Tax (Systems) New Delhi in the exercise of powers conferred under Rule 131(1)/(2) of the Income-tax Rules mandating, inter alia, furnishing of Form 10F electronically. On consideration of the practical challenge being faced by non-resident (NR) taxpayers not having PAN in making compliance as per the above notification, and with a view to mitigate genuine hardship to such taxpayers, it has been decided by the Competent Authority that such category of Nonresident taxpayers who are not having PAN and not required to have PAN as per relevant provisions of the Income-tax Act,1961 read with Income-tax Rules, 1962, are exempted from mandatory electronic fil ing of Form lOF till 31’t March 2023. For the sake of clar...

Background Under Section 143(3)(i) of the Companies Act, 2013 (2013 Act) , an auditor of a company is required to state in his/her audit report whether the company has an adequate internal financial controls (IFC) system in place and the operating effectiveness of such controls. Explanation to Section 134(5)(e) of the 2013 Act defines IFC to include policies and procedures adopted by the company for ensuring orderly and efficient conduct of its business, accuracy and completeness of the accounting records, and timely preparation of reliable financial information. The Institute of Chartered Accountants of India (ICAI) had issued a Guidance Note in November 2014. This Guidance Note has been revised subsequently and the ICAI issued a revised ‘Guidance Note on Audit of Internal Financial Controls Over Financial Reporting’ (Guidance Note) on 14 September 2015. What is Internal Financial Control Over Financial Reporting? Internal Controls are to be an integral part of any organization’s fina...

  Why Business Owners Should Outsource Bookkeeping And Accounting Services? Introduction to Outsourced Bookkeeping & Accounting Services If you’re a business owner, you know that time is money. You also know that being organized and efficient can make all the difference when it comes to running your business. That’s why it’s important for bookkeeping and accounting services to be outsourced. Here are some reasons why: 1. Outsourcing is an Effective Strategy Outsourcing your bookkeeping and accounting services is an effective strategy for business owners. The main reason for this is that it can help you to focus on your core business, instead of being distracted by the day-to-day operation and management of your finances. Outsourcing also allows you access to real-time data which is essential in order for you to manage cash flow effectively. Without accurate financials, it’s impossible for business owners to make informed decisions about their operations and growth potentials. 2...

  Background During 2019 and 2020, as many as 29 labour laws amalgamated, simplified, rationalized into 4 labour codes as below: The code on Wages 2019 The Industrial Relations Code 2020 The code on Social Security 2020 The Occupancy Safety, Health and Working Conditions Code 2020 These four codes are likely to be implemented soon as around 23 states have already come out with draft rules (as Labour is Concurrent subject) How New Labour Code Impact Employees? The four codes, if implemented, will drastically alter the way industrial houses treat their employees and also impact the working hours, take home salary and other rights of employees. Once the wages code comes into force, there will be significant changes in terms of salary restricting, basic pay, provident fund, gratuity of employees are calculated. A key change is that it would impact take-home pay, but increase retirement savings—something that a section employers are opposed to as it may increase their employee costs. As...

The New CFO Mandate: Reshaping a new finance function for the post-pandemic new The pandemic-driven upheavals have caused several broader disruptions in the business world with human-stress and economic-turmoil having the largest impact on the CFO fraternity. In the fall-out, CFO have lost jobs, taken early retirement or started looking for alternate opportunities. The business world is now evolving a new mandate for CFO with the background of persistent worries about the pandemic, economic recovery & anxiety about the durability of the economic boom, new normal and need to manage the transition to a world reshaped by trends like hybrid work and digital transformation. According to the latest McKinsey Global Survey on the role of the CFO,1 finance leaders are deeply involved in determining how businesses adapt to these trends — particularly in those places where digital and finance intersect. The new mandate will include the following main thrust which a CFO/ Virtual CFO may have t...

  Every organization be it a Large Corporation or a Start-Up or a Mid-Size requires a Chief Financial Officer (CFO). Most small & mid-sized organizations hire a Controller & NOT a CFO & mostly are unaware of the services carried out by a CFO & the different skill sets required to carry out the Virtual CFO Services . One of the more popular facts is that 90% of the Start-Ups fail, out of 10% businesses that survive, fewer than 50% of these businesses make it their fifth year & further only 33% of them make it to their tenth year & another interesting fact to note is 40% of failure is due to Cash Flow Problems. Thus one of main problem keeping the business from growing into a profitable venture is FINANCIAL MANAGEMENT & a typical Controller would not be completely equipped to financial management functions & thereby putting the Organization at huge Risk. A Controller is highly skilled to tackle your book-keeping & establishing Internal Controls ...