More time to file, but don’t miss the details! Taxpayers preparing to file their Income Tax Returns (ITR) for Assessment Year (AY) 2026–27 should pay attention to the latest update on filing deadlines. The extension provides additional time to eligible taxpayers covered by the relevant CBDT circular to complete their return filing and review important…
Businesses with multiple offices, warehouses, factories, stores or project sites often manage assets and inventory across different locations. Keeping records accurate and consistent can be challenging when each location follows different procedures or maintains documentation differently. Physical verification services can help organisations check their assets and inventory, compare physical items with recorded information, and identify…
Businesses may examine individual errors when reviewing operational issues; however, repeated observations can indicate underlying weaknesses in business processes. An internal audit can assess controls, procedures, documentation, approvals and responsibilities to identify process weaknesses. Analysing observations collectively can provide insights into operational efficiency, compliance, financial accuracy and risk management across different functions. Looking Beyond Individual…
Just keeping up with your tax filing is not enough to ensure accurate GST compliance. The businesses should make sure that there is consistency in the figures regarding sales, purchases, input tax credit, tax payments, etc. to be reflected in their accounting books and GST returns. A well-managed reconciliation process could be used to detect…
Multi-jurisdictional companies may need to present financial statements in multiple jurisdictions. For Indian companies that have foreign subsidiaries, investments, financing from foreign sources, and/or foreign parent company, it is essential for them to understand the differences between Ind AS and IFRS to support consistent financial reporting across jurisdictions. While the Indian Accounting Standards (Ind AS)…
Foreign investment reporting can become confusing when a company has to determine whether a transaction should be reported through FC-GPR or FC-TRS. Both forms are used for reporting foreign investment transactions, but they apply to different situations. The key distinction is simple: FC-GPR generally applies when an Indian company issues equity instruments to a person…
FEMA reporting requirements apply to several cross-border investment and borrowing transactions. Forms such as FC-GPR, FC-TRS, Form DI, Form ESOP, FLA Return, ODI-related forms and ECB-related returns may have prescribed reporting timelines. When a reporting deadline is missed, the delay does not necessarily mean that the underlying transaction becomes invalid. However, the reporting delay itself…
Transfer pricing benchmarking is used to evaluate whether pricing between associated enterprises is consistent with the arm’s-length principle. It generally involves identifying comparable uncontrolled transactions or independent companies and comparing their prices, margins, or financial results with those of the tested transaction or entity. Benchmarking may appear straightforward, but small errors in functional analysis, comparable…
Annual ROC filing is an important compliance requirement for companies. Two commonly used forms in this process are AOC-4 and MGT-7. While both are related to annual filing, they serve different purposes and contain different sets of information. AOC-4 is primarily used for filing financial statements and related documents with the Registrar of Companies, while…
Advance Tax and Self-Assessment Tax are both methods of paying income tax, but they apply at different stages of the tax cycle. Advance Tax is paid during the relevant financial or tax year based on estimated income and expected tax liability. Self-Assessment Tax is generally paid after the final tax liability is calculated and the…
