MSMEs or Micro, Small, and Medium Enterprises contribute primarily to the socio-economic development of the country. MSMEs are governed by the Ministry of Micro, Small & Medium Enterprises in India and are also required to be registered under the Micro, Small and Medium Enterprises Development Act to avail benefits. What are Micro, Small and Medium…
Broadened TCS provisions In India
The Finance Act, 2020 has introduced several modifications in the Indian taxation thereby enlarging the scope of applicability of TCS provisions. AKGVG & Associates has summarized the amendments brought about in TCS provisions by the Finance Act, 2020 for ease of understanding. On sale of goods W.e.f. 1st October 2020, all sellers (with sales exceeding…
Importance Of Business Valuation
A common myth among many businesses is that they ought to know their company’s valuation only when they are looking to sell it. And this is where the businesses end up getting less than what they desire in terms of results. Many a time, business owners are too late in realizing the importance of valuing…
Forensic Accounting And Fraud Detection
Forensic Accounting has picked up its pace in recent times because of the depth in investigation that it brings to the table. It is a process of accounting wherein the professional forensic accountants use their investigation acumen to look into possible fraud or other such criminal activity. The data is used in the legal proceedings…
Implications Of COVID On Valuations For Financial Reporting
The pandemic COVID-19 outbreak and subsequent lockdown has severally affected global economies which have resulted in business disruption, volatility and significant fall in revenue of the companies worldwide. Valuers while doing valuation for financial reporting or other purposes are required to take impact of this significant global event and arrive at fair value after due…
Challenges in Conducting Internal Audit During COVID Times
We are more than aware of the challenge that the ongoing COVID19 situation has thrown at us. The impact has been so sudden that the business as well as audit teams were compelled to change the fundamental way of working overnight. As the auditing teams were working remotely, the other vital cogs within the auditing…
Analyzing a Payroll Service Provider
Gone are the days of having traditional, inconvenient in-house payroll systems. There are more reasons than one to do so with major reasons being they’re repetitive, complicated and prone to human error. If you switch to a payroll solution, it can reduce costs, minimize mistakes and lets you plan your business better toward growth. That…
What is marketing audit and its advantages?
It comes as no surprise that marketing whether traditional or digital, shapes up the businesses. In order to get consistent results from all the marketing put in place, it is important to have a regular evaluation with regards to how well your programs are doing to drive the inbound sales which can eventually lead to…
Foreign Exchange Management Act (FEMA), Its Meaning And Regulations
FEMA stands for ‘Foreign Exchange Management Act’. This is an official act amends and implements laws regulating foreign exchange in India. FEMA was established with the objective of “facilitating external trade and payments and promoting the orderly development and maintenance of foreign exchange market in India”. This act was a replacement of the Foreign Exchange…
Studying Coso’s 4 Components Of Internal Control Over Financial Reporting
One of the first requisites for a company’s management is the formulation of reliable financial data. If the business is handled efficiently, it can have a logical consequence which can give access to accurate information that determines the decision making for its operations. What is Internal Control Over Financial Reporting? Internal Control Over Financial Reporting…