Mayur Kumar

🌟 ITC Reconciliation with The Invoice Management System (IMS) ! 🌟 👉 What is IMS? The Invoice Management System (IMS) is a new feature in the GST Portal that allows you to: • Accept invoices to seamlessly avail ITC. • Reject incorrect invoices. • Keep Pending those you want to revisit later. 🗓️ Launch Date: October 1, 2024 🖱️ Access Path: Dashboard > Services > Returns > Invoice Management System (IMS) Dashboard 🔗 Refer detailed FAQs about IMS. #GSTUpdate #IMS2024 #InvoiceManagement #TaxTips #BusinessGrowth #FinanceSimplified

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Accurate accounting can not happen without the right financial forecasting. They help stakeholders make important and informed decisions, evaluate performance and manage risks - all of which are critical to have the right planning for your business. This is especially relevant for small businesses in India. The Indian market is extremely volatile and hence, it is important to be prepared. Read this blog to understand the role financial analysis plays in decision making for small businesses: https://lnkd.in/d3d42-cT #finsmartaccounting #accountingandaccountants #finance #analysis #forecasting #outsourcing

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As a fractural CFO, I have learned. It is not only the skills in, Performance, Financials Models, cash flow, KPI to compliances and risk analyses etc. we bring into the business, it also relies on: ·      Quickly adapt the business's financial health ·      Communication ·      Not only with the management ·      But all departments where the process has a financial effect on the business to understand where to ·      Make regular walks through the organisation and talk to the employees from all departments. ·      Identify the areas for improvement and what potential risks can be mitigated in the planning process. ·      Implement change strategies to drive stability, growth and scaling, on a more long-term basis. ·      Change is one of the ways to reach exceptional growth also the possibilities to reach new heights ·      How do we stay updated on the data side to continuing to be efficient. ·      Automation – Digitalization is that on the roadmap ·      New technologies, what do we need and when. Experience / what to bring to the table / Comments ·      Comes from a professional finance environment with a high standard ·      That can either be a plus, have the knowledge and expertise, but also on the negative side, how long do I need to upgrade to get a dissent level of standard, that can be a challenge, but getting the understanding of the Business “infrastructure” throughput the organisation then I can have ideas to move the business forward to reach new levels. ·      My journey has been from Banking to SME to start-up (from scratch) and large Manufacturing companies all with a global present and responsibility. ·      Worked with organisations with teams spread over several time zone and cultures from Europe, the US and Southeast Asia, which have given me the opportunity to work with fantastic people from all over the world and gain their respect and friendship, that respect and friendship comes from approach to talk as many as possible to show visibility and gain insight Success, to me, lies in adding value to organizations, driving financial improvements, and fostering growth collaboratively. By upgrading skills internally and fostering a culture of continuous improvement, we pave the way for sustainable scaling and success.

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In India all the listed companies irrespective of their networth and unlisted companies (having NW of 250 crores or more) apply Ind AS for their accounting and reporting. The same rule applies to NBFCs also. While the Banking Industry marks a sizable contribution to Indian GDP, still they are following old AS for their accounting and reporting due to the stringent loss provisioning model in Ind AS. The Reserve Bank of India (RBI) Governor Shaktikanta Das, on July 11, said the framework on the Expected Credit Loss (ECL) is expected to be out in the current financial year. This will help in curtailing the headwinds in the Ind AS implementation of Banks and hopefully Banks will see the Ind AS ledgers from FY 2025-26.

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The poll result is out, so 68 % thinks that you should be CA to become a CFO, or rather 32% says that you don’t need to be CA to become CFO #CFO #CA #wakeupcall CFO Club CFO India

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Fianance interesting subject. After listening to the video I wonder how does the whole tax cycle work. Eye opening pointers revealed apart from direct taxes the amount on indirect taxes which we are unknowingly or knowingly paying, has put alot of questions. Crisply points put forth. Eye opening.

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‼️𝐁𝐨𝐨𝐬𝐭 𝐘𝐨𝐮𝐫 𝐑𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐰𝐢𝐭𝐡 𝐍𝐏𝐒‼️ The recent Budget 2024 has brought exciting updates to the National Pension System (NPS), making it an even more attractive option for retirement planning! 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐍𝐏𝐒: 1. 𝐓𝐚𝐱 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬: Contribution to NPS is eligible for tax deduction under Section 80C and additional deduction of ₹50,000 under Section 80CCD(1B). 2. 𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭: Your savings grow with the power of compounding, ensuring a substantial corpus for retirement. 3. 𝐅𝐥𝐞𝐱𝐢𝐛𝐢𝐥𝐢𝐭𝐲: Choose from various investment options and switch between them as per your risk appetite. 4. 𝐏𝐨𝐫𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Take your NPS account with you, even if you switch jobs or relocate. 5. 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐞𝐝: NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), ensuring safety and security. 𝐑𝐞𝐜𝐞𝐧𝐭 𝐁𝐮𝐝𝐠𝐞𝐭 2024 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: 1. 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐝 𝐓𝐚𝐱 𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧: The tax exemption limit for NPS contributions has been increased from ₹1.5 lakh to ₹2 lakh under Section 80C. 2. 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧: The government will now contribute 14% of the employee's salary to NPS, up from 10% earlier. *𝐓𝐡𝐢𝐧𝐤𝐢𝐧𝐠 𝐨𝐟 𝐨𝐩𝐞𝐧𝐢𝐧𝐠 𝐚𝐧 𝐍𝐏𝐒 𝐚𝐜𝐜𝐨𝐮𝐧𝐭?*   𝐔𝐬𝐞 𝐦𝐲 𝐫𝐞𝐟𝐞𝐫𝐫𝐚𝐥 𝐥𝐢𝐧𝐤 𝐭𝐨 𝐠𝐞𝐭 𝐬𝐭𝐚𝐫𝐭𝐞𝐝: https://lnkd.in/gev-4uVW . 𝐈𝐭'𝐬 𝐚 𝐬𝐞𝐜𝐮𝐫𝐞 𝐚𝐧𝐝 𝐞𝐚𝐬𝐲 𝐰𝐚𝐲 𝐭𝐨 𝐬𝐚𝐯𝐞 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐟𝐮𝐭𝐮𝐫𝐞! #NPS #RetirementPlanning #Budget2024 #TaxBenefits #FinancialFreedom #PensionFund #InvestSmart #linkedin #linkedinlearning

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Everything You Need To Know About ESOP #What Is An ESOP? Employee Stock Ownership Plan (ESOP) is a form of employee benefit plan designed to incentivise employees by providing them with company stocks. Employees can encash these stocks after a specific period at a pre-determined value. #What Are The Benefits Of Issuing An ESOP? #Benefits For Employees: ESOPs offer several benefits to employees such as stock ownership, dividend income and the ability to buy shares at a discounted rate. Employees can become part owners of the company, earn additional income through dividends, and invest in the company at a preferential rate. #Benefits For Startups: By offering ESOPs, startups can retain talented employees, boost productivity and attract new employees, especially in the initial stages when high salaries may not be feasible. #How Are ESOPs Taxed? Tax is imposed on ESOPs at two points: During exercise and at the time of selling shares. Exercise Of ESOPs: The difference between the fair market value (FMV) and the exercise price is taxed as salary, depending on the salary slab of the employee. Selling Shares: In this case, the difference between the sale price and exercise price is taxed as capital gains. An exemption under Section 54F allows long-term capital gains from ESOPs to be used for purchasing residential property, subject to certain conditions. #Disadvantages Of ESOPs For Startups? Managing an ESOP can be complex and time-consuming, involving tasks like plan administration, legal compliance, and documentation upkeep. This can be especially challenging for bootstrapped startups, which lack expertise and time. Another consideration is the cost, which includes transaction and setup/maintenance expenses. Despite these costs, the tax advantages and overall benefits of having an ESOP can outweigh them, making it a worthwhile option for startups. GHC Growth Lab Mittu Tigi Eldhose Johnson Ramees Ali Naseef Nazar CS Neha Maheshwari Advocate Aashima Kalra CA Shailee Chaudhary Gitta Perez AI Muhammed Bas Van Den Brande Ciril Varghese Darshil K. Divya E. Firdous Maqbool Girish Batra Varun Jain, CPA, CMA Shubham Sharma Infinity StartUp GmbH Startups Kerala Startup Mission Invest in Finland

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GST Updates To facilitate taxpayers in invoice matching, GSTN to launch IMS from Oct 1 In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal. #IMS #invoicemanagementsystems #gstupdates #jaiupdates #indirecttax #accounts #einvoice

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Today, I feel compelled to share an experience that diverges significantly from the trust and quality we often associate with renowned brands. It's with a heavy heart that I bring forth my recent encounter with #Croma , a subsidiary of the esteemed #TATA enterprise, known for its commitment to excellence across various domains. Having vested my trust in the TATA name, I made the decision to purchase electronics from Croma, expecting a seamless and customer-centric shopping experience. Regrettably, the reality was starkly different, and it's an experience I believe is important to share, both as a caution and an appeal for better standards. Product Quality and After-Sales Service: A Letdown The allure of purchasing from Croma was twofold: the promise of high-quality products and the assurance of exemplary after-sales service. However, the products did not live up to the expectations set by their brand name. Issues arose shortly after the purchase, naturally leading me to seek assistance from their customer service. This brings me to the crux of my disappointment - the after-sales service. The expectation of reliable support became a series of prolonged waits, culminating in a disappointing 27-30 minutes on hold, only to be met with a response that network issues prevented any meaningful assistance. A Reflection on Brand Promise vs. Reality The essence of a brand lies not just in the quality of its products but equally in the support it extends to its customers post-purchase. It's disheartening to see a brand under the TATA umbrella falter at what should be a fundamental aspect of their service. This experience has been not just an inconvenience but a revelation. It underscores an urgent need for Croma to reassess and realign its after-sales service framework to truly reflect the values of trust,commitment, and customer satisfaction that the TATA name inspires. A Call for Collective Voice Sharing this experience isn't about highlighting a series of negative incidents but about advocating for the consumer rights we all hold. It's a call to action for brands, especially those with a legacy like TATA's, to uphold the highest standards in every customer interaction. In a world where choices are plentiful, the true differentiator is the care and respect a company shows its customers through not just their products but their support systems. It is my hope that by bringing this to light, we can encourage a dialogue that leads to tangible improvements, ensuring that the trust we place in our chosen brands is never misplaced. #croma #tata Avijit Mitra Croma Tata Group #cromasouthex

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You traded in F&O last year & incurred a loss. But this loss can help save your taxes. How? Taxpayers, especially those salaried but traded in F&O, do not report these in their tax returns. While this may happen due to sheer ignorance; writing all your sources of income is mandatory. You may receive a notice from the tax department for non-compliance. The income arising from trading in Futures and options is considered normal business income/loss. Hence ITR-3 needs to be to report this income. Kindly note that it's ITR- 3 not ITR 1 or 2. If your business resulted in a loss, don’t worry, report it in your tax return. It can be adjusted from income from remaining heads such as rental income or interest income (cannot be adjusted from salary income). Any unadjusted loss can be carried forward for eight years. So take the benefit of F&O Losses in your ITR & save taxes. Looking for an expert to help you in filing ITR with F&O Losses, connect in the DMs. P.S. The last date to file your ITR for F.Y. 2023-24 is 31.07.2024. You can just file your ITR before that to avoid extra penalties & interest.

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Reliance Retail: The Retail King of India 🌟 In just a few years, they've become the undisputed leader in Indian retail, outselling FMCG giants like ITC, HUL, DMart, Nestle, Britannia, Tata Consumer, and Godrej Consumer COMBINED in FY24! Their topline of Rs 3 lakh crore is a staggering to their unparalleled scale and success. It's not just big, it's DOMINANT. Their sales are more than FIVE TIMES that of Avenue Supermart, the current leader in listed retail companies. With numbers this impressive, everyone's wondering: what would Reliance Retail be worth if it went public? Several brokerages estimate a whopping $110 billion valuation, exceeding even FMCG titans! What do you think? Is Reliance Retail the next big IPO superstar? #India #RelianceRetail #IndianRetail #IPO #Business #SuccessStory

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The Critical Role of the Accounts and Finance Department in Every Company The Accounts and Finance department is the backbone of any successful organisation. Its importance extends far beyond mere number-crunching; it is integral to strategic planning, operational efficiency, and long-term growth. Here’s why the Accounts and Finance department is indispensable: 1. Financial Planning and Analysis: This department provides vital insights through financial forecasting and budgeting. These insights guide decision-making, helping the company allocate resources effectively and plan for future growth. 2. Cash Flow Management: Effective cash flow management ensures that the company can meet its financial obligations, invest in new opportunities, and navigate economic fluctuations with confidence. 3. Compliance and Risk Management: Adhering to regulatory requirements and managing financial risks are critical to maintaining the company’s reputation and avoiding costly penalties. The Accounts and Finance team ensures that the company stays compliant and prepares for potential financial risks. 4. Cost Control and Profitability: By analysing costs and identifying areas for savings, this department helps enhance profitability. Efficient cost management is essential for sustaining competitive advantage and operational efficiency. 5. Strategic Decision Support: Financial data and analysis are crucial for strategic planning. The Accounts and Finance team provides the necessary information to support decisions on mergers, acquisitions, expansions, and other significant investments. 6. Stakeholder Confidence: Accurate financial reporting builds trust with investors, creditors, and other stakeholders. Transparency and reliability in financial reporting are fundamental to sustaining investor confidence and securing funding. In essence, the Accounts and Finance department is a key pillar that supports and drives the entire organisation. Its role in shaping strategy, ensuring stability, and promoting growth cannot be overstated. Recognising and investing in this department is essential for any company aiming for sustained success. #Finance #Accounts #BusinessGrowth #StrategicPlanning #CorporateFinance I’d love to hear your thoughts on the importance of the Accounts and Finance department. How has this team been crucial in your organisation’s success?

July 31st the due date for individual income tax returns for FY 2023-24 (AY 2024-25) in India is approaching fast. Whether you are filing on your own or through a tax consultant, some friendly advice: 1. Don't wait till the last day to file as paucity of time can lead to errors / confusion coupled with slowness of tax portal. 2. Before filing, keep all key documents ready such as Form 16, Shares / MF Statments from Bank / Broker, Other Income Documents etc. 3. In addition to Form 26 AS Annual Tax Statement (ATS), Annual Information Statement (AIS) is also available on TRACES which gives a much detailed view of transactions reported to Income Tax from various sources. Particularly look out for Capital Gains transactions (Shares, MF etc.) which may not be in ATS as Tax applies but no obligation on Payer to do TDS. AIS corrections can be reported online by portal seems to have some technical issue since it's new functionality. 4. Cross check information in AIS with available sources. E.g. Shares, MF tax Statements from Bank vs reported in AIS. 5. Whether you are filing online (ClearTax or other sources) or through Consultants insist on a single folder with all backup documents including Tax Computation. This becomes basis for future assessment. 6. Lots of reporting sections whether TCS, Foreign travel reporting, Property Purchase TDS, Details of Asset & Liabilities need to be carefully filled. 7. Avoid petty tax evasion practices as Tax department has become much smarter & advanced with use of Technology. Remember, there is a difference between Tax Planning & Evasion. Pay differential taxes (if any), file return & remember to E-verify. 8. Even if you have missed Tax Planning for the year, remember there is always next year to do better. Well, practicing what I preach. I did my filings & wishing you the best for yours. Let's contribute in nation building. After all we 2% tax payers should continue to do our duty for a nation of 1.5 Bn people 👍

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