CA Niteshkumar Delvadiya

RIGHT TECHNOLOGY To stay ahead of the game, it's crucial to invest in the right technology. From tax software to project management tools, make sure you have the best tools to streamline your operations. ORGANISED WORKSPACE A cluttered workspace can be a major distraction. Keep your desk clean and organized, invest in good storage solutions, and make sure everything has a designated place. DELEGATE TASKS Delegating tasks is essential to managing your workload effectively. Make sure you have a team that you can rely on and assign tasks based on each person's strengths. ACHIEVABLE GOALS Setting achievable goals is key to staying motivated and productive. Create a roadmap for your team with clear milestones, and celebrate when you hit them. TIME MANAGEMENT Effective time management is crucial to running a successful office. Prioritize daily tasks, use time blocking techniques, and make sure to take breaks to avoid burnout. OPEN COMMUNICATION Establishing open...

  GST : Tax Evasion or Incorrect Input Tax Credit Claim Section 73 & 74 of the CGST Act, 2017 Section 73 Section 74 The officer has reason to believe that there has been a tax evasion or incorrect input tax credit claimed. The officer has evidence that tax has been evaded with fraudulent intent. requires a belief or suspicion of tax evasion requires concrete evidence of fraudulent intent the taxpayer can pay the tax and penalty within 30 days of receiving the notice to avoid any further proceedings The taxpayer must respond within 30 days and prove their innocence. The penalty under Section 73 is limited to 10% of the tax amount The penalty under Section 74 can be as high as 100% of the tax amount.   the officer must have sufficient evidence to support their claim of fraudulent intent under Section 74   ...

Buying the Right Term Insurance doesn't have to be Difficult! You just need to answer 3 Simple Questions - 💵How much Cover should you have? 🗓️What's the Appropriate Term Length? 👨‍🦽What Riders should you take? How much Cover should you have? Choose a Sufficient Coverage Amount to cover your - 🔸Financial Goals 🔸Any Outstanding Debts 🔸Your Family’s day-to-day Expenses, and  🔸Provide Financial Support to your Dependents Here is a step-by-step guide to Choosing the Right Cover for You – - Calculate your day-to-day Household Expenses - Add to that all you Liabilities and Goals, such as a home loan or children’s education. - Include the additional expenses for Financially Dependent Parents The total of these expenses and goals is the amount of money that your Family will need - Deduct the Present Value of your Investments and Life Cover you already have. - Exclude assets such as your home and car, as your family members are likely to continue using them. Deduct your Investmen...

Here are essential do's and don'ts for filing GSTR-3B! 📝  Let's make tax compliance a breeze and take the stress out of managing your finances! 1) "Do's ✔️: a) Ensure accurate GSTIN & filing period b) Input correct taxable value & tax amounts c) Confirm Input Tax Credit (ITC) availability d) Pay any additional tax liability on time e) File even if there's no business activity f) Stay updated with applicable GST rates g) Keep necessary documents handy" 2) "Don'ts ❌: a) Don't file late to avoid penalties b) Avoid incorrect or incomplete data entry c) Don't miss out on claiming eligible ITC d) Refrain from over or under-reporting liabilities e) Don't ignore notices, rectify discrepancies ASAP f) Avoid mismatches in supplies, invoices & taxes g) Don't rely solely on software, double-check your entries"

As a business owner, it's important to understand the process of claiming Input Tax Credit (ITC) in Indian GST. Here's a step-by-step guide to help you claim ITC correctly and in compliance with the latest laws. 1/ Maintaining accurate records is key to claiming ITC. Ensure that all invoices and receipts are properly filed and organized. Any discrepancy in the details provided can lead to rejection of ITC. 2/ Check if the supplier has filed their GSTR-1 and GSTR-3B returns correctly. This is important because if the supplier has not filed the returns properly, the ITC claimed by you will not be allowed. 3/ Match the ITC claimed in GSTR-3B with the details available in GSTR-2B. Any discrepancies should be rectified before filing the returns 4/ Ensure that you have received goods or services for which ITC is being claimed. The ITC can only be claimed if it is in respect of goods or services received by the registered person. 5/ As per Section 17(5), certain supplies are excluded ...

Nithin Kamath has built over a billion dollar worth of wealth, all bootstrapped! But in the awe of all that wealth,  we forget that the wisdom he has given for free is worth a lot more valuable! 9 powerful lessons from Nithin Kamath (on investing, business, startups and life): 1. Ethics is everything. Zerodha is in the business where people often fall prey to the lure by brokers,  but for them protecting their customers is more important than growth. 2. Don't chase money. Do the right things, money will follow.  This thing crops up from his work as a trader for many many years.  In trading if you set goals to earn this much money in these many days, then you're going to make some wrong decisions. Because the market flows in it's own way, and your fixation with the result will screw your focus.  Get the process in trading right, the results will follow. 3. Not having an agenda and contained metrics for growth has helped Zerodha serve their customers better. Zerod...