TYASuite - Cloud ERP Solutions

                                                      MSMEs and Small Business  India had initially declared a nationwide 21-day lockdown to counter the spread of the CoVid-19 pandemic. To curtail it further, India brought Lockdown 2.0! Many people around the world are commending this as a great step against the spread of the virus. While this may be true, it is also true that the implementation of the lockdown has left much to be wanted, and one of the biggest victims has been the Indian economy. All businesses, from MSMEs to industry giants, are now at a loss as to  how to survive the business downturn . Business owners must now take drastic steps, or they simply will not make it through this. Many analysts are convinced that the overall global losses are in danger of surpassing the combined losses during WWI and WWII!  The National Statistical Office (NSO) calculated that the current job-market was at its worst, and unemployment had peaked to the max in 45 years.Barclays has

The whole world is coming out with their advisories for dealing with the implications of the Covid-19 Fallout. The sole accounting body in India has not left its footprint for the same. Although SEBI has given more time to file earnings reports , corporates are still trying to meet their internal deadline amidst this fight against the Coronavirus. This puts a very high pressure on CFOs and Auditors to close the numbers and sign off while working from home. The ICAI has released its guidelines for CFOs and Auditors on how to handle certain specific accounting issues due to Covid-19. We have summarized possible accounting implications under Ind AS reporting related to Covid -19. 1. Inventory : Reconsider Inventory Valuations to the “Net Realizable Value” considering the following: Reduced movement in inventory Decline in selling price Inventory obsolescence due to lower expected sales Amount of fixed overhead allocated to each unit of production shall not be incre

                                                     TDS compliances are the most common yet most important compliance for the business world. Every year during the finance budget government announces the TDS rates which shall be applicable for the coming Financial Year. Due to the changing economic scenario and other factors, the government introduces a few new sections or amends certain existing sections. The Finance Act 2020 has introduced below new TDS sections/key amendments in TDS Sections which the business enterprise must be aware of: TDS Details Section Name TDS Rates (in %) (AY 2021-22) Expert Remarks TDS on Mutual Fund Income 194K 10% TDS on E-Commerce Transactions 194O 1% (5% in case of no PAN given to E-commerce operator) Applicable to All E-Commerce Companies TDS on Technical Services 194J 2% This will open up the litigation as clear guidelines are not given to identify