Loading Sompalli & Co...
Expert insights, industry updates, and professional advice from Sompalli & Co.
The Income Tax Appellate Tribunal (ITAT) is the final fact-finding authority under the Income Tax Act, 1961. If a taxpayer is aggrieved by an order passed by the Commissioner of Income Tax (Appeals) [CIT(A)], they can appeal to the ITAT. Filing an appeal before ITAT involves careful adherence to procedures and timelines. Here’s a step-by-step guide to understanding the process:
Understanding CPU, GPU, RAM, SSD, HDD, and More Whether you are a Chartered Accountant automating audits, a gamer chasing high frame rates, or a professional editing videos, choosing the right computer system is crucial. This article breaks down the key components that matter the most — explained in simple terms with practical tips.
🔹 Introduction Under the GST regime, the transport of goods by road is a critical business service. When this service is provided by a Goods Transport Agency (GTA), it attracts special treatment under GST law. The liability to pay GST can arise under either the Forward Charge Mechanism (FCM) or the Reverse Charge Mechanism (RCM) based on specific conditions.
In the Goods and Services Tax (GST) regime, the Reverse Charge Mechanism (RCM) shifts the tax liability from the supplier to the recipient of goods or services. Unlike the regular forward charge, where the supplier is liable to pay GST, under RCM, the recipient is required to pay the applicable GST directly to the government. RCM is governed by Section 9(3), 9(4), and 9(5) of the Central Goods and Services Tax Act, 2017 (CGST Act) for intra-state supplies and Section 5(3), 5(4), and 5(5) of the Integrated Goods and Services Tax Act, 2017 (IGST Act) for inter-state supplies.
An IRS audit can sound intimidating—but with the right preparation and understanding, it can be managed smoothly and professionally. Whether you're a small business owner, a freelancer, or an individual taxpayer, knowing what to expect during an audit and how to prepare can make all the difference. This article outlines everything you need to know to survive an IRS audit.
As the calendar year draws to a close, small business owners have a golden opportunity to optimize their tax liability and set the stage for financial success in the upcoming year. Smart, proactive tax planning at year-end can lead to significant savings and ensure full compliance with IRS regulations. Below are strategic year-end tax planning tips tailored for small businesses in the USA:
Running a small business in the United States comes with numerous responsibilities—and tax planning is one of the most critical. Fortunately, the IRS provides a variety of tax deductions that can significantly reduce your taxable income and help you reinvest more into your business. Here are the top 10 tax deductions that every small business owner should be aware of:
In today’s digital age, the power of Artificial Intelligence (AI) is no longer optional—it’s essential. As a practicing Chartered Accountant and business owner, I recently experienced this first-hand when I rebuilt my firm's website using AI. What used to take weeks of development was completed in just 8 hours, with animations, modern design, and a tech-driven blog section.
In a world where data is growing exponentially and audit procedures are becoming more complex, traditional tools like Excel and Tally are no longer enough. Python, an open-source, beginner-friendly programming language, is transforming the way auditors perform analysis, automate tasks, and deliver deeper insights. This article explores why auditors should learn Python, key use cases, and how it can significantly enhance the effectiveness and efficiency of audit procedures.
