#when tds is required to be deducted

[cadeveshthakur]

What is TDS??| TDS ki कक्षा | A Comprehensive Guide to Tax Deduction at Source| Part 1| Basics 2024 "CA Inter Direct Taxation | May/Nov 2024 Attempt | Ultimate Exam Prep Playlist" Description: 🎓 Welcome to the ultimate guide for CA Inter students, accountants, and professionals gearing up for the May/Nov 2024 attempt! Dive into our comprehensive playlist focused on Direct Taxation, curated to enhance your understanding and boost your exam preparation. 📚 Uncover in-depth explanations, practical examples, and expert insights on key Direct Tax topics crucial for success in the CA Inter examination. Whether you're a student aiming to ace the upcoming exams or a professional seeking to stay updated, this playlist is your go-to resource. 🔍 Playlist Highlights: 1️⃣ Income from Salary & House Property: Master the nuances of income computation, exemptions, and deductions to confidently navigate these critical sections. 2️⃣ Income from Business & Profession: Explore detailed discussions on taxation aspects related to business income, including special provisions, depreciation, and more. 3️⃣ Capital Gains & Other Sources: Gain a thorough understanding of capital gains taxation, as well as insights into income from other sources, ensuring a solid foundation for exam success. 4️⃣ Clubbing of Income & Set-Offs: Decode the complexities of clubbing provisions and set-off mechanisms, crucial for accurate tax planning and compliance. 5️⃣ Assessment Procedures & Appeals: Navigate through the assessment process, learn effective strategies for handling appeals, and stay ahead of the curve in tax compliance. 🚀 Elevate your exam readiness with our expert-led videos, designed to simplify complex concepts and provide a comprehensive understanding of Direct Taxation. Hit play now and gear up to conquer the CA Inter May/Nov 2024 exams! 🔗 Don't forget to subscribe for regular updates, and share this invaluable resource with your peers to create a community of empowered learners! Best of luck on your journey to success! 🌟 🔥 #cainter  #directtaxation  #caexampreparation #caexamprep #caintermediate  #MayNov2024 #TaxationTips #examsuccess  #accountancy  #cajourney  #professionaldevelopment  #taxlaw #cainterdirecttax  #studywithme #cadeveshthakur #directtaxrevision #directtaxrevisionlectures #directaxcainter #directaxclasses #tds #salary #businessincome #pgbp #setoff #capitalgaintax #castudents #castudent #castudentlife Understand the Basics of TDS [Tax deducted at source] What is TDS? Why is there a requirement to deduct tax at source? When TDS is required to be deducted? Who is required to deduct TDS? Who is payer? Who is payee? Who is deductor? Who is deductee? When to deduct tax? When to deduct TDS? What is PAN? What is TAN? Who is required to obtain TAN? Penalty for failure to apply TAN Quoting false TAN Amount on which TDS is required to be deducted? Interest for non deduction of TDS? Multiple employment Two or more employer How to avoid TDS? Form 15G Form 15H No deduction of Tax Lower deduction of Tax TDS return process TDS credit process What if PAN is not provided? Follow me on: Pinterest: https://in.pinterest.com/cadevesht LinkedIn: https://www.linkedin.com/in/cadeveshthakur/ Instagram: https://www.instagram.com/cadeveshthakur/ Twitter: https://twitter.com/cadeveshthakur Tumblr: https://www.tumblr.com/blog/cadeveshthakur Youtube Channel: https://www.youtube.com/c/cadeveshthakur Reddit: https://www.reddit.com/user/cadeveshthakur E-Commerce Accounting: https://www.facebook.com/groups/ecommerceaccountingsolutions #cadeveshthakur https://www.cadeveshthakur.com/

[labourcompliance]

The Importance of Register and Record Maintenance Services for Corporates in India

I

n today’s complex regulatory environment, businesses in India must comply with numerous statutory requirements to ensure smooth operations and avoid penalties. One of the critical aspects of corporate compliance is the maintenance of registers and records. Proper documentation not only ensures adherence to legal obligations but also enhances transparency, operational efficiency, and corporate governance.

Understanding Register and Record Maintenance

Register and record maintenance involves systematically documenting and managing corporate records as per various laws such as the Companies Act, 2013, the Factories Act, 1948, the Shops and Establishments Act, the Payment of Wages Act, and several other labor and tax laws. These records serve as evidence of compliance and provide crucial insights into the organization’s workforce, financials, and business operations.

Key Registers and Records Required for Corporates

Depending on the industry and applicable laws, corporates in India must maintain various registers and records, including:

Statutory Registers under the Companies Act, 2013

Register of Members

Register of Directors and Key Managerial Personnel

Register of Charges

Register of Share Transfers

Register of Loans, Guarantees, and Investments

Labor Law Registers

Attendance Register

Wages Register

Register of Leave and Holidays

Register of Employment and Termination

Register of Fines and Deductions

Tax and Financial Records

Books of Accounts

GST Records and Invoices

TDS (Tax Deducted at Source) Records

Profit and Loss Statements

Other Important Records

Board Meeting Minutes

Shareholder Meeting Records

Environmental, Health & Safety (EHS) Compliance Records

Policy and Compliance Documentation

Challenges in Register and Record Maintenance

Many businesses face difficulties in maintaining statutory registers and records due to:

Frequent changes in compliance regulations

Large volume of records to be maintained

Risk of data loss and errors in manual record-keeping

Lack of expertise in legal and regulatory requirements

How Professional Register and Record Maintenance Services Help

Hiring professional compliance service providers can streamline record-keeping processes and ensure businesses stay compliant with minimal hassle. These services offer:

Expertise in Compliance Regulations: Professionals stay updated with legal changes and ensure records meet statutory requirements.

Digital Record Management: Many firms provide automated and cloud-based solutions to maintain records securely and access them when needed.

Audit-Ready Documentation: Well-maintained records ensure corporates are always prepared for regulatory inspections and audits.

Time and Cost Efficiency: Outsourcing register maintenance saves time and operational costs while reducing risks of non-compliance.

Why Choose Our Register and Record Maintenance Services?

We provide end-to-end register and record maintenance solutions tailored to corporate needs. Our services include:

Comprehensive documentation of statutory registers and records

Regular updates as per the latest legal requirements

Digital solutions for easy access and security

Timely alerts and reminders to ensure compliance deadlines are met

Assistance in audits and legal inspections

Conclusion

Register and record maintenance is a crucial part of corporate compliance that requires meticulous attention and expertise. By leveraging professional services, businesses can focus on their core operations while ensuring adherence to legal obligations. Partnering with experts in register and record maintenance will not only safeguard businesses from legal complications but also enhance corporate efficiency and governance.

For seamless and reliable register and record maintenance services, get in touch with us today!

[scbhagat]

Professional Tax Consultants in Delhi, India by SC Bhagat & Co.

Managing taxes efficiently is critical for individuals and businesses alike. Whether it's navigating complex tax laws, ensuring timely compliance, or optimizing tax savings, having an expert guide is invaluable. SC Bhagat & Co., a renowned name in the financial and accounting domain, offers top-notch services as professional tax consultants in Delhi India.

With years of expertise and a commitment to excellence, SC Bhagat & Co. provides comprehensive tax solutions tailored to your needs.

Why Choose SC Bhagat & Co. as Your Tax Consultant?

Expertise in Indian Tax Laws Navigating India's intricate tax system can be overwhelming. SC Bhagat & Co. brings years of experience in handling all aspects of taxation, including income tax, GST, TDS, and corporate tax, ensuring full compliance and minimizing liabilities.

Comprehensive Tax Solutions The firm caters to both individuals and businesses, offering services such as:

Income tax planning and filing GST registration and compliance Tax audits and assessments Representation before tax authorities Advisory on international taxation

Personalized Tax Strategies At SC Bhagat & Co., every client’s financial situation is carefully analyzed. Their team develops tailored strategies to optimize tax savings while ensuring strict adherence to legal requirements.

Trusted by Businesses Across Sectors SC Bhagat & Co. has built a reputation as a reliable partner for businesses across various industries. From startups to large corporations, their services are trusted by clients seeking seamless tax management.

Key Tax Consulting Services Offered

Income Tax Filing and Advisory Avoid penalties and maximize savings with SC Bhagat & Co.'s expert income tax filing services. Their team ensures accurate filing, helps identify deductions, and provides actionable advice for better financial management.

GST Services With the introduction of GST in India, compliance has become more critical than ever. SC Bhagat & Co. offers:

GST registration Filing of GST returns Input tax credit optimization GST audits

Corporate Taxation SC Bhagat & Co. provides end-to-end corporate tax solutions, including tax planning, audits, and representation during scrutiny. They help businesses align with tax regulations while achieving financial efficiency.

Tax Audit Services Their tax audit services ensure that financial records comply with tax regulations, minimizing the risk of disputes and penalties.

TDS Compliance Stay compliant with TDS (Tax Deducted at Source) regulations. SC Bhagat & Co. assists with TDS calculation, filing, and rectification of any discrepancies.

Benefits of Hiring Professional Tax Consultants in Delhi India Save Time and Resources: Tax consultants streamline processes, allowing you to focus on your core business operations. Reduce Errors: Accurate calculations and filings prevent unnecessary penalties or legal issues. Optimize Tax Savings: Professionals identify deductions, exemptions, and credits to minimize tax liabilities. Stay Compliant: Experts ensure timely filing and adherence to the latest tax laws. Why SC Bhagat & Co. Stands Out Experienced Professionals: Their team of Chartered Accountants and tax experts is well-versed in Indian and international tax laws. Client-Centric Approach: They offer personalized services that align with your financial goals. Proven Track Record: A long list of satisfied clients speaks to their reliability and excellence. Affordable Services: SC Bhagat & Co. delivers high-quality tax consulting services at competitive rates. Conclusion Tax management doesn’t have to be a daunting task when you have experts by your side. SC Bhagat & Co., with their unparalleled expertise and commitment to excellence, is your trusted partner for all tax-related needs. Whether you’re an individual, a startup, or a large corporation, their professional tax consultants in Delhi India, are equipped to handle it all.

[jjtax]

Understanding Tax Refunds: JJ Tax made it easy

Handling tax refunds can seem overwhelming, but having a clear grasp of the process can make it straightforward. This newsletter aims to demystify tax refunds by covering key aspects: eligibility criteria, claiming procedures and tracking your refund status.

What is a Tax Refund?

A tax refund represents the amount returned to taxpayers who have overpaid their taxes over the fiscal year. This situation arises when the total tax deducted or paid exceeds the actual tax liability determined based on their income.

In India, tax payments are made through TDS (Tax Deducted at Source), advance tax, or self-assessment tax. When the total tax paid or deducted surpasses your tax liability as calculated in your Income Tax Return (ITR), the excess amount is refunded. This mechanism ensures taxpayers are reimbursed for any overpayments.

Who is Eligible for a Tax Refund?

Eligibility for a tax refund depends on various factors:

Excess Tax Payments If your TDS or advance tax payments exceed your tax liability, you’re eligible for a refund. This often applies to salaried employees, freelancers, and individuals with taxable investment income.

Claiming Deductions If you claim deductions under sections like 80C, 80D, etc., and these deductions lower your tax liability below the total tax paid, a refund may be due.

Filing an Income Tax Return Only those who file their Income Tax Return can claim a refund. The return must accurately reflect your income, deductions, and tax payments to establish if a refund is warranted.

Losses to Set Off If you have losses from previous years or the current year that can be carried forward and set off against current year income, you might be eligible for a refund if these losses reduce your tax liability.

Who is Not Eligible for a Tax Refund?

Certain situations or individuals may not qualify for a tax refund:

Income Below Taxable Threshold If your total income is below the taxable limit, a refund may not be applicable.

Salary Below Government Criteria Individuals earning below the minimum threshold specified by the Government of India may not qualify for a refund.

No Overpayment If your tax payments match your tax liability or you haven’t overpaid, a refund will not be available.

Non-Filers or Incorrect Filers Those who fail to file their Income Tax Return or file it incorrectly will not be eligible for a refund. Proper filing is essential for initiating the refund process.

Invalid Deductions Claims for deductions that do not meet tax regulations or lack valid documentation may result in a refund rejection.

Incorrect Bank Details If the bank account information provided in your ITR is incorrect or incomplete, the refund may not be processed.

How to Claim Your Tax Refund

Here’s a step-by-step guide to claiming your tax refund:

File Your Income Tax Return (ITR) Access the Income Tax Department’s e-filing portal. Choose the correct ITR form based on your income sources and eligibility. Accurately complete all required details, including income, deductions, and tax payments.

Verify Your ITR Verify your ITR using Aadhaar OTP, net banking, or by sending a signed ITR-V to the Centralised Processing Centre (CPC). Verification must be completed within 120 days of filing your ITR.

ITR Processing The Income Tax Department will process your return, assess your tax liability, and determine the refund amount. This process can take a few weeks to several months.

Refund Issuance After processing, the refund will be credited directly to your bank account. Ensure your bank details are accurate and up-to-date in your ITR.

Update Bank Account Details (if needed) If your bank details change after filing your ITR, promptly update them on the e-filing portal to ensure correct refund crediting.

How to Check Your ITR Refund Status for FY 2024-2025

To check your refund status, follow these steps:

Visit the Income Tax E-Filing Portal Go to the official Income Tax Department e-filing website.

Access the 'Refund Status' Section Navigate to the ‘Refund Status’ page, typically under the ‘Services’ tab or a similar heading.

Enter Required Details Input your PAN (Permanent Account Number) and the assessment year for your filed return.

Review the Status The portal will show the status of your refund, including whether it has been processed, approved, or if further action is needed.

Track Refund Processing Keep an eye on any updates or notifications from the Income Tax Department regarding your refund.

Understanding the tax refund process can simplify the experience. By following these steps and staying informed about your eligibility, you can make sure that you have a smooth process and quickly receipt of any excess tax payments. For expert guidance and personalized assistance, consult with JJ Tax. Visit our website or contact us today to get the support you need for all your tax-related queries.

JJ Tax

[delicatestudentanchor]

Beyond Payroll: How HR Software for SMEs Can Boost Productivity & Compliance

Running a medium-sized business is a balancing act. On one hand, you need to scale operations and drive growth. On the other, you have to ensure smooth workforce management, compliance with labour laws, and keep your employees happy. That’s where HR software for medium businesses comes into play.

While payroll processing is an essential HR function, modern businesses require a solution that does much more. HR software isn’t just about paying salaries—it’s about streamlining operations, enhancing productivity, and ensuring compliance at every step.

Let’s dive into how HR software for small and medium businesses is revolutionising workforce management.

The SME HR Challenge: Juggling Too Many Tasks

Unlike large enterprises with dedicated HR departments, SMEs often have smaller HR teams—or in some cases, just one person managing everything from hiring to payroll. The challenges of handling HR manually include:

Endless paperwork: Managing employee records, attendance, and leave requests through spreadsheets is time-consuming and prone to errors.

Payroll headaches: Calculating salaries, tax deductions, and benefits manually increases the risk of mistakes, leading to compliance issues.

Compliance complexities: Labour laws and tax regulations are constantly changing, and non-compliance can result in hefty penalties.

Employee dissatisfaction: Late salary payments, delayed reimbursements, or errors in payslips create frustration and lower engagement.

As businesses scale, these challenges grow exponentially. Investing in HR software for SMEs isn’t a luxury—it’s a necessity.

How HR Software Transforms Business Operations

The right HR and payroll software doesn’t just help businesses stay compliant—it enhances efficiency, reduces manual effort, and empowers HR teams. Here’s how:

1. Automates Payroll Processing & Compliance Management

Payroll errors are a leading cause of employee dissatisfaction. A reliable HR software for medium businesses automates salary calculations, tax deductions, and statutory compliance (EPF, ESI, PT, TDS) to ensure accuracy. No more last-minute panic over tax filings or payment delays!

2. Enhances Employee Experience with Self-Service Portals

No one likes chasing HR for payslips or leave approvals. With an integrated self-service portal, employees can access payslips, apply for leave, and update personal details without HR intervention. This not only saves time but also boosts employee satisfaction.

3. Efficient Attendance & Leave Management

Tired of tracking attendance manually? Modern HR software integrates with biometric systems and mobile apps, making attendance tracking seamless. It also allows employees to check leave balances and apply for leaves digitally, reducing paperwork and administrative work.

4. Centralises HR Data for Easy Access

From recruitment to exit, HR software maintains a centralised database of employee records, making it easy to retrieve information when needed. Whether it’s performance history, training records, or salary slips, everything is available at a click.

5. Scalability & Flexibility

As your business grows, so do your HR needs. The best HR software for SME businesses scales with you, offering flexible features like multi-location payroll management, customisable salary structures, and integration with existing ERP or accounting systems.

Why Opportune HR is the Right Choice for SMEs

Not all HR and payroll software solutions are built for growing businesses. Opportune HR understands the unique needs of medium-sized businesses and provides a feature-rich, easy-to-use platform that simplifies HR operations. Here’s why businesses trust Opportune HR:

100% Compliance Assurance – Stay compliant with ever-changing labour laws and tax regulations without manual effort.

Seamless Payroll Automation – Ensure accurate and timely salary processing with zero errors.

Integrated HRMS Features – Manage everything from attendance and leave to performance appraisals in one platform.

User-Friendly & Scalable – Designed for non-technical users, with the flexibility to scale as your business grows.

Future-Proof Your HR Operations Today!

HR is about payroll and creating a seamless, efficient, and compliant workforce management system. If you’re still relying on manual processes, it’s time to upgrade to HR software for medium businesses that can handle it all effortlessly.

Opportune HR is here to simplify your HR processes, boost efficiency, and keep your business compliant. Ready to make the switch? Contact us today for a free demo and discover how we can help your business thrive!

[nazma1057]

Outsourced Payroll Services vs In-House Payroll: Pros & Cons

Managing payroll is one of the most critical yet complex functions of any business. Whether you run a small startup or a growing enterprise, payroll management can affect your compliance, employee satisfaction, and financial health.

Many businesses in India are turning to experts offering the Best Accounting Services in Delhi to streamline their payroll process. One of the key decisions companies face is whether to handle payroll in-house or to outsource it to professional service providers.

To help you make an informed decision, this blog explores the pros and cons of both approaches and how expert firms like CA Rahul Chopra & Co. can guide businesses toward efficient payroll and compliance strategies.

In-House Payroll: Pros & Cons

Pros:

Control & Customization When payroll is handled in-house, the company has full control over the process. It allows easy customization of payroll structures, bonuses, or deductions according to specific internal policies.

Immediate Access to Data With internal payroll systems, HR and finance departments have real-time access to employee payment data. This facilitates quicker decision-making and auditing.

Data Security Since all data is handled internally, some businesses feel more secure knowing that sensitive employee and financial information is not shared with third parties.

Cons:

Resource Intensive In-house payroll requires dedicated staff, software, regular training, and continual updates to keep up with evolving tax laws and regulations. This can be time-consuming and expensive.

Compliance Risk Payroll processing involves tax deductions, PF contributions, ESI filings, TDS returns, and more. Mistakes can lead to penalties, legal issues, or loss of employee trust.

Limited Expertise Unless you have a strong team of payroll professionals, there’s always a risk of error. Smaller businesses often lack the technical knowledge to stay compliant with the latest changes in labor and tax laws.

Outsourced Payroll: Pros & Cons

Pros:

Expertise & Accuracy Reputed accounting firms like CA Rahul Chopra & Co. bring years of experience in handling payroll for diverse clients. They ensure compliance with tax regulations, employee benefits, and statutory requirements.

Cost-Effective Outsourcing eliminates the need to hire and train a full-time payroll team. You pay only for the services you use, which often proves more economical in the long run.

Time-Saving Businesses save valuable hours every month that would otherwise be spent managing payroll. This time can be better spent focusing on core activities like sales, marketing, and operations.

Technology Advantage Payroll outsourcing firms often use advanced software for seamless payroll execution, reporting, and analytics. These tools provide transparency and efficiency.

Reduced Compliance Risk Since outsourced payroll providers stay updated with the latest labor laws and taxation changes, the risk of non-compliance is significantly reduced.

Cons:

Loss of Control Outsourcing means handing over sensitive employee data and financial information to a third party. It requires a high level of trust and robust data protection protocols.

Communication Delays Miscommunication between your HR team and the outsourced provider can lead to errors or delays, especially if the provider lacks industry-specific experience.

Dependence on Vendor If the payroll partner faces issues such as staff shortage or software downtime, it may affect payroll cycles and employee satisfaction.

Which One Should You Choose?

The choice between in-house and outsourced payroll depends on various factors—your company size, budget, internal expertise, and complexity of your payroll.

If your business has straightforward payroll needs and a capable HR/finance team, in-house payroll may work. However, for growing businesses or those operating in highly regulated environments, outsourcing is often the safer and more efficient option.

Firms like CA Rahul Chopra & Co., known for offering the Best Accounting Services in Delhi, provide comprehensive payroll management, ensuring accuracy, compliance, and peace of mind. With their robust infrastructure and skilled professionals, they help businesses transition smoothly from in-house to outsourced payroll systems.

Whether it's managing TDS returns, preparing Form 16, calculating gratuity, or filing provident fund details, CA Rahul Chopra & Co. offers tailor-made payroll solutions that align with your business goals.

Final Thoughts

Payroll is not just about paying salaries; it's about ensuring legal compliance, building employee trust, and maintaining organizational efficiency.

Outsourcing payroll to professionals like CA Rahul Chopra & Co. gives businesses a competitive edge by minimizing risks and improving operational productivity.

If you're looking for expert support in payroll or financial compliance, partnering with one of the Best Accounting Services in Delhi can streamline your processes and free up valuable resources.

Rahul Chopra & Co.

Address - 307, Third Floor , Shahpuri Tower, C Block Janakpuri Near Janak Cinema , New Delhi – 110058 Ph no. - +91-9717552889 Email - carahulchopra97@gmail.com GMB Link - https://g.co/kgs/GQDBcYM

[savvyhrms01]

Statutory Compliance Software – A friend to save the company from legal troubles

Statutory Compliance – The name sounds a bit heavy, doesn’t it? On hearing words like “Statutory” or “Compliance”, it seems that a legal lecture has started. But in reality, its meaning is simple – keep in mind the laws. Be it employee wages, PF/ESI deductions, tax filings, or labour laws – every company has to follow the rules.

And if even a small mistake is made, then notice, penalty, or sometimes even legal action can happen. That is why every business needs a smart Statutory Compliance Software these days, which manages everything on time and in the right way.

What is Statutory Compliance Software? This is a digital solution that automates the legal and regulatory tasks of the company. It covers everything – PF, ESI, TDS, minimum wages, Bonus Act, Shops and Establishments Act.

The software sends alerts on time, generates documents, and ensures that your business is aligned with the law – without the need of HR or finance team.

Key Features that make this software a must-have Automated Reminders You get timely alerts for due dates – tax, filings, challans, everything on time.

Built-in Legal Updates If there is a change in any rule, the software updates it automatically — you do not need to do separate tracking.

Document Management All reports, challans, and returns are stored securely in one place — whether it is an audit or vendor verification, everything is under control.

Multi-Law Coverage Whether it is central laws or state-specific, the software works according to every regulation.

Role-Based Access HR, finance, and legal team — everyone gets separate access as per their role.

What is the benefit for the business?

A compliance system is not just about filling out forms – it makes business safe, smooth and stress-free:

It saves you from penalties and legal risks

Data is ready during audit

Manual work of HR and accounts is reduced

Company reputation remains strong

Vendor and client confidence increases

Employees also get indirect benefits

PF and ESI are filed on time

Salary deductions are transparent

Form 16, payslips, tax proofs are easily available

There is no compliance-related salary dispute

Which industries require compliance more?

Honestly, every registered business needs compliance software. But in some industries it is even more critical:

Manufacturing – high labour force, multiple laws

IT & Services – contracts, consultant payments

Healthcare – license renewals, safety norms

Retail & Franchise – multi-location coordination

Construction – contractor compliance, labour records

Conclusion: Give the work of compliance to the software, take care of your business

Ignoring statutory compliance work means inviting problems in the future. There is always a chance of mistakes in a manual system, and the law does not forgive mistakes. A smart compliance software gives you peace of mind – your business is safe, reports are ready, and the HR team is relaxed.

Nowadays, when everything is going digital, why should compliance also remain manual? It's time to switch to working in a smart, safe, and legal way.

[core-cifdaq]

 CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

India's Web3 landscape is thriving with new players coming in. However, this burgeoning sector finds itself at a critical crossroads. On one hand, India grapples with stringent regulatory measures that pose challenges for crypto and blockchain businesses. On the other, the country boasts a vibrant environment ripe with opportunities for exponential growth in the Web3 sector.

To gain a deeper understanding of this dynamic industry and also spotlight a key player in the ecosystem, we sat down with Himanshu Maradiya, Founder and Chairman of CIFDAQ.

In this exclusive interview, Maradiya shares key insights on India's Web3 challenges and explains CIFDAQ's unique position within this ecosystem.

The Paradox of India's Web3 Landscape According to KPMG, India boasts one of the world's largest Web3 ecosystems, with over 1,000 startups operating in this space. The country's enthusiasm for cryptocurrencies is equally impressive, with recent research indicating that India is home to an estimated 100 million crypto owners as of late 2023.

The vibrancy of India's Web3 scene is further evidenced by the proliferation of meetups, events, and gatherings across the country that serve as hotbeds for innovation, networking, and knowledge sharing.

However, beneath this growth lies a concerning trend that threatens India's position in the global Web3 landscape. At nearly every industry gathering, many founders reveal they are relocating to Dubai or have already moved.

Entrepreneurs are increasingly seeking jurisdictions that offer welcoming environments, supportive ecosystems, and favorable regulatory frameworks. Dubai, in particular, has emerged as a prime destination, actively crafting rules and regulations designed to attract Web3 talent and businesses.

The catalyst for this shift can be traced back to November 2021, when anticipation of high taxes and stringent cryptocurrency regulations in the proposed Crypto Bill began to take hold. Since then, industry executives estimate that over a hundred Indian entrepreneurs have relocated to Dubai and registered their businesses there.

Additionally, reports suggest that following the introduction of a 1% Tax Deducted at Source (TDS) and a 30% tax on Virtual Digital Assets (VDAs), trading volumes on Indian exchanges have plummeted by a staggering 97%, with active users decreasing by 81%.

Maradiya’s Take on India's Regulatory Approach Despite the challenges faced by the Indian crypto industry, Maradiya offers an optimistic perspective on the country's regulatory landscape.

“Crypto regulations in India are playing a significant role in shaping the blockchain and crypto industry,” emphasized Maradiya. Furthermore, he stated that while these regulations are indeed stringent, they are designed to create a balanced framework that promotes innovation, security, and financial stability. He points out that this balance is achieved by incorporating crypto into the taxation framework and requiring registration of Reporting Entities (RE) with the Financial Intelligence Unit (FIU) under the Ministry of Finance, Government of India.

In light of this regulatory landscape, Maradiya revealed that CIFDAQ adopts a country-centric approach and plans to operate in India as a Registered Entity with the FIU under the Ministry of Finance.

When discussing the trend of Indian Web3 startups relocating to Dubai, Maradiya offered a balanced view. He recognized that the migration of startups to Dubai is primarily motivated by regulatory clarity, tax benefits, and a business-friendly environment.

Additionally, he noted that Dubai's well-defined regulations, low taxes, and strong support for Web3 technologies make it an attractive destination for startups seeking stability and growth opportunities. The vibrant international community and access to global markets in Dubai further enhance its appeal.

However, Maradiya was quick to highlight India's unique position and potential in the global Web3 landscape. He pointed out several key strengths that position India as a potential leader in this space.

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya. “India also ranks first in the Chainalysis Global Crypto Adoption Index for 2023, driven by a predominantly young and tech-savvy user base.” Maradiya also emphasized the progress being made at the government level. He noted that the Indian government is increasingly recognizing the potential of blockchain technology, with multiple state governments initiating blockchain-based projects. He believes that further regulatory clarity will only enhance this progress.

The CIFDAQ Blueprint Moving from the broader industry perspective, our conversation with Maradiya shifted to focus on his venture, CIFDAQ, a new-generation blockchain ecosystem that leverages artificial intelligence (AI) and machine learning (ML) to create a platform that's resilient against external hacking, fraud, and corruption.

Interestingly, CIFDAQ has been self-funded to date, but Maradiya revealed that the company is now preparing for an upcoming funding round of Rs 40 crore.

“A significant portion of these funds will be allocated towards continuous technological enhancements, ensuring that CIFDAQ remains at the forefront of innovation in the industry,” Maradiya added. In addition, Maradiya shared that the company intends to raise a total of Rs 200 crore in phases over the next 12 months through equity dilution.

The following is an excerpt of the interview that further delves into CIFDAQ.

(Editorial Note: The answers in the following excerpt have been condensed for brevity. However, we have carefully preserved the original context and meaning of Maradiya's statements.)

Newzchain: What is CIFDAQ's current primary focus in terms of product development and market expansion?

Maradiya: Currently, CIFDAQ's primary focus in terms of product development revolves around launching a robust and secure blockchain ecosystem tailored for the Indian and Southeast Asian markets. In parallel, CIFDAQ is gearing up for market expansion strategies that will initially focus on establishing a strong presence within India's burgeoning blockchain and Web3 ecosystem.

We aim to position CIFDAQ as a leader in facilitating secure digital transactions and fostering innovation across various sectors including finance, real estate, and supply chain management.

Furthermore, our market expansion efforts will extend to Southeast Asia, adapting our platform to local needs and regulations. The focus is on user-centric design and international compliance to ensure a trustworthy blockchain experience.

Our key product milestones include:

Q3 2024: Introducing our centralized exchange (CEX) and listing CIFD, our native token.Q4 2024: Launching Dex and DeFi products for decentralized trading and financial services. Concurrent with these: Releasing MPC Wallet V 2.0 with enhanced security and functionality. These initiatives aim to enhance our blockchain ecosystem and expand our market presence.

Looking ahead to 2025, our roadmap includes:

Q1: Launching an NFT marketplace for digital collectibles and art. Q1: Introducing CIFDAQ Custodian for institutional clients and Launchpad for new blockchain projects. Q2: Entering the GameFi sector to integrate blockchain with gaming. Q3: Rolling out Layer 1 and Layer 2 blockchain solutions for scalable, efficient frameworks. Newzchain: What role does the CIFD Coin play in your ecosystem, and how does it drive value creation?

Maradiya: CIFD Coin is our native cryptocurrency, crucial for value creation in our ecosystem. It serves as the primary medium of exchange, facilitating transactions and fee payments. We use it for staking, governance, and managing digital assets, including NFTs. CIFD Coin also rewards network contributors and AI data providers, incentivizing participation.

Furthermore, coin holders can vote on platform decisions, ensuring community involvement in our ecosystem's evolution. And it's designed for cross-platform utility, enhancing its value beyond our ecosystem.

CIFD Coin is actively traded on various exchanges, providing liquidity for users. These functions collectively promote decentralization, security, and transparency, making CIFD Coin vital to our ecosystem's growth and innovation.

Newzchain: Where do you see CIFDAQ in the next five years? What are the major milestones you aim to achieve within this period?

Maradiya: In the next five years, CIFDAQ is poised to become one of India's leading blockchain ecosystem companies, driving global blockchain development with world-class products and services tailored to local ecosystems.

Our initial focus for the first 24 months is on introducing and scaling our products, stabilizing our technology and operations, and securing licenses in at least one or two Southeast Asian countries. We plan to expand our operations throughout the region.

Beyond innovation, we're committed to positively impacting the economy and fostering market growth. We aim to ensure our stakeholders benefit from our success through regulatory compliance and ethical business practices that promote sustainability and long-term value creation.

www.cifdaq.com

[steadfastconsultant]

Struggling with TAN Registration? Here's How Expert Providers Can Help!

If you're starting a business or managing employee salaries in India, TAN registration is one of the first legal steps you need to take. A Tax Deduction and Collection Account Number (TAN) is mandatory for any business or individual responsible for deducting or collecting tax at source. However, the process can be confusing, time-consuming, and filled with technicalities. That’s why working with professional TAN registration service providers makes all the difference.

For businesses in Madhapur, Hyderabad, Steadfast Business Consultants LLP (SBC) offers reliable, hassle-free TAN registration services tailored to your needs.

What is TAN and Why Do You Need It?

TAN stands for Tax Deduction and Collection Account Number. Issued by the Income Tax Department of India, this 10-digit alphanumeric number is essential for:

Deducting Tax at Source (TDS)

Filing TDS returns

Issuing TDS certificates to employees or contractors

Avoiding penalties for non-compliance

Without a valid TAN, you cannot file TDS returns or deduct TDS legally, which can lead to penalties and interest charges. That’s where expert tan registration service providers come in—ensuring your business is compliant from day one.

Common Challenges with TAN Registration

Many businesses, especially startups and first-time employers, struggle with:

Understanding eligibility and required documents

Navigating the online registration portal

Handling rejections due to errors in the application

Updating existing TAN details (like address or contact info)

All these tasks require attention to detail and knowledge of compliance procedures—something that SBC can handle for you seamlessly.

Why Choose SBC for TAN Registration in Madhapur Hyderabad?

Steadfast Business Consultants LLP (SBC) is one of the most trusted tan registration service providers in Madhapur, Hyderabad. With a team of experienced professionals, we simplify the entire process, allowing you to focus on running your business while we handle your compliance needs.

✔ End-to-End Registration Support

From document preparation to application submission and follow-up, SBC manages the entire process.

✔ Quick Turnaround Time

We understand that time is money, especially for businesses trying to get started. Our team ensures your TAN is processed quickly and without unnecessary delays.

✔ Error-Free Applications

Our experts double-check all information and documentation to ensure your application is accurate and compliant, reducing the risk of rejection.

✔ Local Knowledge and Personalized Service

Being based in Madhapur, Hyderabad, we’re easily accessible and well-versed in working with local businesses and government departments.

✔ Affordable Pricing

We offer professional service at competitive rates, making us the go-to tan registration service providers for businesses of all sizes.

Let’s Make TAN Registration Easy for You

Why waste time navigating complicated government portals and compliance rules when you can get professional help that’s just a call away?

Contact Steadfast Business Consultants LLP (SBC) at 040-48555182 today and let the leading tan registration service providers in Madhapur, Hyderabad handle your TAN application efficiently and correctly.

[kredily]

Top reasons to upgrade your Payroll Management System

Introduction

Payroll is more than just a monthly task—it's a foundation of trust between employers and employees. However, many businesses still use outdated tools or manual systems that slow down operations, increase the risk of errors, and make it hard to stay compliant with evolving tax laws. In today’s fast-paced business environment, relying on such methods can be a serious disadvantage.

An efficient Payroll Management System simplifies the entire process—right from calculating salaries and deductions to ensuring timely tax filings and generating reports. It reduces dependency on manual work, cuts down on errors, and helps organizations stay compliant with government regulations.

If you're still wondering whether it's time to upgrade your current payroll setup, this guide outlines the top reasons why businesses are making the switch to modern systems like Kredily’s Payroll Management System to better manage and scale their operations.

1. Stay Ahead with Compliance and Accuracy

Tax laws, labor regulations, and compliance requirements are constantly changing. Staying updated is not only challenging but also critical—non-compliance can lead to legal trouble and financial penalties. A modern Payroll Management System is designed to adapt to these changes automatically, taking the guesswork out of compliance.

Features that Support Compliance:

Auto-updates to government tax slabs and labor laws

TDS, PF, ESI, and other statutory calculations

Built-in audit trails for transparency and accountability

Benefits You’ll See:

Peace of mind with timely, error-free statutory filings

Reduced risk of penalties

Better preparedness during audits

An Employee Payroll Management System ensures that your payroll process is aligned with the latest regulations, removing the constant need for manual checks or third-party verification.

2. Eliminate Manual Errors and Boost Efficiency

One of the biggest challenges of traditional payroll systems is the high chance of manual errors. A missed entry or wrong calculation can delay salaries and affect employee morale. With an Online Payroll Management System, automation takes care of repetitive tasks such as calculating gross pay, deductions, taxes, and generating payslips.

Features that Improve Accuracy:

Automated payroll workflows

Real-time sync with attendance and leave data

Auto calculation of bonuses, deductions, and reimbursements

Operational Benefits:

Quicker payroll processing cycles

Reduced dependency on multiple spreadsheets

Less time spent on cross-verification

Automation not only saves time but also increases overall productivity. HR teams can focus more on strategy and less on fixing errors or responding to repeated payroll queries.

3. Deliver a Better Employee Experience

In any organization, payroll is directly tied to employee satisfaction. Delays or inaccuracies can lead to distrust and frustration. Today’s workforce expects digital convenience—and rightly so. A well-integrated Employee Payroll Management System gives employees the access they need, when they need it.

Features That Empower Employees:

Mobile and desktop access to payslips

Option to update personal tax declarations

Self-service for downloading Form 16, salary slips, and tax documents

Why It Matters:

Transparency builds trust

Fewer employee queries for HR to handle

Improved morale and retention

Offering a self-service portal not only makes your payroll process smoother but also shows that you value your employees’ time and convenience.

4. Get Actionable Insights and Smarter Reporting

Payroll data, when analyzed properly, can provide powerful insights into your organization’s financial and operational health. A modern Payroll Management System allows you to pull detailed reports that help you understand trends in compensation, identify anomalies, and plan better for the future.

Smart Tools You Can Use:

Customizable dashboards

Department-wise salary cost breakdowns

Integration with accounting and HR tools

Long-Term Advantages:

Budgeting becomes more accurate

Identifying high-cost areas is easier

Strategic decision-making based on real-time data

Instead of just being a transactional process, payroll becomes a source of valuable insights that can support leadership and planning efforts.

5. Scale Seamlessly with Business Growth

As your business grows, so does the complexity of managing payroll. Whether you're adding new employees, opening new branches, or working with remote teams, your payroll system should be equipped to grow with you. A flexible Online Payroll Management System supports multi-location teams, diverse salary structures, and scalable employee volumes without needing a complete overhaul.

Features that Support Scalability:

Cloud-based access

Role-based permissions

Multi-entity and multi-location support

What You’ll Gain:

A single payroll platform for your entire business

Cost-effective scalability

Smooth onboarding of new team members

Upgrading your system now ensures you're ready to handle expansion tomorrow—without major disruptions or added costs.

6. Ensure Data Security and Confidentiality

Payroll data includes sensitive information such as salaries, tax IDs, and bank details. Ensuring this data remains secure is a top priority. A reliable Payroll Management System includes features to secure sensitive data through encryption, access control, and secure backups.

Key Security Features:

Encrypted data storage and transfers

Role-based access to limit data exposure

Regular backups and disaster recovery

Security Benefits:

Reduced risk of data breaches

Trust from employees and stakeholders

Compliance with data privacy regulations

In a world where data privacy is non-negotiable, your payroll system should be built with security at its core.

7. Save Costs Over Time

While upgrading may seem like a big step initially, a modern payroll solution often ends up saving money in the long run. Fewer errors mean fewer penalties. More automation means less time and resources spent on payroll. And cloud solutions remove the need for expensive infrastructure.

Long-Term Savings Come From:

Reduced manual labor

No need for multiple software tools

Lower risk of compliance-related penalties

An efficient Payroll Management System offers high ROI by optimizing the payroll function across the board.

Conclusion

Whether it’s compliance, accuracy, employee experience, or scalability—upgrading to a modern Payroll Management System touches every aspect of your business in a positive way. It streamlines your processes, reduces errors, and helps you make informed decisions based on accurate payroll data.

If you're looking for a reliable and intuitive solution, Kredily’s Payroll Management System offers all the features needed to handle payroll efficiently, while supporting future growth and keeping employees happy.

Explore how an advanced Online Payroll Management System can make payroll seamless for your business. Get started with Kredily and experience the difference that modern payroll automation can bring.

[gkkedia001]

Role and Importance of an Income Tax Consultant in India

With the changes in the financial environment of India, managing taxes has also become one of the most important issues for individuals and businesses. Understanding complicated tax laws, being compliant with all regulatory requirements, and optimizing one's tax liabilities are all areas that require expert knowledge and the most recent information available. This is where an Income Tax Consultant in India becomes a very important source.

Who is an Income Tax Consultant?

An Income Tax Consultant in India is a professional income tax consultant who advises individuals in assisting compliance with or planning around income tax. All such consultants will usually have in-depth expertise in the Indian tax laws, the Income Tax Act generally, and all relevant rules and regulations. This provides assistance to individuals and organizations in better tax management through compliance at lower legal limits.

Most often, those practices of income tax consultancy are carried out by Chartered Accountants (CAs), tax advisors or people having specialized qualifications in taxation.

Services of Income Tax Consultant in India

There are various services that income tax consultants provide according to the clients' various specific needs. Some of them include the following:

Tax Planning and Advisory

Consultants help clients create tax-efficient financial and investment plans. Examples of such advice include what deductions, exemptions, rebates, and investment options one could avail oneself of under sections like 80C and 80D.

Income Tax Return (ITR) Filing

It is not done timely and incorrectly; it may be punishable and worse is that it could also invite scrutiny. An Income Tax Consultant in India keeps the filing according to sources of income, investments, and law of his client, ensuring accuracy.

Representation of Clients Before Tax Authorities

If the client receives a notice from the Income Tax Department or has been selected for scrutiny, the consultant will represent the client and handle communications, documents, and proceedings.

Compliance with TDS and Advance Tax

For all salaried people, freelance workers, and entrepreneurs, it is important to comply with TDS and advance tax payments in time. Hence, the consultant would help with the correct calculation and payment of these taxes.

Assessment and Appeals

In case of a dispute or a reassessment, for clients, an Income Tax Consultant in India guides them through the appeal process and therefore protects their rights from unfair undue tax burdens.

Why Should You Hire an Income Tax Consultant?

Here are some of the notable reasons to seek a specialized consultant for tax:

Expertise and Accuracy

In India, tax laws are complex and almost continuously revised. The professionals working in this field keep themselves updated with these changes, thereby ensuring that the customers also remain compliant.

Time Saver

When tax work is involved, it is a task of eternal pain for anybody, and much precious time is lost. A consultant lifts the burden and allows the client to work on things that matter to them.

Save Money

Good consultants for income tax in India help in tax deductions with efficient planning and practically help save money for their clients.

Avoid Penalties and Litigation

Simply missing deadlines or filing incorrectly can weigh heavy on the pockets in terms of fines and legal hassles, non-adherence to the required time for tax-related work. The consultants take care of all the easy and nitty-gritty filing and payment deadlines.

How to Choose the Best Income Tax Consultant in India

The choice of a good tax consultant will mean the difference between financial health and relaxed worry. Following are some tips for choosing the best tax consultant:

Qualifications and Experience

Preferably, hire a qualified chartered accountant with thorough knowledge and experience in Indian tax law.

Reputation and Reviews

The reputation and client feedback highlight the quality of the consultant's services.

Transparent Fee Structure

With proper fees, finalized and confirmed between consultant and client, along with the services to be rendered, a proper fee structure should always be set up from the outset.

Accessibility

Someone who is easily reachable and responsive, especially during tax seasons, would be a wise choice.

Customized Services

The best consultants will modify their offered services to fit the client’s specific financial conditions and requirements.

The Increasing Need for Tax Consultants in India

With the government promoting digital taxation with artificial intelligence-based scrutiny in assessments, taxpayers need to be cautious now more than ever. From salaried professionals to entrepreneurs and corporates, everyone seeks expert help. Such an increase in demand for a competent Income Tax Consultant in India.

Another determinant for tax consultants is the rise in the number of gig workers, freelancers, and digital entrepreneurs, creating more complexities in matters of taxation. Currently, consultants work with GST, international taxation, TDS on foreign income, and other niche areas.

Conclusion

A salaried employee, a business owner, or a freelancer—in India, taxes may be an arduous affair. An Income Tax Consultant in India would make the process seamless, efficient, and compliant. While ensuring compliance through expert consultancy, one may free their mind and find clarity in financial peace.

Having a reliable tax consultant in this day and age of cut-throat competition and dynamic financial milieu is no longer a luxury, but rather a necessity.

[werkrb]

HRMS Software in India: A Complete Guide for SMEs & Enterprises

Both SMEs and large corporations must effectively manage their people resources in the fast-paced business world of today. Werkrb HRMS software services in India have become a powerful tool for enhancing efficiency, streamlining HR processes, and ensuring compliance with labor laws.

With India's expanding economy and digital transformation, the adoption of HRMS solutions has surged. This study explores the top HRMS software options, including Werkrb HRMS software services in India, highlighting key features, benefits, and strategies to help organizations make informed decisions.

Why Indian Businesses Need HRMS Software

India’s workforce is diverse, and managing HR tasks manually can lead to inefficiencies, compliance risks, and employee dissatisfaction. Here’s why HRMS software like Werkrb is essential:

Automates repetitive tasks (payroll, attendance, leave management)

Ensures compliance with Indian labor laws (PF, ESI, PT, Gratuity)

Improves employee engagement with self-service portals

Provides data-driven insights for better decision-making

Key Features of Werkrb HRMS for Indian Businesses

1. Employee Database & Onboarding

Centralized employee records with Aadhaar, PAN, and UAN integration

Digital onboarding with e-signatures and document management

2. Attendance & Leave Management

Biometric, facial recognition, and mobile check-in options

Automated leave approvals with policy customization

3. Payroll Processing

Auto-calculation of salaries, deductions (PF, TDS), and bonuses

Compliance-ready payslips and tax filings

4. Performance Management

KPI tracking, 360-degree feedback, and appraisal automation

AI-driven insights for talent development

5. Mobile & Employee Self-Service

Employees can apply for leaves, check payslips, and update details via mobile app

Managers can approve requests on the go

6. Analytics & Reporting

Real-time dashboards for attrition rates, payroll costs, and productivity trends

Custom reports for compliance audits

How to Choose the Right HRMS Software?

When selecting an HRMS for your business, consider:

Business Size & Needs – SMEs may need cost-effective solutions, while enterprises require advanced features. Cloud-Based vs. On-Premise – Cloud HRMS offers flexibility, while on-premise provides more control. Integration Capabilities – Check if it integrates with existing tools like accounting software. User-Friendliness – Ensure employees and HR teams can easily navigate the system. Customer Support – Look for providers with strong after-sales support.

Conclusion

Investing in the right HRMS software can transform HR operations, boost efficiency, and improve employee satisfaction. Whether you’re an SME or a large enterprise, choosing a system that aligns with your business goals is essential.

Experience the Best HRMS Software – Get Your 7-Day Free Trial Now! 

Click Here! 

[renukamd]

Annual Compliance for Private Limited Company in Chennai: A Complete Guide for 2025

A Private Limited Company (Pvt Ltd) is one of the most popular business structures in India due to its separate legal entity, limited liability, and ease of raising funds. However, with the benefits come specific compliance requirements that must be adhered to annually. In Chennai, like in the rest of India, Pvt Ltd is governed by the Companies Act 2013 and must fulfill various statutory obligations to maintain its legal standing. This article outlines the key annual compliance requirements for a Pvt Ltd in Chennai.

1. Mandatory Annual Filings with the Registrar of Companies (ROC)

Private Limited Companies are required to file the following forms with the ROC annually:

Annual Return (Form MGT-7):Every company must file an annual return within 60 days from the date of the Annual General Meeting (AGM). The return includes details such as shareholding patterns, directors, and key managerial personnel.

Financial Statements (Form AOC-4):The company must file its audited financial statements, including the Balance Sheet, Profit & Loss Account, and Director’s Report, within 30 days of the AGM.

Director’s Report: The Director’s Report must be prepared and attached to the financial statements. It provides an overview of the company’s performance, operations, and future outlook.

2. Conducting Annual General Meeting (AGM)

Every Private Limited Company is required to hold an AGM within six months from the end of the financial year (i.e., by September 30th for companies following the April- March financial year). During the AGM, the following matters are typically discussed:

Approval of financial statements.

Declaration of dividends (if any).

Appointment or reappointment of auditors.

Any other business as per the company’s requirements.

3. Appointment of Auditors

Every Private Limited Company must appoint an auditor within 30 days of incorporation. The auditor is responsible for auditing the company’s financial statements and ensuring compliance with accounting standards. The first auditor is appointed for a term of five years, subject to ratification at each AGM.

4. Income Tax Return Filing

Private Limited Companies must file their Income Tax Returns (ITR) annually. The due date for filing ITR is usually September 30th (for companies not requiring an audit) and October 31st (for companies requiring an audit). Key points include:

Filing ITR-6, which is specifically for companies.

Ensuring accurate reporting of income, expenses, and taxes paid.

Compliance with Transfer Pricing regulations (if applicable).

5. Maintenance of Statutory Registers and Records

Private Limited Companies are required to maintain various statutory registers and records, including:

Register of Members.

Register of Directors and Key Managerial Personnel.

Register of Charges.

Minutes of Board Meetings and AGMs.

These records must be kept at the company’s registered office in Chennai and made available for inspection by authorities when required.

6. Compliance with Goods and Services Tax (GST)

If the company is registered under GST, it must file monthly, quarterly, or annual GST returns, depending on turnover and other factors. Key GST compliance requirements include:

Filing GSTR-1 (outward supplies) and GSTR-3B (summary return).

Filing an annual return (GSTR-9) and reconciliation statement (GSTR-9C) if turnover exceeds Rs. 5 crores.

7. Deductions and Payments under TDS/TCS

If the company is liable to deduct Tax Deducted at Source (TDS) or collect Tax Collected at Source (TCS), it must:

File quarterly TDS/TCS returns.

Issue TDS/TCS certificates to deductees/collectees.

Ensure timely payment of TDS/TCS to the government.

8. Compliance with Employee-Related Laws

Private Limited Companies must comply with various labour laws, including:

Employees’ Provident Fund (EPF): Filing monthly returns and ensuring timely contributions.

Employees’ State Insurance (ESI): Filing monthly returns and contributions (if applicable).

Professional Tax: Deducting and remitting professional tax for employees in Tamil Nadu.

9. Secretarial Audit (if applicable)

Companies with a paid-up share capital of Rs. Fifty crores or more or a turnover of Rs. 250 crores or more must undergo a secretarial audit and file Form MR-3 with the ROC.

10. Corporate Social Responsibility (CSR) Compliance

Suppose the company meets the specified criteria (net worth of Rs. 500 crores, turnover of Rs. 1,000 crores, or net profit of Rs. 5 crores). In that case, it must constitute a CSR committee and spend at least 2% of its average net profit on CSR activities as per Schedule VII of the Companies Act, 2013.

Penalties for Non-Compliance

Failure to comply with annual compliance requirements can result in penalties, fines, and even the disqualification of directors. Depending on the delay, late filing fees for ROC forms can range from Rs. 100 to Rs. 1,000 per day.

Conclusion

Annual compliance for a Private Limited Company in Chennai is a critical aspect of corporate governance. By adhering to the statutory requirements under the Companies Act 2013 and other applicable laws, companies can ensure smooth operations, avoid penalties, and maintain their reputations. To ensure timely and accurate compliance, it is advisable to engage professional services, such as chartered accountants, company secretaries, and legal advisors.

[savvyhrms01]

Statutory Compliance: The foundation of every business

When I first started my company, I had only one thing in mind – to get clients, grow the team, and keep making profits. But within a few months, I realized that the real work is not just to sell products or services, but it is equally important to fulfill responsibility towards your employees, system, and society.

This is where I first met Statutory Compliance.

"Statutory Compliance" – the name is heavy, the meaning is easy In simple words, Statutory Compliance means – to properly follow the tax and labor laws made by the government.

Whether your company has 5 people or 500, if you do not follow laws like EPF, ESI, TDS, bonus, minimum wage, then you can get into trouble.

Following Compliance is not a 'wish', but a responsibility.

Postponing compliance means inviting trouble

Once the accounts person in our team submitted the PF form a week late. The result? A notice came, a penalty was imposed, and I lost my sleep. That very day, I understood that compliance is not a "do it if you want" thing. It is related to the reputation of your company.

What changes are required by compliance?

Confidence of employees

When it is clearly visible in the salary slip that PF is being deducted, ESI is being received, then the employees themselves say, "Everything goes well in this company."

Legal protection is available

If there is any dispute tomorrow, then you have records and documents that can protect you legally.

Opportunity to work with big brands

Big clients first ask for compliance reports from you. If everything is clear, then the deal is done.

How did I handle Compliance?

In the beginning, I was managing with just sticky notes, Excel sheets, and calendar reminders. One day, a friend said, “Brother, file TDS on time, otherwise interest will be charged.”

Then I bought a small payroll software. Slowly, PF, ESI, holidays – everything became automatic.

Now, at the beginning of every month, my HR team itself says, “Sir, everything has been filed.”

And I drink coffee peacefully

If you are also running a business, then definitely remember these things:

Reading the law is not necessary, understanding it is important

Watch short videos on YouTube or government sites, you will understand things.

Every compliance has a deadline – don’t miss it

Make a calendar or set a reminder.

Adopt a system, be it small or big If you don't want to buy software, hire a trusted consultant - but don't do the work manually.

Conclusion:

Compliance system is not a burden; it is a sign of trust Compliance is not just a process of completing government papers. It shows that you are responsible towards your team, your work, and society.

And believe me, when you fulfill this responsibility honestly, people say - "It is safe to work with this company."

[core-cifdaq]

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

India's Web3 landscape is thriving with new players coming in. However, this burgeoning sector finds itself at a critical crossroads. On one hand, India grapples with stringent regulatory measures that pose challenges for crypto and blockchain businesses. On the other, the country boasts a vibrant environment ripe with opportunities for exponential growth in the Web3 sector.

To gain a deeper understanding of this dynamic industry and also spotlight a key player in the ecosystem, we sat down with Himanshu Maradiya, Founder and Chairman of CIFDAQ.

In this exclusive interview, Maradiya shares key insights on India's Web3 challenges and explains CIFDAQ's unique position within this ecosystem.

The Paradox of India's Web3 Landscape According to KPMG, India boasts one of the world's largest Web3 ecosystems, with over 1,000 startups operating in this space. The country's enthusiasm for cryptocurrencies is equally impressive, with recent research indicating that India is home to an estimated 100 million crypto owners as of late 2023.

The vibrancy of India's Web3 scene is further evidenced by the proliferation of meetups, events, and gatherings across the country that serve as hotbeds for innovation, networking, and knowledge sharing.

However, beneath this growth lies a concerning trend that threatens India's position in the global Web3 landscape. At nearly every industry gathering, many founders reveal they are relocating to Dubai or have already moved.

Entrepreneurs are increasingly seeking jurisdictions that offer welcoming environments, supportive ecosystems, and favorable regulatory frameworks. Dubai, in particular, has emerged as a prime destination, actively crafting rules and regulations designed to attract Web3 talent and businesses.

The catalyst for this shift can be traced back to November 2021, when anticipation of high taxes and stringent cryptocurrency regulations in the proposed Crypto Bill began to take hold. Since then, industry executives estimate that over a hundred Indian entrepreneurs have relocated to Dubai and registered their businesses there.

Additionally, reports suggest that following the introduction of a 1% Tax Deducted at Source (TDS) and a 30% tax on Virtual Digital Assets (VDAs), trading volumes on Indian exchanges have plummeted by a staggering 97%, with active users decreasing by 81%.

Maradiya’s Take on India's Regulatory Approach Despite the challenges faced by the Indian crypto industry, Maradiya offers an optimistic perspective on the country's regulatory landscape.

“Crypto regulations in India are playing a significant role in shaping the blockchain and crypto industry,” emphasized Maradiya. Furthermore, he stated that while these regulations are indeed stringent, they are designed to create a balanced framework that promotes innovation, security, and financial stability. He points out that this balance is achieved by incorporating crypto into the taxation framework and requiring registration of Reporting Entities (RE) with the Financial Intelligence Unit (FIU) under the Ministry of Finance, Government of India.

In light of this regulatory landscape, Maradiya revealed that CIFDAQ adopts a country-centric approach and plans to operate in India as a Registered Entity with the FIU under the Ministry of Finance.

When discussing the trend of Indian Web3 startups relocating to Dubai, Maradiya offered a balanced view. He recognized that the migration of startups to Dubai is primarily motivated by regulatory clarity, tax benefits, and a business-friendly environment.

Additionally, he noted that Dubai's well-defined regulations, low taxes, and strong support for Web3 technologies make it an attractive destination for startups seeking stability and growth opportunities. The vibrant international community and access to global markets in Dubai further enhance its appeal.

However, Maradiya was quick to highlight India's unique position and potential in the global Web3 landscape. He pointed out several key strengths that position India as a potential leader in this space.

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya. “India also ranks first in the Chainalysis Global Crypto Adoption Index for 2023, driven by a predominantly young and tech-savvy user base.” Maradiya also emphasized the progress being made at the government level. He noted that the Indian government is increasingly recognizing the potential of blockchain technology, with multiple state governments initiating blockchain-based projects. He believes that further regulatory clarity will only enhance this progress.

The CIFDAQ Blueprint Moving from the broader industry perspective, our conversation with Maradiya shifted to focus on his venture, CIFDAQ, a new-generation blockchain ecosystem that leverages artificial intelligence (AI) and machine learning (ML) to create a platform that's resilient against external hacking, fraud, and corruption.

Interestingly, CIFDAQ has been self-funded to date, but Maradiya revealed that the company is now preparing for an upcoming funding round of Rs 40 crore.

“A significant portion of these funds will be allocated towards continuous technological enhancements, ensuring that CIFDAQ remains at the forefront of innovation in the industry,” Maradiya added. In addition, Maradiya shared that the company intends to raise a total of Rs 200 crore in phases over the next 12 months through equity dilution.

The following is an excerpt of the interview that further delves into CIFDAQ.

(Editorial Note: The answers in the following excerpt have been condensed for brevity. However, we have carefully preserved the original context and meaning of Maradiya's statements.)

Newzchain: What is CIFDAQ's current primary focus in terms of product development and market expansion?

Maradiya: Currently, CIFDAQ's primary focus in terms of product development revolves around launching a robust and secure blockchain ecosystem tailored for the Indian and Southeast Asian markets. In parallel, CIFDAQ is gearing up for market expansion strategies that will initially focus on establishing a strong presence within India's burgeoning blockchain and Web3 ecosystem.

We aim to position CIFDAQ as a leader in facilitating secure digital transactions and fostering innovation across various sectors including finance, real estate, and supply chain management.

Furthermore, our market expansion efforts will extend to Southeast Asia, adapting our platform to local needs and regulations. The focus is on user-centric design and international compliance to ensure a trustworthy blockchain experience.

Our key product milestones include:

Q3 2024: Introducing our centralized exchange (CEX) and listing CIFD, our native token.Q4 2024: Launching Dex and DeFi products for decentralized trading and financial services. Concurrent with these: Releasing MPC Wallet V 2.0 with enhanced security and functionality. These initiatives aim to enhance our blockchain ecosystem and expand our market presence.

Looking ahead to 2025, our roadmap includes:

Q1: Launching an NFT marketplace for digital collectibles and art. Q1: Introducing CIFDAQ Custodian for institutional clients and Launchpad for new blockchain projects. Q2: Entering the GameFi sector to integrate blockchain with gaming. Q3: Rolling out Layer 1 and Layer 2 blockchain solutions for scalable, efficient frameworks. Newzchain: What role does the CIFD Coin play in your ecosystem, and how does it drive value creation?

Maradiya: CIFD Coin is our native cryptocurrency, crucial for value creation in our ecosystem. It serves as the primary medium of exchange, facilitating transactions and fee payments. We use it for staking, governance, and managing digital assets, including NFTs. CIFD Coin also rewards network contributors and AI data providers, incentivizing participation.

Furthermore, coin holders can vote on platform decisions, ensuring community involvement in our ecosystem's evolution. And it's designed for cross-platform utility, enhancing its value beyond our ecosystem.

CIFD Coin is actively traded on various exchanges, providing liquidity for users. These functions collectively promote decentralization, security, and transparency, making CIFD Coin vital to our ecosystem's growth and innovation.

Newzchain: Where do you see CIFDAQ in the next five years? What are the major milestones you aim to achieve within this period?

Maradiya: In the next five years, CIFDAQ is poised to become one of India's leading blockchain ecosystem companies, driving global blockchain development with world-class products and services tailored to local ecosystems.

Our initial focus for the first 24 months is on introducing and scaling our products, stabilizing our technology and operations, and securing licenses in at least one or two Southeast Asian countries. We plan to expand our operations throughout the region.

Beyond innovation, we're committed to positively impacting the economy and fostering market growth. We aim to ensure our stakeholders benefit from our success through regulatory compliance and ethical business practices that promote sustainability and long-term value creation.

www.cifdaq.com

[steadfastconsultant]

Why Are Companies Choosing Payroll Outsourcing Services in Madhapur?

Madhapur, the bustling IT and business hub of Hyderabad, has rapidly evolved into a preferred location for startups, tech companies, and growing enterprises. As the corporate scene in Madhapur continues to expand, so does the need for efficient and compliant payroll management. This is why more companies are turning to payroll outsourcing services in Madhapur — a smarter, more reliable way to manage employee compensation and compliance.

If you’re looking for trusted payroll support in the area, Steadfast Business Consultants LLP (SBC) stands out as a leading choice for businesses seeking hassle-free payroll solutions in Madhapur, Hyderabad.

The Growing Demand for Payroll Outsourcing

Payroll processing involves more than just calculating monthly salaries. It also includes:

Tax deductions and compliance with statutory requirements

EPF, ESI, and TDS filings

Reimbursements and bonus management

Payslip generation and leave tracking

Handling employee exits and final settlements

Managing all these tasks in-house can drain valuable resources — especially for startups and mid-sized companies. That’s why professional payroll outsourcing services in Madhapur are becoming increasingly popular.

Why Companies Prefer Payroll Outsourcing

Here are the top reasons businesses in Madhapur are choosing to outsource their payroll:

1. Compliance Made Easy

Payroll mistakes can lead to serious legal issues. Outsourcing ensures that your payroll is handled by experts who are up-to-date with the latest tax and labor laws.

2. Save Time and Reduce Errors

Manual calculations are time-consuming and prone to errors. Professional payroll service providers offer automated systems that guarantee precision.

3. Cost-Effective

Hiring a dedicated payroll team can be expensive. Outsourcing gives you access to expert services at a lower cost.

4. Focus on Core Business

With payroll off your plate, you and your team can focus on growth, innovation, and strategy — where it really counts.

Why Choose Steadfast Business Consultants LLP (SBC)?

Located in the heart of Madhapur, Hyderabad, SBC has emerged as a go-to provider for payroll outsourcing services in Madhapur. Their team of professionals offers end-to-end payroll solutions tailored to fit your business needs.

What Makes SBC Stand Out?

Expertise in Indian Payroll Compliance

Customized Payroll Solutions for Startups and SMEs

Transparent Pricing with No Hidden Costs

Timely Salary Processing and Accurate Reports

Ongoing Support and Consultation

SBC’s reputation for reliability, efficiency, and data confidentiality has made them a preferred payroll partner for many businesses in Madhapur and beyond.

Make the Smart Move Today

If your company is growing and you’re finding it harder to manage payroll in-house, outsourcing could be the perfect solution. And when it comes to dependable payroll outsourcing services in Madhapur, Steadfast Business Consultants LLP (SBC) has you covered.

Phone: 040–48555182 Location: Madhapur, Hyderabad

Let SBC handle your payroll while you focus on building your business. Contact them today and experience payroll made easy!