Lifarticle- Soumya.Santipuri

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Deposit 1. Quote PAN for cash deposits more than 50,000   2. Cash deposit more than equal to 50 Lakhs in current account and more than equal to 10 Lakhs in FD or Savings A/C gets directly reported by Bank. So, Proper accounting required for such deposits. Withdrawal  1. TDS of 2% gets deducted by Bank for withdrawal above 1 Cr. ( TDS receivable entry to be done  Expenses 1. No Expense/asset above 10,000 can be done in a day per per person in cash/cross cheque  2. ⁠No Expenses above  35000 can be done in a day per person for Transporter in cash/cross cheque  Sales 1. Sale can not be done more than 2 L in a day/per transaction/per person. If tax audit applicable , reporting is done by auditor if sale more than 2 L is being made loan/deposit/Advance for immovable property: 1. Loan / Advance for immovable property of  20,000 or more can not be accepted 2. ⁠loan/ advance for immovable property of 20000 or more can not repaid via cash. However , single ...

1. Doing business in cash outside banking channel so that the regulatory authority and government can not track whether they actually surpass the income threshold  2. Inappropriate reporting : over inflating of expenses or under reporting of income - fake invoices , agreements , and arrangements. For claiming ITC , fake bills are made in arrangement with known or related parties. 3. Making complicated structure of entities to launder black money using shell companies and tax havens , round tipping  4. Manipulation of financial statements and window dressing where accounts is maintained in inappropriate manner which are in prejudice to the applicable law and reporting framework to showcase a misstated picture. The reporting entity generally bribes the auditing authority to hide their misconducts 5. Taking exemptions and expense claim under wrong means like donations, charging personal expenses under business heads, charging excess provisions, misclassification of income  6...

 Recently, I booked an AC service through Urban Company, and during the visit, the technician shared insights about their ongoing strike against significant challenges they face. Unfortunately, their concerns remain largely unheard due to the absence of proper worker representation or unions. This situation sheds light on the darker side of gig work, which often goes unnoticed. Some of the key issues highlighted by the workers include: 1. Lack of Representation: Workers’ demands often fall on deaf ears, as there are no effective unions or platforms to advocate for their rights. 2. Worker-Unfriendly Processes: While the company prioritizes customer convenience, the service execution process for workers remains complicated and inefficient. 3. No Operational Independence: In India, the true concept of gig work—offering flexibility and choice—does not exist. Workers are forced into full-time commitments, with profiles facing restrictions or termination if they prioritize th...

1. AI will normalize intelligence, internet has normalized information  2. ⁠one of the Next best sector : Talent management , Cybersecurity, Energy  3. ⁠next revolution will be AI based planning and computing without User Interface  4. ⁠Businesses are yet to be built with AGI for Problem solving or problem solving faster and effective  5. ⁠AI has been trained on almost all publicly available data, but private datasets are yet to be explored. This Data will be proprietary and useful for organizations and researcher

Under Genius Act, Stablecoins in US are to be backed by USD Treasuries or Public Cash. This put the US Crypto market under Regulation. Issuers must peg their crypto with collateral.  How does it affect the Global Economy? Though it reduces the uncertainty of the currency and provides a value backed security to the holder, it has a smart economics that, for many people, are manipulating to overhaul the financial position of the US Economy.  Earlier, the economics was adhered to only two layered anchoring system i.e. USD and Gold. Now, cryptocurrencies are being used as currency for some countries and asset classes of the others, directs the currency market with another layer. From a layman’s perspective, If the demand for Stablecoins rises, then accordingly the demand for USD reserves which makes it stronger. But there’s more to the aspects of global economics. To understand this let us know about history of Foreign Exchange:  Before Bretton woods system, the global econ...

  Need of Fintech Fintech solves wide range of problems faced by the economy presently and can positively impact the growth of sectors like Banking & Finance, Insurance, Investment & wealth management, Government and public finance, real estate, consultancy etc.   It can solve wide range of problems which are currently acting as impediments before achieving   operational efficiency, active response management and effective delivery of services. Through innovation in fintech integration, Companies will be able to venture into newer prospects and tap diverse opportunities. Fintech address a wide range of problems and challenges. Here are some of the key problems that fintech aims to solve: Access to Financial Services: Fintech can enable better platformisation of digital financial services in order to reach maximum stakeholders in the wide geography of India. According to the World Bank's Global Findex Report 2021, there are an estimated 190 million adults...

  Executive Summary This report encompasses my challenging and enthralling 24 weeks of articleship at Walker Chandiok & Co LLP (the member firm of Grant Thornton) as an Articled trainee in the most possible comprehensive manner. I joined this Top 5 firm on 13 th February,2023 after being selected through a rigorous interview process after my resume had got shortlisted. Here it continues with a superlative experience which have prepared me for the future readiness in this competitive world by augmenting various aspects of my personality and skills. In this report, I have not only covered the selection process, life at workplace, description of work performed but also included my own journey of emotional and psychological developments, ever evolving learning curve and maturity, decision making and relationship management hacks and of course the lessons of survival and growth. During the whole tenure, I have been engaged in statutory audit of 2 listed public companies in th...