Can you help with this interview question? What compliances are in placed for accounts receivable process? Am struck with this question and don't know how to answer it...
@InterviewGIG4 ай бұрын
Key compliances for accounts receivable in India: GST: Accurate calculation, collection, and reporting of Goods and Services Tax on invoices and payments. Income Tax: Ensure proper tax deductions and reporting for income generated from accounts receivable. Companies Act: Adhere to regulations regarding financial reporting and record-keeping for listed companies. Foreign Exchange Management Act (FEMA): Comply with rules for international transactions involving foreign currency. State-specific regulations: Follow any additional state-level laws or rules applicable to accounts receivable. Accounting standards: Maintain records and practices in accordance with Indian Accounting Standards (IndAS). Note: Specific compliance requirements may vary based on the nature of the business and its size. It's essential to consult with legal and tax professionals to ensure full adherence to applicable regulations.
@saibaba2704 ай бұрын
@@InterviewGIG thank you very much for time and response. I work for international process European client so the question from Europe client perspective....
@InterviewGIG4 ай бұрын
I'm not entirely sure, but I have some information about European Clients. ------ Accounts Receivable Compliance for European Clients Key Compliance Areas: GDPR: Data privacy, consent, breach notification. Consumer Protection: Fair trading, credit terms. Tax: VAT, withholding taxes. Financial Reporting: IFRS, audits. AML/CTF: Customer due diligence, reporting. Industry-Specific: Sector-specific rules. Data Retention/Destruction: Retention periods, secure destruction.