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GST RECONCILIATION – What, Why & How
Though this term has not been explained under GST, if we refer to accounting, reconciliation is the process of securing that two sets of records i.e. the balances of two accounts are in alignment. Reconciliation is used to ensure that the money deducting from an account matches the actual money spent which is done by making sure that the balances match at the end of a particular accounting period. Reconciliation holds importance under taxation because it can give rise to tax under paid or over paid or not paid.
SECTION 194Q OF THE INCOME TAX ACT 1961-TDS ON PURCHASE OF GOODS
Any person, being a buyer who is responsible for paying any sum to Seller for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax
How to Obtain an FSSAI License for Restaurants
There are infinite numbers of business ideas are available but the food business is the most popular and common business in India. India is known for its food across the globe. But, did you know that you need an FSSAI license to run a food-related business in India? Without FSSAI registration and obtaining the license, you are not allowed to run a food business in India.
Advantages and Disadvantages of OPC Registration
India is known for its business market in the world because it is growing fastest in the world. This is the reason why people moving towards investing in their own business by quitting their jobs. Many foreign companies and investors have entities in India.
Company Registration Online – How to Register a Company Online in India
Everyone knows the value of money and time they invest in starting a company. The main thing that matters and important as the other business activity is choosing, what would be the best company structure for a business? Registering with the right company will help you in completing business processes efficiently in order to achieve the business goals that you have made.
How to Save Income Tax on Salary Income
As soon as the Assessment year comes, the salaried class gets agitated about their tax returns. For you it is foremost to understand the tax slab and what is the meaning of each of your salary breakup component. By acknowledging this, you can figure out how to save tax. Let us understand about your salary components and how you can save tax on your salary income point by point.
Benefits and Advantages of ISO Certification
Today in this blog, we will discuss the ISO certification and its benefits to your business. ISO standards improve your business or brand’s credibility and help organizations run tier business processes effectively. It is proof from a third party that your business concurrence with the standards of ISO management to keep their services & products of better quality is crucial for any business to sustain in the industry market.
Advantages and Disadvantages of Private Limited Company
Planning to start a business? There are many questions revolving inside your head. Some question that strikes everyone’s mind while starting a business. Whether to go for a private limited company or not? What are the pros and cons of a private limited company? Is it a good idea to go for a private limited company?
Deferred Tax- Tax Effect of Temporary Differences
Deferred tax is the tax for those items which are accounted in Profit & Loss A/c but not accounted in taxable income which may be accounted in taxable income in future & vice versa. It shall either be paid or has already been settled due to momentary inconsistency between an organization’s income statement and tax statement. The word Deferred has been derived from the word “Deferments” which means setting out for something to happen at a future date.
Conversion of Private Limited Company into LLP
This article covers the concept of conversion of private limited company into LLP. LLP is a body corporate and a legal entity being separate from its partners. It can continue its existence even after the retirement, insolvency or even death of one or more partners. LLP is an organization which acts as a hybrid between a company and a partnership firm. The concept of LLP was introduced in India by way of the Limited Liability Partnership Act, 2008. It is a form of a business that offers benefits of limited liability to partners. LLP is a legal body liable for full extent of its assets but the liability of partners is limited. It gives the freedom of a partnership firm as well as the limited liability feature of a company so that one partner is not liable for another partner’s misconduct or negligence.