4 Pillars Of Strength That Define A Simpler Tax System Process For 2023
As Taxpayers, you are aware of the struggles when it comes to understanding income tax slabs, GST slabs, etc. Understanding the tax system can never be easy. But if you approach it with a simpler process, the chances of understanding the tax world would be better. So, what would a simpler tax system look like? […]
Switch To Outsourced Accounting Services That Leverage Technology for Better Results
Emerging technological developments and outsourced accounting services have redefined the accounting industry. They are helping companies to play in fair competition using artificial intelligence and automation. These advanced accounting tools and techniques not only minimize the time required to do repetitive jobs but also provide error free reports that help in analysis and decision making […]
A Complete Comprehensive Guide About E-Invoice Under GST
When it comes to GST in 2020, the most major and extensively publicized change has been e-invoicing. Industry-specific invoicing procedures have existed. Despite the proprietary methods of preparing invoices, the overall taxpayers welcomed the unified approach to e-invoicing. Understanding E-Invoice Under GST Under GST, E-invoicing is abbreviated and more often known as an E-invoice. E-invoice […]
Latest Goods and Service Tax (GST) updates by the Government for Companies and Taxpayers
The Goods and Service Tax (GST) was first introduced in India on July 01, 2007. Ever since, there have been several amendments and updates to improve the process of GST application on goods and services. The government is also bringing about many changes to the GST portal so that taxpayers can use the online GST […]
Understanding the taxability of benefits or perquisites under Section 194R
A new section 194R- TDS on benefits or perquisites provided has been introduced in the Finance Act, 2022. Section 194R is applicable with effect from July 01, 2022. Some important things about Section 194R Its Aim: Earlier companies/ perquisite providers would provide perquisites and/or benefits in either cash or kind to their distributors, channel partners, […]
August 2022 Tax Compliance Tracker: How to Stay on Top of Your Taxes
Every taxpayer in India needs to fulfill their statutory obligations as per the due dates set by various authorities. It is important for individuals and various business entities to have a tax compliance tracker, which ensures that they do not miss any deadline. Entities have to comply with many tax-related compliances, like submitting various GSTR, […]
7 Best Cost Reduction Practices To Follow For 2022-2023
As an accountant, you’re well skilled in how to deal with financial numbers. But when it comes to growing your accounting firm profits margin, how skilled are you? When a client wishes to invest in you, what should make them take the plunge? Most clients move away for various reasons such as no trust factor, […]
6 Popular Misconceptions On Outsourced Book Keeping Services In 2022-2023
Multiple brands have already rendered the services of outsourced book-keeping services. For those who haven’t, the common misconceptions that stop them are too expensive, lack of control, etc. You’ll be surprised to know that all of the common listed misconceptions are just a myth. In fact, engaging with outsourced book-keeping services can prove to be […]
Comprehensive Guide on Effects of the Repo Rate on the Economy and Small Businesses
The Repo Rate is the interest rate at which commercial banks borrow money by selling assets to our country’s central bank, the Reserve Bank of India (RBI), in order to maintain liquidity in the event of a fund shortfall or regulatory measures. It is one of the RBI’s primary instruments for keeping inflation under control. […]
Myths About Budgeting Strategies To Achieve Your Financial Freedom
A simple way to ensure financial stability in our lives is to have a plan to know our income versus expenditures, and leftover funds if any. Such a financial plan or tool which works as a framework or guidance to balance our money is the Budget. Nearly 18% of employees in the U.S, who earn […]