5 Benefits Of Filing Your Income Tax Returns Regularly

We all know how important it is to file our income tax return, or ITR. Every year, lakhs of people in India file their ITR. Majority of them avail the help of professionals who are quite experienced in this field. There are many companies available that help filing taxes to their clients. No doubt, by hiring their services you can make the process of filing your income tax return a smooth process.When it comes to filing ITR, some people still think that it is only for those who earn more than the taxable amount. But, the truth is that a person can get his or her ITR filed even if he or she earns below the taxable limit. As per the latest rules from the Finance ministry, no tax has to be paid for income up to 3 lakhs per annum. So, if you are earning anything less than 3 lakhs per year, you do not have to worry about giving any tax. Few reasons to file ITRThere are many benefits associated with the filing of ITR, even if your income falls in the non-taxable category. Some of the key b…

Knowing the Do’s and Don’ts of Online Tax Filing

The financial year-end is just around the corner and it is that time of the year when everyone is talking about online tax filings. Almost every tax payee would be aware of the fact that filing for the income tax returns is just as important as paying the taxes. If you are a filing tax for the first time, it is important to vary of the dos and the don’ts of tax filing to ensure that the filing is done correctly. Let’s take a look at the Do’s firstBe calm and organizedDon’t be overwhelmed by the whole process, it is important that you remain calm and keep all the essential documents ready and easily accessible so that you can quickly retrieve any information you want if the need arises. Make sure that you keep all the tax receipts, bills, investment records, and other documents handy to quickly enter the details during the filing process. Also, keep all your documents safe and secured so that you can produce it to the officials if your return is selected for scrutiny.Choose the correct…

All You Need To Know About the Goods and Service Tax

The goods and service tax has been implemented for quite a few months now. It is largely being seen a massive step in the right direction. After different governments efforts it was finally implemented in the year 2017. Although, a few minor changes have been made to the proposal first drafted but the overall structure remains the same. However, one problem that is associated with the implementation of the Goods and Service Tax or GST as it is popularly known as is that the ordinary citizens are unaware of the technicalities associated with it.

There needs to be more clarity among the citizens for this move to reap the best results. There are many questions related to this tax which the general public wants to know about which they are not very clear. Here, one will find some of the most popular queries and answer to those. This includes general stuff like what is GST and how to register for GST online etc. This will help the people understand the various small details of the tax tha…

Why You Should Avail the Services of Virtual CFO?

There are some vital aspects on which the growth of a company depend a lot. One such aspect is handled by the CFO or Chief Financial Officer of the company. It is the responsibility of the chief financial officer to keep an eye on the management of cash flow. It is also his duty to assess the financial risks involved in the business. In the present time, hiring a chief financial officer can prove to be quite expensive. This is where the virtual CFO services prove to be so effective and advantageous.

Hiring a CFO has become easier for the small and medium sized companies, due to the availability of virtual or online CFO services. Small businesses can easily avail the services offered by the chief financial officers, without making a hole in their company’s wallet. Once you empower your business with the services of a virtual CFO, there are loads of advantages you can enjoy. Some of them are mentioned below.

Why hire the services of virtual CFO?

Flexibility- Yes, the flexibility offered…

Infographic: 5 Advantages Of Hiring a Virtual CFO!

Is your business increasing or decreasing at a rapid pace? If so, hiring a Virtual CFO can manage and build your business by ensuring that your financial resources are well managed. There are innumerable advantages of having a virtual CFO. Want to explore more? Through this Infographic, you will find some advantages of hiring one. Keeping yourself swamped with work can strain your productivity and affect your business performance in a negative way. An experienced CFO will work as part of the team providing insights on where you can cut costs, how to plan for financial success and explanation of important finance reports. If the most crucial business decisions are being held up because information is not being reported in a timely manner, it is time to consider hiring a professional for your business. A professional will help to deliver accurate data, timely reports and expert financial insights. Many small and medium-sized enterprises can benefit from hiring virtual CFO.

Share this I…

Highlighting The Main Aspects Of LLP Companies

When it comes to registering a business on papers, there are couples of options available that are widely popular among the entrepreneurs. One such option is LLP, or Limited Liability Partnership. The system of LLP registration is comparatively new in India. It was the year 2008 when LLP registration in India became a reality. Within a span of less than ten years, LLP company registration has turned out to be quite popular in this country.

Even though LLP is a new form of registration, but more and more entrepreneurs are opting for it. After all, there are numerous benefits associated with this option. For those who do not know, LLP registered companies feature a corporate system in which the partners of the firm cannot be held legally or personally responsible for the liabilities or debts associated with the company. So, it would not be wrong to say that LLP is basically a combination of the attributes that define a partnership and corporation.

Understanding the characteristics of L…

How Can You Register for GST Online?

As per the newly implemented GST laws, any business in India indulged in supply of goods or services exceeding the value of RS. 20 lakhs should seek GST registration. The limit of turnover is Rs. 10 lakhs for the North eastern and hilly states. The businesses that need to register for GST online include the persons already registered under the previous tax laws, a business transferred to someone, inter-state supplier of goods or services, casual taxable persons, non-resident taxable persons, agents of the suppliers, e-commerce operators, suppliers of e-commerce aggregators, input service distributors, businesses supplying OIDAR services, and those paying taxes under reverse charge mechanism.

How Much Time Does It Take to Register for GST?

Usually, GST registration can take 2-6 working days. You need to file the application with the department for completing the verification.

Why Register Under GST?

There are many benefits of this registration. With this, a taxpayer gets authorised to…