What are the best accounting practices to use for an online business?
Online businesses have seen a potential future due to the pandemic.  The online platform was always popular. But with Covid-19, the popularity has doubled.  A growing business requires a simple solution to manage transactions. If you have an online business account and are looking to track the expenses, you need to read this blog.  8...
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The Most Common Mistakes People Make With Tax Planning And Strategy
The famous saying, ‘A penny saved is a penny earned,’ holds. As an eligible taxpaying citizen of the country, there are several ways to save on taxes legally. In doing so, there are a few common tax-saving mistakes that you must avoid. To help you with it, we’ve detailed them below. 1. Planning tax savings...
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Major Challenges of Accounts Payable Processing and How to Overcome Them
Introduction The accounts payable department is an important section of any corporation that manages day-to-day commercial operations. It is in charge of monitoring cash flow, protecting against fraud, and maintaining vendor relationships. However, inherent difficulties in accounts payable generate unnecessary disturbances in the firm operation, delaying payment and collecting unpaid receipts. In this post, we’ll...
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Benefits Arising Out Of Third Party Accounting and Bookkeeping Services
The biggest challenge faced by Small businesses, start-up companies and entrepreneurs is finding the right accountant, someone who possesses the right skills to prepare the financials and analyze them, manage the operation of bank accounts, ready the outgoing invoices and that too at an affordable value. Therefore as an alternative, many of these businesses have...
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Its been nearly three years since the GST law was introduced in India. While many have managed to fall in line with this new regime of taxation, many are still struggling to do so. In addition, the government has been diligently updating the system, keeping the GST taxpayers on their toes to meet with the...
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Complete Guide For An Indian Citizen: How To Claim Credit On Foreign Tax Paid
The Internet has brought the world closer by providing a means to uninterrupted and constant access to the virtual connection. This has led to people regularly shopping and doing business with citizens of other nations. Income from other countries has become common, and with this comes the responsibility of paying taxes.  In this blog, you...
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What Do You Do Now With Your GST Registration Number
The Goods and Service Tax (GST) is a consumption-based tax that is charged at the point of consumption. It is imposed at all stages of consumption, i.e. from manufacturing till its consumption or utilization by the consumers. So what comes next after you get your GST Identification Number (GSTIN)? Step 1: Showcase the GST Registration...
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Essential Deductions Under Section 80 of the Income Tax Act That You Must Know
The Government of India has given its citizens the benefit of reducing their income tax. This is by claiming Income Tax deductions for certain expenses and investments. Income tax is levied on individuals based on the income tax slab for the financial year. Taxpayers must keep a tab on the IT slabs rolled out every...
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tax Shelter
Introduction A tax shelter is a vehicle used by people or organizations to reduce or eliminate their taxable income and, as a result, their tax responsibilities. Tax shelters are lawful and can range from tax-favored assets or investment accounts to activities or transactions that reduce taxable income through deductions or credits. However, there are a...
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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?...
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