An Overview on Guide to a Successful Financial Audit. Financial audits are one of the biggest reasons why year-end reporting may be stressful.
However, these audits establish you as a reliable company in the eyes of banks, government agencies, and shareholders. Generally, a financial audit involves reviewing an organization’s financial statements and related documents to ensure that they are reasonably accurate. It is conducted annually and aims to assess the company’s financial health. This can be done by assessing its accounting practices, internal controls, and other financial details. The major purpose of an audit is to express an opinion on whether the company has been able to maintain proper books of accounts or not. You must plan ahead You need to dedicate extra time to prepare for the audit and to be available during audit fieldwork.
It is also quite essential to designate someone within your organization’s finance department to be the single point of contact for the independent auditors. You must learn from the past experiences. Do not miss out on the March 31, 2021 Tax Deadline. Link your PAN and Aadhaar: March 31 is the last date to link aadhaar with your PAN cards.
Nonlinking of this will make your PAN inoperative and it will be assumed that your PAN card was not furnished for important transactions. NRI’s May Get Lockdown Relief if There is a Double Taxation Issue. The Central Board of Direct Taxes (CBDT) has received various representations requesting for relaxation in the determination of residential status for the previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to the suspension of international flights.
In this context, CBDT has issued a circular where it has been provided that if any individual is facing double taxation even after taking into account the relief provided by the relevant Double Taxation Avoidance Agreement (DTAA), the person may furnish the specified information by 31st March 2021. The information has to be submitted in Form “NR” and is to be submitted electronically to the Principal Chief Commissioner of Income-tax (International Taxation). Please contact our office if you need any assistance in this matter. Tax for E-commerce Business - Essential Considerations. E-Commerce has grown tremendously in India as more Indians are buying and selling items online.
In fact, India’s potential for domestic e-commerce has only flourished in COVID times. This has led several technology giants to reinvent their operations. If we talk about the taxes for eCommerce business, under earlier tax laws, there was not a very clear treatment under some tax laws for online sales. The new GST laws have proper rules in place for e-commerce portals. Why is Outsource Accounting Required in Business to Get Benefits? - V Ramaratnam.
A number of small businesses, start-ups, and entrepreneurs find it extremely challenging to hire an accountant especially with the right skills to prepare their company’s financial statements as well as manage bank account operations, analyze financial data, prepare the outgoing invoices, etc.
Therefore, it is best to opt for outsource accounting. Outsourcing can be defined as the process of delegating specific operations to a company outside of your business to capitalize on benefits. There are various benefits of outsourcing accounting to get benefits such as:- Improved Productivity: Rather than dedicating your time or your employee’s responsibilities to accounting and bookkeeping, you can outsource these requirements to free up resources for other tasks. Top Key NRI Residency Rules - As Stated in Budget 2020. Budget 2020 changed the rules that determine how a person’s income is taxed.
Once these rules are implemented, NRI’s who visit India will need to keep track of the number of days they spend in the country and remember to file their tax returns depending on their status. 182 day limit reduced : As per the new budget proposals, a person will be treated as a resident of India for tax purposes if he visits the country for more than 120 days in a financial year and 365 days in the past four years.
Once this rule is impelemted NRI’s will be able to spend a much smaller number of days in the country if they wish to keep their NRI status intact. 730 day clause removed : Once it is decided whether a person is a resident, it needs to be tested whether a person is a resident ordinarily resident (ROR) or resident but not ordinarily resident (RNOR). The new budget proposal has dropped the 730 day criteria. One Person Company has Many Advantages as per Current Budget. One Person Company has more advantages – Budget 2021-22 The current budget has allowed several new benefits to one person companies (OPC) which has made it quite attractive compared to the past.
Let us look at some of the benefits of OPC Ease of compliance requirements compared to a private limited company, and it is also more cost-effective for the small entrepreneurOPC can transition to a private limited company or public company more easily nowSuch companies can now grow without any restrictions on paid-up capital up to Rs 2 crores and turnover up to Rs 20 croreOPC offers protection to the sole proprietor from litigation and other potential issues. There is a distinct separate identity now for the small business owner. Nirmala Sitharaman Explains Budget 2021 Top Level Highlights. February 1, 2021 By Vramaratnam & Co No comments yet Budget.
Reasons Why You Need QuickBooks For Your Business. Posted by vramaratnam on January 27th, 2021 QuickBooks is known as one of the top-rated accounting software among accounting professionals.
It is suitable for businesses of any size and takes care of all their accounting needs. With the help of quickbooks accounting services all your data can be stored at a single place, and these can be easily accessed when needed. A Special IT Department Unit for Probing Undisclosed Foreign Assets. In the current scenario, we are now in a universal regime where an automatic exchange of tax information is the latest norm.
As a matter of fact, more and more countries and jurisdictions are following the international protocols set by the Organisation for Economic Co-operation and Development (OECD). Also, the Financial Action Task Force (FATF) for tax transparency and combating instances of global money laundering, terror financing and tax evasion. A Special IT Department Unit for Probing Undisclosed Foreign Assets. Some of the Crucial Benefits of QuickBooks for your Business. QuickBooks is considered to be one of the most powerful accounting software in the industry.
It plays a vital role in streamlining accounting practices for small and medium businesses. Keeping an accurate set of books is necessary for any business’s smooth functioning; hence, Quickbooks becomes an essential part of your organization. It saves a lot of time and money and simplifies the entire process of accounting, tracking and reporting. Business accounting can be a challenging task, and if you need to overcome these challenges, you must make use of Quickbooks or get our Quickbooks consulting services. There are several advantages of Quickbooks, let us take a look at the 9 major advantages of Quickbook. A Brief on the Requirement of Accounting Outsourcing in COVID Times. At present, there are a number of organizations across the world that are hit by COVID-19. As a result of which these companies are under severe pressure to lower the cost. Why is Outsource Accounting Required in Business to get Benefits? The long-term success of your business will be based on how well you maintain your finances today, and how do you plan for the future.
This is where the role of accounting outsourcing services in India becomes essential. There are numerous benefits of outsourced accounting services for keeping your business on the right track. These include greater efficiency, security, and long-term cost savings, etc. Tax Accounting Services by Leading Tax Accounting Firm. The present business combined with tax climate is becoming increasingly mind boggling, there are an ever increasing number of requests for tax divisions, straightforwardness and they are feeling the squeeze to be more successful and profoundly qualified experts can be difficult to obtain. In the event that you need to react to these requests, there are chartered accounting firms in Chennai or different urban communities in the nation who give help with three main regions. it underpins quarterly and yearly tax arrangement computations, approves tax asset report records and executes new accounting principles under the IFRS and additionally neighborhood GAAP.
Bookkeeping Services for Startups - Know all About it. Chartered Accountant Firms in Chennai. Major Differences Between Direst and Indirect Taxes - A Complete Lowdown. Reasons to Hire the Top NRI Tax Consultants in Chennai. Taxation is the primary source of revenue for any government and is based on the theory of the maximum welfare of society. The rates of income tax are different for people who are residing in India and for those who live overseas. According to the statistics, there are 32 million NRIs and PIOs residing outside India, and India is the largest country of origin for expatriates and immigrant communities with a 55 million-strong diaspora across the globe. In this article, we will try to guide you about everything you should know regarding the NRI income tax filing and also assist you with some highly recommended NRI advisory services in Chennai.
Let’s start with the basic concepts. Do Taxpayers in India is Getting any Benefits from the Government? The income tax department gives out detailed data on tax return filers each year. It has been going on from the assessment year 2012-13, or AY13, onwards. The data for AY1 has been recently published. Crucial TCS Rules To Be Applicable W.E.F 1st October 2020. 50 Years of Trust | An ISO 9000:2008 CO. Find out the Best Auditing Assurance Company in Chennai. Economic prosperity has changed the structure of chartered accountant services in India. Accounting - Role of Best Accounting Services in India and Chennai. Video conferencing is an option for FaceLess Assessments is an option.
MSME Registration Changes in India and its Benefits. CBDT Issues new form 26AS - Provides Statement to Tax Authority. Due Dates For Filing ROC Annual Return Forms. New Input Tax Credit Rules for GST - Chartered Accountant and Consulting Services in Chennai. FLA Returns Due by July 15, 2020. DIR3 KYC Due Date Sept 30, 2020 - Chartered Accountant and Consulting Services in Chennai. Company Fresh Start Scheme, 2020 - Frequently Asked Questions. Extension of Due Dates Part 2 - As a Result of COVID-19 Pandemic. Extension of Due Dates Part 1 - Impact of COVID-19 on Due Dates. Covid19 Regulatory Filings -Tax Regulation Updates During Corona.
Tax Exemption for Charitable Trusts in India - New RulesType. Top Key NRI Residency Rules - As Stated in Budget 2020. Budget 2020 Blogs - All about the Top Caro 2020 Changes. Top Key Dividend Distribution Tax Change - Current Status. All about Budget 2020 - Highlights to Focus Upon. Budget 2020 Highlights - The Key Takeaways. How Equity Investment Helps in Saving Tax? All about Accounting Cycle - 8 Important Steps to Consider. Key Differences Between the Direct and Indirect Taxes. Best Business Growing Ideas from Accounting Firms Based on GST India. The bookkeeping firms who are had practical experience in tax collection can acquire a considerable lot of cash because of the usage of GST in India on the off chance that they pursue positively benefits. Programming Making Services (Application Service Providers) ASPs or application specialist co-ops can build up a start to finish answer for advisors, corporates, and citizens. Through ASP, every one of the citizens, organizations, clients, specialty units can document their assessments or returns.
Filing charges, however it can likewise help in GST Registration, Challan and the various exercises identified with GST consistence. It additionally helps in the deal or acquisition of products and ventures and GST recording. GST Consulting Services Before the execution of GST Indian organizations were paying a humongous measure of cash to worldwide bookkeeping firms, for example, Price water house Coopers, Deloitte, KPMG LLP, etc. Distributing GST Guides or Books on E-trade entryway. Bookkeeping Services for Startups - Know all About it. Best Bookkeeping Services for Startups - A Quick Guide. MCA Introduces Online Compliance Monitoring System (CMS) How the Best CA Firms in Chennai Helps a StartUp Manage its Finances Better. Do Taxpayers in India is Getting any Benefits from the Government?
Company Formation and Corporation Tax Planning in UK. Company Formation and Registration services in Chennai. Effective Tax Rates in India - All about Corporate Tax. ERP Implementation System Support in Chennai, India. Setting Up and Doing Business in India - Advisory Services. Corporate Identification Number in letterheads. End Use ECB Norms Relaxed by RBI - All the Details. Personal and Individual Service Tax Consultant in Chennai. What Is Payroll Outsourcing? What is the Use? Businesses sometimes hire an external firm to manage all payroll functions which helps save time and money and helps reduce the requirement for in-house trained payroll staff, buying and maintaining the appropriate software package and catering to updated PAYE legislation. Whether payroll outsourcing is a cost-effective solution is dependant on a lot of complexity of the organization’s payroll requirements.
The payroll outsourcing in the service role differs some suppliers provide a barebones service while others will manage with other things such as liaising with HMRC and maintain complete compliance without the main organization ever having to manage with payroll. Business consultants have long condoned outsourcing non-core functions. A non-core function is not a profit center. Business owners and managers require several answers to the questions, what do you tend to gain from outsourcing payroll? Ideally, outsourcing has three key goals to fulfill. It reduces costs and risks. Benefits of Outsourcing Accounting Tax Services to Us. What are the mandatory auditing and compliances, taxations required for a newly Pvt. Ltd. company in India? Although Private Limited Company is one of the more popular ways of starting a business, there are various compliances which needs to be followed once you continue with your business.
Looking the day to day operations of your business and complying with the corporate laws is a little too much for the entrepreneur. Deduct TDS on House Rent - As Per an Amendment to the Income Tax Act. What is the audit? And what is the relationship between accounting and auditing? The audit is the systematic examination or inspection of various books of accounts by an auditor and then it is followed by physical checking of inventory to ensure that all departments are following a documented system of recording all transactions.
It is done to find out the accuracy of the financial statements provided by the organization. How to Donate Property to Charity - The Rules and Regulations to Start the Journey. What is Transfer Pricing and How Can You Reduce their Tax Burden? Transfer pricing is a setting of prices of goods and services that are exchanged between the commonly controlled legal entities within the paradigm of an enterprise. For example, if a subsidiary company sells goods or provides specific services of a holding company, the price charged for these services is known as transfer price and the setting is called transfer pricing. Manage Service Tax Returns with the Help of the Best Tax Consultants in Chennai. Mandatory Information in DPT 3 - All the Details.
Declare Your Income - The 7 Key Incomes for Declaration. Tax Saving Tips - All about the Numerous Benefits. Managing Sales Tax Audits - Top 10 Tips. How Tax Consultant in Chennai Helps to Deal with Income Tax Notices. Income Tax Filing Do's and Don'ts - A Quick Lowdown. Income Tax Filing Do's and Don'ts - A Quick Lowdown. The Best Auditing Firm in Chennai that Works with a Tech Startup. Due Date Caendar 2019 - Vramaratnam and Company.
What are the rules of declaration for Significant Beneficial Owners in India. Find out about the Financial Statement Audit. What Kind of a Business do You Want to Start Up. How is GST Beneficial for the Country? How Would it Help to Improve the Country's Economy? Tax Accounting Services by Leading Tax Accounting Firm. Best Business Growing Ideas from Accounting Firms Based on GST India. GST Audit - Different Types Of Audits Under Goods And Service Tax. Book Your Calendar for the Last Date for Filing GST Annual Return - December 31. The Chief Benefits of Outsourcing Bookkeeping and other Accounting Services. Full Overview of Tax Structure in India. Transfer Pricing Planning and Services in India - Comprehensive Solutions at Hand. Find out the Best Auditing Assurance Company in Chennai. Chief Differences Between Professional Tax and Income Tax. Best Bookkeeping Services for Startups - A Quick Guide.
Goods and Service Tax - A Detailed Explanation. GST Annual Return 2018 - file GSTR9 by 31st December. Setting Up and Doing Business in India - Advisory Services. Full Overview of Tax Structure in India. Company Formation and Registration services in Chennai. Importance and differences between direct and indirect taxes? Top 10 Tips for Managing Sales Tax Audits.
ERP Implementation System Support in Chennai, India.