GST
Letter of authorization for GST in terms of every business entity except for when the business entity is a sole proprietary or is run...
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Cash vouchers are vital in facilitating financial transactions and tracking expenses for firms and organisations. Cash vouchers are valuable instruments for recording and monitoring...
When a company purchases goods or services, there may come a time when they need to return them due to various reasons such as...
Bills payable are short-term debts that a company owes to creditors. A company’s balance sheet is a financial statement that provides a snapshot of...
“Are you a small business owner in India looking for ways to reduce your tax burden and invest in your company’s growth? Have you...
Profit maximisation and wealth maximisation are two different approaches to business. The main focus for any business is profit maximisation, but many people need...
What is Meesho? Meesho is the biggest and most reputable reseller marketplace in India. It is an e-commerce platform where resellers can sell products...
What is letter of credit? A letter of credit, or LC, is a legal document that ensures the buyer will pay the seller. It...
What is a Bill of Supply? A company that is GST-registered sends the purchaser a tax invoice. Such an invoice specifically states the GST...
The Indian government has introduced the QRMP plan to make it easier for small business taxpayers to file taxes. What is the QRMP scheme?...
Definition of DSO Days Sales Outstanding (DSO) measures the average time it takes a business to get payment from a client after a transaction....
Letter of authorization for GST in terms of every business entity except for when the business entity is a sole proprietary or is run...
The government had launched the MSME grievance redressal platform ‘Champions’ in May 2020. According to the recent data published by the government, MSME complaints...
Starting a business comes with a list of expenses, duties and situations that you would not have expected. But the first order of starting...
If you come under the eligibility criteria to file Income Tax Return 6, then this guide will be very helpful to you. Read more...
ITR 5 means a type of form which needs to fill for the income tax return. But this is not for any individual or...
The ITR2 should be applied as per the category of the source of income and the taxpayer to ensure easy compliance. As a matter...
Income Tax Return has several forms, and people are required to file each form based on their business or profession and income from these....
On the 7th of June, 2021, the Income Tax Department has announced an update about its new e-filing website that has been soon going...
What is Section 194A? Deduction of TDS on interest on items other than securities, such as interest on fixed deposits, loans, and advances from...
With India continuously emerging as one of the fastest-growing economies in the world, the government has taken several steps to help small and medium-scale...
What is MSME Day? Every year on June 27, Micro, Small, and Medium-sized Enterprises (MSME) Day is observed to honour these businesses’ contributions to...
When it comes to Form 16 and Form 16A, both are important for taxpayers as they have a vital role in regulating the payable tax amounts. Also,...
Everyone is aware of what a TDS or Tax Deducted on Source is. But some people may not be aware of how it is...
Gross working capital has many benefits, but it can only show the half picture of the financial position of a company. It cannot completely...
Working capital is an essential component of every business, regardless of its size and nature. Sufficient working capital is required for every business to...
About 40 million MSMEs (Micro Small and Medium Enterprises) in India, including registered and unregistered companies. MSMEs usually come under lists of both the...
Managing capitals is important for every business. Therefore one must know about working capital and its management. Working capital is the fund available at...
Full form of UAN is Universal Account Number. When a person joins a company with more than 20 employees for the first time, the company...
The income tax department has launched the new income tax portal on 7th June 2021. The e-filing portal 2.0 is set to smoothen the...
A contra entry is an entry that is recorded when both the debit and credit affect the same account and which results in a...
The registered taxpayers who avail benefits of the notification No. 2/2019-Central Tax (Rate) dated 07th March 2019 or pay tax under the provisions of...
The government has taken several actions to support small and medium-sized enterprises in their growth and development as India continues to rank among the...
What is PMEGP Scheme? The PMEGP or the Prime Ministers Employment Generation Programme is a scheme that is introduced by the Ministry of Micro,...
What is the Cost of Capital? Cost of capital is the gain needed to realize an investment budgeting effort worthwhile, for example, the construction...
What is a Trial Balance? A trial balance is a statement of the balances of all the ledger accounts in a business at a...
MSME means “Micro, Small, and Medium Enterprises.” Registering yourself under MSME can be beneficial in several ways if you are an enterprise. You can...
Inventory is one of the important aspects of any business. Any miss with your inventory movement can disrupt your business turnover. Therefore, it is...
What is the Cash Reserve Ratio? The CRR full form is the cash reserve ratio. The cash reserve ratio meaning is a minimum percentage...
What is DPT-3 Form DPT 3 was notified to protect the interests of the Company’s deposit holders or creditors, the Central Government in consultation...
What Is HSN Code? The HSN code full form is “Harmonised System of Nomenclature.” The World Customs Organisation (WCO) created the HS Code, also...
A statistical framework must be capable of calculating the contribution of all economic operations to national wealth and must be attentive to the demands...
When you want to start a business, there are many documents that need to be prepared and submitted for verification by the government to...
Any payment or remittance made to a non-resident is subject to a plethora of laws and regulations. Initially, when a person made a payment...
An integrated accounting system can be a blessing for businesses, especially for all small and medium enterprises. It may sound complicated, but it is...
A B2B transaction is one where both parties involved in a transaction are businesses. An invoice is a document that acts as the proof...
Access to formal credit has always been one of the major concerns of SMEs in India. This difficulty arises due to traditional accounting methods,...
All businesses – big or small – need to maintain fine records of their transactions. As the number of transactions increases, it becomes critical...
A shop bill book is like an identity of your business. Every customer gets to keep a part of that identity through the invoices...
A furniture business can have numerous transactions every day because there is a massive industry demand for good-quality furniture items for both retail and...
Regardless of size, every business thrives on the systematic recording of its day-to-day financial transactions. Small business bookkeeping provides small enterprises with a simple...
For any business to have a successful run, it must have long-term financial planning and impeccable accounting practices. Business accounting involves identifying, recording, and...
What is Financial Risk? Financial risk can be defined as any peril that can bring about the loss of capital to interested groups or...
A vendor invoice is a document listed by the recipient, which includes the total amount the supplier owns. When an order is placed for...
The quality of financial management and accounting practices employed in a business can be crucial for its growth. It is essential to keep a...
Quality accounting practices are integral to any business’s effective management and functioning. Keeping track of all transactions, investments, and reports helps generate crucial insights...
ERP stands for Enterprise resource planning and is a crucial tool that every small and medium business should use. It is being used widely...
The demand for gold is never-ending. Day by day, the number of people purchasing gold is increasing, especially women customers. Whenever you purchase gold...
With the rise in technology and the ease of doing business on e-commerce portals such as Amazon, Flipkart and Myntra, it’s no secret that...
What is an audit? An audit refers to the autonomous inspection of financial information of any organisation, regardless of whether they’re for-profit or non-profit,...
This guide can give an adequate amount of information regarding the assigning of invoice numbers and invoice number format. Every business organization generates invoices that...