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What is Section 43B of the Income Tax Act?

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  Introduction Section 43B of the Income Tax Act is an important provision which deals with various types of expenses allowed as deduction. It lays down the conditions for claiming deductions for certain expenses incurred by businesses and individuals. In this blog, we will take a closer look at Section 43B and understand its various aspects. What is Section 43B of the Income Tax Act? Section 43B of the Income Tax Act specifies certain expenses which are allowed as deduction, subject to certain conditions. These expenses include: 1. Statutory Dues:  This includes payment for any tax, cess, duty or fee payable under any law as well as any contribution to any provident fund or other fund established for the welfare of employees. 2. Contribution of employees to PF and ESI:  Contribution made by the employer to the employee provident fund or any other fund established for the welfare of the employees is allowed as deduction only if it is paid before the due date specified under the relevan
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What are the responsibility of an Independent Director in a Company?

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  Introduction Independent director refers to a director who is not connected or related to the company in anyway and acts only to protect the interest of the members who cannot look after their interests themselves. One of his main responsibilities is to improve corporate governance and their standards. In this blog, we will discuss the responsibilities and duties of an independent director but first, we will know who is a director as per the Companies Act, 2013. Who is a director? Section 2 (13) of the Companies Act, 1956 defines a director as “any person by whatever name exercising the office of a director”. Articles of Association cover their appointment, duties, retirement rights and remuneration. In other words, a director is a person who represents a company and he or she supervises, directs and controls the business and its employees. Who is an Independent Director? He is a non-executive director whose decision does not affect the company’s relationship with any people. An inde
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Why is it important to use financial software in your business?

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  Introduction As business grows, the financial data becomes more and more difficult to handle in spreadsheets because it is time-consuming, prone to errors and confusing. With growth, there is a need for a scalable accounting solution. To opt for such complex financial data, business owners have to think beyond spreadsheet accounting and for that the best solution is financial software. Financial software offers several features to optimize your business. From basic invoicing and billing to tax calculations and accounting software is an essential tool for managing your business’s financial data. It also helps the business in managing clients, reconciling bank accounts, and generating insightful financial reports for smoothly and continuous growth. In this blog, we will discuss why there is a need to use financial software in your business. What is Financial Software? Accounting software manages and records an organization’s day-to-day financial transactions, including fixed asset mana
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What does Payroll Compliance mean?

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  Introduction Payroll is a process of paying your employees. However, it also includes choosing a payroll schedule, calculating salaries, wages and taxes, and making sure everything is completed accurately and on time. Payroll management can make it easier to avoid your legal compliance obligations under local, state and federal laws. Payroll compliance is a must for all business owners because overtime, employee treatment and income tax regulations are essential components of payroll. In this blog, we have explained all about payroll compliance. What is payroll? Payroll is the salary structure that a company pays its employees at a specific time or on a specific day. Usually, the company’s accounting or human resources department handles it. Payrolls for small businesses can be handled directly by the owner or co-workers. Companies are using technology to improve their  payroll processing , employee benefits, insurance and accounting duties. It includes payroll-related documents in d
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Transfer of Food License in India

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  Introduction Food licensing is an extremely important part of the food industry as it confirms that the products you provide to your customers are of the best quality. License required by law. Passage of safety and sanitation laws is necessary to provide healthy food to the people. Before opening a food business, a food business in India must complete the food license registration process. In this article, we will discuss the transfer of food licenses under the 2006 Food Safety and Standards Act. What is FSSAI (Food Standards and Safety Authority of India)? FSSAI stands for Food Standards and Safety Authority of India, which is the apex agency for regulating and monitoring food safety. FSSAI simple registration is required for all businesses in the food industry. You will need to register and provide information about your company type, manufacturing scale, product category or formulation etc. Food Business Operators (FBOs) are required to inform the Food Safety and Standards Authori
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