Ebizfiling India Pvt Ltd

  Introduction Bookkeeping could seem like a routine, boring chore as compared to the overall attraction of running and owning a small company. However, it’s an essential procedure that needs to be followed precisely to maintain the sustainability and achievement of your company. You have to be aware of the traps that can harm you in order to escape the financial challenges that accompany inadequate bookkeeping. This article provides a general overview of bookkeeping for small businesses and highlights the top 8 bookkeeping errors that small businesses make. What is Small Business Bookkeeping? The process of precisely recording every business transaction is known as bookkeeping. Bookkeeping has many advantages for management and business experts. It supports precise reporting of data for compliance, business tracking, and decision-making for general corporate growth. Bookkeeping is the first step in accounting. What are the common mistakes made by small businesses during bookkeeping? T

  Introduction A new TCS section 206C (1H) was added to Finance Bill 2020. The updated section specifies that if a seller sells goods and the total sales value exceeds INR 50,00,000 (the threshold amount) in the same financial year, the seller must collect TCS from the customer. The content in this article includes eligibility requirements under Section 206 of TCS, the deadline for submitting TCS, and a definition of Section 206 of the Income Tax Act. What is Section 206C of the Income Tax Act, 1961? The Finance Act, 2020 has been amended by the government of India to insert a new Section 206C (1H) that covers the Tax Collected at Source (TCS) rules to the seller of goods. According to this section, if a seller receive more than INR 50 lakh from a single buyer in a single financial year, he must collect tax if his total turnover exceeds INR 10 crore. It is important to remember that when the payment is received, the TCS (Tax Collected at Source) needs to be paid. A. The Income Tax Act

  ROC Annual Filing is a crucial aspect of corporate governance in India. It ensures financial transparency and accountability in the functioning of companies. But why is it so important to file the annual return of a company on time? Let’s delve into the reasons. Ensuring Compliance The first and foremost reason is compliance. The Companies Act, 2013 mandates all companies registered in India to submit their annual returns and financial statements to the Registrar of Companies (ROC). Failure to comply can lead to severe penalties. Avoiding Penalties Timely filing of the annual return helps companies avoid penalties. Non-compliance can result in hefty fines, and in extreme cases, the company’s name can be struck off the ROC register. Maintaining Financial Transparency ROC Annual Filing promotes financial transparency. It provides a clear picture of the company’s financial health and operations to its stakeholders, including shareholders, creditors, and potential investors. Fulfilling C

  In the ever-evolving landscape of taxation in India, one term that has gained significant attention is ‘online GST return filing fees’. As we navigate through the year 2023, it becomes crucial for businesses and individuals to stay updated with the latest trends and changes in this domain. This article aims to shed light on the same. The GST Regime in India The Goods and Services Tax (GST), introduced in 2017, marked a significant shift in India’s indirect tax system. One of the key features of the GST regime is the facility to file tax returns online, a move aimed at increasing ease of doing business. Online GST Return Filing: An Overview Online GST return filing involves submitting details of income to the GSTN portal and paying the tax based on these details. The process is mandatory for all entities registered under the GST Act, with different types of returns applicable based on the nature of the business. Understanding Online GST Return Filing Fees in 2023 The term ‘ online GST

  Introduction In India, registering a company is a complex procedure. A company’s incorporation process involves a number of officials, including chartered accountants and company secretaries. These individuals make a significant contribution to the company registration procedures available in India. However, one such entity is frequently overlooked during the incorporation process. It can be easy to overlook the Company Registrar who issued the registration certificate in these situations. This article will clarify and explain the role of the Company Registrar in the Company Registration Process. What is the Registrar of Companies (ROC)? A government official appointed under Section 609 of the Indian Companies Act, which applies to both Union Territories and several States in India, is known as the Registrar of Companies, or RoC. The main responsibility for registering companies of all kinds and limited liability partnerships (LLPs) in the appropriate states and Union Territories res

Introduction Due diligence is an inquiry or audit conducted before a transaction, such as an acquisition, investment, business partnership, or bank loan, to guarantee compliance with financial, legal, and environmental reports in order to register a company in India. The outcomes of all these inquiries and audits will be collected into a Due Diligence report. For startups in India, conducting due diligence about the company is important during the investment stage. To guarantee compliance, we have put together a list of company due diligence requirements for startups in India. What is Due Diligence for Startups in India? Due diligence is usually completed by a business before the sale of the company, a private equity investment, the funding of a bank loan, and others. The company’s financial, legal, and compliance issues are usually examined and recorded during the due diligence process. In general, business due diligence is carried out before an investor or acquirer buys an entity or