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Important Information on ESIC for Employers
We would like to bring your attention to the ESIC Act, a Central Government legislation that binds entrepreneurs who employ a specified number of employees. From an employee's perspective, it serves as a Social Security Act, providing a lump sum amount upon retirement...
Tax Saving all the way – Small business – Manufacturing, Trading & Services
Highlights of Section 44(AD), Presumptive Tax: Taxable limits for Section 44(AD) for FY 2023-24, 2024-25 is 3 Crores. A new condition has been introduced wherein a minimum of 5 years to be continued for Presumptive Tax benefits under Section 44(AD). If in the...
MSME BENEFITS – REDEFINED
The redefined role of MSME classification aims to boost business and entrepreneurship, recognizing them as the backbone of the economy. It is designed to promote entrepreneurship and self-employment in India. Here are the key features:...
AWARENESS FOR BUSINESS ENTREPRENEURS: CLASSIFICATION AND BENEFITS OF MSME
Micro, Small, and Medium Enterprises (MSMEs) play a vital role in the growth and development of economies worldwide. In India, MSMEs are considered the backbone of the economy, contributing significantly to employment generation and industrial production. To promote...
Budget
Budgets have come and budgets have gone. Ruling party is happy, opposition party is not. We need an FM who can balance. The experts have given this budget more than 7 out of 10, which is really good. The FM has done a balancing act by...
BUDGET ASPIRATIONS
BUDGET ASPIRATIONS is always from a Country Citizens, Business, Additional tax Source is what your FM looks in As part of our yearly Budget wish list to the FM, Total Solutions would like to first and foremost suggest Additional Tax Source from avenues that have not...
LIAISONING OFFICE, FOREIGN BRANCH OFFICE, FOREIGN WHOLLY OWNED SUBSIDIARY COMPANY
Liaison Office: As per FEMA rules, liaison office means a business to act as a channel of communication between the principal place of business or a head office and entities in India. Foreign companies can open a liaison office in India Foreign Branch...
The Legal metrology Act
The Legal metrology Act – Today we are discussing about this Act. This was introduced in 2009 and came into force from 1st April 2011 to replace the Weights & Measures Act of 1976. The main agenda of the Act was to enforce the standards of Weight &...
SEZ, EOU, STPI, EHTPI
SEZ (Special Economic Zones). SEZ has two types namely, SEZ developers and SEZ units. Today, we are not dealing with developers. We are going to explain only about SEZ units. However, SEZ developers are the people who provide...
THE ART OF BEING A GREAT ACCOUNTANT
Looking forward to building your career in accounts? Understand the reasons for failure in interviews. Did you know that most of the companies that take young passouts as Accountants, say out of 100 companies 95, use Tally as their accounting...
GST-FEW KEY TAKEAWAYS FOR ACCOUNTING
GST - is now entering the fifth financial year, went through a lot of hurdles, changes, faced economic recession, COVID threat, nearly hated by all stakeholders, stood resolute and determined. Our KEY takeaway thus far from GST with respect to ACCOUNTANTS & our...
ACCOUNTING-the art, TALLY-THE TOOL
Recently several Accountants asked me why TALLY is the preferred software used by most entrepreneurs. The one answer that came to my mind was that TALLY has stood the test of times & worked with MSME to provide the reliability. It corrected itself to provide value...
TDS (Tax deducted @ Source)
Dear Young Accounting Aspirants, today let us talk on TDS which is also tedious for many of us including Professionals. The full form of TDS is Tax Deducted @ Source. Let us interpret this in more detail. Deducted @ Source means deduction at the time of...
SALARIED EMPLOYEES – WHY THEY SHOULD FILE IT RETURN
Our Income Tax Payees –The Salaried in particular have a doubt as to why they should file their returns when tax is already deducted in their Salary. We want our salaried friends to be made aware as to why tax returns are filed. In this context, we would...
Salary structuring
Dear Salaried Tax Payers are you structuring your salary to get maximum relief from tax payable which is being deducted as TDS every month from your salary. To get relief from taxes, you need to do your homework of proper tax planning of your Salary including flexi...
Business/pROFESSIONALS – Why they should file it return
Our Income Tax Payees – Business & Professionals in particular have a doubt as to why they should file their returns when tax has already been deducted in their Income. We would like our tax paying friends under the above category to be aware of TDS &...
Disclaimer
This article is intended for informational purposes only. The views expressed are solely those of the author and do not constitute official policy, advice, or endorsement by the company.