Monthly Archives - December 2016

5 Benefits of using a Book keeping Service

How satisfied are you with the way accounting is done in your business? Have you ever come across the thought of engaging an external bookkeeping service for your business? Using an external bookkeeping service has many benefits over using an individual bookkeeper. While it is comfortable to keep an in-house bookkeeping team, there are various cons for it. As you go on reading this write-up you might feel the need to change, an alternative way to change could be keeping the in-house [...]

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8 Reasons you should avoid year end bookkeeping!

With Demonetization, GST, Digitalization & a swift spurge in electronic and cash less way of doing business, its high time that we leave behind the traditional old way of doing business. It is the time of change not only in the way you were doing your business but also in the way you were maintaining your accounts. A proactive business man will always sense the shift in the approach & intentions that current and upcoming events would bring and a smart [...]

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Know about TAN

What is TAN? Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible fordeducting tax at source (TDS) or who are required to collect tax at source (TCS). Why do a Person require TAN? Any person who deducts tax at source need TAN to do so. Deducting tax at source cannot be done without TAN As per Section 203A of income tax act, [...]

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Digital Signature: Understanding you need

The way we work has become digital, most of the things that were done manually a decade ago is now being done electronically. On the same note our signatures have also become digital and we call them digital signature. What is a digital signature? A digital signature is an electronic form of a signature that can be used to authenticate the identity of the sender of a message or the signer of a document, and ensure that the original content of [...]

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All you need to know before starting your import/export business: IEC

As you think of starting a business wherein you need to export/import certain goods/services, first thing that comes into your mind would be: do I need to take some authorization for it? The answer is Yes. You need an Importer Exporter Code, without which you cannot start your import/export venture in India What is IEC number? IEC (importer Exporter Code) number is a 10-digit code number given to an exporter or importer by the regional office of the Director general of [...]

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Understanding Credit score: Relevance in loan approval and rejection, Errors and rectification.

What is a Credit Score? A Credit Score is a three-digit numeric summary of your credit history. The value ranges between 300-900. It indicates the ‘probability of default’ of a borrower based on their credit history. What role does a CIBIL score play in the loan application process? Your CIBIL Score is one of the first checks that a lender does when they are evaluating your loan application. It’s important to know that nearly 90% of the loans are granted for individuals [...]

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All you need to know before choosing partnership as a form of business

The moment you think of starting a business, you may think of a sole proprietorship form for a start i.e. when the business operations are small. As your business grows this form of business would not be able to grow beyond a certain limit because of the following two reasons: Funds Constraint: Sole proprietorship would not be an attractive form of business for banks to lend their monies as loans. Additionally, the amount of funds that a sole owner could introduce [...]

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All you need to know before choosing One Person company as a form of business

Introduction One Person Company is introduced newly under the companies act, as the name suggests it lets a single person to form and register a company under the Companies Act. Features of a one person company It has only one member No minimum capital is required to start, and it can have maximum Paid up share capital of Rs.50Lakhs It can have only 1 director and maximum 15 directors Term “One person company” must be mentioned below the name of the company. Factors to be considered Benefits of a [...]

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