Fixed Deposit Interest Rate A Fixed Deposit (FD) serves as a financial instrument offered by banks and various financial institutions, enabling individuals to invest a specified amount for a predetermined duration at a fixed interest rate. Fixed Deposits are known for their safety, stability, and guaranteed returns. Key Features of Fixed Deposits: 1. Interest Rates:… Read More »
IFSC Codes FAQ’s on IFCS Codes 1. What is IFSC? Ans: IFSC, or Indian Financial System Code, is a unique alphanumeric code assigned to each bank branch in India. It is use to identify a specific branch in electronic fund transfer and other online transactions. 2. Why is IFSC important? Ans: IFSC is crucial for… Read More »
Post Office MIS 1. Post Office Monthly Income Scheme (POMIS): POMIS is a savings scheme offered by India Post, the postal department of the Government of India. It provides a fixed monthly income to investors who deposit a lump sum amount for a fixed period. 2. Distinctive Benefits of the Post Office Monthly Income Scheme… Read More »
Sukanya Samriddhi Yojana (SSY) SSY / Sukanya Samriddhi Yojana: Sukanya Samriddhi Account is a government-supported savings initiative in India, specifically designed for the benefit of the girl child. The scheme was launched by the Government of India as part of the “Beti Bachao, Beti Padhao” campaign to promote the welfare of the girl child and encourage… Read More »
Merchandise Stores Merchandise Stores, Yes, grocery and merchandise stores fall within the purview of (ITR) Income tax return filing if their yearly turnover surpasses Rs. 2 crore. Yet, an alternative exists in the form of the presumptive taxation scheme under Section 44AD of the Income Tax Act, 1961, catering to those with a turnover below Rs.… Read More »
Account Finalization Here are the essential steps involved in the process of Account finalization for Grocery & Merchandise Stores: 1. Reconcile Accounts Payable: This step entails comparing the accounts payable ledger’s balance with the balance on vendor statements. Any disparities should be identified and rectified. 2. Reconcile Accounts Receivable: In this phase, the balance… Read More »
Tax Audit Report Whether a tax audit report is require for grocery and merchandise stores depends on the following factors: 1. The size of the business: I f the business has a turnover of more than INR 1 crore, it is require to get its accounts audited by a chartered accountant. 2. The type of… Read More »
Due Date of Statutory Audit The Due Date of Statutory Audit, for Printing Services depends on the legal requirements of the country or state in which the company is located. In the United States, for example, the due date is 15 months after the end of the company’s fiscal year. However, there are some… Read More »
Trade Tally Tactics Trade Tally Tactics: Use of barcodes and scanners. Barcodes and scanners can help to automate the bookkeeping process by quickly and accurately recording sales and inventory data. This can save time and reduce errors. 1. Need to track multiple inventory locations: Grocery and merchandise stores often have multiple inventory locations, such… Read More »
Finalization for Grocery Finalization for Grocery, Is not necessarily. Whether or not a grocery or merchandise store is required to perform account finalization depends on the specific laws and regulations of the country or state in which the store is located. In general, account finalization is the process of closing out an account and… Read More »