Company Registration Company registration or incorporation in India involves several steps and legal formalities to establish a business entity legally recognized under Indian law. Here’s a comprehensive overview: 1. Choose the Type of Company: Select the appropriate legal structure for your business, such as: a). Private Limited Company b). Liability Partnership (LLP) c). One Person… Read More »
Goods and Services Tax (GST) Goods and Services Tax (GST): The GST is a comprehensive indirect taxation system imposed on the provision of goods and services across India. It is a destination-base tax system that aims to replace multiple indirect taxes like excise duty, service tax, VAT (Value Added Tax), and others. 1. Introduction: GST… Read More »
Account Finalization for the Chemists Account Finalization for the Chemists is the process of summarizing and closing all of the financial accounts for a specific period of time. This is an important process for chemists because it allows them to: 1. Track their financial performance: Accounts finalization provides chemist with a snapshot of… Read More »
Balance Sheet for Motion Picture & Video Balance Sheet for Motion Picture & Video, every business entity, including Motion Picture & Video Studios & Theatres, is required to prepare and maintain financial statements, which include a balance sheet, as per the provisions of the Companies Act, 2013. A balance sheet provides a snapshot of a… Read More »
Statutory Audit is Mandatory for Chemists Statutory audit is not mandatory for chemists. It is mandatory for companies, irrespective of their nature of business and sales turnover. However, there are some cases where statutory audit required for chemists. For example, if a chemist is involve in the manufacture or sale of chemicals that regulated… Read More »
Chemist Financial Management Chemist Financial Management, like any other business, should maintain accurate financial records to ensure compliance, track expenses, and make informed financial decisions. Key financial transactions that a chemist should record include: 1. Sales and Invoicing: Chemists need to record all sales transactions, whether they involve prescription medications, over-the-counter drugs, or other… Read More »
Purpose of Account Finalization In the context of computer sales and services, the purpose of account finalization is to ensure that all financial transactions related to the business’s computer sales and services have been accurately recorded, verified, and balanced. This process involves reviewing and reconciling various financial records, such as invoices, receipts, purchase orders,… Read More »
Statutory audit is applicable for interior designers Whether or not statutory audit is applicable for interior designers depends on their gross receipts or turnover in a financial year. The Income Tax Act, 1961, under Section 44AB, states that interior designers whose gross receipts or turnover exceeds Rs. 1 crore in a financial year are required… Read More »
LLPs governed by companies act Limited Liability Partnerships (LLPs) are a popular business structure that combines features of both partnerships and corporations, offering the benefits of limited liability and operational flexibility. In India, LLPs are primarily governed by the Limited Liability Partnership Act, 2008, but they are also subject to certain provisions of the… Read More »
Limited Liability Partnership Limited Liability Partnership: Debentures are a type of debt instrument. It is issued to raise funds from investors by corporations or companies typically in exchange for fixed interest payments and repayment of the principal amount at a future date. LLPs, on the other hand, are perform as partnerships and… Read More »
