Verifying GST Registration of a Company Verifying GST registration of a company, Statutory audit and tax audit are two distinct types of audits conducted for different purposes. Statutory audit: A statutory audit is perform to ensure that a company’s financial statements provide an accurate and fair view of its financial position and performance. It is… Read More »
The benefits of filing Income Tax Return The benefits of filing Income Tax Return provides several benefits, including: Avoiding Penalties: Timely filing of ITR helps you avoid penalties and interest on unpaid taxes. Carry forward of losses: If you have incurred losses from business, profession, or capital gains, filing ITR allows you to carry forward… Read More »
Filing income tax returns Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »
Pension scheme According to section 80C of the Income Tax Act, individuals have the opportunity to save up to Rs. 1.5 lakh in a financial year by investing in Pension scheme like the National Pension System (NPS) or Employee Provident Fund (EPF). This investment amount is eligible for deduction from the individual’s taxable income, effectively… Read More »
Mudra loan Mudra loan, which stands for Micro Units Development and Refinance Agency, is a government initiative in India aimed at offering financial assistance to micro and small enterprises. Its primary objective is to provide crucial support to these businesses. The project report for a Mudra loan would depend on various factors, such as… Read More »
Private sector enterprises are businesses that are owned and operated by individuals or groups of individuals rather than the government. 1.Private Ownership: Private sector enterprises feature always own and control by private individuals or organizations. The owners bear the responsibility for the success or failure of the business. 2.Profit Motive: Private sector enterprises are driven… Read More »
What are Revenues? What Are Revenues? Revenues, often referred to as sales or turnover, are the income generated from normal business operations. They are a crucial component of a company’s financial health and are a key indicator of its performance. Understanding revenues is essential for stakeholders, including investors, managers, and analysts, as they provide insight… Read More »
The working capital cycle time formula The working capital cycle time formula, also known as the cash conversion cycles, is a measure of how long it takes for a company to convert its investments in inventory and other resources into cash. The formula is: Working capital cycle times = Inventory days + Receivables days –… Read More »
Working Capital vs Operating Expenses Working capital and operating expenses are two different financial concepts in accounting that represent different aspects of a company’s financial performance. For more information to visit:https://www.mca.gov.in Working-capital represents the amount of money that a company has available to cover its day-to-day operations and short-term obligations. It is a crucial metric… Read More »
Understanding the Difference Between Net Worth, Profit, and Turnover In the realm of finance and business, terms like net worth, profit, and turnover are often mentioned in discussions about a company’s financial health and performance. Net worth, profit, and turnover are three important financial terms used in business accounting. It refers to the total value… Read More »
