Preparation of projected income statement Preparation of projected income statement Website link Preparation of projected income statement: The preparation of a projected income statement, it is necessary to predict the anticipated revenues, expenses, and net income for a specific time period in the future. Here are the steps to Preparation of projected income statement:: 1.Sales… Read More »
Utilizing Project Financials Utilizing project financials effectively is crucial for startups to plan, monitor, and manage their financial resources. Here are some key steps on how to use project financials for a startup: 1. Develop a Financial Plan: Start by creating a comprehensive financial plan for your startup. This includes estimating your startup costs,… Read More »
Tax Planning for New Business Tax planning for a new business involves strategic financial decisions and structuring to optimize the tax position of the business. Here are some key considerations for tax planning when starting a new business: 1. Entity Selection: Choosing the right business entity, such as a sole proprietorship, partnership, corporation, or… Read More »
Debentures No, an OPC (One Person Company) not permitted to issue debentures. According to the provisions of the Companies Act, 2013 in India, an OPC restricted from issuing any kind of securities including it. The concept of an OPC is design to facilitate single-person entrepreneurship and to provide limited liability protection to the sole… Read More »
Claim GST Input Credit When it comes to claiming GST input credit for a mobile phone purchased in the name of your shop but used for personal purposes, there are certain factors to consider. As an individual with a shop that has a GST number and pays GST monthly. You may wonder if you… Read More »
Applicable GST GST extra as applicable” indicates that the price mentioned for a product or service does not include the Goods and Services Tax imposed by the government. The GST amount will add separately to the quoted price, and the final price will include in it. So the GST amount will add to the quoted… Read More »
Do startups pay income tax Yes, startups are required to pay income tax in accordance with the Income Tax Act. The amount of income tax paid by a startup depends on their taxable income, which is calculated by subtracting allowable deductions from their total income. However, the government has introduced various tax exemptions and incentives… Read More »
Can a non-GST registered company issue a tax invoice No, a company that is not registered under Goods and Services Tax (GST) cannot issue a tax invoice. A tax invoice can only be issued by a GST-registered individual or business entity. If a non-GST registered company provides services or sells goods, they can issue a… Read More »
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 »