Any business can be classified as Micro, Small or medium Business. You can take a look on the table in which classification of such ventures has been made as per the latest guidelines: Classification     Investment in plant, and equipment   Turnover Micro enterprise   Less than INR 10000000   Less than INR 50000000… Read More »Registration Under UDYAM

Goods and Service Tax is Levy in accordance with the concept of supply. As per the CGST Act’ 2017- section 7(1) (b), supply includes “import of services” for a consideration whether or not in the course or furtherance of business. As per the IGST Act’2017- section 7 (4), if Supply of services imported into the… Read More »Applicability of GST on Reverse Charge Mechanism for Import of Service

Tax Deduction & Collection Account Number U/S 203A of Income Tax Act, 1961 Every person, deducting or collecting tax, who has not been allotted a tax deduction account number or, as the case may be, a tax collection account number, shall, within 01 month from the end of the month in which tax was deducted… Read More »Section 203A Tax Deduction And Collection Account Number

The laws of taxation offer a presumptive scheme of taxation for few professionals. In this article we will discuss about presumptive scheme for taxation for professionals and clear all the doubts. For professionals what is the presumptive scheme for taxation? According to the Section 44ADA of the Income Tax Act, specified professionals have the option… Read More »What Is Presumptive Scheme For Taxation For Professionals And Can Every Professional Opt For It?

Finance Act 2020 has made important amendments to the taxation of dividends. With these amendments the general concept that dividends are exempt is no longer the same. First, we will understand the two types of dividends: Interim Dividend – It refers to the amount paid by the company to their shareholders as dividend during the… Read More »Taxation of Dividend Income – Complete Guide

We all know that an individual’s income from salary, rental income & business income is subject to tax. But what about an individual who get income from sale or buy of shares? Many people spend their lot of time in share market to purchase and sell shares but are not sure of how this income… Read More »Income Tax on Share Trading

Affiliate marketing is an advertising form in which a company compensates third-party publishers to generate traffic or leads to the products and services of company. The 3rd-party publishers are affiliates, and the commission fee encourage them to find ways to promote the company. The Internet has increased the vogue of affiliate marketing. If we take… Read More »What is Affiliate Marketing?

Section 206AA has been introduced to endow that any person whose receipts are subject to deduction of tax at source i.e. the deductee, shall essentially furnish his/her PAN to the deductor failing which the deductor shall deduct tax at source at higher of the these rates – Applicable rate of TDS or At the rate… Read More »Section 206AA Mandatory Requirement of Furnishing PAN-TDS

Robotic Process Automation (RPA) has become one of the fast-growing concepts in globe where the world economy and market climate change in the blink of an eye. By deploying a machine bot to manage labor-intensive and repetitive activities, companies can optimize business processes. What is Robotic Process Automation (RPA)? Robotic Process Automation (RPA) is a… Read More »What are the Impact of Robotics in Accounting?

MSMEs a.k.a. Micro, Small and Medium Enterprises are considered to be the backbone of the Indian economy considering their valuable contribution to the country’s socio-economic development. An MSME is relatively a small scale organization where timely availability of funds and its proper management are extremely important for its long run sustainability and success. With the… Read More »Virtual CFO Service -A Smart Choice for the MSMEs