Accountancy is the process of managing the income and expenses of a business
The process of recording and summarizing financial transactions is known as 'bookkeeping'. When the data is produced in reports for the use of individuals or companies outside the organization, the process is called 'financial accounting'.
Financial auditing is the process of examining an organization's (or individual's) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.
External auditors come in from outside the organization to examine accounting and financial records and provide an independent opinion on these records. Law requires that all public companies have their financial statements externally audited.
Income Tax Return Preparer And Filling
To assist small and medium taxpayers in preparation of their return of income and other income tax related issues, the Government of India has designed the Tax Return Preparer Scheme (TRP Scheme). Under the TRP Scheme, the Government of India authorizes tax professionals called as the Tax Return Prepares (TRPs). The Scheme is managed by the Income Tax Department.
Project finance is the financing of long-term infrastructure, industrial projects and public services using a non-recourse or limited recourse financial structure. The debt and equity used to finance the project are paid back from the cash flow generated by the project. Project financing is a loan structure that relies primarily on the project's cash flow for repayment, with the project's assets, rights and interests held as secondary collateral.
All businesses engaged in importing and exporting goods must have an Importer Exporter Code.
Importers Require IE Code
All Importers who import goods into India require an IE Code. The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad.
The work culture today depends on the welfare of employees, with employers scrambling to ensure their employees are entitled to the best care and benefits. An Employee Provident Fund is an initiative designed to offer social security benefits to employees of a particular organisation, building stronger employee-employer bonds. In order to enjoy these benefits to the hilt, employers need to follow a set of rules and guidelines laid out, with registration forming the first step.
MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act. To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.
Any factory or business establishment having 10 or more than 10 employees, irrespective of salary, have to register with ESIC.
ESI contributions must be made for all employees having a salary of less than Rs 21,000 per month.
Employees with less than Rs. 21,000 monthly wages get health and sickness benefits through this statutory scheme.
Professional Tax Registration
Profession Tax is a state-level tax that applies to salaried employees and professionals, including chartered accountants, lawyers and doctors. The following states impose this tax: Karnataka, West Bengal, Andhra Pradesh, Maharashtra, Tamil Nadu, Gujarat, Assam, Chhattisgarh, Kerala, Meghalaya, Orissa, Tripura and Madhya Pradesh. Registration is mandatory within 30 days of employing staff in a business or, in the case of professionals, 30 days from the start of the practice.
TAN registration is required for making tax deduction or tax collection at source, remittance of TDS payments and issuance of TDS certificates.
TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department./p>