Introduction Advance tax, also known as the “pay-as-you-earn tax,” is a system designed to ensure timely collection of taxes from individuals whose income isn’t entirely covered by tax deducted at source (TDS). For many individuals, understanding the nuances of advance tax can seem like navigating a maze. But don’t worry—we’ve got you covered. This guide …
What is an Audit and Why Does a Company Need to be Audited?
In the world of business, transparency isn’t just a virtue—it’s a necessity. Companies, regardless of size or industry, rely on accurate financial reporting to maintain trust among stakeholders and comply with legal regulations. This is where audits come in, serving as a cornerstone of financial accountability and reliability. But what exactly is an audit, and …
How Can NRI File ITR in India? A Comprehensive Guide
Filing an Income Tax Return (ITR) is a critical responsibility, even for Non-Resident Indians (NRIs) who might not live in India but earn income there. Although NRIs have different tax liabilities than residents, compliance is essential to avoid penalties, especially for those with assets or investments in India. Here’s a detailed guide on how NRIs …
The Benefits of Regular Financial Health Checkups for Your Business
In today’s fast-paced business landscape, maintaining a healthy financial status is paramount to success and sustainability. Just as regular health checkups are essential for personal well-being, financial health checkups for your business are crucial to ensure operational resilience, fiscal growth, and informed decision-making. A routine financial review can uncover potential risks, optimize financial performance, and …
The Role of a Bookkeeper vs. an Accountant: What’s the Difference?
In the world of business, managing finances is crucial. But who do you turn to for help: a bookkeeper or an accountant? While both play key roles in maintaining a company’s financial health, they serve different purposes. In this article, we’ll explore the distinctions between the two, the responsibilities each role holds, and when a …
Common Bookkeeping Mistakes and How to Avoid Them
Introduction Bookkeeping is one of the most critical tasks for any business. It not only reflects the financial health of your company but also helps in tax filing and making future business decisions. However, small errors in bookkeeping can lead to significant financial problems. In this article, we will discuss the common bookkeeping mistakes and …
The Importance of Accurate Financial Reporting for Startups
In the fast-paced world of startups, financial health can make or break a business. One of the most crucial aspects that startups often overlook is accurate financial reporting. While juggling between product development, marketing, and customer acquisition, it’s easy to sideline the numbers. But here’s the truth: without accurate financial reporting, startups are flying blind. …
Tax Planning Strategies for NRIs Returning to India
As an NRI (Non-Resident Indian) planning to return to India, understanding the intricacies of tax planning is essential. Your tax status will undergo a transformation, and with it, the need for effective strategies to manage your finances becomes crucial. This article will guide you through various tax planning strategies, ensuring a smooth financial transition as …
Understanding the Critical Role of MSMEs in India’s Economy
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of India’s economy, contributing significantly to the country’s GDP, employment, and exports. As a vital component of the industrial ecosystem, MSMEs drive innovation, foster entrepreneurship, and create opportunities for millions of individuals across urban and rural areas. The Significance of MSMEs in India 1. Contribution to …
Registering a Foreign Company in India: What You Need to Know
Registering a foreign company in India can be a transformative step for any business looking to expand into one of the world’s fastest-growing markets. Whether you’re enticed by the vast market potential or the favorable economic environment, understanding the registration process is crucial. At Legal-N-Tax Advisory LLP, we continuously strive to develop close relationships with …