How to Get an Import-Export Code

How to Get an Import-Export Code

The abbreviation EC stands for Import Export Code. All exporters and importers must use the code, which is a ten-digit alpha numeric number. It’s crucial to keep in mind that the Import Export License is exclusively for products and services. The Director-General of Foreign Trade has the power to issue the code. In addition, all …

Annual Return Filing for Private Limited Companies

Annual Return Filing for Private Limited Companies

All firms are required to file their annual returns at the conclusion of each fiscal year. The same approach must be followed by both small and large organisations. While many small firms skip this stage entirely, it is not recommended because it can result in substantial fines from the Registrar and potentially the directors being …

Faceless Assessment Scheme 2021

Faceless Assessment Scheme 2021

The Faceless Assessment (1st Amendment) Scheme, 2021 was just unveiled by the Central Board of Direct Taxes. The Prime Minister has begun a faceless tax audit to honour honest taxpayers. What exactly is the 2019 faceless assessment scheme? The Faceless Assessment Scheme was introduced by the Central Government to improve the transparency, efficiency, and accountability …

Tax on Blogging Income Under the Income Tax Act

Tax on Blogging Income Under the Income Tax Act

The need for content providers and bloggers has risen dramatically since the advent of social media. Blogging is a popular job not only because of the platform it provides for self-expression, but also because it pays well. The income earned by a blogger is subject to the Income Tax Act’s tax regulations. Blogger’s Definition A …

Who is Non-Residents in India

Who is Non-Residents in India

A non-resident is an individual who mainly resides in one region or jurisdiction but has interests in another region. In the region where they do not mainly reside, they will be classified by government authorities as non –resident. Understanding Non-Resident: It is determined by set circumstances, such as the amount of time spent within a …

Payroll Services and Its Advantages

Payroll Services and Its Advantages

Payroll is that the total of all compensation a business must pay to its employees for a group period of your time or on a given date. It is usually managed by the accounting or human resources department of a business; small-business payrolls could also be handled directly by the owner or an associate. Duties …

Personal Finance Tips That Will Help You Manage Your Money Better

Personal Finance Tips

Cracking the code to non-public finance might not seem easy initially . But if you’ve got the proper tips guiding you, you’ll find that managing your money becomes such a lot more effortless. Mastering personal finance can assist you answer all those questions you’ll have had over the years, like how you’ll set about saving …

Differences between IRFS VS GAAP

Differences between IRFS VS GAAP

The standards that control financial reporting and accounting differ from country to country. In the United States, financial reporting executions are set away by the Financial Accounting Standards Board (FASB) and arranged within the framework of the generally accepted accounting principles (GAAP). The GAAP and IFRS are technically classified as generally accepted accounting principles in the financial …

ISO Certification, Importance & Requirements

ISO Certification, Importance & Requirements

Introduction ISO stands for International Organization for Standardization. It is an Independent, non-government international organization with a membership of 165 national standards bodies which develop standards to ensure the quality, safety and efficiency of products and services. With ISO Standards, the consumers can have confidence that the products are safe, reliable and of good quality. …

Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure

Conversion of Partnership firm into Private Limited

Why: Most of the business started as sole proprietorship or partnership firm due to its easy & lesser compliance and low cost. Although, once the business grows enough in terms of revenue, profit, operation area, number of employees, it would become obvious to convert the same into private limited company considering under mentioned: Separate Legal …