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2018

Got Questions about

Leave Travel Allowance aka LTA is a type of allowance provided by an employer to an employee in the form of reimbursement of travelling expenses. Such travelling expenses reimbursed by employer forms part of total salary of the employee. However, an employee can claim tax exemption from such LTA received from an employer. In this article, we have covered most frequently asked questions regarding LTA.

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2018

TOP 10 ACCOUNTING SOFTWARES

Business enterprises, be it big or small, need substantial support to keep their accounting practices accurate, effective, responsive and relevant. For this, companies and individuals have experimented with a wide number of methods that include legacy accounting software to cloud-based solutions and even the much recent AI tools. Today, the solution providers have flooded the market with an array of software tools to address every kind of accounting need and process. But, before implementing a solution, it is essential to take note of various factors like implementation and operation cost, work volume, efficiency, security, reliability and profitability that govern your selection.

2018

Major Decisions and Announcements of 25th GST Council Meeting

Ever since GST is introduced, the government has made many changes into the law with a view to respond to industry demand as well as for making GST more suitable in terms of compliance and ease of doing business. All such key decisions are taken during the GST Council meetings held from time to time. The 25th and the latest GST Council meeting was held on January 18, 2018 at Vigyan Bhavan New Delhi. Below are the key highlights of the decisions taken by GST council meeting.

2018

Everything that you must know about E way Bill

Electronic Way Bill or E-Way is a new milestone in the country ever the since GST regime unfolded to unify direct taxes. The E-Way bill system is said to be made compulsory in all states starting from February 1 of this year. After being implemented and tested in almost 10 states, the government has given the E-Way a green signal throughout the nation to allow traders to monitor and track online the movement of goods and consignment.

2018

Export Promotion Capital Goods EPCG Scheme

International trade plays a pivotal role in the sustainability and growth of any economy. However, in order to gain a favourable position in the international market and minimise the level of trade deficit, a country needs sufficient foreign currency. There is only one way to increase the inflow of foreign currency i.e. to increase Exports. Hence, it is right to say that no country can survive self-sufficiently without enough amount of exports. Lack of foreign currency results in high trade deficit and foreign debt crunch.

2018

accounting cycle

Accounting is a repetitive process of recording and interpreting financial data. But, for most businesses, it is a misunderstood term that is mostly restricted to a department which engages in crunching numbers and generating complex reports. The role of accounting is as important to a business just as capital, finance or any other element would play in the achievement of long-term business objectives. It is necessary to have a comprehensive view of accounting processes and better analysis of financial transactions to shed light on wastage and productive areas. For this, it is important to get back to basics of accounting and understand what goes on in the entire accounting cycle.

Financial Management