Connect us on:
Nov20
2017
What is Presumptive Taxation Scheme?
Despite being an important task, maintaining books of accounts become very tedious particularly for small businesses operating at relatively lower profit margins and scale. To give relief to such small businesses, The Income Tax Department has provided for provisions of Presumptive Taxation Scheme. Under Presumptive Taxation Scheme, an assessee does not require to maintain books of accounts. On the other hand, a prescribed percentage of total turnover is presumed to be the profit for the respective financial year. The tax is payable on such presumed amount of profit.
Nov17
2017
GST is capable of boosting India's GDP or Gross Domestic Product rate by 1.5-2 percent over the long term. This tax will deliver significant benefits by improved taxation efficiency and ease of doing business. The notion of ‘One Nation, One Tax’ converts India into a huge common market. The proposed system is more transparent, more paperless, but requires greater compliance as well. Prior to GST, indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to the multiplicity of taxes and costs involved. GST regime is going to be proved as business-friendly and pro-development tax reform in the long run.
Nov15
2017
GST (Goods and Services Tax) has spread both confusion and chaos across the corporate sector in India. Apart from finance and account-related problems, many business persons are still in the state of confusion because of the lack of clarity in India’s biggest tax reform. The GST regime is here to stay and the government has started to consider the requests from various industry sectors.
Nov13
2017
Securities Market and Need for a Regulator:
Amid many debates and differences, all economists agree that Securities market plays a vital role in the development of any economy. The Securities market is the backbone of an economy. Without a sustainable securities market, an economy cannot get the required finance to fund the development projects. Hence, for any economy to survive and grow in long run the presence of a well regulated and transparent securities market is a must. India is no exception to this fact. It is only through securities market that even a common man in India can become an investor in a multi-national company. The securities market ensures that savings are properly channelized so that sufficient finance is available where it is needed the most.
Nov10
2017
GST has brought a radical change in the way Corporate India pays taxes during the financial year. While implementing ‘One Nation, One Tax’ approach on July 1, 2017, the government has sent a clear message to the businesses that more transparency and openness in the business model must come with this biggest tax reform.
On one hand, GST has posed many challenges in front of Indian enterprises and on the other hand, it has opened the doors of opportunities for skilled business accountants. Yes, it’s true! An updated, tech-savvy, and experienced accountant can grab the opportunities offered by the GST regime.
Nov08
2017
July 1, 2017 is a phenomenal date when India has made a history by implementing ‘One Nation, One Tax’ approach. Yes, GST (Goods and Services Tax) is indeed the biggest reform of our country that brings a few challenges and a lot of opportunities for our accountants. It is considered as a ‘Game Changer’ for Indian business as it will cause a long-lasting impact.
As we are passing through the transition phase from the traditional approach of many destination-based taxes to the one origin-based tax- GST regime, it is obvious that the accountants have to put extra efforts to grab the opportunities.
