RBI Compliance on Merchanting Trade or Drop Shipping

2019-09-23T14:46:55+05:30September 23rd, 2019|Compliance|

What is Drop Shipping? If we go by the definition mentioned in Wikipedia, Drop shipping is a supply chain management method in which the retailer does not keep goods in stock but instead transfers the customer orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer. As in retail business, the majority [...]

How to account for Payment Gateway Charges during Bookkeeping

2019-09-20T19:11:53+05:30September 20th, 2019|Payments|

Accounting Entries for Payment Gateway Charges Many small businesses, especially startups often signup for a payment gateway to be able to collect payments online. While digital payment makes it a very easy process for a small business to distribute its product or service. Reconciliation and accounting for these transactions remain a challenge. So here in [...]

How to Get a Class 2 DSC Issued?

2019-09-21T11:39:54+05:30September 12th, 2019|SME|

What is DSC? DSC stands for Digital Signature Certificate. A DSC is a digital consent or authentication which is required to be provided while submitting government tenders, income tax returns or goods and services tax (GST) return. What is a Class 2 DSC? There are three categories of Digital Signature Certificates. These are Class 1, [...]

What is a Khatabook or Bahi Khata?

2019-09-12T10:59:14+05:30September 12th, 2019|Credit & Loans|

What is Khatabook? Khatabook or Bahi Khata is a record book maintained by small business owners for managing the balances of their customers. It mostly includes the credit balance of customers after purchases are made. In India, it is very common for small business owners to give a credit of 10-30 days to their customers [...]

A Simple Guide on Tax Deduction at Source for Small Businesses and Startups

2019-09-10T21:27:51+05:30July 12th, 2019|Compliance|

Tax Deduction at Source often referred to as TDS has successfully been able to haunt early-stage companies in their day to day operations. Many early-stage companies (headcount 1-10) does not enjoy the luxury of a full-time finance/tax consultant who can advise on various payments to be made to consultants/vendors/employees etc. As a result, Auditors (which [...]

How to Issue Convertible Notes to Domestic Investors in India

2019-07-03T16:13:11+05:30July 3rd, 2019|Feature|

The Indian Startup Ecosystem has lately witnessed a new trend of Debt Funding during early-stage operations. Unlike an equity round, there is no requirement of valuation of shares for debt funding. However, there have been many misconceptions doing rounds on debt funding so here I am trying to demystify the challenges and process around debt [...]

Penalties under GST Act

2019-05-10T21:00:57+05:30May 10th, 2019|Compliance|

Penalty  for certain offences Under Section-122 Any person who commits any of the following offences is liable to pay a penalty of - Rs. 10,000 100% of the amount of tax evaded, ITC availed/ passed or distributed wrongly, refunded claim fraudulently, TDS not deducted/deducted but not paid, TDS not collected/ short collected/collected but not [...]

Impact of GST on Small Businesses

2019-05-10T20:41:59+05:30May 10th, 2019|Compliance|

With the introduction of GST a centralized tax system for all the goods and services acr0ss India, it made a huge impact on Indian Economy and especially in Small and Medium Enterprises (SMEs). The main purpose of introducing the GST was to bring every indirect tax on one roof i.e one nation one tax [...]

Business Tax Returns Applicable Under GST

2019-05-04T14:49:23+05:30May 4th, 2019|Help|

  What is a GST Return? Under the GST Act, a registered dealer whose is liable to pay the indirect tax has to create a document containing details of income which the taxpayer is required to file with the tax administrative authorities. This document is used by the tax authority to calculate the tax [...]

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