Organised retailers do not expect the Goods and Services Tax (GST) to impact their sales despite general fears that it could disrupt businesses, and hope to be fully ready for the uniform tax regime in the next few weeks. “As GST will be rolled out from July 1, we have to be prepared. It will lead to better compliance and an organised way of doing things,”
“We are not anticipating any sales disruptions. Nobody has expressed concerns on that…For retailers, benefits will come as and when manufacturer change the prices, which we, in turn, will pass it on to … Read more
Finance minister Arun Jaitley presented the Union Budget 2017 in Parliament on Wednesday. The biggest highlight in the 2017 budget was the slashing of income tax by half for individual tax payers, ban on cash transactions over Rs. 3 lakhs and reduction in holding period to 2 years for capital gains. In this article, we look at the highlights of the 2017 Budget with respect to an Entrepreneur or Business Owner in India.
Income tax rate has been slashed from 10% to 5% for individuals who earn between Rs.2.5 lakhs to Rs.5 lakhs. Now after rebates, even a … Read more
Cost accounting involves the techniques for:
1. determining the costs of products, processes, projects, etc. in order to report the correct amounts on the financial statements, and
2. assisting management in making decisions and in the planning and control of an organization.
For example, cost accounting is used to compute the unit cost of a manufacturer’s products in order to report the cost of inventory on its balance sheet and the cost of goods sold on its income statement. This is achieved with techniques such as the allocation of manufacturing overhead costs and through the use of process costing, operations … Read more
Accounting is a vast and dynamic profession and is constantly adapting itself to the specific and varying needs of its users. Over the past few decades, accountancy has branched out into different types of accounting to cater for the diversity of needs.
Financial Accounting, or financial reporting, is the process of producing information for external use usually in the form of financial statements. Financial statements reflect an entity’s past performance and current position based on a set of standards and guidelines. GAAP refers to the standard framework of guideline for financial accounting used in any given jurisdiction. This generally … Read more
Financial Planning is the process of estimating the capital required and determining it’s competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of a company.
Capital requirements will depend upon factors like cost of current and fixed assets, promotional expenses and long- range planning. Capital requirements have to be looked with both aspects: short- term and long- term requirements. The capital structure is the composition of capital, i.e., the relative kind and proportion of capital required in the business. This includes decisions of debt- equity ratio- both short-term and long- term. … Read more
When an outsider looks for startup business, the first thing they notice is the trademark. A trademark is the identity of a business lies. It is the name and symbol under which a business undertakes its trade and commerce, which represents the company.
In India, trademarks are regulated by the Trade Marks Act of 1999. The Act aims to provide registration and better protection towards trademarks while preventing the use of fraudulent marks.
How to Choose a “Good” Trademark?
- The mark(s) should be easy to remember.
- It should be short and easy to spell and write.
- It may
… Read more
Acting on a petition Indian audit firms sent to prime minister Narendra Modi recently the corporate affairs ministry has constituted an expert group to delve into the issues related to the operations of audit firms In the country,
The elected expert group members former competition commission of India. (RBI) deputy governor NS Vishwanathan will study the operating structures of multinational audit firms implementation of audit rotation and use of restrictive covenants by global investors. They have two months to engage with relevant stakeholders and make suitable recommendations to the government. It’s a positive order for Indian audit firms.
The … Read more
In India, registering a company is not as easy as it may seem to be. The registrar of companies (ROC) plays a pivotal role in facilitating and promoting a business. It is impossible for a company to conduct business if it has not been issued a certificate from the registrar of companies. No company, under the companies act, 1956, can come into existence without the approval of the ROC. The registrar provides a certificate which acts as a lifelong proof of existence of the company. The ROC office contains data on more than 6 lakh companies that operate in … Read more