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  To most of us, we have heard of  ROC filing  and not many of us are aware what exactly it is? How to go about ROC filing for our companies? Is it important to file ROC? There are so many questions and most of us have no idea about it. Well, there are simple facts to have at the back of your mind when you hear about ROC filing. So, what does ROC stand for? It’s simple, Registrar of Companies (ROC). The ROC is an office under the Indian Ministry of Corporate Affairs that deals with administration of the Companies Act 1956 and Companies Act, 2013. At present, there are 22 Registrars of Companies (ROC) operating from offices in all major states of India. Section 609 of the Companies Act, 1956 tasks the ROCs with the primary duty of registering companies and  LLP s floated in the respective states and the union territories under their administration. Is it important for companies to do ROC filing? The answer is simple Yes! Every company is required to file the annual ac...

With GST coming into play in 2016, some of us are still trying to figure out how it works? Are there any loopholes around it and what they are?  How do we go about the registration under GST?  There are so many questions that yet need an answer for anyone who is running a business or intends to start one. Read on to solving the puzzle that is called  GST registration . Let’s begin with the basic that is Goods and Service Tax (GST). This destination-based tax is to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. With the constant debate of the pros and cons of GST registration of companies, here is to solve the puzzle. There is no doubt that it is beneficial to go ahead with GST registration for your company. Some of the benefits are mentioned below. Your company will be legally recognized as a supplier of goods and services. There will be proper accounting of taxes on the input goods...

  Is Bookkeeping an important part of Business? “YES” But Sad to say, this process is often neglected which has a direct adverse effect on the business. The process of BK is to record your company’s financial transactions which are consolidated and recorded with care – that includes your payroll, budgets, taxes, and expenses. The importance of bookkeeping cannot be emphasized enough, but here are the top reasons why this is vital to the health and life of your business. Better financial analysis and management Cash flow management is one of the most important things to focus on. Regardless if you are busy or not, once invoices are delayed, no follow-ups on customer payments and falling out on the supplier’s list of customers will eventually crush you down. Bookkeeping can systematize it up from up-to-date follow-ups, invoicing, and on-time payment for suppliers. Fulfillment of tax obligations Doing taxes can be really frustrating and hard to understand. During tax season usually, e...

  Trademark :  A trademark is a unique symbol, word(s), phrase or design that is used to represent a business or its products. A trademark is a type of intellectual property that consists of a recognizable sign, design or expression that differentiates products or services from one source to another. Trademarks used to identify services are usually called  service marks. The owner of a trademark can be an individual, business organization or any legal entity. A package, a label, a voucher, or a product can all have trademarks on them. You can see trademarks displayed on corporate buildings for the sake of corporate identity. It is legally recognized as a type of intellectual property. Different types of trademarks that can be registered. Product trademarks:  Marks that are used to identify goods. Service trademarks:  Used in the identification of services of an entity, this may include trademark for a broadcasting service, cargo/courier service, etc. They are us...

Birth of Goods and Services Tax Tracing back to the year 2014 when the Modi Government took charge of the Indian Economy at large, there is an immense change in the outlook of the country till now with few major initiatives like Make in India, Swachh Bharat Abhiyan, Jan Dhan Yojna, various other reforms and policies benefitting the nation. The two biggest changemakers that took India on fire were Demonetisation and  Goods and Services Tax or GST. Now what is GST, is the first question that I had as a common man running a business for the first time? So in a layman’s language, GST means indirect taxes replacing various direct taxes levied in India. Goods and Services Tax brought into force on the 1 st  of July 2017, is aimed to be a simplified version of taxes levied on national, state, and local levels. Under a single  Goods and Services Tax   is a spectrum of indirect taxes like the Central Excise Duty, VAT, Entry Tax, and the Purchase Tax operated by the Central an...

    Why File Income Tax Return? Here is All You Need to Know!! Alok Agrawal Senior Director with Deloitte India said that apart from being a good corporate citizen, an income tax return also serves as a proof of income earned by an individual and total tax paid .  So it is always advisable to file one’s tax return even when the taxable income falls below the basic exemption threshold (currently the limit is Rs 2.5 lakh for ordinary individuals, Rs 3 lakh for senior citizens and Rs 5 lakh for super senior citizens),” he said. The last date for filing ITR in India is on the 31 st  of July 2018 post to which you’ll be charged a penalty of 5000/- is the call taken by the Government of India.  Filing your tax   return on time will offer certain benefits like: ITR is an authentic and detailed proof than Form 16 which shows your income and taxation along with other sources. Income Tax returns being a strong proof of your income source for banks, it becomes easier ...

An Overview about the principles of Accounting and Bookkeeping In accounting terms the term bookkeeping has different perceptions in its own way. Every individual have a different opinion about bookkeeping. Some individuals say that the concept of bookkeeping and accounting are almost the same. In their opinion maintaining a company’s books, financial statements and preparing tax reports are all part of bookkeeping. For the rest, bookkeeping is nothing but the process of recording transactions in journals or day-books and later posting the same into accounts in ledgers. Bookkeeping services in India was in practice from ancient time. In the earlier times the process of bookkeeping was undertaken by posting entries into journals manually until the process got computerized. Special journals or day-books were introduced to reduce the amount of writing entries into journal. The specialized journals include sales journal, purchase journal, cash receipts journal and cash payment journal. Bef...