Once business plan is formulated and estimate is made the very next stage is fund raising for the business. We are there to assist you with business fund raising as well. We provide business fund,Business startup loan services and business loan in India.
Taking CA services from the best chartered accountant firms in Bangalore saves your time, money, and energy. Whenever anything goes wrong with your business finances, you can count on professional chartered accountant firms to come to your rescue.
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5 Bona Fide Benefits of Professional CA Services in Bangalore
Whenever you opt for something professional, you opt for something excellent and extraordinary. Professionals from different industries make our lives easier by giving us sound advice which is a by-product of their years of extensive experience. Professional CA Services in Bangalore have become more relevant due to the onset of startups in the Silicon Valley of India.
When you run a business, you have a lot of number-crunching to take care of. This number-crunching task eats up a lot of time and energy and you get exhausted so much that you do not have the stamina and state of mind to take care of your other business activities. That’s when you need to appoint top chartered accountant firms in Bangalore. Hiring the right CA firm will ensure that your financial tasks are done with precision without you lifting a single finger. In today’s blog, we will get to know about 5 bona fide advantages of availing professional CA services in Bangalore. So, without any additional ado, let’s proceed to the pointers at once.
Proper management of Business Finances
Your business finance is something vital and non-negotiable. Such matters need to be handled by expert minds. Chartered Accountants hired from the best accounting firms in Bangalore not only manage your business finance but can efficiently handle other crucial aspects of your business, like payroll, audit, REX registration, and so on.
Expert Business Advice
Most people do not realize that Consultation is highly valuable in this age. Chartered Accountants know the market inside-out and are the best ones when it comes to business advice. Most chartered accountant service providers in Bangalore offer accurate and lucrative financial advice to their clients.
Efficient Tax Management
Tax management is an equally taxing job to do. That’s why SMEs now hire CAs for tax filing in Bangalore to avoid tax penalties and maintain their reputation in the market. Also, when you find your taxes are handled with good care, you get mental relief like no other, so do communicate with the top CA firms in Bangalore for attaining peace of mind.
Financial Security & Compliance
When you hire a chartered accountant firm instead of an independent chartered accountant, you get more financial security because the CA firms are subjected to abide by the rules and regulations and ensure that your firm’s financial secrets are not leaked to any third party. Whenever anything goes wrong with your business finances, you can count on professional chartered accountant firms to come to your rescue.
Taking CA services from the best CA firms in Bangalore saves your time, money, and energy. You do not have to scratch your head if the balance sheet does not tally when you have professional CAs on your payroll.
So, do consider professional CA services and never hesitate to contact the top CA firms in Bangalore for uplifting optimum business growth.
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Many companies, MSMEs, manufacturers and service providers in particular believe that selling to the government is safer than finding buyers to avoid fierce competition. The state electronic marketplace, commonly known as GeM, began with a similar premise.
Government e-Marketplace (GeM) is a flagship initiative by the Indian government to usher in an era of e-governance in the country. India's public procurements stands at 15-20% of GDP. Inefficiencies due to a complex policy landscape, inconsistent manual processes in central and state purchasing organizations and long lead times. Solving these problems can unlock significant value and help channel resources for various development programs and projects.
GeM is an online marketplace reform that offers an open, efficient and transparent solution. The platform was launched on August 9, 2016 and is managed by GeM Special Purpose Vehicle, a 100% government owned company under Department of Commerce.
Government e-Marketplace is a huge portal where sellers can list their goods and services and any government department or ministry or PSU can purchase them. It works like any e-commerce marketplace like Amazon or Flipkart, But in GeM the buyers are only government agencies, and the sellers can be anyone who has signed up to the GeM portal.
The GeM registration process is simple and problem-free and there are no registration fees.
GeM registration process:
Since there is no GeM registration fee, sellers can rest assured that they have the most cost-effective way to become part of GeM and offer their services and products.
List of documents required:
What type of business is it? Is it a firm, company, proprietorship, trust, or society?
Name of the registered business and the related documents
Aadhaar card and PAN card of the user (mandatory requirement)
Mobile number of the registered business
Documents such as CIN, PAN, DIPP, UAM, ITR
Bank account details
Active email id
Why register on GeM?
· You get a direct door to the delivery of goods and services to government agencies
· Minimal marketing effort required
· Long waiting times and workload for the implementation of public tenders are eliminated, as you will be contacted directly as soon as your products are registered and displayed.
· Minimum compliance procedure
· Stay up to date with government requirements and purchasing plans
· Punctual payment
· Dynamic pricing based on market conditions
Benefits to sellers
· Full access to a centralized national procurement portal which means a massive increase in business opportunities across India.
· Zero registration fee
· Quotas and benefits for MSMEs and startups with insured purchases in some categories
· The GeM registration requires the least amount of paperwork. In addition, the GeM portal has an accessible, simple and clear procedure for awarding tenders.
· With the online GeM portal, transparency, efficiency and speed in the procurement of necessary goods and services have been improved.
Benefits to buyers
· Offers a rich list of products for individual categories of goods / services
· It provides the search, comparison, selection and purchase functions
· Allows online purchases of goods and services as and when needed
· Offers transparency and easy checkout
· Up-to-date and easy-to-use dashboard for purchasing, monitoring consumables and payments
How do coworking spaces help in getting Virtual offices for GST registration?
Do you know that every company has to register in the state where it supplies goods and services before claiming its GST input credit?
So, Many companies from multiple states have registered their virtual office with us for GST registration in the state.
If you are seeking a virtual office for GST registration with no heavy investment? Mumbai Coworking can help you to accomplish this.
A virtual office is an option that allows startups and corporates to work remotely by providing a variety of services that can be accessed easily via the internet. The virtual office seems to have gained a lot of attention during the lockdown from startups and entrepreneurs.
Virtual office services are one of the most feasible ways to get GST registration without much difficulty. However, before seeing how this is done, let’s understand why this is necessary.
GST Registration – What Is It and Why Is It Required?
By registering for GST, you will help your business grow across multiple states, but it will also help you save money.
With its professional office address, a company will only register its GST for that location.
How Virtual offices helps to get GST registration:
A Virtual Office can help one register for a GST number anywhere in India. One of its best benefits is this. With a professional virtual office address, one can register for GST only for that location. As Coworking space is treated as leased or sublet the property, you will need to submit the following documents to complete the chain of documents:
Property tax receipt/ electricity bill in the name of the owner.
Rent Agreement copy between operator and owner Lessee of the space.
No-Objection Certificate (NOC) from the owner to Operator.
NOC from Operator to the company/business availing GST Registration address.
Landline bill/broadband bill (i.e., any utility bill) in the Operator’s name to confirm his operations at the premises.
You must require all of these documents to avail virtual office for GST registration. With a virtual office at Mumbai Coworking, you will receive all the necessary documents like a power bill, a no-objection certificate, a contract, and an agreement so you can complete your GST registration at your convenience.
You don’t need to require physical office space outside when you can have virtual office space. You can register your office space under your name in order to use it exclusively for GST registration and mailing addresses. This will be a virtual version of your office space, not a physical space.
Therefore, Mumbai Coworking virtual office allows you to start your business with zero setup costs where you won’t have to bother investing money on furniture and computers. Also, you won’t have to worry about administration costs, maintenance issues, and other utilities. With this kind of demand, it can be challenging to find the perfect Virtual office with all these necessary amenities and at the right price. Therefore, you can understand how Mumbai Coworking Virtual office space includes everything that meets your requirement within an affordable budget.
Salary Slip Explained. Everything you need to know
Every salaried employee of a company receives salary slips regularlyas legal requirement & proof of salary payments to employees and deductions made. Understanding the salary slip, helps individual in his financial planning. A salary slips will have basic information like company name, employee name, designation, and employee code, etc.
Earnings of an employee are Basic Salary, Dearness Allowance, House Rent Allowance, Conveyance Allowance, Medical Allowance, Special Allowance, etc.
Deduction components are like Professional tax, Tax Deducted at Source, Employee Provident Fund, or any employee loan payment, etc.
Basic Salary :
Basic Salary is the basic rate of work for the employee . It’s around 35-50% of the total salary amount. It forms the basis of other components of the salary. This basic salary is 100% taxable for the employee.
Dearness Allowance or DA :
Dearness Allowance or DA is paid to compensate the impact of inflation. This is usually 30-40% of the basic pay. Dearness allowancesisbased on the average cost of living. Hence it is different for different locations. For calculating income tax, basic with DA are combined as pay& 100 %taxable.
House Rent Allowance :
House Rent Allowance (HRA) is paid towards rented facilities and depend on the city of residence. For a metro cities, HRA would be 50% of the basic pay, and for other cities, it’s around 40%.As an allowance, it is exempted from income tax up to certain limit, if necessary,rent receipts submitted. The exemption is calculatedas minimum of following:
Rent paid annually minus ten percent of the pay (basic + DA) or Actual HRA received
Conveyance Allowance :
Conveyance Allowance is paid as allowance to travel to and from work. It’s also exempted from income tax up to certain limits. The exemption limit is the minimum INR 1600 per month or actual conveyance allowance received whatever minimum.
Employer pays Medical Allowance to employee for medical expenses yearly or monthly basis. Upon submission of expenses receipts, employee can get tax exemption up to 15,000 INR.
Leave Travel Allowance
Leave travel allowance or LTA is the allowance to cover travel expenses for employee and his immediate family members for any vacation. This is amount is also exempted from income tax upon submission of travel tickets. No other expenses during vacation travel are exempted. This exemption is only applicable for total two journeys in a block of 4 calendar years.
Special Allowance :
Special allowances or performance-based allowance are dependent on the performance of employee and complete organisation.This is given to encourage employees to perform better. This allowance is 100% taxable.
Tax deducted at Source (TDS) :
Tax deducted at Source or TDS is amount deducted by employer for yearly tax estimations for yearly earnings. Tax deducted by an employer is credited to government and appeared in Form 16 and form 26AS statement.
Professional Tax :
Professional tax is a state-specific taxon the income earned by salaried employees and professionals & paid to the state government. So it may varies with state.
Provident fund (PF) :
Provident fund is the compulsory saving scheme enforced by the government ( approx. 12% of Basic salary) as part contribution from employee side and equal portion from employer side is deposited monthly basis to government. This amount gets interest benefits from government side.
Employee loan EMI deduction –
In case of any loan availed by employee from the employer under loan scheme, then EMI will be deducted from salary.
Salary slip is the important document for every working professional and must be understood for good financial planning. Saving of income tax on the income, deductions by the employer must be known to every employee.
Legalway is India’s largest online tax services provider, helping employees with filing income tax and other compliance returns since 2013.
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