Latest Articles By Vineet Goyal

GST return filing is the process of reporting your sales, purchases, tax collected, and eligible ITC to the GST portal for a specific period. For traders, this is a routine compliance task that directly affects cash flow, customer trust, and input tax credit. It is crucial because trading businesses usually have frequent invoices, returns, discounts, and… Read more

GST slabs decide how much tax is added to the price of goods and services. For most businesses, the two slabs you meet every day are 5% and 18%. The 5% slab usually covers many essential or mass use categories, while 18% is the most common standard rate for a wide set of products and services.… Read more

Debits and credits are the foundational elements of the double-entry accounting system , a structure that ensures every business transaction affects at least two accounts in a way that keeps the accounting equation in balance. These terms are used in virtually every financial transaction a business records, from cash payments to revenue recognition. Despite their universal… Read more

Choosing the right accounting tool can make managing your business finances easier, faster, and more accurately. With so many options available today, it’s essential to understand the different types of accounting software and how they can meet your specific needs. In this blog, we’ll explain what is accounting software, the most common types, and the key… Read more

Water tanks are used in homes, farms, factories and commercial buildings for storage of drinking water and process water. Traders and manufacturers supply plastic tanks, PVC tanks and metal tanks in many capacities and designs. For correct GST billing, businesses must know the water tank HSN code, understand how plastic and metal tanks are grouped in… Read more

Oils are used in every part of daily life. Families use mustard oil and coconut oil for cooking, people use hair oil for personal care and businesses use engine oil and lubricants to run vehicles and machines. To use the oil HSN code correctly and apply the right GST rate, traders, manufacturers and service providers need… Read more

Machinery is used in factories, workshops, warehouses and even small shops. It includes machines for cutting, mixing, packing, printing, lifting and many other industrial and commercial activities. To charge GST correctly and keep compliance smooth, businesses must understand how machinery is classified under HSN and how GST applies to new machinery, old machinery and machinery parts… Read more

Cloth is sold in many forms such as plain cotton fabric , dress material and readymade garments . Shop owners, traders and manufacturers need to use the correct cloth HSN code so that GST on fabric and readymade cloth is charged properly. In this guide you will learn how cloth is classified under HSN, how cotton… Read more

The E-way Bill system has revolutionized supply chain management in India, offering numerous benefits that contribute to efficiency, transparency, and cost reduction. Let’s explore it in depth.

Goods and Services Tax ( GST ) has transformed how businesses manage their finances in India. Since its implementation in 2017, it has replaced multiple indirect taxes and created a unified taxation system. For businesses and accountants, understanding GST accounting is essential to ensure tax compliance, proper input tax credit claims , and error-free filings.

If a taxpayer fails to file his Form GSTR-3B returns or Form CMP-08 statements for two or more successive tax periods, his ability to generate e-way bills (EWBs) may be prohibited. Therefore, to have this facility unblocked, the taxpayer must apply Form GST EWB-05 to the jurisdictional tax officer. This article will walk you through each… Read more

Gujarat, known for its bustling business activities, has significantly influenced India’s economic growth. With several trading practices, Gujarat has witnessed progressively many changes in its logistics industry, especially transportation. One of the significant changes introduced in recent times is the implementation of the e-way bill under the GST system. This move has brought about a significant… Read more

The purpose of introducing the e-way bill system was to curb tax evasion by tracking the movement of goods across the country. All transporters are required to carry a valid e-way bill when the taxable goods being transported by them are worth more than ₹50,000. However, when large goods transport agencies carry goods from multiple consignments… Read more

Since introducing e-way bills in India, the logistics industry has significantly changed its operations. The e-way bill system has made it easier for businesses to comply with GST regulations and has resulted in faster movement of goods. According to reports, the implementation of e-way bills has reduced transit time by up to 30%, and logistics costs… Read more

Deemed exports represent a unique aspect of international trade, especially for small and medium-sized businesses seeking to optimize their production for export-oriented industries. These transactions, recognized within domestic borders, offer various benefits that align with India’s foreign trade policy. From tax incentives to special import licenses, businesses can leverage deemed exports to reduce costs and enhance… Read more

The most recent update in E-invoicing has introduced changes in e-way bills. As per the latest updates which came into effect on 1st October 2022, E-Invoicing is now applicable to all businesses which have a turnover greater than ₹10 crores. This turnover can be in any year from FY 2017-18 onwards. So, if a business has… Read more

The FMCG sector is the fourth largest sector of the Indian economy, consisting of businesses that deal in quickly consumable goods such as milk and dairy products, beverages, cosmetics, and other everyday goods. Due to their perishable nature, these goods must be delivered timely. In 2018, the government introduced the e-way bill system, which significantly impacted… Read more

If taxpayers don’t file their Form GSTR-3B returns or Form CMP-08 statements for two or more consecutive tax periods, they may lose their ability to generate e-way bills. To regain access to this facility, the taxpayer must submit an application using Form GST EWB-05 to their jurisdictional tax officer. In this article, we will guide you… Read more

Transporters must carry an e-way bill with themselves when they are moving goods inter or intra state, when the value of the goods they are carrying is greater than ₹50,000. In this article, we will take a close look at the format of the e-way bill, or Form GST-EWB 01.

Kerala was one of the States that created an intermediary system after implementing GST to monitor the movement of goods before the e-way bill system was implemented.

Generating consolidated E-way bills is an important process for businesses involved in the transportation of multiple consignments in a single vehicle. Consolidated E-way bills allow businesses to generate a single document containing all the details of the consignments being transported, simplifying the logistics process and reducing paperwork. Under the GST regime in India, the process of… Read more

This article discusses Jharkhand’s e-way bill under the GST.

E-way bill is a permit document required for transporting goods worth more than Rs. 50,000. It is introduced to facilitate reducing the transit time of goods and the cost of compliance for businesses and help the government track the movement of goods and prevent tax evasion.

Telangana’s government is renowned for continually strengthening its information technology infrastructure. This is evident from the quantity of reforms implemented since the formation in June 2014. The Telangana Government also had a temporary waybill system in place during the GST era prior to the Centre-led e-way bill system taking off to ensure that good governance and… Read more

E-way bills are crucial while transporting goods over Rs. 50,000 to ensure compliance with Goods and Services Tax. These bills have specific validity periods based on the distance to be covered, which can significantly impact small and medium businesses. However, for small and medium businesses, challenges may arise from unexpected changes in transport routes, delays, or… Read more

Rules 138A and 138B of E-Way Bills provide the documents to be carried by a person-in-charge of conveyance and the necessary compliance from his end. The following topics are discussed in this article: Documents that need to be carried RFID meaning and compliance requirements The paperwork required if an Eway bill is not needed The Process… Read more

GST in India has significantly changed the export tax system. With the implementation of GST, the government has streamlined the export process and provided various benefits and incentives to exporters. However, exporters must comply with the procedures and regulations specified under GST to avail of these benefits. This article discusses the concept of deemed exports under… Read more

The implementation of GST in India has brought significant changes to the taxation system, one of which is the introduction of e-way bills when transporting goods inter or intra-state. In this complete guide to e-way bills, we will discuss the key aspects of e-way bills, including the following: What is an E-Way Bill? Format of an… Read more

The establishment of a single, national common market for goods and services was one of the main goals of the GST. The elimination of Check Posts, effective on July 1, 2017, helped to accomplish this goal. RFID tag-mapping is used to monitor the movement of goods in transit and ensure that they reach their intended destination.… Read more

IRN is Invoice Reference Number (IRN), which is a unique number generated by the GST System for every invoice uploaded by a taxpayer. It serves as a reference for the e-way bill system, which is used for the transportation of goods. The government of India introduced the e-way bill system to track the movement of goods… Read more

The implementation of the e-way bill system was done in phases throughout India, starting from 1st April 2018, and from 15th April, 2018, intra-state transport of goods also required the transporter to carry an e-way bill. Haryana was part of the second phase of this implementation, along with Jharkhand, Bihar, Tripura, Uttarakhand and Madhya Pradesh. In… Read more

GSTR-1 is a statement showing the details of all outward supplies of goods and services. All normal as well as casual registered taxpayers need to file GSTR-1. Depending on their turnover, some businesses can opt for the Quarterly Return and Monthly Payment (QRMP) Scheme, where they will have to file GSTR-1 every quarter. Businesses who don’t… Read more

The terms “invoice” and “bill” refer to documents that specify the money the buyer owes the supplier for purchasing goods or services. The seller of products typically refers to an invoice when conducting business. The term “bill” is frequently used by the buyer to describe payments paid to the seller very away once the transaction is… Read more

E-invoicing is a growing trend in the retail trade industry, where it is used to streamline invoicing and payment processes, reduce errors, and increase efficiency. With the increasing adoption of digital payments and e-commerce in retail, e-invoicing has become necessary for businesses to stay competitive and meet customer expectations. Implementing e-invoicing in the retail trade industry… Read more

Generating an E-way bill is a crucial requirement for the movement of goods worth more than Rs. 50,000 under the GST regime in India. The process involves providing details such as the supplier, recipient, transporter, and product information and generating a unique E-way bill number. This article will provide a step-by-step guide on generating an E-way… Read more

The bulk e-way bill generation facility has been provided for large-scale corporate organisations or logistic operators who manage numerous shipments across the nation in a single day. Users who have to generate e-way bills in bulk, consolidate several e-way bills, or update multiple e-way bills simultaneously through a single upload use the bulk e-way bill .… Read more

If you’re a business owner in India who transports goods worth more than Rs. 50,000, you’ll need to register on the E-way bill portal to generate electronic waybills for the movement of goods. Registration is a simple process that requires a few basic details about your business. Once registered, you can generate e-way bills online and… Read more

A user can manage e-way bills either on the e-way bill portal or through SMS. The facility to generate and manage e-way bills using SMS comes in very handy when you need to generate only a single e-way bill and/or don’t have internet access available. The facility is mainly meant for smaller taxpayers, who may not… Read more

GSTR-9 is an annual return that needs to be filed by registered taxpayers in India under the Goods and Services Tax (GST) regime. It is a detailed return that provides a summary of all the transactions made during the financial year, including both inward and outward supplies, input tax credit availed, and tax paid. Filing GSTR-9… Read more

All transporters are required to carry e-way bills for interstate as well as intrastate transport when the goods being transported are worth more than ₹50,000. Normally, either the supplier or the transporter of the goods generates the e-way bill and hands it over to the person in charge of transporting the vehicle. However, in certain cases,… Read more

E-way bill is a permit generated on the GST portal that is required for the movement of goods worth over Rs. 50,000 within India. This system was introduced to ensure smooth and efficient transportation of goods across the country, and its impact on the e-commerce sector has been significant. E-commerce operators are among the major users… Read more

Does your business often require transporting goods from one state to another? Then, you must be familiar with the requirements of an e-way bill. It is a document that allows the transportation of goods from one state to another in compliance with tax laws. However, this bill has an expiration date. This means that such a… Read more

GST and E-way bills have been significant policy changes implemented by the Indian Government to reform the taxation system and ensure the efficient movement of goods across the country. While these changes have a widespread impact on businesses, their effects on Special Economic Zones (SEZ) have been particularly noteworthy. SEZs are designated areas within India that… Read more

Goods in transit are subject to inspection, verification, and detention by tax authorities to ensure compliance with GST regulations. This process can be complex and time-consuming for businesses, as it involves navigating various rules and procedures across different states and jurisdictions. Understanding the legal requirements and procedures for inspection, verification, and detention of goods in transit… Read more

An e-way bill is a document that transporters need to carry when moving goods worth more than ₹50,000. For interstate transport, the e-way bill system was launched in India on April 1, 2018, while for intra-state transport it was launched on April 15, 2018, once the systems were stabilised. Karnataka was part of the first phase… Read more

After registering on the e-way bill portal, suppliers and transporters can use the portal to manage e-way bill activities from end-to-end, right from generation to cancellation. They can also use advanced features like generating e-way bills through SMS, creating, managing and freezing sub-users, creating and managing different types of Masters etc. In this article, we will… Read more

Jharkhand, like all Indian states, must implement the e-way bill system under the GST. The e-way bill is a document that must be generated electronically and accompanies the movement of goods from one place to another. It contains information about the goods being transported, the value of the goods, the destination of the goods, and the… Read more

An e-way bill is a mandatory document that a transporter must carry while transporting goods inter or intrastate, if the value of the goods exceeds ₹50,000. The implementation of e-way bills started in a phased manner at the beginning of FY18-19. Since UP was one of the earliest states to adopt the e-way bill system, there… Read more

Moving forward, GSTIN will need to be linked to all e-way bills that are generated for transporting goods worth more than ₹50,000 by road, air, ship, rail etc. The new format of the e-way bill can be generated by filling Form GST EWB-01 through the GST Portal. This is applicable to both interstate and intrastate transportation.… Read more

The GST Identification Number or GSTIN is a unique 15-digit identification number provided to registered individuals under the GST system. This number is generated based on the registered person’s PAN. As a GST registered dealer, one must be GST verified using the GST number check tool before submitting GST returns . It’s worth noting that even… Read more

Due to the increasing number of tax defaulters, the Government was forced to implement a system to block e-way bill generation for taxpayers who had not filed their GST returns for two consecutive months. In this article, we will learn about the blocking of e-way bills and how you can get eway bill unblocked.

One of the main gainers from implementing GST was the manufacturing sector. The lead time for the transit of products into and out of states has been shortened by removing checkpoints at state borders. This enhanced the productivity of Manufacturers. The factories of manufacturing enterprises are often concentrated in a few places, whereas the branch and… Read more

BUSY is a comprehensive solution for managing accounting and business operations. One of its key features is the auto-generation of these bills, which streamlines the process of generating and managing them. Businesses can save time and reduce errors with this feature.

E-way bills are mandatory documents that must be carried when transporting goods worth more than Rs. 50,000. They have a predefined validity period, depending on the type of cargo being transported and the distance that needs to be covered. In this article, we will take a look at how to calculate the eway bill distance covered,… Read more

When generating an e-way bill, the transaction type must be either “outward supplies” or “inward supplies”. If the transaction is for “outward supplies,” a sub-type must be selected amongst the several choices as below: Supply Exports Job Work SKD/CKD/Lots Recipient Not Known For Own Use Exhibition or Fairs Line Sales; or Others In this article, we… Read more

Often the address of the buyer of goods is different from the address where the goods need to be delivered. The address of the buyer is mentioned in “Bill to” and the address where goods are to be delivered is mentioned in “Ship to”. Such situations need to be handled carefully while generating e-way bills and… Read more

E-way bills are compulsory whenever goods move beyond a certain value and distance. While the basic rule comes from central GST law, each state can tweak the threshold for intra-state movement , which is why businesses often get confused. This guide explains the overall e-way bill rules in simple language and then uses real-life examples to… Read more

Under GST, every vehicle carrying goods needs a valid e way bill . To update vehicle details and move goods legally, transporters need a unique Transporter ID . This guide explains what a Transporter ID is, who must enroll, how to complete the process, and what mistakes and penalties to avoid.

Tax Deducted at Source (TDS) is one of the most important mechanisms under the Indian Income Tax Act to ensure smooth tax collection. Section 194H specifically deals with TDS on income earned through commission or brokerage . It ensures that taxes on such earnings are deducted at the source itself, reducing the chances of tax evasion… Read more

Water coolers are essential for homes, offices, schools, hospitals, and factories—providing access to cold drinking water, especially during hot Indian summers. But whether you’re buying one for home or business, it’s important to know the water cooler GST rate . This blog explains how GST applies to different types of water coolers, from household dispensers to… Read more

Buying a vehicle is not complete without insurance. Whether it’s for your personal car or a fleet of commercial vehicles, insurance premiums now include Goods and Services Tax (GST) . This blog breaks down the gst on vehicle insurance , how it’s calculated, and what it means for your expenses.

India is one of the largest producers and consumers of tea in the world. From morning chai to herbal infusions, tea is a daily essential for many. But how is tea taxed under GST ? This guide explains the gst on tea , whether loose, branded, green, or herbal.

Tiles are widely used in construction and interior design, from homes and offices to commercial and industrial buildings. Whether you’re a buyer, contractor, or retailer, knowing the gst rate on tiles is crucial for pricing, billing, and tax compliance. This blog breaks down the applicable GST rates for different types of tiles — floor tiles, wall… Read more

The steel industry is the backbone of infrastructure and construction in India. With the introduction of the Goods and Services Tax (GST), the tax structure for steel has become much simpler and more uniform. In this blog, we’ll break down the steel GST rate , cover key product categories, HSN codes, and answer common questions —… Read more

India is famous for its spices, with every kitchen shelf stacked with turmeric, cumin, red chilli, garam masala, and more. Whether sold whole or in powdered form, loose or branded—spices fall under GST . In this blog, we explain the gst for spices , including tax rates, classifications, and what makes a spice item taxable or… Read more

If you trade in stocks, you’ve probably noticed a small GST charge on every buy and sell order. While the profit or loss on shares isn’t taxed under GST, the services you use during trading are. This blog breaks down the gst on share market transactions , which charges are affected, and how it impacts retail… Read more

Food is one of life’s essentials—but when it comes to taxes, not all food items are treated equally. In India, the Goods and Services Tax (GST) applies differently based on the type of food, whether it’s packaged or fresh, and where it’s consumed. In this blog, we’ll break down GST on food items, explain the applicable… Read more

With the rise of online shopping platforms like Amazon, Flipkart, Zomato, and Swiggy, the role of e-commerce operators in India’s economy has become more significant than ever. But with that growth comes compliance—and that’s where GST steps in. In this blog, we explain the gst on e commerce operator services , who is liable to pay… Read more

Dry fruits are not only festive favourites but also everyday essentials in Indian kitchens. From gifting boxes during Diwali to adding almonds to your breakfast, dry fruits have cultural, health, and commercial significance. But how does GST affect their pricing? Let’s break down the gst on dry fruits in India , category by category.

With the rise of platforms like Swiggy, Zomato, and Uber Eats, cloud kitchens—also known as virtual or ghost kitchens—have transformed the food industry. But how does GST (Goods and Services Tax) apply to this digital-first model? Whether you’re a cloud kitchen operator or an aggregator platform, understanding the gst on cloud kitchen operations is crucial for… Read more

From billboards to Instagram ads, advertisements are everywhere—and so is GST. Whether you’re an agency, a media company, or a business booking ads, understanding the gst on advertisement services is key to budgeting and billing right.

Whether it’s a daily-use face wash or a luxury makeup kit, cosmetics and beauty products are part of millions of personal care routines in India. But how are these items taxed under GST? This guide explains the gst on cosmetics , including the rates on products and services, and how it impacts retailers, salons, and consumers.

Grinding wheels are widely used in metalworking, fabrication, construction and maintenance jobs. They are fixed on grinders and machines to cut, shape, finish or polish metal, stone and other hard materials. Under GST, grinding wheels are grouped with millstones, grindstones and similar articles made from abrasive materials. Choosing the correct grinding wheel HSN code is important… Read more

Speakers are now used everywhere from homes and cars to offices and events. Under GST, speakers are treated as electrical goods and fall under a specific HSN heading.

Granite is a popular natural stone used for flooring, kitchen platforms, cladding and monuments. Under GST, granite is classified based on its stage of processing, such as raw blocks, roughly cut slabs or polished tiles

Many businesses engage labour for construction, fabrication, loading, unloading and other support work. These services are classified under service codes that are treated like HSN codes for GST purposes. Correct labour HSN code use is important wherever GST is charged on labour bills.

Gold is widely traded in the form of bullion, coins and jewellery. It is purchased by households, jewellers, investors and businesses. Because values are high even a small error in the gold HSN code or GST rate can lead to serious mismatch in returns. This guide explains the main HSN codes for gold and gold jewellery,… Read more

Running an online business is exciting, but it also means keeping track of sales, returns, platform fees, shipping charges, and taxes across different channels. This is where e-commerce accounting becomes crucial. If you sell through websites like Shopify, Amazon, or Flipkart, managing your finances properly can help you stay organised, reduce tax stress, and make better… Read more

Generating and carrying an e-way bill is mandatory for transporting goods with a value more than ₹50,000. In a bid to curb tax evasion and improve compliance, the Government has decided on the integration of e-way bills with the VAHAN portal. In this article, we will explore the implications of this integration.

Notes to Financial Statements are the written explanations that accompany a company’s main financial reports. These notes help readers understand the numbers in the statements by offering extra context that isn’t visible on the face of the reports.

GSTR-4 is a GST return that needs to be filed by taxpayers in India who have opted for the Composition Scheme. The Composition Scheme is a simplified scheme for small businesses that allows them to pay a fixed rate of tax based on their turnover and avoid the complexities of regular GST compliance. GSTR-4 is a… Read more

Selecting the best warehouse inventory management software is crucial for streamlining operations, improving accuracy, and enhancing efficiency. The right solution helps track stock levels, reduce errors, and optimize workflows. This guide explores key factors to consider, ensuring businesses choose an inventory software for warehouses that meets their operational needs and drives growth.

Inventory management systems for small and medium-sized businesses (SMBs) are evolving with new technologies that promise to make them more efficient and competitive. Key trends include the adoption of cloud-based solutions for real-time access, AI-powered analytics to optimise stock levels, and automation tools that streamline the process of fulfilling orders and limit mistakes. In this article,… Read more

Does managing inventory feel like multiple tasks, including tracking incoming stock, managing outgoing stock, and keeping records up-to-date? The periodic inventory system offers a simpler, cost-effective path by counting inventory at set times. Let’s walk through how it works, its strengths and weaknesses, and whether it suits your business model.

The retail industry is undergoing a massive transformation. Consumer expectations are rising, supply chains are becoming more complex, and competition is fiercer than ever. To stay ahead, retailers need smarter ways to manage inventory. That’s where AI in inventory management and predictive analytics come into play.

This guide provides a detailed overview of the GSTR-2A form, including its features, filing requirements, and the process of reconciliation with GSTR-3B. We also discuss how taxpayers can view and download their GSTR-2A form, and how to rectify any discrepancies that may arise. By following the instructions and guidelines provided in this guide, taxpayers can ensure… Read more

Under the GST regime in India, electronic waybills or e-way bills have become mandatory for the movement of goods worth more than Rs. 50,000. However, there may be situations where the E-way bill generated needs to be updated, rejected, or cancelled. Updating an E-way bill may involve changing the details of the consignment or vehicle, while… Read more

The Goods and Services Tax (GST) introduction in India on 1st July 2017 was a historic tax reform. It replaced a complex system of multiple indirect taxes with one simple, unified tax. But what does this mean? In this blog, we’ll explain in easy words what taxes were subsumed under GST, that is, which taxes got… Read more

Some common GST offences include tax evasion, failure to register for GST, issuance of incorrect invoices, and claiming excess Input Tax Credit (ITC) . Depending on the severity of the violation, the penalties for these offences can range from monetary fines to imprisonment. Businesses need to understand the different offences and penalties recognised under GST to… Read more

When it comes to filing Income Tax Returns (ITR) in India, Form 26AS plays an important role. It is a consolidated statement issued by the Income Tax Department that reflects all tax-related information linked to a taxpayer’s PAN. From TDS (Tax Deducted at Source) to advance tax payments , Form 26AS ensures transparency and accuracy in… Read more

In the digital age, e-way bills have become a vital component of businesses involved in transporting goods. The government’s mandatory e-way bill system makes it essential for businesses to have reliable e-way bill software to help them manage their logistics operations seamlessly. However, choosing the right e-way bill software can be daunting, given the abundance of… Read more

Implementing the Goods and Services Tax (GST) regime in India saw the introduction of the E-way Bill system in 2018 to streamline the transportation of goods across the country. Despite its launch, the system has undergone several revisions to enhance its efficacy and effectiveness. With the arrival of the new GST Return system, further changes have… Read more

In accounting, not all assets can be touched or seen. Some assets exist in the form of rights, ideas, or advantages that give businesses long-term value. These are known as intangible assets . Understanding them is essential, as they often represent a company’s competitive strength.

The Indian Income Tax Department has modernized tax administration with faceless taxation, making assessments and appeals fully digital. Introduced to enhance transparency and reduce human interaction, the system empowers taxpayers to comply from anywhere, aligning India with global best practices.

In the stock market, one of the most common metrics used by investors to analyze a company’s profitability is Earnings Per Share (EPS). It reflects how much profit a company is making for each outstanding share of its stock. Investors, analysts, and traders often track EPS to compare companies and make informed investment decisions.

In today’s fast-changing business environment, relying on a single budgeting method often isn’t enough. Companies need dynamic budgeting techniques that allow them to plan finances, track performance, and adapt to unexpected changes. Three key approaches, static, flexible, and rolling budgets, help businesses handle different market conditions and financial goals.

The cost concept in accounting states that assets should be recorded at their original purchase price, not their current market value. This principle ensures that financial statements remain reliable, objective, and free from frequent market-based adjustments.

Adjusting entries are essential for accurate financial reporting. Among the most common adjustments are prepaid expenses, accrued revenues, and depreciation. These ensure that financial statements reflect the true financial position of a business in line with accrual accounting principles.

Understanding your business’s finances starts with a good structure. A chart of accounts, often called the COA, is the backbone of any accounting system. It organises every financial transaction so business owners and teams can see exactly where money is coming from and where it’s going. Let’s explore what it is, why it matters, and how… Read more

In India’s tax framework, businesses and certain non-corporate entities may need to pay either Minimum Alternate Tax (MAT) or Alternate Minimum Tax (AMT). These provisions ensure that taxpayers with significant income cannot avoid taxes by claiming excessive deductions or exemptions.

Mutual fund investors often receive income in the form of dividends or capital gains. While capital gains are taxed at the time of redemption, dividend income is now subject to Tax Deducted at Source (TDS) under Section 194K of the Income Tax Act. Introduced by the Finance Act 2020, this section ensures tax collection on mutual… Read more

Section 203 of the Income Tax Act defines the rules for issuing TDS certificates, ensuring that tax deducted at source is correctly credited to taxpayers. It is a crucial compliance requirement for employers and other deductors to maintain transparency and avoid penalties.

Buying or selling property in India involves not just legal paperwork but also tax compliance. One key requirement is the deduction of Tax Deducted at Source (TDS) on certain property transactions. This tax is collected at the time of sale to ensure that the government receives its share of tax revenue without delay. If you’re planning… Read more

TDS is an important part of India’s tax system. It helps the government collect tax right at the time of income generation, whether you are a salaried employee, freelancer, or business owner, understanding TDS is important to stay tax-compliant and avoid penalties. In this blog, we’ll discuss what TDS is, why it is deducted, how it… Read more

Maintaining accurate and organized financial records is essential for any business, but for small businesses, accounting and bookkeeping are even more critical. With limited resources and tight budgets, small businesses depend on bookkeeping to monitor cash flow, stay compliant with tax regulations, secure funding, and make informed financial decisions. Without a strong bookkeeping foundation, entrepreneurs may… Read more

Finance and accounting are two foundational pillars of financial management, often used interchangeably but representing distinctly different disciplines. Understanding the difference between finance and accounting is important to get clarity on the roles in business, evaluating performance, and planning future growth. While accounting focuses on the meticulous recording and reporting of past financial transactions, finance centers… Read more

Every business runs on transactions—selling products, providing services, receiving payments, and more. But how do you keep track of all this? The answer lies in accounting invoicing. Whether you’re a freelancer, small business owner, or part of a large company, invoicing is an essential part of keeping your finances organised. In this blog, we’ll explain what… Read more

Managing finances for an entire business is one thing—but tracking money for individual projects? That requires a more focused approach. This is where project accounting becomes important. Whether you’re running a construction project, software development job, or marketing campaign, project accounting helps you stay on top of budgets, costs, and profitability.

The International Financial Reporting Standards (IFRS), developed by the International Accounting Standards Board (IASB), provide a uniform framework for the preparation and presentation of financial statements. IFRS has been adopted by over 140 countries and is increasingly seen as the benchmark for transparent and accountable financial reporting.

Artificial Intelligence (AI) is revolutionizing industries across the globe, and accounting is no exception. From automating repetitive tasks to offering predictive financial insights, AI is transforming how accountants work, analyze data, and deliver value to clients.

In business accounting, not all money received is immediately considered income. Sometimes, companies are paid before they deliver a product or service. That’s where deferred revenue comes in, a concept that helps align payments with actual performance and delivery. Also known as unearned revenue, deferred revenue is the money a company receives in advance for goods… Read more

A balance sheet is one of the most fundamental financial accounting statements used in accounting. It presents a company’s financial position at a specific point in time by listing its assets, liabilities, and equity. Unlike an income statement, which shows performance over a period, a balance sheet clearly shows what the business owns and owes on… Read more

Every fixed asset a business owns—like machines, vehicles, or furniture—loses value over time. This drop in value is called depreciation. But how do we track the total depreciation of an asset over the years? That’s where accumulated depreciation comes in. In this blog, we’ll define accumulated depreciation, explain the accumulated depreciation formula, discuss its account type,… Read more

Accounting involves classifying, recording, and summarizing financial transactions to create accurate financial statements. It focuses on day-to-day financial operations. Auditing, on the other hand, is the independent examination of financial records to ensure compliance and accuracy with laws and standards. While accounting tracks financial data, auditing verifies its integrity. This brings us to a head-on comparison… Read more

A clear understanding of accounting concepts is essential for business owners to ensure financial accuracy, compliance, and sustainable growth. Proper application of accounting fundamentals ensures businesses maintain reliable records, make informed decisions, and meet regulatory standards. This guide provides a structured overview of the core accounting principles and their relevance to modern businesses.

Ratio analysis is a method of evaluating a company’s financial performance by comparing different numbers from its financial statements. By forming meaningful relationships between figures like revenue, expenses, assets, and liabilities, ratio analysis helps measure profitability, liquidity, solvency, and efficiency. It turns raw financial data into insights that guide decision-making for management, investors, and lenders.