What is TDS? Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the…
In todays scenario where doing business has become more stringent due to the mandatory requirement of complying with multiple & complex laws, taxation law is something you should outsource to an expert. Taxation laws not only in our country but all over the world are complex and not everyones cup of tea. As a business…
Sometimes, your invoice is the last communication that you have with your client and its very important to leave lasting impression. At ProfitBooks, we’ve seen many businesses suffer from late payments due to improper invoice payment terms. In this post, I’ve explained how to write invoice payment terms that can help you get paid faster.…
India is notorious for its complex tax system. For new businesses and startups, it becomes impossible to navigate through various direct and indirect taxes. Constant changes to taxes like Service Tax are making things even worst. But now, the things are set to change with new Goods and service tax – commonly known as GST.…
We were planning to conduct a small workshop for business owners. There were a lot of activities to be done – Like sending invitations, confirming attendance, booking the venue, printing promotional materials, etc. Now, the problem was, we didn’t want to hire someone full-time just for this as it would involve more time and…
As a business owner, we are always looking for ways to cut costs. If you operate out of a metro city, its difficult to find cost-effective options for business meetings, conducting interviews or finding an affordable place to work. Sometimes investing in an office infrastructure is not possible for early-stage businesses. This is where coworking spaces…
Setting up Taxes in ProfitBooks is easy. Just to go Accounting menu and click on Taxes. In this article, we’ll explain how to setup Service Tax, Swacch Bharat Cess and Krishi Kalyan Cess: Important Notes Here is a quick calculation for new service tax rates that is effective from 1st June 2016. Taxes are…
Finance minister, Mr. Jaitley had proposed to impose a Cess, called the Krishi Kalyan Cess (KKC), at 0.5% on all taxable services during Budget 2016. Effective date of Krishi Kalyan Cess is 1st June 2016. In this article, we are trying to answer most commonly asked questions about this new tax. As you know, Service tax is a tax…
For small businesses, social media is the key to success. In the past, building a brand and attracting new customers was a daunting task, and while its far from easy, social media makes it more possible than ever before. If your business isnt on social media, its time to change that. Today well look at…
Update – Read about 5 Key benefits announced in Budget 2017 for startups. When finance minister, Arun Jaitley was about to open his Goodie Bag while presenting the union budget 2016, expectations from the startup community were sky high. In order to boost small business and MSME sectors, Mr. Jaitley announced various schemes and policies in…
