29 July 2017

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Tax

How GST is going to Help SMEs

As part of its financial reforms, the NDA government including the finance minister Mr. Arun Jaitley have put their weight behind the long awaited Goods and Services Tax (Bill).

Financial experts, industry bigwigs and SMEs have all been unanimous in their support for a GST regime replacing the existing taxation system. Considering the growing scale and organization of business operations, a taxation reform like the GST will facilitate better trade and business. Here is a look at how GST will impact the small and medium enterprises of the country if and when the bill is finally implemented.

SMEs may be exempted from Capital Gains Tax

It looks that the future is getting more favorable for Indian SMEs. A proposal to exempt small and medium enterprises (SMEs) from capital gains tax has received in principle approval from the finance ministry, an official said.

Year-end Tips for Small Business

For small business owners, taxation is an extremely important aspect for their business. In this article I have emphasized on few tips that are must to know while looking at filing taxes. Here are the following tips:

1. Update Your Accounting: It's important as part of your year-end tax strategy to have a good understanding of your company's financial situation. Spend extra time ensuring your books are up-to-date and accurate. It won't hurt to plan time with your accountant for year-end advice, particular to your operations.

Typically people rely on a standard set of year-end tax planning techniques such as deferring income to the following year and accelerating deductions into the current year. Examples of these types of tactics are holding off on selling investments with gains until later or paying tax deductions such as property tax or charity donations. There is a lot more which can be done well in advance, as we are in last quarter of Financial year 2010-11, It’s time to do little planning about tax, income and expenses.

Bud-Get Set Go: The New Tax Impact

It is a fact that most of us are confused how the tax calculation is done and the impact of the tax revisions. Here we give in simple tables the calculation of taxable amount as per the tax slabs and a comparison of the revised tax rates.

Money Matters-Tax Saving Tips

There is a humorous statement made by Herman Wouk about ‘tax saving’ - “Income tax returns are the most imaginative fiction being written today”. March is a month for tax savers and we need to act swiftly before the deadline.

GST from SMEs' Perspective

In the budget speech Hon. Finance Minister said on Goods and Services Tax (GST), ''we have been focusing on generating a wide consensus on its design. In November, 2009 the Empowered Committee of the State Finance Ministers placed the first discussion paper on GST in the public domain. The Thirteenth Finance Commission has also made a number of significant recommendations relating to GST, which will contribute to the ongoing discussions. We are actively engaged with the Empowered Committee to finalise the structure of GST as well as the modalities of its expeditious implementation. It will be my earnest endeavor to introduce GST along in April, 2011”.

Limited Liability Partnership-Registration and Tax Issues

A “limited liability partnership (LLP)” is a partnership in which some or all partners have limited liability. It therefore exhibits both elements of partnerships and corporations and offers the duel advantage of combining the organizational flexibility of partnership firm with the feature of limited liability for its partners.



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