FAQs

Accounting is often called the "language of business" because it deals with interpreting and communicating information about a company's operations and finances. Accounting is extremely important to any company because the financial information allows executives to make informed business decisions-decisions that help those companies become more successful. Economic events are measured and described by accounting. Everyone works with and uses accounting ideas, whether they're managing a business, investing money, or just deciding how to spend their paycheck. In business, accounting links the past with the future. It provides decision-makers information about the recent financial activity, as well as information and recommendations useful for forecasting future events.

Let a professional do a professional's job. If you are like most business owners and CEOs, you take full pride in the services or products your company provides. You want to focus your time and energy on business strategy and goals. Outsourcing the accounting department to a dedicated, highly skilled professional services firm allows you to do exactly that. By outsourcing your accounting to AccountingDepartment.com, you'll save valuable time in your day, reduce operating costs and gain peace of mind.

Bookkeeping Services are focused on reducing the finance and accounting costs of our clients by helping them with their management, accounting, and tax preparation needs. Recording of financial transactions which include purchases, sales, receipts, and payments by an individual person or an organization/corporation.

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TDS stands for tax deduction at source. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. Tax-deductible at source is done at the time of the payment to the receiver and the tax deducted is directly deposited by the giver to the government directly.

The TDS filing is mandatory for everyone who has been into the payment transactions and therefore calls for various compliance by the government.

Goods and Services Tax is a unified, multi-stage and consumption-based tax charged on manufacture, trade, and consumption of goods and services. It replaces all the existing national and state tax systems like VAT, Service Tax, Entertainment Tax, Excise Duty.

A return is a document containing details of income that a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

Every person registered under GST will have to file returns in some form or another. A registered person will have to file returns either monthly (normal supplier) or quarterly basis (Supplier opting for composition scheme). An ISD will have to file monthly returns showing details of credit distributed during the particular month. A person required to deduct tax (TDS) and persons required to collect tax (TCS) will also have to file monthly returns showing the amount deducted/collected and other details as may be prescribed. A non-resident taxable person will also have to file returns for the period of activity undertaken. In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.

Company registration is one of the first and foremost steps for startups. Company registration is basically a step to legally establish your company. It means that if you are registered as a company, you get the legal right to do business.

There are numerous reasons why you need to register your startup as a company. From giving your startup an edge in the market to assuring its legal protection and from lowering your tax burden to limiting liability, company registration is the stage in the startup world that serves your company all of these factors.

To incorporate a private limited company a minimum of two persons are required over the age of 18 years with at least one person being an Indian citizen and resident.

Business contracts and agreements make up an important category of legal documents, that help keeps business owners, clients, and customers from being taken advantage of. Though verbal contracts carry weight in a court of law, written proof of an agreement or contract is far more ironclad./p>

Agreement- a mutual understanding between...parties about their relative rights and responsibilities. contract - An agreement is an enforceable obligation between parties.