Category: Finance

The following documents must be furnished at the time of EPF withdrawal- Composite Claim Form Identity Proof Address Proof Two revenue stamps One blank and canceled cheque (should have visible IFSC and account number) Bank account statement (in the name of the EPF holder, while he/she is alive) Personal details such as- Father’s Name Date… Continue reading Documents Required for EPF Withdrawal

The important forms of business organization include various legal structures that individuals or groups of people can use to operate and manage their businesses. The choice of business organization can have implications for factors such as liability, taxation, management, and ownership. Here are some of the most common forms of business organization: Sole Proprietorship: This… Continue reading The important forms of business organization

Costs in business can be categorized in various ways based on their behavior, purpose, and relevance to decision-making. Here are some common types of costs along with examples for each category: Fixed Costs: Fixed costs remain constant regardless of the level of production or sales. They do not vary with changes in output.Examples: Rent for… Continue reading Types of Cost

The e-invoicing process involves electronically generating and submitting invoices to a government portal for validation and authentication. While the exact process can vary depending on the country and its specific regulations, here’s a general overview of how the e-invoicing process typically works: Invoice Generation: Businesses generate invoices in a standardized electronic format that adheres to… Continue reading E-invoicing process

Apart from online filing of the GST returns, the GST regime has introduced several new systems along with it. e-Way Bills GST introduced a centralised system of waybills by the introduction of “E-way bills”. This system was launched on 1st April 2018 for inter-state movement of goods and on 15th April 2018 for intra-state movement… Continue reading New Compliances Under GST

Financial forecasting is the process of estimating future financial outcomes and performance of a business or organization based on historical data, current trends, and various assumptions. It involves using quantitative methods and analysis to predict future revenues, expenses, cash flows, and other financial metrics. Financial forecasting is an important tool for planning, decision-making, and setting… Continue reading Financial Forecasting

Corporate tax is a tax levied on the profits or income of corporations and other legal entities that are recognized as separate entities for tax purposes. These entities may include corporations, limited liability companies (LLCs), and other business structures. The corporate tax rate and regulations vary from country to country, and in some cases, from… Continue reading Corporate tax

Service Accounting Code, also known as SAC, is the code issued by the Central Board of Indirect Tax & Customs (Service Tax Department) to classify and identify the services offered. Each Service provided has a unique SAC code precisely like a unique HSN for different categories of products. People involved in providing services can and… Continue reading HSN and SAC Codes in Business

Auditing is a systematic and independent examination of financial information, records, statements, and operations of an organization to ensure accuracy, transparency, and compliance with applicable laws and regulations. The primary objectives of auditing include: Verification of Financial Information: Auditing aims to verify the accuracy and reliability of financial information presented in the organization’s financial statements.… Continue reading Objects of Auditing.