Inviting Partnerships from C.A’sWe are looking at partnering with C.A’s  to help their clients do day to day bookkeeping and meet their tax compliance needs more easily. Reach Accountant is an Online Accounting Software which allows you to provide bookkeeping services to your clients and access their financial data and expense proofs using internet. You can [...]

When do we have to pay advance tax?What is a Advance Tax?
Tax shall be payable in advance during any financial year in every case      where the amount of such tax payable by the assessee during that year is Rs.10000 or more.

Instalments of advance tax and due dates:

Minimum amount payable

Due date in the [...]

Should I file taxes when my business is making losses?Are you wondering if you ever have to face the taxman when your business is making losses?  The answer is a big YES! and even better before the due date. You might want to file a tax return to set off losses of the current year [...]

How to Register with Excise?What is Excise?
An excise or excise tax (sometimes called a duty of excise or a special tax) may be defined broadly as an inland tax on the production for sale; or sale, of a specific good (Goods specifically identified at the time a contract of sale is made) or narrowly as [...]

Save Large Non-Filing Penalties. Act today!The ministry of company affairs has come out with a Fee waiver scheme.This is a great opportunity for companies who have failed to file their annual returns with the Registrar of Companies to make their default good by filing belated documents.
Brief of the scheme
The Ministry has introduced the following [...]

Its time to get your Books of Accounts in Order!Come July, you might be asked to file your tax returns and submit financials to ROC and Investors. For some of you, you might have all your accounts finished / unfinished in excel and tally. Now it’s time to put your accounts and supporting bills together [...]

5 Accounting tips for Start-ups!1. Keep it Light weight
The most easily manageable form of entity is called a sole proprietorship. This form of ownership requires NO special communication or filings to the Registrar of Companies or Income Tax. As a sole proprietor, you have an exemption to Tax Registrations and Mandatory audit till your [...]

TDS(tax deducted at Source) Rate chart For Financial Year 2010-11

Made to Resident
Threshhold
Company,firm.Co-op Society,Local authority
HUF , Individual

Section
Nature of payments
up to 30.06.10
wef 01.07.10
Rate in %

194A
Interest from Bank
10000
10000
10
10

194A
Other Interest
5000
5000
10
10

194B
Winning from Lotteries
5000
10000
30
30

194BB
winning from Horse races
2500
5000
30
30

194C
Payment to Contractors , Pay to Advt/Sub Contr , Payment to Transportor
20000(50000 in a year)
30000 (75000 IN year)
2
1

194D
Insurance Commission
5000
20000
10
10

194H
Commission/Brokerage
2500
5000
10
10

194I
Rent-property
120000
180000
10
10

194I
Rent-Plant / Machinery
120000
180000
2
2

194J
Professional Fees
20000
30000
10
10

Note -1
For Section 194C [...]

Invitation to a discussion on Business AccountingWe invite all Entrepreneurs, Startups, Small and Medium Businesses for a discussion cum consultation on Taxes and Accounting on 24th March, 2010 between 3PM – 5PM at EVOMA BUSINESS CENTRE, #14, Bhattarahalli, Near Garden City College, Old Madras Road, K R Puram, Bangalore 560 049

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If only we had a better place!After dropping my daughter in School, I used to visit a Saloon in the fag end of a closed road. The guy had great skills, but his Saloon was never upto the mark. He shut up last week, and this is what he said; “If only I had a [...]