Accounting & Taxation
Accounting and Book-keeping :
Bookkeeping and accounting are two functions which are extremely important for every business organization. In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data.
Bookkeeping and accounting may appear to be the same profession to an untrained eye. This is because both accounting and bookkeeping deal with financial data, require basic accounting knowledge, and classify and generate reports using the financial transactions. At the same time, both these processes are inherently different and have their own sets of advantages.
Enter a new Employee and complete his payroll information,
Setup and change the federal, state, or local taxes,
Process Payroll information for General Ledger,
Get the totals required for payroll withholding or state and local tax deposits,
Print payroll checks, or reprint when there is a problem,
Calculate before and after-tax deductions,
Process a payroll,
Maintain Employee payroll records,
Set up and edit the company fringe benefits, and
Process Monthly, Quarterly, and Year-End reports (W2's and 1099's).
Individual Income tax filing
What is ITR?
Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.
Why you should file ITR?
1. It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned
below are applicable to you:
If your gross annual income is more than :
Rs 2.5 Lakh (For individuals below 60 years)
Rs 3.0 Lakh (For individuals above 60 years but below 80 years)
Rs 5.0 Lakh (For individuals above 80 years)
2. If you have more than one source of income like house property, capital gains etc.
3. If you want to claim an income tax refund from the department.
4. If you have earned from or have invested in foreign assets during the FY.
5. If you wish to apply for a visa or a loan
6. If the taxpayer is a company or a firm, irrespective of profit or loss.