TaxSimply Experience Accounts Professionals Manage your Books of Accounts with all aspects of your financial management, from Bookkeeping and Financial analysis to tax preparation.
Statutory Audit is a type of audit which is mandated by a Statute or Law to ensure true and fair view of the book of accounts of a Business and is presented to the Regulators and the Public.
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TaxSimply is a firm providing advisory Services and Compliance for Book Keeping & Accounting, Auditing, Taxation, Consulting and allied areas including Departmental Litigation etc.
TaxSimply recognises that each client is unique with distinct needs, which must be fully comprehended and analysed in all its dimensions before the right service options can be offered. The firm aims to consistently provide customised solutions to each client, drawing on its wide range of practical experience across a multitude of industries.
TaxSimply offer highly efficient Book Keeping & Accounting Services which are provided by us for our Local, National and International clients.
We also offer design, implementation and review of accounting manual. Our Book Keeping & Accounting Services are offered at market leading rates.
Bookkeeping is necessary for all businesses, irrespective of the size, nature, business transactions, or any specific industry. Upon the commencement of a business, maintaining proper records is essential.
Bookkeeping means recording the financial transactions and information concerning the business of a company regularly. It is a systematic recording of financial transactions in a company. It ensures that the records of each financial transaction are Up-To-Date, correct and comprehensive.
Books of Account of a company manage all the financial data of a company. The companies can track all their financial transactions on their books with accurate bookkeeping. Bookkeeping helps companies to make important investing, operating and financing decisions.
Income Tax + Corporate Tax + TDS + TCS
Tax compliance is an inseparable part of doing business in any country. Companies operating in multiple geographies are required to adhere to tax laws in each of those regions. The same applies to Indian businesses.
The key reasons behind the necessity of tax compliance for companies in India are:
Avoiding legal ramifications - Failure to comply with tax laws and regulations can cause serious legal ramification for businesses in India. It can be as minimum as levying of penalties to as severe as seizure of company assets and imprisonment of business promoters and managers.
Continuity of business operations - It is the responsibility of a company to learn about the applicability of taxes on its business.
The legislation gives power to the tax authority to seize goods, consignments and block bank accounts, even when a business unknowingly fails to comply with tax laws. Furthermore, vendors and customers may refuse to deal with non-compliant businesses. Hence, tax compliance is essential for conducting business operations smoothly.
Managing brand reputation - Public perceptions about a company can change drastically following any news of legal proceedings against the entity because of tax avoidance. It damages brand reputation among investors, employees and suppliers.
Better financial forecasting - Accurate forecasting of tax liabilities is critical for financial projection in any new project or venture. Practice of tax compliance helps companies adopt tools and techniques necessary for reliable tax forecasting.
Corporate social responsibility - Governments collect taxes to meet public expenditures and finance their developmental programmes. Businesses that voluntarily comply with tax laws of the land ultimately help the government and the people of the land.
We are blessed with team of qualified Chartered Accountants highly efficient in Auditing and assurance services. Our wide range of services are aimed for financial stability of the clients and take care of the decision making abilities. The services we provide are in comply with the legal environment.
Compliance with mandatory filing of GST returns involves monthly or quarterly (QRMP) filing of GSTR-1, GSTR-2B and GSTR-3B, along with annual submission of GSTR-9 (for turnover of more than ₹ 2 crore). A regular registered taxpayer must file 37 returns in a year. Taxpayers registered under the QRMP scheme must file GSTR-1, GSTR-2B and GSTR-3B quarterly.
GST officials can levy penalties on unpaid taxes and take other punitive actions even when taxpayers inadvertently fail to comply with rules and regulations. Besides, any GST compliance proceedings can disrupt a business's flow, seriously affecting profitability and revenue. So, learning about and thoroughly practising GST statutory compliance in any business operation is essential.
This article discusses what is GST compliance and shares a standard GST compliance checklist for your business.
Labour laws are a set of compliances that set the tone for the treatment of the labour force in the workplace. Labour is the greatest asset for an organisation and to ensure that their rights are protected and to safeguard them against any exploitation, labour laws are enforced. It regulates the companies, workers, and trade unions. Non-compliance with the laws can lead to punitive action towards the organisation.
Labour Laws are imposed by the State as well as the Central Government. The labour law compliances are not just restricted to filing returns, but these records serve as evidence for the compliance of the laws and must be produced to the authorities in case of any discrepancies. There are laws that are enforceable only for certain work environments. And there are some laws that are enforceable to all organisations.
The major acts included in the industrial law compliance rules are:
Payroll means the company's financial record of payments made by the Employer to the Employees, including Salaries, Wages, Leaves, Bonus, Rest, Incentives, Gratuity etc. The company must prepare an Employee's Payroll for all its employees from the time they are hired till retirement/resignation. Processing payroll without delays in accordance with various statutory compliances is a significant activity of a company.
It is an overwhelming process as it consists of calculation of Gross Salary, Bonuses, Net Salary, Daily Wages, Provident Fund (PF) payment, Employee's State Insurance (ESI) payment, Professional Tax payment, Tax Deduction at Source (TDS), allowances, etc., that are part of each employees’ monthly salary payment.
Companies should define their payroll policies and get them approved by the management for processing standard payroll execution. Every company has their own approach to employee engagement, philosophy and work culture. A company needs to define the below policies for standardising payroll processing:
The Companies Act, 2013 differentiates companies based on the number of members. The Micro, Small and Medium Enterprises (MSME) Act classifies companies into micro, small and medium companies to grant them MSME benefits. Companies can also be classified based on the liability of their members, company ownership and listing status. The various types of companies based on different parameters are covered below.
Types of Company Under Companies Act, 2013
Entrepreneurs can register different types of companies under the Companies Act, 2013 ('Act') in India to conduct their business and provide a legal structure for the business. The different types of companies are as follows:
Types of Companies Based on Size The MSME Act classifies is as follows:
Types of Company Based on Liability
Types of Company Based on Control
Types of Company Based on Listing
