10 Things to keep in mind while Outsourcing your Accounting Services

Organizations, these days, are always under intense time and cost constraints. Therefore, it is important to focus on the core business aspects rather than non-core activities like accounting and payroll services. Accounting services form an integral part of an organization’s capabilities and systematic functioning .One of the most effective way of managing the accounting aspect of business is to outsource it to organizations that are better equipped and competent in the field.

While opting for outsourcing as an option, an organization would look for cost-effective solutions to systematically run non-integral activities like accounting, but also expect to achieve better control and understanding of cash flow and thereby make informed decisions.

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How GST Will Benefit Companies in India?

The Constitution (One hundred and first Amendment) Act, 2016 introduced a national GOODS AND SERVICE TAX in India which is to be implemented from 1st April 2017. GST is one of the biggest financial and  tax reforms since Independence. It is a single indirect tax that combines several indirect taxes. The GST bill was passed by the Parliament on August, 2016 with an objective to create a uniform tax system by replacing various indirect taxes levied on goods and services by central and state governments like Central Exercise, Service Tax, Customer tax, Central Surcharges, Central and State Cess, VAT/Sales Tax, Entertainment Tax, Luxury Tax etc.

GST will create a far-reaching impact on almost all the aspects of the business operations in the country. It will create its impacts on various sectors in various ways.

Many companies in India will be benefited in several ways under the new taxation system of GST.

Currently, companies pay many indirect taxes in different states at different rates. GST will combine all these indirect taxes in the form of a single tax. Indirect tax has a huge impact on business as these taxes comprises a higher share of total tax in developing countries like India. GST, is a huge boon for India considering that the tax burden and government interference in the taxation procedure is very high and time-consuming. This complex taxation system slows down the work process of the companies. Moreover, there is no self assessment procedure in current VAT system and it is a very hectic work for the companies.

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Private Limited Company registration in Delhi

A Private Limited Company is a form of company which gets registered as per the provision of the Companies Act, 2013. A private limited company registration in Delhi is easy and hassle-free. A Private Limited Company registration in Delhi is one of the best options to jump starts your operations in Delhi or any other states in India. Earlier, minimum paid-up capital of Rs. 1 Lakh was required for the formation of a Private Limited Company. But after the 2015 amendment to the Companies Act, 2013, no such minimum paid-up capital is required to form a Private Limited Company. Compliance requirement for a private limited company becomes mandatory not only before the incorporation, but also afterwards. It is the most preferable form of company amongst entrepreneurs.

IMPORTANCE OF REGISTERING A PRIVATE LIMITED COMPANY

A Private Limited Company is known for scalability and flexibility for conducting the business. In Delhi, private limited companies are the most acceptable form of business. You may choose to have ownership and management separate by hiring skilled professionals for growth of the business. You can manage your business through the constitution of the company, i.e. Articles of Association of the company.

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The Impact of Global Crude Oil Prices on India Economy

Impact of Global Crude Oil Prices

Economic growth of a nation is primarily driven by energy. It is the key element for the sustenance in the future modern economies. But, sadly the global energy supply system is slanted towards the limited amount of fossil fuels. In every aspect of development, energy plays a vital role. It may be related to reducing poverty, increasing productivity or improving quality of life, but lack of energy acts as a severe impediment to sustainable social development and economic growth.

Crude oil is one of the important sources of energy that has the ability to pose threats, in terms of price, to energy supply and security. It is one of the most necessitated commodities in the world and India imports around 100 million tons of crude oil and other petroleum products.[1] World primary energy consumption is 12274.6 Mtoe (Million tonnes of oil equivalent) in 2011, the primary energy consumption varies with availability and specific utilities of different types of fuels with the various pie, oil: 33.06%; natural gas: 23.67%; coal: 30.34 %: nuclear energy: 4.88%; hydroelectricity: 6.45%; renewable: 1.59%.

China leads the order of absolute primary energy consumption with 21.29%, followed by US 18.49%, Russian Federation comes third with 5.59%, then comes India in Fourth with 4.55%.[2]

Impact on Indian Economy

Increasing quantum of energy products, mainly crude oil, has significant impact on Indian economy. It does not act as just a source of energy but as raw material in many industries. Prices of crude oil matter to every economy because it is the lifeline of almost every economy. On one hand there are major oil producers like Organization of Petroleum Exporting countries (OPEC), Russia, and United States, while on the other hand are the importing economies like India, China, and Europe. The demand is increasing rapidly due to insipid economic growth, coupled with surging production.

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Women Entrepreneurs: Making A Mark In Indian Startup Ecosystem

Startups have taken the Indian economy by a storm, especially after the ‘Startup India’ campaign by Prime Minister Narendra Modi. These startups are not just avenues to buy and sell goods and services, but a path to development and lifestyle change; be it getting service quality reviews of any restaurant or cafe on Zomato, and being free from the exploitation of local autowalas and cab drivers by opting for services of Ola or Jugnoo at affordable cost.Start-ups have also resulted in the empowerment of women in India by the subsequent development and enforcement of financial availability schemes. The Startup India scheme itself provides loans to women at a lower rate. Besides, there are other monetary incentives schemes which have helped women from all over India in entering the start-up race, such as Annapurna Scheme, Street Shakti Package, Bharatiya Mahila Bank, Dena Shakti Scheme, etc. Hillary Clinton once said, “Women are the largest untapped reservoir of talent in the world,” which is exactly the outcome of these schemes. There has been a whopping 60% increase with respect to women finding opportunities to start ventures.

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HERE’S WHAT YOU NEED TO DO WITH YOUR OLD RS 500, RS 1000 NOTES

You can either deposit or exchange Rs 500, Rs 1000 Notes as follows:

• You can deposit Rs. 500 and Rs. 1000 notes either at your bank or the post office.
• The acceptance of such notes will be effective from November 10th  to December 30th of 2016.
• You can also exchange them from a bank or post office till 24 November.
• However, the limit for such exchange is Rs.4000.

What if you would not be able to meet the deadline of December 30?

Don’t worry! After December 30, you can still deposit them at the Reserve Bank of India (RBI). However, you’ll require to submit a declaration.

What document you need to carry while exchanging the notes?

All you need is to take Adhaar card and PAN card along with you at the time of exchanging notes.

How would tourist be able to exchange the notes?

For tourists, the exchange facility is available at airports.

Note: Your 500 and 1000 rupee notes will be accepted till November 11 at: – Railway, airline, government bus  ticket booking counters,  Petrol Pumps, Consumer co-operative stores run by state or central government, Crematoriums and burial grounds, Milk booths authorized by state governments, and Government hospitals.

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All You Need To Know About ‘Udyog Aadhar’

What is UAM?

The UAM is a single-page and single window registration system, working through a portal //http.udyogaadhar.gov.in// for new MSME registrations which subsumed all other existing online forums. It is based on self-declaration format, thereby eliminating the need for any other documents.  It is important to note that  competent authorities can call applicants for production of their documents in future for verification purposes.

How to register online?

Step1: VISIT THE WEBSITE

The portal contains the single page document to be filled. Click on the following link and the new portal will address your need on the first appearing page itself.

http://udyogaadhaar.gov.in/UA/UdyogAadhar-New.aspx

Step2: PERSONAL INFORMATION OF THE ENTREPRENEUR

The Entrepreneur’s name and 12-digit Aadhaar number will be sought in the initial particulars. Tally the name from the UIDAI card before filling it. To proceed further, the applicant needs to “VALIDATE AADHAAR” or can “RESET” information filled.

Then, choose the social category from among the options displayed i.e. General/SC/ST/OBC, to which the applicant belongs.

NOTE: The Udyog Aadhaar registration is an online portal for individuals who possess Aadhaar card. In exceptional cases, those who don’t have the card can file for UAM (offline) with the General Manager (GM) of the concerned District Industries Centre (DIC) as notified in the gazette. In the coming time, the GOI will further address the concern for those who don’t have Aadhaar card.

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