Many small businesses often make the mistake of paying their Input Tax without claiming the same as an ITC. This blog talks about what ITC is, how to calculate ITC, how to claim ITC, and what are the important documents required to claim ITC. Meaning of Input Tax Credit ITC-Input tax Credit means the […]
You Will Have to Pay Double TDS from 1st July – Here’s Why?
The income tax department has a new formula to calculate your tax liability from July 1 if you haven’t filed your income tax return (ITR). According to the finance act 2021, if an individual has not submitted an Income tax return for the previous two years and has an aggregate TDS/TCS Credit of Rs 50,000 […]
Saving Cost and Time on Compliances of Startups
Every start-up and every company has a different story and different requirements when it comes to accounting, taxation, and compliance requirements. Here in this post, we have tried to explain some of our client’s stories and how we (BBNC) as a team have helped them with saving the cost of compliances for their startup. […]
Bookkeeping and Accounting, A Must for Your Business
Every growing company needs to have a dedicated bookkeeping and accounting team or service provider. The two practices are absolutely essential to maintaining businesses and organizing finances. For an untrained eye, bookkeeping and accounting may seem like the same thing, but here at BBNC, we can explain what their differences are and how important it […]
Compliance Calendar for The Month of June 2021
Most of the places in India are in complete lockdown due to the raise in Covid cases. However, it is important for businesses and entrepreneurs to stay compliant with various compliances during the month of June 2021. Considering the current Covid-19 situation the govt has recently given an extension for various deadlines. Every month there […]
Post Incorporation Compliances and Tasks
Many entrepreneurs think that incorporating a Private Limited Company is the only prime task that needs to be done in order to start a company. Once the company is incorporated, they get busy with other business activities such as business development, team building, product development, etc. But in reality, Company Incorporation is only the first […]
Compliance Calendar For May 2021
The second wave of covid 19 has hit us harder than the first wave. The situation in India is getting worse. However, businesses and entrepreneurs need to stay compliant with various compliances during May 2021. Every month there are significant compliances related to statutory and Tax. However, if we look at the compliance calendar, we […]
New ITR Forms for AY 2021-22 are Released
As Financial 2020-21 has completed, the Central Board of Direct Taxation (CBDT) has released the ITR forms for the AY 2021-22. Keeping minimum changes in the ITR forms compared to the previous assessment year (2020-21) with an intention to minimize the compliance burden. The CBDT has announced 7 ITR forms (Form ITR-1 to Form ITR […]
MCA Lays Down Mandatory Rules Which Will Come into Effect From 1st April 2022
MCA Lays Down Mandatory Use of Accounting Software Having an Audit Trail New rules to come into effect from the beginning of the new financial year i.e., from 1st April 2022. The ministry of corporate affairs (MCA) has published a circular on 1st April 2021, under companies (Accounts) Amendment rule 2021. According to this circular companies […]
5 Significant Changes in Income Tax Effecting from April 1, 2021
Union Finance Minister Nirmal Sitaraman during the presentation of Union Budget 2021 had announced few changes with respect to the Income Tax rules. These changes are set to come into effect from April 1st, 2021. These changes will affect the employees, business and provide some relief to the senior citizens. Let’s take a look at […]
