ca in india Archives - Business , Financial & Legal Consultant In India

July 17, 2018July 17, 2018

IMPACT OF GST ON CA PROFESSIONALS

New tax system has brought new opportunities in India whether it is chartered
accountant or computer science professional. GST took more than a decade to get passed in both houses of the parliaments. Due to this, there is a very
convenient way to bring a tax reform in India. Everywhere there is a buzz
about the economic improvement due to this taxation system. GST has had a
very positive effect on the businesses and everyone is thankful for this system.

This system has brought one tax policy in one nation and reduced the
complexity of doing business which has resulted in more revenue generation
and more profits. All the rules are similar to whole country. Let us try to figure
out how GST has impacted chartered accountants in India.

What chartered accountants are charging under GST?

After the implementation of GST, there is been a very sharp hike in the salaries
of the chartered accountants and chartered secretaries. Previously, the
chartered accountants used to charge around INR 2500. Now, after the GST
the fees of chartered accountants have been shot up to INR 25000. The chief
reason behind this hike is the load over the CA community. There are lot of
procedures involved in the GST process which has led to this rise.

How GST changed the chartered accountant work scenarios?

When the VAT system was in place, most of the work was done manually
which resulted in the waste of time and money but with the effect of GST,
everything has come online and it has improved work efficiency. With the VAT
system in place, professional are found working in one or two place because
each state has different rules which used to create problems but with GST
rules are same for every state due to which ease of business has increased and work area has expanded.

During the VAT times, the returns were uploaded on a monthly basis and you
have to fill the sales and purchase register and main returns too. If there is any
error, you have to repeat the whole process again and again until the problem
is rectified. This was a very hectic process which wasted lot of time. But with
the coming of GST, we just have to fill the details in the client’s sales register and all the information gets displayed in the purchaser’s purchase register. So due to this process, the time and effort taken to fill data in the purchase and
main form register has greatly reduced. This issue of mismatch data has been
greatly resolved.

Next step for chartered accountants?

India is a developing country with a huge number of start-ups and small
companies. GST has brought new taxation system into place. So the demands
of individuals who have knowledge of this new system have increased sharply.
GST is a privilege for the chartered accountants. It has increased the fees of the chartered accountants. It has helped not only old chartered accountants but also the new chartered accountants. If you are new CA and you have the
knowledge of GST, then you will be very high demand.

Newly certified chartered accountants have a big advantage of grabbing this
big opportunities. They can offer online services and join forums to answer
queries asked by taxpayers. The chartered accountants are very essential
person of a country. They have to keep themselves updated about the latest
laws and rules of the GST. As far as the future of chartered accountants is
considered, they have a very bright future. GST has helped in building a better
taxation system in India.

So in case you are looking for CA in India or for GST registration online , you can consult BIATConsultant to get it all done under one roof .

July 15, 2018

BRUTAL MISTAKES WHICH INVESTORS MAKE THAT CAN DESTROY THEIR LIFE

Investing is a tricky concept. It can lead you to huge business revenues.
However, if proper steps are not followed while investing, it can lead to huge
losses. It has the ability to completely destroy someone’s life if investing is not
done cautiously. Let us look at some of the mistakes which investors make that destroy their lives:
 Depending too much on the company’s health cover
There are some people who depend too much on the company’s health
cover. If a person is caught up with a very serious disease, it may
happen that the cost of the medication is too much. The bank will be
pay only a part of the patient’s expenses which can lead to huge
financial trouble. This results in huge financial loss and will eat away all
your savings. So it is better to have ‘personal’ health cover rather than
depending on company’s health cover.
 Excessive use of credit card and loans
Sometimes people are so involved in taking loans that they end up in
deep trouble. Their saving becomes nil and they become bankrupt.
People are attracted towards various schemes to buy things in low cost
EMIs and using credit card to pay for things. Excessive use and addiction
of these things may lead you into big debts which are difficult to pay
later on. So it is very essential to makes proper and judicial use of the
credit card and loans.
 Overspending due to social pressure
People have the trait to show off. This can be very dangerous
sometimes. People spend so much in buying big houses, big cars and in
weddings just to show off. They do it to feel superior over the others.
This can lead to the downfall of a person and make his finances go down
sharply. So we must invest in only those things which are productive in
future or in those things which we need. Spending just to show off is
stupidity.

 Heavy spending problems
Some people are so much addicted towards spending that they do not
even calculate the future savings. If you spend on unrequired things,
then one day you may have to sell things you need. This is very essential
to see whether buying something is valuable to you or not. If it is
essential, then only we must buy it, otherwise not as it may drain all
your savings.
 Attracted toward free advice
People have the tendency to get easily attracted towards the free
advice. In India, everyone has an advice for you. Even the person who
doesn’t have any knowledge about a certain profession will have advice
for you. These advices may cost you deeply. So, it is always better to
take advice from the professionals.
As we have observed that there are certain mistakes which investors make
that destroys their lives. So it is better to have some precautions while taking
an investing decisions or you will fall into dept. Advice must be taken from
professionals like chartered accountant who will give you the best advice
although every advice is subject to market risk. But mostly they will show you
the right way and process to invest.

Consult BIATconsultant to get best investing guide for your business .

July 15, 2018

SERVICES OFFERED BY A CHARTERED ACCOUNTANT IN INDIA

Business Tycoons and small-business proprietors wear a lot of hats, but hiring
an accounting firm can ease some of the load and permit more time to focus
on the essential core business tactics and schemes. Firms offer a wide range of services, from basic bookkeeping to more complex issues, such as tax returns and audits.
Chartered Accountant is one of the major and most swiftly growing careers in
the recent times. The responsibility of a Chartered Accountant has increased
due to the large economic reforms done by the political parties. They provide
vital services such as:-

Provide Financial Advisory Services:
Sometimes people need financial advice for the astonishing growth of their
business. They need to have some kind of surety that they are providing the
information about their business into the safe hands. This is where the
Chartered Accountant provides their services to the businesses. Sometimes
providing the financial advisory can be hazardous as it is very difficult to expect
the future. They need to ensure that the greater part of the information is
given to the person to get valuable advice to maximize the profits.
Financial advice is something which is very critical. Giving consultancy advice
about the financial transactions, what and how much will be the future
investment is crucial for the growth of business.

Accountancy and Auditing:
Maintaining and preparing the financial accounts and statements of the
customers is known as Accountancy and these are the services provided by the
Chartered Accountant. It encompasses the range of writing accounts to the
financial Analysis of the business. Accountancy comprises of the routine
financial transactions of the company. There are numerous accounting
functions like writing a check, cash, bills and payment send to the vendors.
Payroll and tax deductions are all part of accountancy.

Auditing is one of the crucial services offered by the Chartered Accountants. It
involves reviewing and checking all the accounting books of the company for
any kind of discrepancy. The audit is usually done by an independent body. It is
the in-depth examination of each fiscal transaction made by the business.
When the audit is finished, all the accounting procedures and books are
verified.

Providing Information about Limited Company Information
Private Ltd. Company is considered one of the best ways to start a business.
Once the company is established, there are multiple compliances that are
required to be followed after the company has been established. Managing the day to day operations of the company and the requirement of the corporate laws can be a little taxing for any entrepreneur and that is where role of people like the Chartered Accountant comes into the picture. Big companies take help of the professional while starting a business to ensure timely fulfilment of compliances, without any levy of interest or penalty.

Direct and Indirect Taxation
As there are number of taxes on the law book and the continuing tax info has
become vibrant to the actual economics of business organisation. The
valuation of taxes is very deeply connected with fiscal accounts. The Chartered Accountant has an advantageous position for preparing the returns for tax purposes, before the Income-Tax authorities and general advice on taxes to his clients.
An extra liability is placed on him according to whom his services will be
prerequisite by the tax department for auditing very complex cases, having a
very huge profit potential. The requirement under the Income-Tax law for
compulsory maintenance of accounts by the specified categories of taxpayers
would also make a demand on his time and services.

Import Export Code Registration
Now-a-days export and import are the pillars of any business. They have
become an integral part of growth of an economy. In India, after the
introduction of Industrial Policy, 1991, Indian Government has also introduced the concept ofliberalisation and globalisation. You must have validImport-
Export Code (IEC) for doing import and export of goods or services in India.
While selecting the form of business organisation for export and import
purpose, a person should keep notice of the nature of business, tax
implications, liability, etc. The Chartered Accountants provide this type of
service.

Goods and Service Taxes
Indian Government introduced GST (Goods and Service Tax) in 2017. GST is an
indirect Tax which is levied on the goods and services in India. It replaced many
indirect Taxes present in India. The Chartered accountant is responsible for
checking the implementation of the Goods and Service Tax in a company so
that there are no malpractices.

BIATconsultant is leading consultancy firm based in India providing quality services since 2004 .

July 15, 2018

CHARTERED ACCCOUNTANT SERVICES BY BIAT CONSULTANT

Chartered Accountant is one of the biggest and most rapidly growing
professions in recent times. India is going through a large number of economic
reforms which has resulted in the increased responsibilities of chartered
accountant. These changes bring a challenge to the profession and the services
provided by the chartered accountant…

Accountancy and Auditing
Chartered Accountancy means maintaining and preparing the financial
accounts and statements of the customers. It encompasses the range from
writing accounts to financial analysis of the accounts. Accountancy comprises
handling the daily fiscal transactions for the company. This comprises the very
diverse purposes ranging from the incoming earnings to the outgoing
payments. Some accounting functions include the bills or payments sent to
vendors. It also includes the check, credit card, cash and the electronic
payments received from customers; and checks written and received by the
company. Payroll and tax deductions, along with the reconciling of the
company books for the year, are all accounting processes.
Auditing is one of the most important services of the Chartered Accountants.
An audit involves the review of the accounting books of the company. An audit
is generally done through forensic accounting, or it is mainly conducted by the
company. The audit is usually done by an official independent body, if the
company is traded on a stock exchange. The audit process is an in-depth
examination of each fiscal transaction made by a business and checks whether all the transactions made is correct or not. When the audit is completed, the books and accounting procedures are verified as accurate.

TAXATION
As there are number of taxes on the law book and the continuing tax info has
become vibrant to the actual economics of business organisation. The
valuation of taxes is very deeply connected with fiscal accounts. The Chartered

Accountant has an advantageous position for preparing the returns for tax
purposes, before the Income-Tax authorities and general advice on taxes to his clients. An extra liability is placed on him according to whom his services will be prerequisite by the tax department for auditing very complex cases, having a very huge profit potential. The requirement under the Income-Tax law for
compulsory maintenance of accounts by the specified categories of taxpayers
would also make a demand on his time and services.

Cost Accountancy
The Chartered Accountant has a big responsibility to ascertain cost of
production of the processes and the operations in the construction of a
product and services. He/she has to take control of the establishment of the
appropriate selling price and introduce the cost cutting methods.
Special Company Work
The chartered accountant provides special company work like formation,
financial structure and liquidation of the limited companies. They also do
secretarial and Registration work and the duties of a Receiver in addition to
other special work.

Investigation

The investigation work is carried out by the Chartered Accountant who makes
sure that the fiscal position of business in matters such as share capital,
purchase, sale or financing of a business. This is done to achieve a better
efficiency of a business.

Directorship

Some Chartered Accountant who is at a very senior position of a company or
industry provides their services for the directorship of company.
Company Secretarial Work
Secretary is a man who has professional qualifications and they are an
important link in the management chain. The huge growth of limited
companies has enabled the Chartered Accountant to gives these secretarial
services to small companies.

Management Accounting
Formulation of Policies, performance evaluation and other responsibilities are
undertaken by the chartered accountant.
The chartered accountant serves many purposes like above to increase the
business productivity and make sure that the business is done through the
right process following the rules and guidelines of the law book.

BIATConsultant.com is one of the biggest name in providing chartered account services in India since 2004 , headed by leading CA firm in India UKS&Associates since 1993 .