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Power BI Dashboard for Finance and Accounting?

Financial data is important for many business decision. Often data is stored in different places which makes it easy to analyze different points for complex decision.

An accounting dashboard easily shows financial data from multiple sources. A simple rule is that all the information about accounting to show within dashboard and it is very easy to understand. Including too much data on dashboard is a mistake and it makes it difficult to make proper decision.

Power BI is a business intelligence & analytics services used by a lot of renowned companies around the world. As a business owner, you can set up a dashboard to efficiently complete financial processes and visualization data related to cost management and financial accounting.

Power BI Dashboard for Accounting

The Power BI dashboard used for finance to helps you to keep a track of various finance related metrics. Attractive dashboard enables you to better cost & cash management, manage cash flows & liquidity status for your business. It allows you to track critical business information such as, expenses, sales revenue, accounts payable or accounts receivables.

Power BI Dashboard for Cost Accounting

Power BI dashboard helps businesses to manage inventories by setting the cost variances of inventory stocks and manage cash flow activities.

Benefits of Using Power BI Dashboard for Finance

Power BI helps you current financial data in a graphical format, making it easier for you and other staff to perform analysis and interpret trends.

  • Data Visualization
  • Enhance clarity and productivity
  • Budget Analysis
  • Forecasting & Reporting
  • Inventory Overview
  • Turnover ratio
  • Revenue sales
  • Expense overview
  • Bank wise fund
  • Account receivables
  • Account payable

Come and check it out our Easy GST business accounting software. Register now & use 7 days free trail to explore our accounting software.

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Easy GST Cloud Based Accounting Software for Your Business

Just over a time ago, cloud accounting software was hard to come by. Now, using it is as simple and useful as ever.

Cloud technology has transformed the accounting world, not just for small business owners, but for their accounting and tax professionals.

Easy GST is a revolutionary GST ready online cloud accounting software that simplifies finance for businesses and accountants. Access your business accounts anytime from any internet connected devices – computer, phone or tablet.

Most businesses are switching over to online cloud accounting software since they make business operations and financial information management easier.

Let’s take a look at few of ways cloud accounting software simplifies your day.

Record Your Business Expenses:

Easy GST cloud accounting software allows you to easily manage of all business expenses. With the cloud accounting software, you can snap a photo of your invoice, bill or receipt with your phone or mobile device or save an emailed receipt as a PDF file format and share on easily to your cloud account.

Fast and Simple Software Update:

Cloud accounting has really easy the software upgrade process. Don’t worry about installing software, updating to new releases or backing up data. You just access the software through an app or web browser.

Collaborate with your Team and Clients:

Cloud accounting makes it easy to share information with your accountant or tax prepare.

Get Real Time view of your Business finances:

Know your up-to-date business finances on the go using our intuitive dashboard and extensive reports.

Efficiency:

Online cloud accounting software can also help you update your finance processes and increase the overall efficiency of your employees. It can also help growth productivity and help employees make the best use of their time and schedules.

Integrations:

Cloud accounting software can also be integrated with other apps and tools such as CRMs and payroll software.

Easy Made GST Compliance:

If you manage a small business, then you would want to make the filing process of your GST process as easy as possible

Secure Your Data:

Your data is secured in our highly secured data centre with multilayer security provisions. Your data is backed up regularly to avoid data loss.

Tech Support:

Our support experts are always a click away 24X7. Get priority email and chat support whenever you need it. No need to wait longer.

To know more about our best cloud based accounting software, Try 7 day’s free trial now.

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Things You Must Consider While Choosing Accounting software

inventory Management Software - Easy GST Accounting Software

There are so many people who are starting their business now. It is trending that you have your own business, either small or big. It is also a good idea for earning a good amount of money, but it also takes a lot of effort. It is not easy to manage all the money related things so easily. It is undoubtedly known that every business is money-oriented. Once your business blooms, you will get more and more money. And when the money starts coming, it becomes more crucial to manage it. There are so many people who lose money more than they earn, and the reason is that they are unable to manage the money transactions.

If you already have a successful business running and all you need is to manage the transaction than the best solution is getting accounting software. There are so many things that you need to know before getting accounting software. The first thing you need to look for is what you are paying to the employees. There are so many different software that will help you with managing the salaries of the employees. Another thing is the money you are getting from your clients.

There are so many business owners who do great in getting clients and earning profit from them but fail at managing that money. The business is all about getting profit money and investing it into making more money. If you understand this law of doing business, then only you will understand the value of accounting software. There are so many features that accounting software may have. Some of those include tracking the bills, managing the inventory, and also the project management. Here are some factors that can be resolved if you have accounting software. Look into these and understand the need of your business.

One of these factors is the multi-user accessibility, and it is really important. It is of no doubt that a successful business can only be achieved with the help of a team. If you don’t have more than two people, then it is not considered an established business. Once you have a team of few people, then all the tools and software’s you use need to be multi-user. You cannot start using an accounting facility which is not accessible on the other employees.

Now another factor is that the software you are taking can support multiple business processes. The business you have must have relations and connections with other businesses also. It is very important in order to make more connections to more profit. There are some accounting software’s which will help you to connect with these other businesses and help you achieve more progress.

Another very important thing is that the software you are using is mobile friendly as the time has come when we need everything on our mobiles. It saves more time and effort if you can manage all the important aspects of your business through your mobile. There are so many software’s which can work just as good on mobiles as they do on laptops. By this feature, you don’t need to carry your laptops everywhere.

A very crucial matter that we forget very easily is data security. It is highly recommended that you double-check any software about its data security as it will carry all the sensitive data. It is highly confidential information and should be kept very safe in order to avoid any mishappening.

You need to follow all of these discussed actors in order to get the best results.

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Mistakes to Avoid While Filing ITR

Mistakes to Avoid While Filing ITR - Best Cloud Accounting Software Online

Every taxpayer is required to file an income tax return every year and is required to pick the fitting form for documenting of ITR. The pertinence of an ITR form relies upon the idea of pay and the status of the taxpayer. The form is filed with the income tax authority of India.

The income tax return reports all about the income, expenses, assets, and liabilities of the taxpayer. For the most part, a taxpayer takes the help of assessment specialists for recording income tax return yet on the off chance that a taxpayer isn’t taking the help of a specialist; at that point, he may finish up committing a few errors in expense form except if he is curious about with ideas of Income-charge.

These errors need to be avoided at all costs as they have the potential of landing you up in trouble with the income tax department. Therefore great care needs to be exercised in the filing of an income tax return. Despite the fact that these errors can be corrected by recording reexamined return yet one ought to be prepared to get noticed by the income tax department.

The most widely made errors which need to be avoided while filing an income tax return are-

FILING RETURN IN INCORRECT ITR FORM

The selection of the right ITR form is basic as the details have to be filled in the form and if the right form is not chosen then the disclosure of the income will not be right. There will be underreporting or misreporting of the income which will in both cases lead to serious errors.

RECONCILE WITH FORM 26AS

Form 26AS reflects details of tax deducted (TDS) from your salary and installment of development expenses made or any discount got during the year. On the off chance that you discover any inconsistency in Form 26AS, at that point you ought to advise the equivalent to the tax deductor to get it corrected.

Since Dept. accommodates every one of the details in ITR documented by a citizen with the details reflecting in Form 26AS. The Dept. will prevent credit from claiming TDS asserted in ITR in the event that it is missing in Form 26AS. Further, if any passage is found in Form 26AS however isn’t accounted for in ITR, an assessment notice will be issued to you to clarify the explanation behind not detailing such a salary in ITR.

ERRORS IN INDIVIDUAL DETAILS

Consistently an enormous number of profits are rejected for incorrect individual details like name, financial balance number, IFSC code and address. This prompts delays in discounts. So please make sure to fill right close to home details.

NON REVELATION OF ABSOLVED SALARY

‘Exempted Income’ like the PPF (Public Provident Fund) intrigue, profits, LTCG (long haul capital increase) from values, development continues of protection strategies should be referenced in the different annexure of ITR. This will decrease superfluous income tax inquiries later.

NOT REPORTING ALL INCOME

While documenting ITR, you need to report all premium salaries whether you acquire interest from a bank or any gathering or you procure any benefit or gain by selling shares. It would be a major mix-up on the off chance that you don’t report all pay in expense forms and you accept that irrelevant or negligible pay aren’t required to be accounted for. Citizens should remember that citizens will get see whether they don’t report these trivial earnings.

The income tax department gets normal data from banks and money related establishments about your exchanges which are accommodated with your expense forms. On the off chance that some assessment has been deducted from your pay yet, you don’t report the relating pay in ITR, you may get a notice to clarify the purpose behind not announcing the said salary in ITR.

INABILITY TO REPRESENT MORE THAN ONE PROPERTY

Nowadays a considerable lot of us claim more than one property. These might act naturally involved or empty. Anyway according to the IT Act 1961, just a single property can be guaranteed as self-involved. The other property is burdened at feasible city rates in the wake of deducting 30% for duties and fixes.

DISPARITY IN TDS DETAILS

A considerable lot of us record returns without confirming Form AS26 credit of TDS (charge deducted at source) held with IT Department. On the off chance that your boss or any other individual who has deducted TDS does not store the equivalent with IT Department or neglects to make reference to your PAN Correctly, that sum won’t reflect in from AS26 prompting default. Consequently, watch that credit for TDS deducted has been referenced in Form AS 26. On the off chance that there is an issue make a convenient move to redress the equivalent.

INABILITY TO COVER ADVANCED REGULATORY OBLIGATION OR SELF EVALUATION CHARGE

A significant number of us have pay from sources where TDS isn’t material. The individual is required to ascertain the duty-risk and settle Advance regulatory obligation or self-appraisal charge before the conclusion of the budgetary year, ie, 31st March. The inability to do as such will pull in punishment of 1% every month from 01 April next money related year. On occasion individuals record returns without paying the material punishment.

CLUBBING OF INCOME FROM the PREVIOUS EMPLOYER

On the off chance that you have changed the employment during the Year, at that point remember to report the pay salary earned from past businesses. There are high shots that there would be a change in the assessment risk because of clubbing of pay from past bosses. Additionally, it would be conceivable that TDS may be deducted by the past manager. Accordingly, accommodate all subtleties and pay the right measure of charges before documenting of return.

NON REVELATION OF ALL BANK ACCOUNTS

The taxpayer is liable to disclose all the bank accounts held by him in the previous year. Non-revelation of any bank account also amounts to an error for which he can be held accountable.

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Now you can save even more money with just Tax payments

Save-on-TAX

Yes, tax paying is one of the duties you have as an honest citizen but there isn’t any bad in saving some tax amount as you have a lot of other expenses too. Well, saving tax is a need but many of them do not really know how to use it as their profit in their taxpaying because of the lack of information. This happens when you do not research before paying the taxes or you have hired a wrong person who is helping you in your business. No matter how the amount you earn big amount or fewer amounts, you can always claim your rebate while paying taxes.

You just need to provide the necessary documents as a proof for claiming for your rebate in your taxes, this especially helps you are a small business owner or have just started your own start-up because in the starting the more money you save more beneficial it is for you. So, let get you some more information on how you can save money in tax paying for your business:

First of all, the business can be of different types such as property owners, commercial goods items or other items that are used for selling and buying. Every new business needs some time to grow because it takes time to know things about the business, but when you start a business you need to pay some taxes for it, but do you know by using few things you can have some rebate in your taxpaying? Since it is important to save some money while your business is new in order to plan for the future and to nurture the business further.

So, to facilitate you here are some tips which you can use:

Maintain proper record of cash expenses:

If you have people working under you or have machines which work in your factory or other thing and you pay for the cash without maintaining a proper register then this can become your extra profit and by adding into your net the tax amount would be increased. In order to claim a rebate for this, maintain a register with proper or slip with sign or thumb impression, provide this while paying your taxes and get some rebate onto your taxes.

Avoid doing cash payments:

Usually, cash payments do not have proper records, and while filling for an income tax you need to provide a proof that you paid a certain amount to a person. Also, the amount you paid to a person in cash above 20k, you won’t be eligible for tax reduction since the Income Tax act does allow anyone to pay the amount exceeding 20k other than check or by the demand draft. So, if you were paying in cash from ages, then it is time for you to stop and start paying in the form of cheque or demand draft.

Tax reduction at source:

According to the income tax act, it is important to deduct cash at the source by the service receiver or the buyer at the while making a payment to the service provider or seller. If you have no idea about this then the amount you paid to the seller will be disallowed in the taxable profit or you won’t get the benefit of tax redemption.

Pay bills through cash:

If you have some property and pay municipal bills like electricity or water bills through cash, then you are keeping yourself deprived of having tax benefits. Yes, cash payments usually do not have proofs and if they have people do not keep their slips properly, hence when you pay your municipal bills through cheques, you have your proof that you already paid some amount of taxes on your property and hence you are liable for some tax redemption.

Benefits of having a house loan:

The world loan may sound negative but there some benefits which you can get some tax cutting during the tax paying. Yes, it is true no matter if you are property business or have some property which includes go downs used for storage, place used for production or others, when you have the loan on the property then you can claim the interest as a tax reduction from your total cost, also you claim for principal reduction mentioned in the Section 80C.

Some times even the experienced people do mistakes while doing important work, tax payment is one of those things since we tend to ignore few things because we do not have the actual knowledge that how beneficial it can be for us in a long term. Therefore with the above-mentioned points, we are sure that now you can correct your mistakes if any and will be able to save more money during the taxpaying since the early phase of the business is very crucial.

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Benefits of having a Registered GST number and honestly paying for it

GST Registration

If you do any kind of business you must know about GST, but those who do not know about GST let us briefly explain it to you. A GST or The Goods and Service Tax is a single or indirect tax which is charged on the supply of all kind of goods and services be it the hotel or restaurant services, or the airplane services, shopping services, the factories, and many others, you can name any of the business where some kind of goods and services are provided the GST would be charged.

GST may sound little or complicated term but it is a very simple, comprehended and multi-stage tax which is charged on every value added to the goods. The GST came into force on 1st July 2017 and it took 17 years for the govt to make this force in the present economy. There are a lot of benefits who have registered for GST, those who have already registered for GST would know about its benefits, but those who do not know here are some of them:

Limited Tax Payment:

When you become a registered GST number holder the first and foremost benefit you have that the rate you pay for the taxes is minimal like you are a goods trader then you pay including the state GST and central GST is 1%, if you are restaurant owner then you pay for both GST is 5% and if you are other service providers is 6%.

New GST Rate 2019

Simple procedures:

The whole GST process which includes the registration for GST, filling a return for it and paying is now online, hence it has now become convenient for everyone especially for the one who has a new business or have a start-up since they have to do multiple procedures for getting other registration such as VAT registration, excise and service tax and etc.

Lower tax rates for small business owners:

Due to the earlier tax rates and the vat rates, the small business owners had to pay a lot of money in the name of taxes and they do not get much of profit from it too. But with GST, the small business owners get lower tax rates under the Compositions scheme whose business turnover is 20 to 75 lakhs. This is a relief for all the small business owners or the one who are new business owners as they can now save money and concentrate more on their business rather compiling documents for tax payments.

The unorganized sector now is regulated:

Certain industries like textile and construction companies were largely unorganized, they even did a lot of tax thefts since nothing was organized before the GST came. But now in GST, every payment has to done online and they can only avail the credit when the supplier has accepted the amount. So, now the tax theft is really impossible and one has to mention everything about their property or business while filling for GST.

improved logistic status:

Due to the application of GST, now the commercial owners do not have to pay extra cost during the delivery since now they do not have put extra warehouses in every city to cut the cost of current CST and the state entry taxes. Instead of setting warehouses in every city they can now set-up the warehouses at the strategic location which very much cost-effective for sellers. This has increased convenience for both the seller and the consumer which has cheapened the rates too.

Better treatment for online companies:

We love online shopping aren’t we because we have a lot of benefits from it but do you know how difficult it was to set up and deliver products to our over convenience for the E-commerce companies like Flipkart or Amazon? Yes, before GST, all the e-commerce companies had to register their VAT number differently for different cities plus they have to mention their vehicles numbers and license numbers and even stopped by the authorities if they do not have proper papers. With Gst, all the confusing process and the extra tax payments are removed and the rules are made which is done for all over the country, now there is no problem for the transportation of goods from one place to another.

Doesn’t matter if you own a small business or just have started your start-up or business everyone has a right to save some money, sometimes the amount or the burden of taxes become too much that it starts affecting the amount or the profit for the business. With GST, most of the extra cost is canceled since now you have to pay at one place rather than paying for different other taxes. So, now you can concentrate on how you can make your business big since you have all the govt support.

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If you are first time tax payer, then you need to know these things

Tax-Payer

Taxpaying is one of the important part of your duty as a citizen of your country, the tax you pay to your govt comes back to you in the form of services which is made better for your conveniences such as good roads, safe public transports, availability of nearby shops for basic essentials and many other things. It is a big responsibility of all the citizens to pay their taxes honestly because the tax you pay is used for the basic essentials which you need in life. If you won’t pay taxes, the govt won’t be able to raise funds which can be used in public betterment which include the things done for the economically backward class and the unprivileged section of the society which means the developmental process will be slow down.

Hence, it is important to behave like a good and honest citizen because by doing this you are not only doing well for your nation and its people but also you will do well for you. Whenever a govt policy reaches to the needy people they bless the govt which surely come to you once. So, no matter if you have just started earning or have been earning, be sure to pay your taxes regularly and honestly.

For those who have just started earning and want to become a taxpayer, then first you have to do a little research in order to have some knowledge to save some amount. Hence, let us get into the details:

Know your different source of income:

A taxpayer pays the amount of tax which he actually earns which is a part of him/her income, so before getting into the taxpaying first you need to know about the sources of income you have. There are various kinds of income sources which include the salary, the property rent you get, various capital gains such as share market, mutual funds, fixed deposit or so and the business & profession income. Each type of income has a definite percentage of tax which is to be paid according to it.

Income slabs according to the income of an individual:

Though people who have annual income above 2.5 lakh only have to pay taxes and the people who have their annual income lower than this are exempted from paying taxes. The tax percentage depends on the annual income you have every year like if you have annual income from 2.5 to 5 lakh then you need to pay 5% of it, again if you earn from 5 to 10 lakhs then you need to pay 10% of it and if you earn above 10lakhs then you need to pay 20% of it.

Types of rebate you can in taxpaying:

Yes, tax-paying honestly is good but like the discounts you have in online shopping, you get the rebate in tax paying too depending on the policies you have. Like if have health insurance or life insurance or a home loan or any other you can have a rebate in your tax amount, also you can have the rebate if you have a study loan or education of yours or your’s children which you are currently paying. Make sure to read all the important notes before signing any documents since it is advised to read all the terms before signing something.

The declaration of the other gains:

It is important for you to mention all the income gains from other sources because it can be inconvenient for you in any case those incomes come up to the surface. For example, if you have gained money in mutual funds or in share market or in your FDs, you need to mention that in your tax declaration.

How to File Income Tax Returns in India?

Documents which is required to fill the form:

Documentation is one of the important things which you need to do with a good mental state since any missing documents will increase your visit to the tax office. So, in order to make a smooth tax payment, make sure to collect all the necessary documents which are also true and 100% original.

Documents which you will require are:

  • Address proof
  • Identity proof
  • PAN card (Permanent Account Number) linked with Adhaar Card
  • Investment related documents (to avail the redemption in tax amount)
  • Form 16 if you are an individual (this acts like your TDS certificate which proves tax is deducted from income)
  • Loan documents such as home loans or education loans if any (to avail the redemption)

So far all the information which you need to know before paying your taxes if you are doing it for the first time, this can also be educational for the people who already paid it before because you may not be done correctly earlier. Also, if you have decided to pay the taxes then you need to pay your taxes till JULY 31, 2019.

Single Return Forms under GST

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GST Composition Scheme Explained For SMEs in India

GST Composition Scheme

The Goods and Services Tax (GST) is one of India’s most comprehensive and widely discussed economic policies in recent years. Unlike demonetization which largely drew the ire of various sections in society, media, and academia, the GST has prompted a mixed set of critiques. Although the allure of a comprehensive single taxation system, spanning the wider regional disparities of the nation is attractive, the intricacies of its implementation can tilt outcomes in one way or the other. The effects of the GST system are also different for different categories of businesses and individuals, with larger ventures usually possessing the necessary resources and expertise to navigate this complex accounting labyrinth. What, therefore, is the way out for small or medium-scale businesses which often do not have extensive resources at their disposal? The GST Council has recently announced the composition scheme which allows for a special tax-payment provision for certain eligible businesses. SMEs with an annual turnover of below 1 crore (and 75 lakh in particular states such as the North East) have the option of paying tax at a minimum favorable rate, ensuring better tax compliance and a smoother compliance process.

This GST composition scheme has certain fixed eligibility criteria. Besides the stipulation related to annual turnover rate, the SME concerned must be a supply business and operate intra-state only. Service providers are not eligible, with the exception of restaurant owners. Furthermore, at any point in the year, if the turnover rate exceeds the stipulated amount, the business will no longer be eligible to file GST under this particular scheme. The business must also not be associated with any electronic commerce operator such as Amazon or Flipkart. Multiple business verticals associated with the same PAN are considered under the same composition scheme and the businesses are not allowed to extract the composition tax from the customer or charge Input Credit Tax. The applicable rates (as a percentage of turnovers) are 1% for traders and manufacturers, 5% for restaurants, and 6% for other service providers. In order to be eligible, the business must indicate the same on the GST portal before the beginning of the fiscal year. This process involves filing a GST Form 02 at the time of registration and filing the GSTR 4 by the 18th the month falling after the quarter for which GST is being paid. A delay in the filing of GSTR 4 will attract a fine of Rs. 50 per day (Rs. 20 in the case of nil returns). For taxpayers under the composition scheme, GSTR Form 9(A) is the required form for filing tax returns. This must be filled by 31 December of the following financial year, failing which a fine of Rs. 200 per day (Rs. 100 for nil returns) will be charged. The composition scheme, to be started from the 2019 fiscal year carries a number of benefits for eligible businesses. Not only does it make the process of tax compliance easier, it significantly reduces compliance costs for small businesses which are the most severely impacted by minor changes in the economic landscape.

The MSME (Micro, Small, and Medium Enterprises) sector is one of the most prolific and vibrant in the country today. Data from the National Sample Survey Office (NSSO) estimates that in 2015-16, there were over 63 million MSM Enterprises. These created an estimated 110 million jobs and contributed a staggering 29% of the Gross Domestic Product (GDP). The MSME sector is also particularly important as India progressively moves towards an urbanized and technologically connected future. Data from the Census of 2011 tells us that 31% of India’s population is urban and both Census and NSSO estimates present a picture of rapidly growing rural to urban migration in recent decades. The post-1991 liberalization years have been the main driver of this kind of growth and it can be expected that India’s urban population will skyrocket in the coming years. The role of MSM Enterprises in this kind of economic growth and development is massive in terms of contribution to GDP, productivity growth, employment generation, and related outcomes such as social sector inclusivity and income mobility. Therefore, the particular attention paid to the composition scheme is a much-needed acknowledgment of the importance and contribution of the MSME sector to the economy as a whole.

However, despite positive steps in the right direction, there are some hurdles that continue to prevent effective inclusion for the MSME sector. Despite the staggering numbers presented in Census and NSSO data, the conditions for inclusion are so steep that as of 2018, 1,765,684 enterprises had registered under the composition scheme. Although the recent adjustment of the 1 crore turnover condition to 1.5 crores is expected to increase this number substantially, a large number of MSME ventures will continue to be excluded on the grounds of additional conditions involving the inter-state supply of goods and sale on e-commerce platforms. The composition scheme, although a vital economic tool for streamlined and higher growth in the MSME sector, must be adjusted in the coming years to make it more inclusive for the MSME sector, as a whole.

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How to File Income Tax Returns in India?

Income Tax Return India

In a country with democracy in power, it is necessary to make sure about the financial earnings of every individual. To ensure the same in India, we have Income Tax Return (ITR) for every individual earning throughout the financial year. ITR is the declaration of the income you have earned through the year and have made the tax for. In our country filing, ITR is a mandatory obligation under which you are required to provide detail of your income from salary, business, or any other source like an investment and made through relief claims throughout the financial year.

In spite of being a mandatory obligation for every citizen for our country, most of us are still unaware of the ITR. In order to understand this essential financial action, we will take you through all the details. For the starters, the official due date for filling the ITR is 31st July of the assessment year, which is the year following the financial year the income has been made. However, the income tax department keeps opening the window till 31st March for the people to file ITR belatedly. But, filing the ITR after the due date or belatedly will also come with a penalty fee up to Rs.10,000.

How to file belated ITR

Filing ITR is similar to filing a return for which you need to fill up the form. All the people falling under the taxation needs to declare there all the income earned throughout the financial year and mentioned that they had paid the tax for that.

The ITR must be filed electronically by all the taxpayers, but the Super citizens of age above 80 and the people with income less than INR 500,000 are allowed to file the ITR paper. Besides, the taxpayer who has not claimed any of the refunds in his or her return can also file the paper return.

ITR filing for FY 2017-18: Amendments and Changes you should know

Almost all the tax slab rates are the same for FY 2017-18 as they were for FY 2016-17. However, there are some important changes for the taxpayers that are important for filing the ITR.

People falling under the taxable income between Rs 250,000 (US$3,636) – Rs 500,000 (US$7,271) need to pay five percent as the tax as compared to 10 percent for FY 2016-17.

The tax relief limit which was previously Rs. 500,000 for FY 2016-2017 is now reduced to Rs.350, 000 for the FY 2017-1028. Besides, the entitled tax rebate is now reduced to Rs 2,500 (US$36) from Rs 5,000 (US$72).

One of the significant change in this years ITR is the declaration of income. For FY 2016-17 ITR form the taxpayers were required to detail only the total taxable amount. However, for this year, all the taxpayers have to mention the detailed breakdown of their income while filing the 2017-2018 ITR.

All the taxpayers need to mention their income from all bank accounts in detail while filing the ITR. Only savings account interest – to the extent of Rs 10,000 – is exempt from tax under Section 80TTA of the Income-tax Act, 1961;

For SY 2017-2018 the NRI taxpayers can also fill details of their foreign bank accounts in the form receive tax rebate where applicable;

Above all, the income tax filing must be e-verified or a printed and signed ITR 5 dispatched to the CPC in Bangalore within 120 days of filing the return online. Otherwise, your return filing is ‘invalid,’ and can also be charged with late filing penalty.

The late filing penalty has been increased to Rs, 5,000 if the ITR is filed after 31 July 2018 and Rs.10,000 for filing after 31 December 2018 till 31 March 2018.

Documents require filing ITR

PAN card Details

A Permanent Account Number (PAN) is needed by the authorities for you to file the ITR successfully.

Permanent Account Number is a ten-digit number that is issued by the income tax department of India.

According to the Supreme Courts last orders, all the taxpayers need to link their 12 digit Adhaar Card Number with PAN.

There are a number of ITR forms available depending upon the taxpaying slab you are falling into. So, find the one according to your eligibility.

Find out which tax rate is applicable for you, so you can fill the ITR accordingly.

Calculate your Income tax rate; you can use the tax calculator which available on the CBT’s website.

Retain your documents by taking the print of them and keeping them safe in case you need them in the future.

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Top Accounting Software 2019 for Small Businesses and Startups

Best Accounting Software 2019

I can understand how to start it is to maintain all the records and take care of the accounts. Besides, if you are like me who took accounts class last time back in college only then, it will be harder to maintain accounts while starting a new business. Yes, a startup not only requires you to come up with new ideas and lots of hard work but also needs to take care of exhausting accounting tasks. This is the reason you need small business accounting software to take care of all your company’s accounting needs.

However, when you actually start exploring the world of accounting software’s, you find that the landscape is packed with options. There are a plethora of options available for your startup to integrate with its accounting system. But, in order to find the most efficient and effective, you should try the top accounting tools available right now in the market that will right fit into your budget and requirements.

Here are the top small business accounting software’s of 2019 you should know about –

Fesh Books

Fresh Books is one of the most effective and suitable accounting software available at an affordable price. In case you send recurring invoices to the customers require a time tracking system and run a subscription model, then it is the ideal choice for your company. This accounting software also lets you see the exact location your customer open the invoice so you can avoid the ‘never got the invoice’ excuses. The software also integrates with many other business applications and offer a single dashboard so you can handle all your accounting at a single place.

Wave

For those working as a freelancer or have a team of few people can make the most use of Wave. This accounting software offers almost all the requires functionalities free, including invoice generation and transaction-handling. While dealing with a few clients and a small group of employees, this software is ideal for handling all the accounting actions. The user interface is very intuitive and also comes with few additional options to make your accounting department less of hassle. All the data and records get synchronized Wave automatically without any problem.

Tally ERP 9

Tally ERP 9 is one of the most advanced accounting software in India that caters all your billing an accounting need. With the Tally’s accounting software, you can quickly create a large number of invoices/bills for your customers with multiple items and multiple tax rates. Besides, the software is much more than just invoice building software; it takes care of all the other billing and accounting actions. The software also offers options for the branch charges, reverse charge scenarios, advance receipts, and export invoices. If you own a startup, you can make the use of its free service, but if you want more premium options, you need to purchase it.

Xero

Are you one of the entrepreneurs who like to handle their business on the go and are always on their toes for work? In that case, Zero is the best solution for your business to take care of all the accounting issues. The software allows you to create and send custom invoices to the clients on the go using a phone or tablet. Besides, you can get the financial performance reports straight to your device and seamlessly connect your bank account for the transactions. The company’s support service is there to help you with any of your concern, and they also offer some special discounts to their clients with premium services.

EasyGST

EasyGST is accounting software for small businesses offering all the options and accounting services a small business may require. The software comes with all required support you need to keep your billing cycle running with all the other accounting actions. Moreover, with these, you also get additional features to manage your business accounting functions like advance invoicing, tracking cash flow, monitoring the tax credit, and much more. The friendly user interface and smooth learning curve make it the first choice of the startups. Besides, Easy GST is available at a very affordable cost while offering all the premium level features to the startups.

Busy Accounting Software

When it comes to the accounting software, we can not forget the Busy software that offers everything you will ever need. The accounting software is equipped with all the latest technology to provide the best invoice generation experience while offering other unrivaled accounting options. The software is excellent for creating bills and invoices for the clients on a small level and also help in keeping a record of all your bank transactions. In case you don’t have enough funds for your accounting department and still want software capable of dealing with all the issues then Busy is the best choice for yours.

Zoho Books

Zoho is another small business accounting software in our list that you can integrate into any business application for hassle-free invoice generation and billing options. The software, Zoho lets you effortlessly generate GST invoices/billing with different multiple items and tax rate easily. Along with this, the accounting software also allows the small business to keep track of their financial transactions, including cash flow. The software automatically fetches all the financial data and keep updating itself to provide you the recent reports.

Kashoo

The perfect option for the small business to keep track of all the expense and create custom invoices. The software also provides insightful reports about the financial conditions of your business that you can share with your accountants. Besides, they can be integrated with the Stripe and Blue pay to accept the payments making via credit-cards.

One Up

If your business is more oriented towards the inventory and the prices the One Up is best for you and your company. This affordable accounting software helps the business owners in quickly updating the inventory details with the prices of them. One Up is double accounting software available at a very affordable price for the startups and also synchronizes with your bank and keep updates the entries.

GST Rates 2019 – New GST Rates Applicable From January-2019