Accounting

At DiJit Consulting we provide bookkeeping for small business to large company. Our company is known for the fast and accurate bookkeeping and its is cost effective also.

Yes, bookkeeping services are subject to taxation in India. Here are the key points:

Corporate Income Tax:

• Domestic companies (registered under the Companies Act) and foreign companies with effective management in India are liable for corporate income tax.

• The tax rate varies between 20% to 40% based on company particulars.

Goods and Services Tax (GST):

• GST is a single value-added tax on the manufacture, sale, and consumption of goods and services.

• It replaced previous federal and state levies to create a uniform market across India.

• GST rates range from 0% to 28%, depending on the category of goods and services.

Tax Deducted at Source (TDS):

• For payments made to residents for professional or technical services, TDS applies.

• TDS rates are 10% for professional consultancy and 2% for technical consultancy.

Remember to consult a tax professional for specific advice related to your business and compliance requirements.

Preparing financial statements, which entails keeping records of a company's financial transactions and operations, is an essential part of financial management.

Financial statements support financial analysis and decision-making by offering a thorough summary of a business's cash flows, position, and financial performance.

An extensive understanding of accounting rules, standards, and procedures is necessary for preparing financial statements correctly. Precise and meticulous collection and reporting of financial data are also necessary.

It is essential to manage accounts payable and receivable well in order to evaluate the financial standing of a business. It is crucial to remember that one form of account is an asset and the other is a liability, even though the two types of accounts are documented in a manner that is somewhat comparable. Using the description provided above, it is now simple to determine that accounts payable is the money you owe your suppliers, while accounts receivable is the money your customers owe your company. This makes it quite evident to us which account in a company's financial statement is recorded under what circumstances. The money that is owing to you is known as accounts receivable and will be shown under assets. The money that is owed to you is known as accounts payable.