In today’s scenario, where doing business has become more stringent due to the mandatory requirement of complying with multiple & complex laws, taxation law is something you should outsource to an expert. Taxation laws, not only in our country but worldwide, are complex and not everyone’s cup of tea. As a business owner, you have…
When I first started my business, I was sending out invoices with vague payment terms like “Due upon receipt” and wondering why I was constantly chasing payments. After years of trial and error (and a few scary cash flow moments), I’ve cracked the code on writing invoice payment terms that actually work. Sometimes, your invoice…
Quick Answer: GST (Goods and Services Tax) is India’s unified indirect tax. As of the GST 2.0 reforms in late 2025, the system operates on a rationalized 4-slab structure: 0%, 5%, 18%, and 40%. Compliance is now heavily automated. Mismatches between your GSTR-3B filings and your suppliers’ auto-populated GSTR-2B data will trigger immediate Input Tax…
Setting up Taxes in ProfitBooks is easy. Just to go Accounting menu and click on Taxes. In this article, we’ll explain how to setup Service Tax, Swacch Bharat Cess and Krishi Kalyan Cess: Important Notes Here is a quick calculation for new service tax rates that is effective from 1st June 2016. Taxes are…
Finance minister, Mr. Jaitley had proposed to impose a Cess, called the Krishi Kalyan Cess (KKC), at 0.5% on all taxable services during Budget 2016. Effective date of Krishi Kalyan Cess is 1st June 2016. In this article, we are trying to answer most commonly asked questions about this new tax. As you know, Service tax is a tax…
Now, get paid faster with ProfitBooks. You can now add a payment link to invoices when you email them to your customers. This guide shows how to integrate your Instamojo account and start receiving payments directly in ProfitBooks. Meet Instamojo Instamojo one of the best payment gateways in India. You can enable your customers to pay you…
Advance accounting, is a skill every business owner should be well aware of. The way advance accounting works may feel very overwhelming for business owners, but this is were this article will come in handy! In the following article, we have listed 10 tips for advance accounting using journal entry. 1. Fixed Asset Purchase. Depreciation allocates…
Each business incurs certain expenditure to run. They can be further divided into purchases’ and expenses’. Expenses can be either cash expenses which are paid off immediately, or credit expenses, which are incurred on a particular date but settled later. Purchase usually deals with procurement process of inventory which we require to either manufacture, or…
One of the most popular methods of financing is borrowing. Loans can be short term, long term, secured, or unsecured and should be recorded accordingly. It is important to keep track of the principle and interest amount, and record them respectively in books for correct accounting. Classification is vital as ‘interest’ paid on loan is…
This guide explains how to set up business taxes in our easy to use accounting software. Being in the business of managing accounting (on the cloud ☁️) for other businesses, taxes are our staple work. So, we’ve made setting up business taxes in ProfitBooks simpler than cooking your lunch! Here’s how you set up…