Mukesh Ambani takes Rs. 15 Cr as his annual salary, Snapdeal co-founders earn Rs. 46.5 Cr each, Flipkart founders take home Rs. 20 Cr every year, Mark Zuckerberg prefers to pay himself $1 per year, and Narayan Murthy earned just Rs. 1 as his annual payment. So, what’s the right salary for an entrepreneur? If…
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GST Levy refers to when tax becomes payable on a supply of goods or services under the CGST and IGST Acts, 2017. GST Exemption refers to specific goods or services on which GST is not charged as notified by the government. Understanding both is critical for small businesses navigating the Rs. 40 lakh threshold…
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Certain things just dont mix well like milk in Maggie or your parents and your goal plans, and even tho you can separate your goa plans and your parents .You should separate your business and personal finances separately. On paper this might sound simple and easy, but one day to get some groceries from…
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ProfitBooks offers the simplest way to create professional invoices. However, creating and sending an invoice to your customer is a job half done. Most of our users tell us that it takes them average 18 days to receive money once the invoice is sent. So, to solve this problem, we had integrated Instamojo payment gateway with…
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What is TDS? Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the…
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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…
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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…
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We were planning to conduct a small workshop for business owners. There were a lot of activities to be done – Like sending invitations, confirming attendance, booking the venue, printing promotional materials, etc. Now, the problem was, we didn’t want to hire someone full-time just for this as it would involve more time and money.…
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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…
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