Ceaar Cloud Records

Tax Collected at Source (TCS)

  Tax Collected at Source or simply, TCS is a system of mandatory advance collection of tax by a seller of specified goods, from his buyer at the time of receipt of sale consideration or accrual in the books whichever is earlier. TCS has been introduced to curb defaults in payment of income tax just like the concept of TDS, albeit a lot simpler. Please visit www.ceaar.com to know more. 

SankeerthanaAyyadevara

Tax Specialist

Tax Collected at Source or simply, TCS is a system of mandatory advance collection of tax by a seller of specified goods, from his buyer at the time of receipt of sale consideration or accrual in the books whichever is earlier. TCS has been introduced to curb defaults in payment of income tax just like the concept of TDS, albeit a lot simpler.

 TCS applies to those,

1.         Who deals with the specified set of goods as per section 206 of ITA 1965, and

2.         Bought the specified goods for trading purposes,

 and applies to those

 3.         Sellers who have made a turnover of INR 10 crores or more in the last FY, and

4.         Buyers who have made an aggregate purchase of INR 50 lacs or more in the current FY.

 Now, once the seller falls in the ambit of TCS, he/it shall have to apply for a TAN or Tax deduction or collection Account Number in the Form 49B here. TAN is required to be quoted on TCS returns and challans. Further, failure of applying for TAN shall be attract a penalty of INR 10,000 under section 234E.

 As mentioned earlier, TCS shall be collected at the time of receiving the sale consideration or accrual in the books whichever is earlier and shall be calculated as a % of sale consideration exceeding INR 50 lacs.

 TCS shall be collected on [Taxable amount = sale consideration – INR 50 lacs]. Sale consideration includes GST amount as well.

 There shall also be a surcharge levied additional to the basic TCS based on the legal status of the buyer and the transaction amount.

 Further details are provided in the full article on ceaar.com website under blog section. CEAAR is a tax compliance enabled invoicing and accounting application to enable the companies and professionals to handle the taxes like GST, TDS, TCS and payroll taxes with ease, comfort and confidence. Please visit www.ceaar.com to know more.

 SankeerthanaAyyadevara

Tax Specialist

GST and TDS compliances for small businesses – an awareness drive

Small companies are now faced with two major problems, one is failed compliances, the resultant penalty payments and the other is the not able to maintain proper books of accounts. Small businesses include freelancers, professionals, sole proprietorship firms, partnership firms, and private limited companies. Compliance areas include but not limited to GST, TDS, TCS, Professional tax, ESI, PF, and MCA filings.

 Small companies are always deprived of professional and trained staff for want of big pay checks, and suitable invoicing and accounting software applications which are costing lakhs are rupees. These companies often gets into this paradoxical situation and always ends up paying huge penalties to relevant authorities. Instead, if they are provided with a simple to use and easy to understand invoicing and accounting software application that guidesand alerts them to take necessary actions and file required reports and returns, they can better manage the risk of failed compliances and huge penalty payments.

 Cloud Records Private Limited, developed a cloud based invoicing and accounting software application to maintain the business records like invoices, vouchers, ledgers and generate required reports as per the guidelines given by various tax authorities governing the small companies. This application is developed in India for Indian companies. Please visit www.ceaar.com to know more.

Rama Krishna Akkaraju (CEO)

Email:

GST and TDS compliances for small businesses – an awareness drive

Small companies are now faced with two major problems, one is failed compliances, the resultant penalty payments and the other is the not able to maintain proper books of accounts. Small businesses include freelancers, professionals, sole proprietorship firms, partnership firms, and private limited companies. Compliance areas include but not limited to GST, TDS, TCS, Professional tax, ESI, PF, and MCA filings.

 Small companies are always deprived of professional and trained staff for want of big pay checks, and suitable invoicing and accounting software applications which are costing lakhs are rupees. These companies often gets into this paradoxical situation and always ends up paying huge penalties to relevant authorities. Instead, if they are provided with a simple to use and easy to understand invoicing and accounting software application that guidesand alerts them to take necessary actions and file required reports and returns, they can better manage the risk of failed compliances and huge penalty payments.

 Cloud Records Private Limited, developed a cloud based invoicing and accounting software application to maintain the business records like invoices, vouchers, ledgers and generate required reports as per the guidelines given by various tax authorities governing the small companies. This application is developed in India for Indian companies. Please visit www.ceaar.com to know more.

Rama Krishna Akkaraju (CEO)

Free Accounting Software India with GST

GST and TDS compliances for small businesses – an awareness drive

Small companies are now faced with two major problems, one is failed compliances, the resultant penalty payments and the other is the not able to maintain proper books of accounts. Small businesses include freelancers, professionals, sole proprietorship firms, partnership firms, and private limited companies. Compliance areas include but not limited to GST, TDS, TCS, Professional tax, ESI, PF, and MCA filings.

 Small companies are always deprived of professional and trained staff for want of big pay checks, and suitable invoicing and accounting software applications which are costing lakhs are rupees. These companies often gets into this paradoxical situation and always ends up paying huge penalties to relevant authorities. Instead, if they are provided with a simple to use and easy to understand invoicing and accounting software application that guidesand alerts them to take necessary actions and file required reports and returns, they can better manage the risk of failed compliances and huge penalty payments.

 Cloud Records Private Limited, developed a cloud based invoicing and accounting software application to maintain the business records like invoices, vouchers, ledgers and generate required reports as per the guidelines given by various tax authorities governing the small companies. This application is developed in India for Indian companies. Please visit www.ceaar.com to know more.

Rama Krishna Akkaraju (CEO)

GST and TDS compliances for small businesses – an awareness drive

Small companies are now faced with two major problems, one is failed compliances, the resultant penalty payments and the other is the not able to maintain proper books of accounts. Small businesses include freelancers, professionals, sole proprietorship firms, partnership firms, and private limited companies. Compliance areas include but not limited to GST, TDS, TCS, Professional tax, ESI, PF, and MCA filings.

 Small companies are always deprived of professional and trained staff for want of big pay checks, and suitable invoicing and accounting software applications which are costing lakhs are rupees. These companies often gets into this paradoxical situation and always ends up paying huge penalties to relevant authorities. Instead, if they are provided with a simple to use and easy to understand invoicing and accounting software application that guidesand alerts them to take necessary actions and file required reports and returns, they can better manage the risk of failed compliances and huge penalty payments.

 Cloud Records Private Limited, developed a cloud based invoicing and accounting software application to maintain the business records like invoices, vouchers, ledgers and generate required reports as per the guidelines given by various tax authorities governing the small companies. This application is developed in India for Indian companies. Please visit www.ceaar.com to know more.

Rama Krishna Akkaraju (CEO)

GST and TDS compliances for small businesses – an awareness drive

Small companies are now faced with two major problems, one is failed compliances, the resultant penalty payments and the other is the not able to maintain proper books of accounts. Small businesses include freelancers, professionals, sole proprietorship firms, partnership firms, and private limited companies. Compliance areas include but not limited to GST, TDS, TCS, Professional tax, ESI, PF, and MCA filings.

 Small companies are always deprived of professional and trained staff for want of big pay checks, and suitable invoicing and accounting software applications which are costing lakhs are rupees. These companies often gets into this paradoxical situation and always ends up paying huge penalties to relevant authorities. Instead, if they are provided with a simple to use and easy to understand invoicing and accounting software application that guidesand alerts them to take necessary actions and file required reports and returns, they can better manage the risk of failed compliances and huge penalty payments.

 Cloud Records Private Limited,developed a cloud based invoicing and accounting software application to maintain the business records like invoices, vouchers, ledgers and generate required reports as per the guidelines given by various tax authorities governing the small companies. This application is developed in India for Indian companies. Please visit www.ceaar.com to know more.

Rama Krishna Akkaraju (CEO)

Email:

GST Accounting Software for Small & Medium Business

GST and TDS compliances for small businesses – an awareness drive

 Small companies are now faced with two major problems, one is failed compliances, the resultant penalty payments and the other is the not able to maintain proper books of accounts. Small businesses include freelancers, professionals, sole proprietorship firms, partnership firms, and private limited companies. Compliance areas include but not limited to GST, TDS, TCS, Professional tax, ESI, PF, and MCA filings.

 Small companies are always deprived of professional and trained staff for want of big pay checks, and suitable invoicing and accounting software applications which are costing lakhs are rupees. These companies often gets into this paradoxical situation and always ends up paying huge penalties to relevant authorities. Instead, if they are provided with a simple to use and easy to understand invoicing and accounting software application that guidesand alerts them to take necessary actions and file required reports and returns, they can better manage the risk of failed compliances and huge penalty payments.

 Cloud Records Private Limited,developed a cloud based invoicing and accounting software application to maintain the business records like invoices, vouchers, ledgers and generate required reports as per the guidelines given by various tax authorities governing the small companies. This application is developed in India for Indian companies. Please visit www.ceaar.com to know more.

Rama Krishna Akkaraju (CEO)

Email:

Business records with Accounting software, for non-GST entities 

  Small business owners, who are not GST registered, are always ignoring the maintenance of business records like sales invoices, purchase invoices, vouchers and writing books of accounts. There are many valid reasons for doing so. But the time has come to change the perception for the good health of their own businesses.

 Even though these businesses are not generating enough turnover to get covered under GST or handling GST exempt goods, maintenance of business records are necessary. There are many Accounting software applications available for it. 

 The necessity of record maintenance

 Even though record maintenance seems to be a non-essential issue from an income tax perspective for some taxpayers, these books of records are important for applying loans, answering any tax related queries, business expansions, business forecasting, etc. Many small businesses are failing because of weak or lack of business accounting records. 

 Many small businesses are losing the opportunity of serving bigger businesses for this reason. A simple invoicing and accounting software will do the job for them.

 Reasons for non-maintenance

 One of the many reasons for not using the accounting software are the cost of installation, maintenance, employing highly educated staff, training the staff etc. 

 How to resolve the issue?

 CEAAR is providing a solution to all these problems and more. CEAAR is an Invoicing and Accounting software application. It lets businesses record their own transactions accurately and timely. It helps small businesses, professionals and freelancers to set up and generate an invoice faster than an Excel invoice and it keeps all your documents digitally safe and secure. Accounting is made easy here. Auditors can also have access to this Accounting software. We will be shortly launching the application. Please visit www.ceaar.com to know more.

Rama Krishna Akkaraju (CEO)

A business however small it may be, it will still beengaged in transactions with external parties like customers and suppliers. These transactions have to recorded for various purposes.Maintaining invoicing and accounting records is not only for government agencies like GST, TDS and Income tax filings, it is more useful for the business self-analysis, sustenance, growth and improvement.  

 Business requirement:

 Business transactions may happen on credit, means, the payment will be made at a later date. In this scenario, it is required to maintain some related documentation to remember and collect the monies that are due for payment. For some products or services, businesses have to provide warranty for an agreed period from the date of sale or service. Availability of a valid document to show the date of sale or service will help both the parties. Globalization has brought in tough competition from corporate franchise businesses. Proper record creation and maintenance help businesses to stay ahead of time.

 Government requirement:

 Every business has to pay taxes and file tax returnswhether they are making profits or not. In order to file returns, every business has to maintain minimum required business records.

 Data is information and it is the key for success in every business. All the transactional data has to be maintained to know the market position of a business. Accounting software applications like CEAAR helps the businesses to record all the invoices, vouchers and entries for continuous periods and provide meaningful reporting for growth and success. CEAAR is free, easy to use, simple to record, and detailed in reporting. Please visit www.ceaar.com to know more.

 Rama Krishna Akkaraju (CEO)

A business however small it may be, it will still beengaged in transactions with external parties like customers and suppliers. These transactions have to recorded for various purposes.Maintaining invoicing and accounting records is not only for government agencies like GST, TDS and Income tax filings, it is more useful for the business self-analysis, sustenance, growth and improvement.  

 Business requirement:

 Business transactions may happen on credit, means, the payment will be made at a later date. In this scenario, it is required to maintain some related documentation to remember and collect the monies that are due for payment. For some products or services, businesses have to provide warranty for an agreed period from the date of sale or service. Availability of a valid document to show the date of sale or service will help both the parties. Globalization has brought in tough competition from corporate franchise businesses. Proper record creation and maintenance help businesses to stay ahead of time.

 Government requirement:

 Every business has to pay taxes and file tax returnswhether they are making profits or not. In order to file returns, every business has to maintain minimum required business records.

 Data is information and it is the key for success in every business. All the transactional data has to be maintained to know the market position of a business. Accounting software applications like CEAAR helps the businesses to record all the invoices, vouchers and entries for continuous periods and provide meaningful reporting for growth and success. CEAAR is free, easy to use, simple to record, and detailed in reporting. Please visit www.ceaar.com to know more.

 Rama Krishna Akkaraju (CEO)

Email:

Importance of accounting software application for small businesses

A business however small it may be, it will still beengaged in transactions with external parties like customers and suppliers. These transactions have to recorded for various purposes.Maintaining invoicing and accounting records is not only for government agencies like GST, TDS and Income tax filings, it is more useful for the business self-analysis, sustenance, growth and improvement.  

 Business requirement:

 Business transactions may happen on credit, means, the payment will be made at a later date. In this scenario, it is required to maintain some related documentation to remember and collect the monies that are due for payment. For some products or services, businesses have to provide warranty for an agreed period from the date of sale or service. Availability of a valid document to show the date of sale or service will help both the parties. Globalization has brought in tough competition from corporate franchise businesses. Proper record creation and maintenance help businesses to stay ahead of time.

 Government requirement:

 Every business has to pay taxes and file tax returnswhether they are making profits or not. In order to file returns, every business has to maintain minimum required business records.

 Data is information and it is the key for success in every business. All the transactional data has to be maintained to know the market position of a business. Accounting software applications like CEAAR helps the businesses to record all the invoices, vouchers and entries for continuous periods and provide meaningful reporting for growth and success. CEAAR is free, easy to use, simple to record, and detailed in reporting. Please visit www.ceaar.com to know more.

 Rama Krishna Akkaraju (CEO)

Non GST Billing Software Free | Ceaar Cloud Records India