Taxvala

MSME (Micro, Small and Medium Enterprise), loans are mostly offered to start-ups and small business owners. The MSME loan’s repayment tenure varies from lender to lender and the interest rates offered are majorly based on the loan amount, applicant’s profile and business history. MSME loans are unsecured loans   that are offered by banks and NBFCs only if the applicant meets the certain eligibility criteria. MSME loans are defined by Indian Government and RBI, as the loans for business enterprises need support in terms of finance, infrastructure and other areas. New MSME Definition The distinction between the manufacturing and services enterprises has been removed by making the investment amount and annual turnover similar for enterprises engaged in both the sectors. MSME – Merged Criteria: Investment and Annual Turnover Sector/Enterprise Type Micro Enterprise Small Enterprise Medium Enterprise Manufacturing & Services Sector, Both Investment less tha...

Tax Planning for FY 2020-21 (AY 2021-22) Tax planning is an activity which is carried out by a taxpayer in order to reduce the liable tax. This can be done by the optimum use of the available allowances, deductions, rebates, concessions, etc. that are available under the Tax laws. Precisely, tax planning is an art by which you are managing your income and taxes in such a way that you pay the minimum amount of tax on your total income. Objectives of tax planning Let us know about the major objectives of tax planning. Reduction in tax liability  It can be feasible for a taxpayer to save a huge amount of tax if he can properly arrange his operations that are related to taxation. Minimal litigation  There is always a clash going on between the taxpayers and the tax collectors. The taxpayers will always try to minimize the tax liability whereas the tax collectors will want o collect maximum amount of taxes. So, by proper tax planning, you are carrying on all opera...

Coronavirus impact on GST collections As India braces itself for Stage 3 of coronavirus, a major impact can be seen on the GST collections in March and April even as taxpayers demand extension of date of filing of returns from March 20, 2020, to a later date. COVID-19 has pushed people into social distancing and with a virtual lockdown taking place and the travel, hotel and tourism sectors seem the worst affected. Airlines and hospitality are witnessing a sharp fall in business. Trade, transport, communication and broadcasting were likely to generate Rs 33 lakh crore worth of services in the current financial year. These numbers will have to be revised soon eventually impacting GST collections from these segments. The GST collection target of Rs 1.25 lakh crore for March 2020, looks dubious in the current scenario, where bulk revenue from transport, tourism and hotels are expected to take a further hit. This is likely to be extended to other sectors such as fue...

How to Categorize the Shortcut Keys in Tally.ERP 9? In Tally.ERP 9, shortcuts are organized in such a way that even a newbie user can easily find out  by a glance on the screen. The major Categories being : Short cut Type Explanation F1  :  Shut Company - Short cuts with single underline With single line means ALT is the additional key used with the key displayed For example ALT + F1 is the shortcut for shutting the Company F8  :  Credit Note - Short cut with double underline With double line means CTRL is the additional key used with the key displayed in the screen For example  CTRL + F8 is the shortcut key for selecting Credit Note Voucher F2  :  Date - The shortcut with no underline With no line means only the displayed key is the shortcut key of that function For example F2 is the key for date Combination Shortcut Keys in Tally.ERP 9 These are the most useful shortcut keys in tally for menu n...