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As the usage and potential of AI have been increasing day to day, many people thought AI for account is enough to manage their financial activities. But it’s not. For the following reasons, you have to hire a CA over AI.

In case you’re a private limited company, you must appoint an auditor or a firm as auditor to submit an audit irrespective of profit or loss as per the Companies Act 2013.

In case you’re an individual who needs to file taxes, then it’s advised to join hands with an Income Tax Planning, Audit, and Assurance Company or person to make an informed decision. In this scenario, you can’t trust the AI financial advisor as it provides output based on the training module and data on which the technology has been trained. So, to get real-time updated information, effective tax saving practices, and legal ways to cut taxes to the extent, of hiring a person for your accounting assistance is the perfect choice.

Both Form 16 and 16A have been used to get the details of income and (Tax Deducted at Source) TDS to file income tax. When your income in the form of salary exceeds the basic limit of 2.5 lakhs (if you’re younger than 60 years), then your employer will cut a certain percentage of income in the form of TDS and pay it to the government. To evidence this activity, the employer will give you the Form 16.

In case you’re generating revenue in other means like rent, online earnings, or others, then the payer will deduct TDS if the amount exceeds the threshold limit and will give you Form 16A. Despite both forms serving the same purpose, they are different in the following means.

Form 16 will be provided by the employer annually (before 15th June of the year) meanwhile Form 16A has been provided by the payer (Deductor) to you (Deductee) quarterly. Simply, Form 16 is for salaried individuals and Form 16 A is for self employed individuals.

Anyone with eligible quality can do MSME registration online through the Udyam Registration portal. The registration is valid for perpetuity and does not require periodic renewal. After successful submission, you will receive a Udyam Registration Number (URN) and an e-certificate, which serves as your MSME registration certificate. To get these you can follow the step-by-step MSME Registration process:

• Go to the official Udyam Registration portal (https://udyamregistration.gov.in/)
• Click on the “Register” button and follow the instructions to create a user account.
• Once logged in, navigate to the “Register Yourself” section.
• Fill out the Udyam Registration form with all the required details about your company.
• Upload essential documents. Review and submit the application for MSME registration.

That’s all! Once registered, you can take advantage of various benefits and schemes offered by the government to MSME units, such as access to credit, subsidies, marketing assistance, and more. In case you need assistance or advice regarding the same, you can contact us anytime.

In India, any individual, business entity, or legal entity can apply for trademark registration. The registration of a trademark is not compulsory, but it is highly recommended to protect your brand and prevent others from using a similar or identical mark.

An LLP, or Limited Liability Partnership, is a type of business entity recognized under the Limited Liability Partnership Act, 2008 in India. It combines features of both a company and a partnership firm; which means an LLP has limited responsibility for its partners, and the LLP can be passed down from generation to generation, just like a company. Considering its features, the number of LLPs has been rising in India nowadays (LLPs in India increased by 54% in the first three quarters of FY24 – ET).

Yes. As per law, if your business provides services and makes more than Rs 20 lakh a year (Rs 10 lakh in Manipur, Mizoram, Nagaland, and Tripura), you need to register for GST. In the same way, companies that sell items and make more than Rs 40 lakh a year (Rs 20 lakh in Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, and Uttarakhand) must need GST.

However, there are also exceptional cases (Absolute Exemptions, Conditional Exemptions, Partial Exemptions) for GST. To get help in GST registrations contact our experts now!