How To Get Rid Of Payroll Stress From Your Business ?

Here are some ways you can help take the stress out of payroll:

Reduce payroll-related cost

As a small business owner, you’re constantly on the look-out for avenues to maximize your investments. But unwanted costs in the form of non-compliance can affect the health of your business for  outsourcing payroll services. Apart from these there are other costs of running payroll and HR systems in-house such as labour costs of staff working to keep payroll systems running on time and ongoing IT maintenance fees.

This increases the risk of a probable misuse of data or a software crash could mean your employees not getting paid on time. Also, if the resource handling the complex spreadsheet system leaves the organization, it would be a payroll nightmare on your hands. Mistakes caused by using manual methods of payroll management services cost companies almost 1% to 8% of their total payroll.

Read more information visit at:  http://bit.ly/2qmjMYg

Top 5 Trends Set To Change Your Workplace For Better?

The world of HR technology has radically changed in the last few years. Today we are shifting to a new architecture called, HRMS Software; the use of integrated hr tools and techniques that are brings sure shot results to the organizations in senior level hiring firm in USA. 

Market today; speaks more on how HRMS Software is changing fast in India vis-a-vis globally and how HR departments can use these technologies to make employees lives easier and more productive.

Trends continue to change the way HR managers in calculussearch manage their workforce their workplace in 2017.

Excitingly, these cloud-based HR software systems allow organizations to improve their productivity and save time and money in recruitment firm in sydney. Besides the lower costs and increased flexibility, they also make the latest in mobile computing, data analytics and behavioural economics accessible to the calculussearch which enables the HR team to own and manage their data and gives them actionable data-driven insight which is available in real time. Empowering times for HR Managers in calculussearch.

How GST Will Impact The Wallet of the Common Man

Since the passing of the GST Constitutional Bill by the Rajya Sabha in August last year, the country has been preparing itself for the new tax regime. The new GST law is India?s biggest tax reform initiative which is expected to improve compliance levels, increase government revenue in company registration in India and create a common playing field for businesses by amalgamating a host of central and local taxes.

The present rate of service tax is 15 percent and is applicable to most of the services, excluding essential ones like cultural activities, ambulance services, and certain pilgrimages and sports events. Under Goods and Service Tax, this rate would increase to 18 percent making the services more costly. For some goods like edible oil, textiles, etc. the excise duty is nil and the VAT in several states is 5 percent. Hence, the total cost of such goods is close to 8%-9%. With GST, the cost of such goods is likely to increase and this might put a hole in the budget of a common man to wholly owned subsidiary in India.

Read more information visit at: http://bit.ly/2oQfo5E

Budget 2017 - Push or Pull To Digital Economy

There are not many changes in current indirect taxation in India regime as GST is proposed to be rollout on 1stJuly, 2017. Hon’ble Finance Minister in today’s speech, said that IT system is on schedule for GST implementation and several teams of tax officers are also working tirelessly to give finishing touch to the Model GST law and rules and other details.

This budget has been welcomed by the whole industry. The Sensex jumped immediately after the speech was over. Digital economy budget will be a right move for the future growth of the economy. With more & more digitalization, India would have new taxpayers & better transparency in system. Every stakeholder from a small shop to a big corporate is pushed towards the digital economy. Government has pushed the digital theme in every area of the budget which is a nice effort.
Therefore, this Budget of 2017 is not a pull, but a push to Digital economy. Our government is determined to lay a beautiful foundation of digital economy in chartered accountant firms in Mumbai.

Read more information visit at: http://bit.ly/2pXRB1l

How to avoid legal problems in business?

Consultant In Delhi

We’ve all heard the statistics on how many small businesses fail. Competent management and understanding of your market can save you from the most common pitfalls. But what about legal trouble?

A lawsuit can crush even the most prosperous small business, and yet many business owners find themselves unprepared for the possibility. Here are a few ways you can keep legal trouble from endangering your small business.

1.   Project Your Reputation: This one seems obvious, and yet so many small business owners don’t heed the warning: be careful what you say and do online! Social media has become a cornerstone of doing business, but you can still find hundreds of horror stories about business owners who have unleashed bad behaviour on customers or critics- and suffered the consequences. Use social media responsibly. Keep your tone inviting and civil. Don’t overreact to criticism or shut down conversation – that will often make things worse. Hire or assign a trusted representative to act as your social media “voice” and have a plan in place to establish and protect your online reputation.
2. Incorporate Yourself: Many business owners operate as sole proprietorships. While this is one of the easiest and least expensive paths to starting a small business, it also carries serious financial risks. If a company in sole proprietorship is sued, the owner’s personal assets could easily be lost in the resulting settlement or judgement. That’s why incorporating is a good idea. Establishing your small business as an LLP or private limited company or OPC will protect your personal assets. If the worst should be happen and your business goes under, your life won’t go with it.
3. Avoid Suspicious Situations: Avoiding conflicts of interest and suspicious employees might also seem self-evident and yet many small business owners fall prey to unscrupulous employees, contractors, or even clients. Do your research. When hiring employees, conduct background checks and perform screening. Audit your finances quarterly. Require your clients and customers pay you in a timely fashion, and get all your contracts in writing. When tax time comes, make sure to hire a tax attorney or financial advisor to take care of your books. You’ll not only avoid trouble, but could also save money by taking advantages of hidden tax breaks.
4. Get Protected: First and foremost, your business should absolutely have liability insurance, in case of injury or other employee mishap. Business owners might also consider taking out errors and omissions coverage, which will cover the business in case a client accuses you of error or breach of contact. Another good way to cover your legal bases is to build protection into your contracts and make sure you’re not liable for circumstances beyond your control. You should also get a quote for umbrella coverage. Another reason to have the number of a good lawyer!
5. Stay Vigilant: When protecting your business from legal trouble, the best approach is to prepared. Back up crucial client data, so you don’t end up like that fellow who deleted his entire business. Monitor your finances and infrastructure regularly. Keep your security up to date to avoid losing data to viruses or malware. Loss of key client data or productivity doesn’t just cost money and time – it can also open you up to possible legal action. Don’t take any chances.

Not every entrepreneur will see legal trouble coming, but every entrepreneur should be prepared.

Hope the information will assist you in your Professional endeavors. For query or help, contact:

Phone No. - 011 28543739

Or Visit website: http://www.raaas.com/

Now, pay only using thumbprint

Tax consultant in India

BHIM-Aadhaar service launched by PM Narendra Modi on 126th birth anniversary of Dr Bhim Rao Ambedkar

Commemorating the 126th birth anniversary of Dr Bhim Rao Ambedkar, Prime Minister Narendra Modi today launched in Nagpur several crucial initiatives to further the digital payments revolution in India. These include the launch of the BHIM-Aadhaar platform for merchants as well as cash back and referral bonus schemes for BHIM.

BHIM-Aadhaar, the merchant interface of the BHIM App, will pave the way for making digital payments by using the Aadhaar platform. This will enable every Indian citizen to pay digitally using their biometric data like their thumb imprint on a merchants' biometric-enabled device, which could be a smartphone having a biometric reader.

Any citizen without access to smartphones, Internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform, thus realizing Dr. Ambedkar's vision of social and financial empowerment for all. Already, 27 major banks are now on board with 3 lakh merchants so that they can start accepting payments using BHIM Aadhaar.

BHIM App has already created a new world record by registering 1.9 crore downloads in just four months since its launch in December, 2016. More importantly, India has also seen an unprecedented increase in number of transactions made using several user-friendly digital payment methods. Until November 2016, the volume of all digital transactions was 2,80,000, which amounted to Rs 101 crore in value terms.

Original Source: http://bit.ly/2odbDEU

Is The Threat of Job Automation Affecting Your Recruitment Strategy?

If the threat of job automation is impacting your organization’s ability to attract top talent, it’s likely time to revisit your recruitment strategy. Because technology has become a big part of how different industries perform tasks, it can cause a fear of job stability for many employees seeking new positions in these industries. Fear of being replaced by software or an algorithm can cause job seekers to consider switching industries or independently pursue training in Executive search firm in India.

Automation is not just for sophisticated manufacturing equipment or robots in the industrial sectors. Marketing, sales, recruitment and even management duties are being replaced with sophisticated technologies that replicate common job duties in Recruitment firm in India. 

Read more information visit at: http://bit.ly/2nFne2K

Startup Brace For Legal War With I-T

With startup fever having waned over the past year or so amid concerns over profitability and competition, valuations have declined sharply. Last month, the tax consultancy firms in Delhi department challenged such reductions at about 100 startups and issued orders seeking 33% tax at the elevated levels that prevailed earlier.
Some startups have moved the income-tax tribunal against the notices while others have approached their advisers and could seek legal recourse in the coming days.
Lets Recycle, an Ahmedabad based and Aavishkaar Ventures-backed waste management startup, was among those to get the tax demand and has challenged it at the Income-Tax Appellate Tribunal. “Entrepreneurs don’t understand I-T notices as they have to struggle daily to improvise business processes,“ said Lets Recycle founder Sandeep Patel. “When I-T (income tax) acts this way, investors will be sceptical to invest, entrepreneurship will never be born and startups will never become (large) enterprises.“ He said his startup directly or indirectly employs 1,650 waste pickers, among them 200 from the weaker sections of the society in chartered accountant firms in mumbai.

Read more information visit at: http://bit.ly/2nj0Oog

How To Manage Payroll Effectively Across Borders?

his is tricky for single site organisations, but it’s mind-achingly complex for global businesses. As companies expand across borders they inherit new HR tools and systems, efficiency slows and risk of error increases. Global firms manage that’s the corporate equivalent of spinning plates. And even if they manage to master that particular circus trick, or adapt their existing systems to accommodate all new employees, those systems would still have to take into account the different employment laws, rights and taxation for each new jurisdiction.
Managing the HR costs effectively

The costs of doing all this, per employee, are steadily rising year over year. Payroll management services is a equation to solve. In fact, according to Ernst & Young, 55% of global firms doubt they will ever find a payroll solution that satisfies their payroll processing services needs. On top of this comes the required technology infrastructure, which can become particularly expensive when a company operates in multiple locations across the world.

Get more information visit at: http://bit.ly/2oFKr4n

11 tax rules which have changed effective from New Financial Year 2017-18

Tax Advisor in India

The New Financial Year has arrived and it has brought a number of changes in some important tax laws. The Union Budget 2017 had introduced several tax-related proposals which became new laws recently when the Finance Bill was passed in Lok Sabha. So, we have listed down 11 key changes made in the tax laws which will be effective from FY2017-18:

1. Lower Tax Rate

The government has spelled relief for middle class people by reducing their tax liability. Through the Finance Bill, the government reduced the tax rate from 10% to 5% for salaried individuals falling in the income range of Rs 2.5 lakh to Rs 5 lakh. A uniform tax benefit of Rs 12,500 will be available to all other income groups.

2. Lower Tax Rebate

Rebate on tax available to salaried people has taken a hit. For individuals with income up to Rs 3.5 lakh, the tax rebate has been brought down from Rs 5,000 to Rs 2,500. "It will result in nil tax liability for individuals whose income does not exceed Rs 3 lakh and tax liability of Rs 2,500 for those within the tax bracket of Rs 3 lakh and Rs 3.5 lakh, without taking advantage of any deduction under Chapter VI," says Chetan Chandak, Head of Tax Research, H&R Block India.

3. New Surcharge Rates

The Finance Bill has introduced new surcharge rates for super-rich taxpayers. Taxpayers who fall in the income group of Rs 50 lakh to Rs 1 crore will have to pay a surcharge @10% while those with income more than Rs 1 crore will be liable to pay a surcharge @15%.

4. Lower tax benefits for home loan takers

Borrowers of home loan were enjoying full tax deduction till March 2017 on interest they paid on their loan. They were able to claim such interest as loss under any head of income except income from house property. However, "from this Financial Year, the loss they can claim has been restricted to Rs 2 lakh while any surplus loss can be carried forward up to eight assessment years and can be adjusted against rental income only," says Chandak.

5. Aadhaar made mandatory for tax filing and PAN application

The government has made it compulsory for people to quote their Aadhaar details in their ITR. Aadhaar has also been made mandatory for fresh PAN applications while existing PAN holders have been asked to link their PAN to Aadhaar.

6. Simplified tax return

The Income Tax Department has also taken an important step towards simplifying the tax-filing process. It has introduced a new one page ITR form for those who have income not exceeding Rs 50 lakh and rental income from not more than one house property.

7. Holding period reduced for long-term immovable property

From this FY, one needs to hold a property only for 2 years for its holding period to be considered long term. It means that you need to hold the property only for 2 years to pay tax on your capital gains at a reduced rate of 20%.

8. Base year of indexation shifted to 2001

Not just the holding period has been reduced to two years, but the base year for calculating indexation of cost has also been changed to give even better tax gains. "The base year has been shifted from April 1,1981 to April 1, 2001. This will result in lower profits on sale and therefore reduced taxability," informs Chandak.

9. Deduct 5% TDS on rent paid

If you live in a rented accommodation and pay a high amount of rent, you will have to deduct & submit TDS. As per the new provision, if your monthly rental payments exceed Rs 50,000, then you will have to deduct 5% TDS. It will be effective from June 1, 2017.

10. New late filing fee

The government not only wants to make tax filing easy for you, but also ensure that everyone files on time. Therefore, it has introduced new provisions to punish late filers and defaulters. "In the AY2017-18, if you delay your return, you may be asked to pay a late filing fee up to Rs 10,000. However, this fee will be less if the delayed return is filed by 31st December. Small taxpayers or those with income up to Rs 5 lakh may be asked to pay Rs 1,000 only," says Chandak.

11. Reduced time period for revised return

Earlier, taxpayers were given a timeframe of 2 years to revise their tax return. However, from this FY, the time period has been reduced to one year only from the end of assessment year or before assessment is completed.

Please contact for any help here: Tax consultant in India

Original Source: http://bit.ly/2olrO3x

5 bank charges that most have no clue about

Tax Advisor in India

Banks charge clients for a plethora of services to recover their costs. And it is not a recent phenomenon. There are charges for PIN generation, demand draft, duplicate bank statement, and even account balance updates that you get via SMS on your phone.

Here are some common bank charges that we all should know about.

1) Cash Transactions
You cannot do unlimited cash transactions from your bank account. There is a cost to it and banks charge you for that. For example, SBI Bank allows just three free cash transactions per month and thereafter charges Rs 50 per transaction. The charges were introduced last year by the bank.

Similarly, India's biggest private sector bank, ICICI Bank, reintroduced cash transaction charges post demonetization at branches from January 1, 2017.

There are no charges for first four transactions in a month at branches in the same city. Thereafter, Rs 5 per Rs 1,000 is charged.

2) Non-maintenance charges
Non-maintenance charges have always been a point of dispute between a customer and a bank. It is always advisable to ask your banker at the time of opening an account about the minimum balance required.

For example, HDFC Bank charges Rs 600 if the minimum balance (Rs10,000) falls below Rs 2,500. If the balance is between Rs 7,500 and Rs 10,000, the penalty is Rs 150. 

SBI recently brought back the penalty for failure to maintain the monthly average balance (MAB) in metro, urban and rural centres. In a metro city, failure to keep the Rs 5,000 balance will attract a Rs 50 charge if the shortfall is 50 per cent, Rs 75 if the shortfall is 50-75 per cent and Rs 100 if the shortfall is 75 per cent or more. 

Different types of accounts have different minimum balances. So, while opening any account, ask the bank about the minimum balance for your account and the penalty for not maintaining it.

Banks calculate the MAB by adding daily closing account balance and dividing by the number of days in the period. Considering the method involved you might meet the minimum balance limit just by keeping your salary for a few days in your bank account.

3) Home branch and non home-branch transactions
Though the banking industry has adopted core banking, several banks still distinguish between home and non home-branch transactions. Large transactions are generally not encouraged at non-home branches  and therefore charges are levied on them.

For instance, HDFC Bank has capped the amount that can be transacted in the home branch at Rs 2 lakh. Above Rs 2 lakh, it charges Rs 5 per Rs 1,000.

At non-home branches, there is a cap of Rs 25,000; above this, customers are charged Rs 5 per Rs 1,000, subject to a minimum charge of Rs 150.

It is always good to shift your bank account to the place you reside so that there is less cost to the transaction

4) ATM transactions
You cannot make unlimited cash transactions from your ATM. There is a limit to it. According to RBI rules from your own ATM you can make at least first five transactions in a month free. From other ATMs you can make three free transactions per month in six metro cities and five in other cities.

Banks charge Rs 20 per financial transaction and Rs 9.55, including tax, for every non-financial one beyond this limit.

5) International Transactions
If you make payments abroad through debit or credit card, a charge of 3-4 per cent is added to the exchange rate. So, before swiping the cost abroad, add 3-4 per cent extra cost on the transaction amount.

Next time when you do any banking transaction do keep the above-mentioned charges in mind.

Original Source: http://bit.ly/2ojeg8W

15 Websites To Sharpen Your Business Skills

From management, to marketing, to finances — business skills of all varieties are critical to have in this economy and incredibly beneficial no matter what your situation.

In this article we’ve collected 15 different websites that will help you sharpen your business skill set in a number of different ways. Each of these sites is an incredible source of information, and some of them are easily worth reading on a daily basis.

Here’s the list:

1. BNET

Bnet is a new-ish website that has become a major resource for anything having to do with business. They specifically focus on management, and much of the advice is directed towards working with other people and larger companies or situations. [Visit the site…]

2. Harvard Business Blog

A collection of Harvard’s best business bloggers, this site is a virtual goldmine of intelligent information. Most of the articles revolve around conceptual ideas and business practices, with a significant amount of real-world examples. [Visit the site…]

3. Get Rich Slowly

Get Rich Slowly is a personal finance blog with advice that is beneficial to all types of people in many different situations. For a basic overview of good personal finance habits, and some very motivational stories, definitely check this out. [Visit the site…]

4. TechCrunch

There’s no better site for following online business news and announcements than TechCrunch. For anyone involved with web startups, blogging, or other online businesses, this is definitely a must read. [Visit the site…]

5. VentureBeat

VentureBeat covers a broad range of topics with a focus on new ventures and other entrepreneurial news. Most of this content relates to technology or the internet in some way. Reading this on a regular basis will ensure you are kept up with the newest business trends. [Visit the site…]

6. Knowledge@Wharton

Another of the nation’s top business schools has decided to take some of that knowledge and place it online in a blog format. Knowledge@Wharton covers a number of topics including finance, investment, leadership, management, ethics, and many others. This is an incredibly informative and useful resource. [Visit the site…]

7. Entrepreneur Magazine

This is the website of one of the top entrepreneurial magazines in the world. With most of the content coming directly from the same editorial staff and sources as the magazine, you are guaranteed to find useful and informative content here. [Visit the site…]

8. The Motley Fool

The Motley fool is a great website focused on investing and financial advice. They cover just about any topic in those areas, and offer a great way to improve your financial knowledge and decision making. [Visit the site…]

9. How To Change The World

Guy Kawasaki’s Blog provides an insider look at the many interesting bits of information that are learned by a venture capitalist and entrepreneur. Guy blogs on a wide variety of topics, but all of it is very interesting and sometimes hard-to-find information. [Visit the site…]

10. WSJ Small Business

From the Wall Street Journal newspaper comes this excellent web resource for small businesses. This site tackles the many developments in both the economy and the various global markets that affect small business owners. You can find both news and how-to articles. [Visit the site…]

11. Seth Godin’s Blog

Seth Godin is probably one of the most famous marketing authors on the planet, and on top of that he’s had experience with many varieties of small business. On his blog he writes about both marketing and business, with almost all of his posts containing short and very potent ideas. [Visit the site…]

12. Inc. Magazine

From the creators of Inc. Magazine, the Inc.com website provides an online portal into an enormous amount of entrepreneurial information. These articles cover tech, startups, finding capital, management, and many other topics important to entrepreneurs. [Visit the site…]

13. OnStartups

OnStartups is a blog about, well, startups. Most of their articles are about entrepreneurs and startup companies (especially online companies), but they also frequently address the larger economic or market factors that influence us all. [Visit the site…]

14. ZDNet

What does a technology site have to do with business? In the case of ZDNet, a lot. Though their content is primarily tech related, it is frequently laced with business information and thoughts about the decision-making process of larger tech companies. This is a great resource to get a feel for the overall tech industry. [Visit the site…]

15. Open Forum

Open Forum is a free collection of information and resources provided for small business owners by American Express (yes, the credit card company). Despite the threat of being spammy, these articles are very informative and extremely useful, especially their interviews with famous business owners and entrepreneurs. [Visit the site…]

Original Source: http://freelancefolder.com/ 

Well, that’s it for our list of business resources — do you have any to add? Leave us your favorite websites in the comments.

Revenue Department Allows More Time For GST Registration Till April

Revenue Secretary reviewed the IT preparedness of the Goods and Services Tax Network (GSTN) last week and progress in registration of 80 lakh excise, service tax and VAT assesses with the portal.
"So far, 74 per cent of the VAT assessees have migrated to the GSTN portal, while only 28 per cent of the excise and service tax assesses have enrolled for the new regime. We are going to buck up now and I have asked the department to complete the enrolment process with company registration in India.
Out of the 80 lakh assesses, some may not require registration a new company in India under the GST as they are below the threshold of Rs 20 lakh for GST levy. At present, VAT and service tax assessees with turnover of Rs 10 lakh are required to get themselves registered with states and the Centre, respectively.

Read more information visit at:  http://bit.ly/2njkXdX

Startup Brace for legal war with I-T

With startup fever having waned over the past year or so amid concerns over profitability and competition, valuations have declined sharply. Last month, the tax consultancy firms in Delhi department challenged such reductions at about 100 startups and issued orders seeking 33% tax at the elevated levels that prevailed earlier.
Lets Recycle, an Ahmedabad based and Aavishkaar Ventures-backed waste management startup, was among those to get the tax demand and has challenged it at the Income-Tax Appellate Tribunal. “Entrepreneurs don’t understand I-T notices as they have to struggle daily to improvise business processes,“ said Lets Recycle founder Sandeep Patel. “When I-T (income tax) acts this way, investors will be sceptical to invest, entrepreneurship will never be born and startups will never become (large) enterprises.“ He said his startup directly or indirectly employs 1,650 waste pickers, among them 200 from the weaker sections of the society in chartered accountant firms in mumbai.

Education, healthcare to be out of GST

Tax consultant in India

Education, healthcare and pilgrimages will continue to be out of service tax net even under the goods and services tax (GST) regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services. Besides making a strong case to the GST Council for not touching services that are out of tax net currently, the Centre will also pitch for keeping concessional rate for services like transport at the current level, revenue secretary Hasmukh Adhia told PTI in an interview.
The GST Council, headed by Union finance minister Arun Jaitley and comprising representatives of all states, is scheduled to meet in Srinagar on 18-19 May to decide on rates various good and services will be charged in the new indirect tax regime that is being targeted for rollout from 1 July. Adhia said the endeavour would be to maintain the current tax incidence on a commodity or service at the same level in the new GST regime.
GST will subsume central levies like excise duty on manufactured products and service tax on rendering of services as well as state VAT on sale, to make for a national sales tax that will be levied at the time of consumption of a product or service.
Adhia said the approach for the GST rollout would be to avoid any shock in the first year and any review for inclusion of a service or change in rate could be done in the second or third year of the implementation based on revenue realisation. “Our entire purpose will be that we don’t upset anything that is there now. We will try to do some smooth landing. So we will recommend to GST Council that whatever is the existing exemption list for service tax they should continue because we cannot do too many things at the same time,” he said.

Original Post: http://bit.ly/2o1pXTG