Credit Risk & Compliance in Small Businesses
When you run a small business, your mind is occupied with a thousand things, including inventory, customers, staff, payments, and the endless chase for growth. The last thing you want to think about is how a lender views your application. But here is the truth: understanding what goes on behind the scenes can be the […]
In India, managing tax obligations is a crucial responsibility for every citizen. With over 7 crore tax filers in 2024, understanding how to pay taxes correctly is essential. The government collects taxes through three main methods- Tax Deducted at Source (TDS) or Tax Collected at Source (TCS), advance tax, and self-assessment tax. Here we
Micro, Small, and Medium Enterprises (MSMEs) drive India’s economic growth, contributing around 30% to the country’s GDP. These businesses, from small shops to manufacturing units, fuel entrepreneurship development and job creation. Understanding MSMEs is essential to support their growth and impact. Classification of MSME MSMEs in India encompass a wide range of businesses that
Micro, Small, and Medium Enterprises (MSMEs) are crucial to global economies, driving growth, innovation, and employment. To celebrate their impact, the United Nations established MSME Day. This day brings together leaders and entrepreneurs to discuss strategies and creative supportive environments for MSMEs in India. They are key to job creation and economic resilience. The
From July 2020, the Union Ministry of Micro, Small and Medium Enterprises introduced a new mechanism called MSME Udyam, which allows new and existing businesses to complete MSME online registration easily.Known as Udyam registration,it lets new and existing businesses register themselves on the MSME portal and access MSME registration benefits. Following is the classification
A company or individual that needs to deduct taxes at source (TDS) at the time of making specific payouts such as rent, salaries, payments to contractors, sub-contractors, etc. requires a TAN number. This is a unique 10 digit alphanumeric code that would thereon be needed every time a claim on TDS was being made.
There has been much debate on GST tax rates recently amongst the trading community and the GST council. The GST council of members has held several rounds of meetings to revise GST rates. The latest GST rates show a reduction of 6% to 18% in GST rates for various commodities across most categories. GST
Carrying your Aadhaar card everywhere is not always practical. In many situations, you only need quick access to your Aadhaar details for verification or basic services. To make this easier, the Unique Identification Authority of India introduced a mobile app for Aadhaar users. Launched in 2017, the mAadhaar app allows you to access your
As a part of the business world, it is possible to come across several abbreviations daily. Many of them are easy to understand and learn about, but some might be confusing for some. However, if you are a part of the hiring world dealing with appraisals and roles, then KPI and KRA are the
NBFCs are regulated by the Reserve Bank Of India (RBI) and the Securities and Exchange Board of India (SEBI) in India. NBFCs are essential as they fulfill the financial needs of individuals and businesses. They play a crucial role in the financial sector. They help in the loan process. Understanding the types of NBFCs
A robust entrepreneurial culture and ecosystem is a driver of economic growth as it has a positive trickle down impact on employment, ancillary businesses, exports, and domestic trade. India, armed with a young and productive population, presents several opportunities of business under 1 lakh. This favors entrepreneurs who want to start something of their
