Income Tax Returns is a form of declaration about incomes and expenses, exemptions, deductions, and the resultant taxable income. Staying compliant is mandatory for all businesses. Filing your returns on time following the prescribed procedures is also critical to avoid any penalty. This is the most important annual activity for all businesses. Let us take a look at the top benefits of filing ITR on-time.
Though Bookkeeping and Accounting seem to be synonyms for a single operation, they are actually two interrelated different tasks essentially to be performed in a business entity. Whilst Bookkeeping is primarily aiming to record the business transactions in the Books of Accounts, Accounting on the other hand is to analyze the recorded data and derive the financial information aiding the decision-making.
A company or an organization can issue shares to indicate unit of ownership and issue share certificates indicating the names of the shareholders and the number of shares. The shares must be issued within 60 days of allotting the shares. The share certificates issued is similar to all companies, be it a public or a private company.