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  Revised Tax filing deadlines for FY 2020-21 for India as on 9 th September 2021 This is the twice during the financial year that the Indian government has extended the due dates for filing of income tax returns and tax audit reports owing to glitches on the newly launched income tax portal earlier in 2021. Accordingly, the revised due dates for income tax returns and tax audit and other report filings are summarized for your convenience here:   Summary of Extended Due dates for filing Income tax Returns & Reports for FY- 2020-21 Sr. No. Type of Assessee Return of Income & Reports Due Dates Original 1st Revised 2nd Revised 1 ITR Filing Deadline for non-tax audit Assessee 31/07/2021 30/09/2021 31/12/2021 2 Tax Audit report Filing Deadline for Assesses 30/09/2021 31/10/2021 15/01/2022 ...

  Tax on Cryptocurrency gains – Unlocking the Mystery   The first Cryptocurrency – Bitcoin was introduced more than a decade ago in 2009 by the so-called father of bitcoin – Satoshi Nakamoto, and since then there has been a flux of cryptocurrencies getting introduced from time to time. Bitcoin and several other rival cryptocurrencies like Litecoin, Ethereum, Ripple, Dogecoin etc. have experienced path breaking growth in the recent years, leading to lot of complexities into the accounting of such currencies and their tax implications globally.   To any first-time reader here, Cryptocurrency is digital currency that uses encryption techniques, rather than a central bank, to generate, exchange, and transfer units of currency. Unlike cash transactions, no bank or government authority regulates these forms of currency or verifies the transfer of funds. Instead, these virtual transactions are recorded in a digitized public ledger called a “blockchain.” Individual units of the...

How to calculate Burn Rate for a Business? Burn rate is a financial term used popularly amongst entrepreneurships which indicates how a business depletes its cash, either in a loss-making scenario or as a start-up entity.  A business typically is not able to generate a positive net income in its birth stages since it is focussed on product/service development and increasing its customer base.  Potential investors or venture capitalists usually use the burn rate in a business to determine their acceptable funding exposure. Computing burn rate for a business is fairly simple as it is merely derived as the reduction in your cash balance over the previous month thereby reflecting the business’s negative cash flow.  It doesn’t take into account any liabilities or receivables, or monies transferred between bank accounts of the same business. Through this article we will explain briefly how is burn rate of a business calculated and what does it imply.  We shall also touch b...

  Significance of Financial Controller in your Business We come across this terminology of “Financial Controller” many a times across business enterprises, however the average businessman doesn’t have a clear understanding of what financial controllers can do for their business and how can they a significant part in the success of their venture.   For anyone owning or managing a growing business and not having a financial controller, should read this article and understand how important it is to consider evaluating the need of one for their business. In this article, we shall explain the job of a financial controller, how they differentiate from CFOs, why are they needed, and when should a business be eligible to hire the services of one.   Job of a Controller: Accounting and Bookkeeping functions in every growing business typically benefit substantially when they are supervised and guided by an expert finance professional.   CPA/Chartered Accountants are s...

  Advantages of Accrual Accounting for Business Every business is required to maintain books of accounts for keeping a track of its financial transactions.   Accounting and Bookkeeping are crucial to evaluating business performance and it is imperative that these tasks are carried out as per the accepted methods of accounting.   Broadly, globally there are two most prominent forms of accounting methods viz., Accrual method and Cash method.   The simplest differentiator between the two methods is that Cash method is easier compared to Accrual method while recording transactions, apparently because under Cash method the transactions are recorded as and when they actually happen i.e. when Cash is received or paid.   The Accrual method on the contrary caters to recording transactions as and when they are incurred for a particular financial period, irrespective whether they are realized or paid for.   The Accrual method is considered more transparent as it rep...