There is a humorous statement made by Herman Wouk about ‘tax saving’ - “Income tax returns are the most imaginative fiction being written today”. March is a month for tax savers and we need to act swiftly before the deadline.
In the budget speech Hon. Finance Minister said on Goods and Services Tax (GST), ''we have been focusing on generating a wide consensus on its design. In November, 2009 the Empowered Committee of the State Finance Ministers placed the first discussion paper on GST in the public domain. The Thirteenth Finance Commission has also made a number of significant recommendations relating to GST, which will contribute to the ongoing discussions. We are actively engaged with the Empowered Committee to finalise the structure of GST as well as the modalities of its expeditious implementation. It will be my earnest endeavor to introduce GST along in April, 2011”.
The prominence of SME sector in today’s world is amply recognised, considering their remarkable contributions in achieving various objectives such as employment generation, generation of new entrepreneurships, contribution to national outputs and exports, and the depth they provide to the industrial base of a country’s economy.
The first thing that will come to anyone’s mind when planning to start a new business or thinking of expanding the current business, is applying for a business loan to meet the initial capital. Unlike the previous decade, a number of banks are welcoming open handedly the SME’s with attractive schemes and door step services.
The terms 'venture capital' and 'start-up company' are like bread and butter. But still the process seems to be mysterious to majority of entrepreneurs that we come across. Everyday new companies are born and for this same reason, entrepreneurs are facing many challenges in the market.
Despite the recession blues, Indian banks and financial institutions (FIs) are sitting on mountains of money. Yet they slam doors on majority of small and medium entrepreneurs. Shocking, but they cannot help it.
A “limited liability partnership (LLP)” is a partnership in which some or all partners have limited liability. It therefore exhibits both elements of partnerships and corporations and offers the duel advantage of combining the organizational flexibility of partnership firm with the feature of limited liability for its partners.
All businesses and individuals are exposed to risks such as natural and man-made risks, liabilities, disasters and calamities. In this context, insurance is a wise investment to limit your liabilities in the event of an unpleasant occurrence to your assets, properties, business or to your clients who have invested their belongings with you and to whom you are liable for. Without insurance a business will not survive financially and insurance is the heart of any business today.