The bookkeeping process includes keeping track of the money received and paid out by a business. It includes money owed by a company to vendors, employees, tax agencies, contractors, and any other person or entity.
Similarly, accurate records of amounts owed to a company by third-party individuals and organizations are kept in a company’s books.
Payroll is a list of employees who receive compensation from the company. Payroll is the total amount paid to employees by their employers. A payroll function entails the creation of an organization’s pay policy, which includes flexible benefits and a leave encashment policy
A company’s registered office is where all business-related communication takes place. A company can have a corporate office, branch, factory, or administrative office in addition to a registered office.
However, while a company’s registered office in India must be registered with the Ministry of Corporate Affairs, other branches and offices can be opened without notifying the ROC.
The company’s domicile will be determined by its registered office in India. The ROC will be determined by the state or location where the company’s registered office is located.
A professional tax is a tax imposed on all salaried individuals by state governments. All working professionals, including chartered accountants, lawyers, and doctors, are subject to professional tax.
It is assessed based on the individual’s occupation, trade, or profession. The tax rates vary by state, but the maximum amount that can be levied as professional tax is 2,500 per year.
Genuine Filings: Your trusted partner for accounting, taxation, legal, and business services
Head Office: 10234, Manak Pura, Karol Bagh, New Delhi, Delhi 110005
Branch Office: O-1/41B, Budhvihar Phase-1, New Delhi-110086
© Copyright – Genuine Filings 2023. All rights reserved. Developed by GEO Softech
