Input Tax Credit Under GST In India

Input Tax Credit under GST – 30 Important Questions Answered!

  At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is next in this series. Earlier, we had covered Levy and Exceptions under GST and Tax payments under…

Difference Between Cash And Accrual Accounting Methods

Difference Between Cash & Accrual Accounting Method

  Small business owners are often confused about the difference between cash and accrual basis accounting. This might sound like something that an accountant should show but this information is useful for business owner as well. In this article, we’ve explained how each of these accounting methods work. Find out more which accounting method is best for your…

FIFO Vs LIFO - Inventory Valuation Method

FIFO Vs LIFO – Which Is The Best Inventory Valuation Method?

Inventories are the largest current asset of any business. Inventory valuation is a process through which companies or businesses offer monetary value for their inventories and generate accurate financial statements. It is important to measure inventories for matching expenses and revenue figures and take good business decisions for a long-term. Ideally, there are two ways…

Keeping Your Business and Personal Finances

How to Separate Your Business and Personal Finances

Certain things just don’t mix well — like a good scotch and soda, like Rajnikant and Laws of Physics, like Rahul Gandhi and politics and like your personal finances and your business’s. Keeping these things separate not only helps you reduce problems, it also greatly simplifies things and makes it easier to manage your finances.…