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  A sole trader ship, also known as  Sole proprietorship , is defined as the type of business owned and operated by a single person. The owner and the business entity have no legal distinction. Personal responsibility for sole proprietors is unlimited. Between the owner and the business, there is no legal separation. This means that business creditors and persons with other rights against the owner can seize both the business and personal assets of the owner. Tax Benefits:  The simplicity of a  sole proprietorship  is one of its benefits. You do not file a separate tax return for your business; instead, you record all of your business profits and losses on your tax return. However, the personal obligation for judicial judgments, taxes, and debts comes with that simplicity. Various Tax-Saving Tips: 1) KEEP ACCURATE BOOKS OF ACCOUNTS- Nowadays, bookkeeping is a major difficulty for small and medium-sized business owners. In a sole proprietorship, the owner is resp...

  Coronavirus brought about a standstill to everyone’s life. The number of people affected ranges from an average salaryman to multinational companies. Another significant aspect of the pandemic was the nationwide lockdown to help control the spread of the virus. It meant a complete stop to the operations of companies and businesses, and as these ventures were in their lives, they suffered massive losses. The country provided compensation for the losses of people through various schemes, but in doing so, a large percentage of national savings was used. As lockdown ends, the government has started to increase the tax rates on businesses and companies to make up for the loss. The ventures being taxed are already going through loss, and to avoid hefty taxes,  Accounting and tax services  are required now more than ever. Digilekha Consultancy Pvt. Ltd is a firm that provides  Accounting and Tax Compliance services in Pune . A skilled team is the backbone of success for a...

GST was implemented on 1st July 2017. Back then, from that day to this day, there is quite a lot of fuss related to it. To over this fuss, we have Digilekha Consultancy Pvt. Ltd.   GST consultant in Pune. GST was introduced so that the entire nation can come under a unified indirect taxation system. The public generally faces various types of indirect tax like VAT, CST, Excise, Service tax, etc. GST is being adopted to streamline the indirect taxation. GST has been hailed as the most significant tax reforms in the country. It has eradicated the cascading effect of the tax. The procedure has become simpler. However, People are facing a lot of problems due to the implementation of new rules and regulations. Digilekha GST consultant in Pune helps the people in resolving all the issues related to GST and guide its clients in the best manner. The challenges which an individual or firm can face due to GST implementation is increased cost due to software purchase, an increase in opera...