TYASuite - Cloud ERP Solutions

There has been a lot of buzz around ERP or cloud ERP in recent times. ERP Vendors in India and across the globe are reaching out to companies to convince them to buy ERP. Tougher competition within the marketplace is generating the necessity to higher optimization of resources, improve profit and keep customers happy. Enterprise Resource designing (ERP) is a system that, once enforced, ties along and automates variety of processes among a given enterprise. ERPs are typically integration of smaller modules. Every module is to credit for finishing a specific task among the organization, like managing finances, tax records, hour work, consumer relationships, offer chains, and more. Once implemented properly, an honest ERP can: Reduce the time spent for finishing routine tasks. Improve the general progress across departments. Present a more robust summary of all company data Improve the data availability significantly Reduce the data turnaround time Improve turnover and pro

Gone are the days when the business used to run on manual book-keeping. Going concern was key criteria for evaluating the success of the business than profitability. Business houses used to calculate profitability probably once a year. Many of them even did once in many years. Competition has increased significantly over years. We have seen many large business houses that were doing well in the past has to close the shop. Knowing your business profitability in real time basis becomes extremely critical in today’s business environment. Let’s look at how Cloud ERP can help modern business leaders and help them succeed. 1. Increased Productivity Gone are the days when departments within an enterprise had to function on their own separate software applications that refused to interface with other existing systems. The advent of cloud ERP effectively eliminated mishaps like loss of data, misallocation of functions, and faulty decision-making that usually rose from lack of inte

TDS on non-resident payment has always been a complex area of Income Tax Compliances. Detailed analysis is required to be performed to each transaction to understand TDS on foreign payment before you can initiate a payment. Wrong TDS on foreign party may put your company at greater risk in later years when the assessment is done. TDS on non-resident payments needs to be analyzed under section 195 of the Income Tax Act 1961. Under section 195 of the Income-Tax Act, when a person makes a payment by way of interest or any other sum other than salary to a foreign company or NRI, tax should be deducted at source at the rate applicable at force. To identify the TDS rate on payment to non-resident, one has to follow the below sequence: S.No Question to be asked Possible Response Expert opinion 1. Does the payment relate to Import of Goods or services? 1.Goods 2.Services 1. Goods: No TDS 2. Services: Refer below 2. Is there any specific section under which TDS on foreign payments

Accounting was one of the first business processes to undergo mass-scale digitalization around the world, with accounting software slowly replacing manual accounting and bookkeeping across the globe as the digital revolution began and the results of IT became felt at all levels of industry. Accounting software giants such as Tally or QuickBooks became synonymous with businesses across industries, sizes and locations, as more and more functionalities and features kept being invented and added to the digital accounting process. ERP (Enterprise Resource Planning) software on the other hand, is a relatively newer development in the IT world, and it encompasses a much broader scope of action than accounting software. Though it is a newer model of digital business processing, it is also a much faster growing one, projected to reach a global worth of USD 47 Billion by 2022. This growth is very simple to justify, due to the immense number of advantages ERP software has as compared to an

Compliances are critical part of the Indian Businesses. In India Compliances are complex, vast and never ending. From monthly to quarterly to annual, there are countless number of compliances a business entity has to take care in India. As the Covid-19 has hit the entire business world, government has given relaxations in various due dates. For the benefit of business world, we have summarized key due dates and their revised due dates. VARIOUS COMPLIANCES DUE DATES & OTHER IMPLICATIONS AFTER COVID-19 PANDEMIC Name of compliances For the period/ FY/Months Revised Due Date/ Other implications Original Due Date/ Other implications Income Tax Return FY 2018-19 (AY 2019-20) 30 th  June 2020 31 st  March 2020 Income Tax Return – for Non-Auditable Assessee FY 2019-20 (AY 2020-21) 30 th  November 2020 31 st  July 2020 Income Tax Return – for Auditable Assessee FY 2019-20 (AY 2020-21) 30 th  November 2020 31 st  October 2020 Tax & Statutory Audit FY 2019-20 (AY 2020-21)