What is Income Tax

Income Tax is an example of Direct Tax.

When a person earns his/her income during a particular period then, at the end of that relevant period he/she is required to pay tax on his income. This is known as Income Tax.

For the purpose of Income Tax, the term person includes:

An individual
A Hindu Undivided Family (HUF)
Firms
Companies
Association of Person (AOP)
Body of Individual (BOI)
Local Authority
A person has to pay Income Tax if he earns income from various sources such as:

Income from Salaries
Income from House Properties
Income from his Business or Profession
Income from Capital Gain
Income from Other Sources
The amount payable under Income Tax depends upon how much income a person is generated.

There are different slab rates, according to which a person has to pay his Income Tax. The income taxslabs also depend upon the age of the individual.

6 Reasons You Cannot Ignore Getting a Business Loan

Gearing up for getting a loan for your business and reaching out to sources will open the floodgates of options at your disposal for you to choose from.

From people who don’t like to take risks to people who want things always under control, everybody you meet will have a story concerning what may occur on the off chance that you apply for a line of credit to begin or extend your business adventure.

While the facts confirm that few out of every odd explanation is a valid justification to venture into the red for your business, that doesn’t imply that valid justifications don’t exist. On the off chance that your business is prepared to take a jump, yet you don’t have the working cash-flow to do as such, here are six reasons you may re-consider applying for a small business loan.

1. You’re prepared to extend your actual area.

Your desk areas are busting at the creases, and your new colleague needed to settle in the kitchen. Sounds like you’ve grown out of your underlying office area. Or then again perhaps you run an eatery or retail location, and you have a bigger number of clients in and out than you can fit inside your space.

This is incredible information! It probably implies the business is blasting, and you’re prepared to extend. Yet, because your business is prepared for development, doesn’t mean you have the money close by to get it going.

In these cases, you may require a term loan to finance your large move. Regardless of whether it’s adding an extra area or getting and moving, the direct front expense and change in overhead will be critical.

Before you submit, find a way to quantify the expected change in income that could emerge out of growing your space. Might you be able to take care of your loan expenses and still make a benefit? Utilize an income estimate alongside your current accounting report to perceive how the move would affect your main concern. Also, in case you’re discussing a second retail store, research the territory you need to settle in to ensure it’s a solid match for your objective market.

2. You’re building credit for what’s to come.

In case you’re intending to apply for bigger scope financing for your business in the following not many years, the case can be made for beginning with a smaller, transient loan to fabricate your business credit.

Startup businesses can regularly struggle to fit the bill for bigger loans if both the business and the proprietors don’t have a solid financial record to report. Taking out a smaller loan and making standard on-time installments will assemble your business’ credit for what’s to come.

This holds rather true; consider setting up a business in tier 1 in India; the challenges that corner you are insurmountable. Business Loans in Mumbai are tailored keeping these factors in mind; i.e. business environment, the state of the economy the receptiveness of the market.

This strategy may likewise help you construct associations with a particular bank, giving you an association with return to when you’re prepared for that greater loan. Be cautious here, however, and don’t assume an early loan you can’t manage. Indeed, even one late installment on your smaller loan could make your odds of fitting the bill for future financing much more dreadful than if you’d never applied for the small loan.

3. You need equipment for your business.

Buying equipment or tools that can improve your business offering is normally an easy decision for financing. You need a certain apparatus, IT gear, or different devices to make your item or play out your administration, and you need a loan to finance that hardware. Also, on the off chance that you take out hardware financing, the gear itself can frequently fill in as insurance for a loan – likewise to a vehicle loan.

Before you take out a hardware loan, ensure you’re isolating the real requirements from the pleasant to-haves with regards to your main concern. Indeed, your workers most likely would cherish a margarita machine. Yet, except if you end up being running a Mexican Cantina, that specific hardware may not be your business’ best speculation.

4. You need to buy more stock.

Stock is probably the greatest cost for any business. Like hardware buys, you need to stay aware of the interest by renewing your stock with ample and great alternatives. This can demonstrate troublesome now and again when you need to buy a lot of stock before seeing a profit for the venture.

Particularly on the off chance that you have an occasional business, there are times when you may have to buy a lot of stock without the money close by to do as such. Slow seasons go before special seasons or vacationer seasons – requiring a loan to buy the stock before making a benefit off it.

To gauge whether this would be an insightful monetary move for your business, make a business projection dependent on past years’ deals around that equivalent time. Figure the expense of the obligation and contrast that number with your complete extended deals to decide if taking a stock loan is an insightful monetary move. Remember that marketing projections can fluctuate broadly from year to year, so be moderate and consider numerous long stretches of marketing projections in your projection.

5. You’ve discovered a business opportunity that exceeds the likely obligation.

Occasionally, an open door falls into your lap that is simply too acceptable to even consider passing up – or so it appears, in any event. Perhaps you get an opportunity to arrange stock in mass at a rebate, or you found a take on an extended retail space. In these cases, deciding the quantifiable profit of the open door requires gauging the expense of the loan versus the income you remain to create through the accessible chance.

Suppose, for example, you maintain a business where you get a business contract for $20,000. The difficulty is, you don’t have the gear to finish the work. Buying the important hardware would cost you about $5,000. On the off chance that you took out a two-year loan on the gear, paying a sum of $1,000 in interest, your benefits would at present be $14,000.

If the expected degree of profitability exceeds the obligation, let it all out! However, be cautious with your computations. More than one business person has been liable for belittling genuine expenses or overestimating benefits as a result of over-eagerness. At the point when you’re gauging the advantages and disadvantages, it regularly assists with playing out an income estimate to settle on sure you’re putting together your choices concerning hard numbers instead of gut impulse.

6. Your business needs a new ability.

When working at a startup or small business, you wear a ton of caps. In any case, there comes while doing the accounting, gathering pledges, promoting and client care may begin to wear on you – and your business. On the off chance that your small group is doing an excessive number of things, something will in the long run become lost despite any effort to the contrary and bargain your business model.

A few businesses decide to put their money in their ability, accepting that this is one approach to keep their business serious and imaginative. This can be an incredible move if there’s an unmistakable association between the recruiting choice and an expansion in income. However, if having an additional arrangement of hands around encourages you to center around the higher perspective, that by itself might merit the loan cost.

Despite the specific explanation you’re thinking about a business loan, the fact is this: If, when all expenses are calculated in, taking out the loan is probably going to improve your main concern – take the plunge. If the association between financing and an income increment is foggy, investigate whether applying for a new line of credit is your most ideal decision.

You need to be sure about your capacity to repay a business loan over the long haul and to see your business succeed. Each business choice includes facing a challenge. At last, no one but you can choose whether that danger is advantageous.

Online Income Tax Return Filing Process with Simplify Tax

If we talk about Income tax there are some questions which are automatically occurred in our mind. What is the Income Tax? Why we have to pay Income Tax? Is paying Income Tax helpful? Income Tax Filing process is the taxpaying process to the government which is offered by business, associations, individuals and other employees who worked for the government. Filing Income Tax is not required but it’s helpful service to maintain and build road, bridges and other property for citizens if any person takes initiative to pay taxes from their annual wages.

Simplify Tax is a leading online platform for all the taxpayers of India who earned or has an income of net more than 2.5 lakh or 3 lakh annually. We help and guide individuals to pay their tax from their yearly income. In India paying tax is necessary for all the persons who earned money in a fiscal year, we provide the best free Online Income Tax Return filing process for all the residents and non-residents on India. Simplify Tax provides various services like- Free Income tax Consultant, DIN Registration Process, PAN Card Registration Process, TAN Registration Process, Free Income Tax e Filing, GST Registration Process and ITR filing in India. We provide the best service of above all process with full guidance and assistance with technical support.

For filing ITR in India, everyone should have an accurate knowledge of tax and it’s necessary to know and understand each and every tax-paying schemes or tax-saving scheme, there are different tax-saving ways for better understanding and help individuals, the tax department field has broadly categorised the income into many stages –

Pension or Salary
Senior citizens
Rental house or property of individuals
Wealth gain or earned from the funds, selling of property, mutual funds etc,
Different origins like investments or interest on a savings account, getting a lottery or won in a competition.
Any business or occupation which applies to those like self-employed persons, tuition teachers, doctors, lawyers, contractors and others who do not have a fixed monthly salary.
Filing Income tax in India is a complicated task for many peoples. These required much official information, documents and papers for the taxpaying process, PAN or TAN card process and GST registration process. But it has now become easier and user friendly with the whole process being digitalized. Simplify Tax help you with step by step in your every process and make easy and comfortable for you. We provide all Income Tax Return e Filing assistance to our customers and guide them with our expert staff. We help them to understand why income tax return filing is important and how they get to benefit from that. We provide them with free income tax consultant in India. You must go to our website for any tax services related and save your time and energy with Simplify tax.

Consulting – Principles For Effective Consulting

Every consultant has different perspective on effective consulting. In this article, I wish to share with you the guidelines that you might find useful as you reflect your own principles:

1. The solutions to every problem lie between you and your clients. Contrary to popular beliefs, consulting is not a process where clients will talk about their problems and consultants will provide solutions or recommendations right away. The involved parties need to think it through, weigh their options, and go with the best one that will benefit the organization or the company as a whole.

2. Consultants should recognize and even encourage diverse values and perspective within an organization. Every employee is unique and they see issues in the organization in a very different manner. As a consultant, you must know how to accept this fact and use it to your advantage. Keep in mind that different perspective might dramatically help in problem solving.

3. Get all angles of the problem. Start from where your clients are at the moment. Ask about their pressing issues/struggles and their causes, what they have tried so far, what worked and what didn’t work, and their ideas as to what could be done now. Although this might take some of your time, this can keep you on track when designing your action plans.

4. Consulting isn’t about blaming. It is very rare that a client or a consultant is out to hurt somebody in an organization. Although some people might be the reasons why the problem occurred, blaming them will surely not help solve the problem. As a consultant, your focus should be to help your clients find the solutions to their problems.

Marketing Consulting Firms – 6 Outstanding Steps For Jumpstarting Your Consulting Firm in Marketing

If you have been offering marketing consulting services for quite sometime, this might be the perfect time for you to build your very own marketing consulting firm. Here’s how you can get started:

1. Business plan. The first thing that you need to do is to draw a business plan. This contains your business goals and a plan on how to reach these goals. Business goals can be externally or internally focused. When I say external, I refer to those goals that are important to financial stakeholders. On the other hand, example of internal goals are the following; development of new products or services, restructuring finance and business organizations, and using new IT system.

2. Online or offline? Decide if you want to offer your services in the online or offline arena. You can build a brick and mortar business if you are targeting businesses or individuals who are coming from one geographical location. However, if you want to serve business owners from other points of the globe, it would be a wise decision if you can take your marketing consulting firm online.

3. Financial backing. Do you have the needed initial investment to get started? List down all the things that you need to spend money on and decide if you have enough funding. If your computation says no, the next step that you need to take is to apply for business loan from banks or other financial institution. Prepare your business plan and some documents to prove that you have the capability to pay your loan to speed up the process.

4. Hire the best marketing consultants. Depending on your projected sign-up rate, you can hire 3-10 marketing consultants to get started. During the hiring process, make sure that you only hire the best to easily create a good reputation in the business world. Prioritize those who have relevant experiences, trainings, and educational background and those who are obviously driven, motivated, and reliable.

5. Trainings and seminars. Depending on the skill levels of your marketing consultants, you may need to give them trainings and seminars. Through these, you can help them improve their analytical, communication, people, and problem-solving skills that are very crucial in giving your clients great consulting services.

6. Promote your consulting firm. Boost your sign up rate by advertising your consulting firm to those people who are most likely to do business with you. Depending on your target market, you can use the internet or traditional media (TV, newspaper, and radio) as your marketing mediums.

Marketing Consultants – Reasons to Hire a Consultant For Your Marketing Business

Although hiring a marketing consultant would mean more expenses for you, it could be the best decision you can ever make to boost your sales and grow your business.

Here’s why you should hire a marketing consultant:

1. One of the reasons why people hire marketing consultants is because they live and breathe the marketing industry on a day to day basis meaning, they have the expertise and experience that no other people can bring in to your business. Years of experience has taught me that these consultants can help you avoid costly marketing misfire because they have been there and done that. They know how to create and polish your marketing communications so you can send the right message to your target market. As you know, this can help in increasing your sales and revenue in no time.

2. Objective opinion. When you hire a marketing consultant, you’ll most likely to get an objective opinion and fresh point of view. As a business owner, you can easily lose perspective as you are heavily immersed in the day-to-day operation to that point that you can no longer see the big picture. A marketing consultant can help you see even the smallest details as they are detached from your company.

3. They provide additional help. Instead of disrupting your day-to-day operation by pulling out some of your managers and subordinates, you can easily hire a marketing consultant who can focus on developing and executing a marketing plan. By doing this, your people can focus on what they do to maintain productivity and efficiency in your company.

4. Flexibility. Marketing consulting firms are immediately ready and available to offer their services at a moment’s notice. That means, you don’t need to spend enormous time putting together great people and wait for them to finish their current projects. If you try to hire new marketing staff to handle your specific marketing needs it may take so much time and energy. Imagine the time you need to spend screening and interviewing these people.

5. Save money. Compare to the cost of bringing in a new marketing team, hiring a consultant who can work on a per need basis is much more cost-effective. You don’t need to offer this person with benefits, training time, insurance, and monthly pay checks as you would for a regular employee. However, you can be assured that you’ll get the best service as you’ll hire somebody who is extremely knowledgeable in the field of marketing.

What an Internet Marketing Consultant Can Do For You

Internet marketing consultants test, develop and forecast what tools and resources will be needed for small and medium sized businesses to successfully market themselves on the Internet.

Starting an online business? You need more than just a website to succeed. You need a plan. You need strategies for driving potential customers to your site. You need a site designed to sell effectively. You need strategies to convert site traffic into money in the bank. An Internet marketing consultant is a valuable resource you can use to successfully start, build and grow your own online business on a small budget.

Internet marketing consultants vary in scope and purpose. Some provide free information and articles. Some help you build your online business. Others have dodgy looking websites guaranteeing you wealth, fame and power almost overnight. Needless to say, evaluate them carefully and use common sense. Business on the Internet is still business, and there is no magic secret to easy success.

Many Internet marketing consultants focus on particular types of business. For example, some advise lawyers, some advise manufacturers of after-market parts for motorcycles, and everything in between. Many sites advise entrepreneurs providing services, rather than goods.

Are you an eBayer? eBay has become a way for small retail businesses to generate big money. More than 2 million people scour eBay every day looking for stuff to buy. It is the most visited e-commerce site on the whole Internet. In fact, approximately one-third of all US Internet users visit eBay. Internet marketing consultants may even help you learn strategies for growing a real business on eBay.

Before you consult a site for the specific type of business you plan to start, it may be advisable to learn more about marketing on the Internet. There are many excellent websites full of free information on marketing on the Internet. Some also provide broader background information about marketing, in case you didn’t happen to go to business school. Even if you are planning on hiring one of the consulting firms to help you build your online business, it is sensible to study up on the basic principles before you do.

The most qualified online marketing consultants for small business websites not only have expertise in all the methods of online marketing, but have a decade or more of experience in the “real” world as a business owner. An online marketing consultant can help you develop, step by step, practical, cost-effective strategies to build your business, no matter how small you are starting out. Even home-based businesses might consider using their services to develop profitable strategies. They often provide training services as well as hands-on, individual counseling. Some even develop custom software to aid you in your Internet marketing endeavors.

There are many types of Internet marketing consultants organized as marketing “centers” Some are free clearinghouses of general marketing information. Others provide consulting services to your business. Some of these firms are surprisingly affordable. No matter how small your business, even if you’re working from your garage, they may be able to help you grow a profitable business. Use your judgment and beware of scammers, and your business can benefit from the information and services provided by internet marketing centers.

High End Consulting – Discover 6 Brand New Methods to Explode Your Consulting Business

If you are offering high-end consulting services (environmental, strategic, operations, or executive consulting), this article is for you. In here, I will share some brand new methods that you can use to make your services more powerful and more enticing to the eyes of your target market.

1. Attend relevant trainings and seminars. Truth be told, you really can’t be too knowledgeable in the field of consulting. In fact, it would work to your advantage if you increase your knowledge from time to time. I recommend that you take advantage of relevant trainings and seminars that are being offered by industry leaders. Through these, you’ll surely be able to learn new insider tips, techniques, and more information that can help you become better at what you do.

2. Get in-depth knowledge about the problem. Most people are seeking consulting services because they have problems that they can’t seem to resolve by themselves. In order to effectively help these people, I recommend that you look at all the angles of the problem first before you offer your expert advice and your recommendations. It would help if you can spend more time talking with your clients to really understand the things that they are struggling with.

3. Specialize. Instead of being jack-of-all-trades, it would be better if you can specialize so you can offer your clients with high quality consulting service. For instance, if you are a business consultant, you may focus on any of these fields; strategic planning, product development, human resources, resource management, marketing, etc.

4. Improve your communication skills. This is one of the most important skills to succeed in the field of consulting. You need to make sure that you have the ability to articulate your thoughts and ideas. You must not struggle finding the right words just to get your message across.

5. Know your clients and their problems. Be willing to actively listen to your clients to obtain more information about themselves and their problems. This can surely make your job much easier. Get to know their skill level, their level of comprehension, and their preferences. Also, have a deeper understanding of their pre-set goals and their problems. By doing so, you can easily make your consulting services highly targeted to their needs and demands.

6. Make your clients feel valued. You will need to make these people feel that you truly appreciate their business. You can do this by offering them more than what they have paid for. You can give them more consulting time (if they need it) and unlimited email support. You can also share with them your personal techniques to speed up the learning process.

Why Use SEO Consultants to Increase Web Traffic For Your Website?

Why use a search engine optimization consultant to do the things you can do for yourself? There are lots of reasons. Perhaps the most important one is that you are discouraged with the results from your own efforts to increase web traffic. Another good reason is a planned expansion of your company. In that case, you need all the help you can get, and SEO consultants do help many companies succeed. These consultants can help you increase your exposure on the Internet as well as help you achieve your goals for your company. But beware – you can spend a lot of money and find yourself back where you started. Review carefully the resources the consultants will require before you sign on the dotted line.

A good test regarding the SEO consultants is this: they should tell you right away that an ill-planned campaign could lead to disaster. This generally happens when you don’t know what will be required of you to make the project successful. You want success, but you also want it as quickly as possible. If the project stalls, it’s going to cost and not necessarily just in the lost opportunities.

The SEO consultants will probably want to make extensive changes to your site, and your internal IT team will probably balk at that. They’re not going to want anyone to interfere with a site that they’ve worked hard to make function smoothly. So settle this matter early on. Make certain they’re on board before you sign any contract. Also, be sure you have established a baseline of traffic coming from search engines. Otherwise, you will have no solid foundation for claiming success later after the SEO consultants have done there work.

Think about changes ahead of time and get them all straightened out early on so you don’t run into conflicts and roadblocks later on.

If you’re the marketing manager and you are spearheading this effort, just remember that time is your most valuable commodity. You may have several campaigns running at once, and you may think that by bringing in SEO consultants you are buying time for yourself. It probably won’t work that way. You are the only one who knows the business of your marketing department, and you’ll have to be involved. An hour a week will be a minimum for looking at what’s going on, asking for changes, and making sure that what they’re doing is consistent with your marketing goals.

Home Based Business – Starting a Consultant Business on a Shoestring Budget!

Starting a consultant business can be a daunting task if you don’t have the experience and business strategy that will be required to establish yourself. But it does however mean that you have the relevant training and experience on a specific topic which would give you the authority to position yourself as an expert.

I am sure that you by now you have realized the importance of the Internet in all areas of our business world today, so what I am proposing is that you learn how to position yourself as an expert online and the rest will follow. Imagine being able to write a couple of articles on your topic and in the process generating traffic that you could monetize by selling a product online related to your topic.

I think you will agree that when starting a consultant business it is vital that you get exposure as an expert immediately. On that note I want to direct you attention to your own experience online, just think back to what you thought about the info you found online, I imagine more often than not you will be impressed by someone who could solve your problem online or you might even have found no relevant information.

I strongly recommend that you join “The Wealthy Affiliate University”, prior to starting a consulting business because the knowledge, strategies and tools will quickly position you as an authority in your field and teach you how to make money in the process, depending on the service you might even found that you’ll be doing all your business online.

Think about who you will be more likely to trust, someone who talks about solving your problem or someone who has actually solved the problem? You need to position as that guy! The one who has actually solved the problem, yes everyone wants that guy! So you be that guy!

When starting a consultant business or any other business for that matter your liquidity or cash flow is your life blood. The fastest way to be making money in your field as a consultant is to offer other peoples solutions until you have created your own, doing it as an affiliate online gives you a seamless solution that will cost you no money or time but makes you money and when you choose wisely will add to your credibility.

Imagine generating all the leads you need for your business online while you are positioned as an expert, don’t you think you will have a somewhat more receptive off-line contact with that lead if your business requires it. Starting a consultant business has never been easier, than with this credibility building strategy in action.

You might even find, like many before you have, that their online business is enough and that the money they are making from it has surpassed their wildest dreams. Starting a consultant business without the easy strategies of a credibility building online campaign is plain silly and you are not silly? Or are you?