Press Release

HostBooks Signs MoU with ICAI to promote technology automation

31 January 2020

As part of the MoU, HostBooks will be offering three users all-in-one accounting & compliance solutions to ICAI members for three years free of cost bundled with other benefits. GSP

Gurgaon based FinTech Company HostBooks has signed a Memorandum of Understanding (MoU) with The Institute of Chartered Accountants of India (ICAI), the national professional accounting body to encourage the use of technology and automation among chartered accountants, which will help them increase their efficiency and productivity in practice.

As part of the MoU, HostBooks will be offering three users all-in-one accounting & compliance solutions to ICAI members for three years free of cost bundled with other benefits. The initiative is aimed at promoting the use of cutting-edge technology among members and hence increasing efficiency in their practice. This MOU is signed in the event of ICAI and World Bank on “Training Program on Auditors engagement in Procurement post review for World Bank Funded projects" in New Delhi.

Speaking on the occasion, Kapil Rana, Founder & Chairman, HostBooks Limited, said, “chartered accountants play an integral role in reducing the compliance burden for businesses. To facilitate further simplification and enhance their efficiency, HostBooks will provide automated and cloud-based end-to-end solutions to practitioners."

Furthermore, the company will provide dedicated support and service center for ICAI members after the installation of the integrated accounting and compliance software. To ease the transition process, the accounting professionals will also get a dedicated team for implementation from time to time to provide training.


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GST mop-up bounces back in June; crosses ₹90,000 cr

July 01, 2020

The Finance Ministry on Wednesday released the GST collection data for the first three months of the current fiscal. The June collection exceeded ₹90,000 crore, but it was 9 per cent less than the mop-up in the same month last year. This is the first GST data after the pandemic crippled the economy. News

The collection was ₹90,917 crore in June, ₹62,009 crore in May and ₹32,294 crore in April. “The GST (Goods and Services Tax) collection for the first quarter of the year is 41 per cent less than the revenue collected during the same quarter last year. However, a large number of taxpayers still have time to file their return for May, ” the statement said.

The collection in June this year is 91 per cent of the GST revenue in the same month last year. The revenue collected from import of goods was 71 per cent of the revenue from the same source in June last year. Revenue from domestic transactions in June 2020 (including import of services) is 97 per cent of the revenue collected under this source during the same month last year.

In June, returns of February 2019, March 2019, and April 2020 have been filed in addition to some returns of May 2020 as the government has allowed a relaxed time schedule for filing of GST returns. Some returns of May, which would have otherwise got filed in June, will get filed during the first few days of July . Commenting on the numbers, Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co, said the increase in GST collection in June is a positive sign and it is an indication that the economy is slowly recovering.

However, it is important to note that many companies paid GST for March, April and May also, in June due to the partial moratorium extended by the government.

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BT Insight: Have you filed form 15H,G yet? Do it now to save TDS on FDs

June 29, 2020

If you do not take timely action to save this TDS deduction you will have to wait for more than a year to file your ITR next year and then wait for few more months to get the refund. News

The end of the first quarter of a financial year, which is on June 30, is the time when most depositors get first quarterly interest credited for their fixed deposits. However, this is also the time when TDS is deducted if your interest amount is above the TDS limit. If you do not take timely action to save this TDS deduction you will have to wait for more than a year to file your ITR next year and then wait for few more months to get the refund. Here is what you need to do save this TDS deduction:

The threshold interest for TDS deduction Before going to the savings part let us understand how TDS is charged. Usually a commercial or a co-operative bank or a post office deduct 10 per cent TDS on interest from fixed deposit after interest amount goes above Rs 40,000 in a given financial year for people below 60 years of age. For senior citizens, the limit for TDS deduction goes up to Rs 50,000.

"Tax is required to be deducted under this provision only if the aggregate amount of interest credited or paid to the payee in respect of time deposit during the financial year exceeds the limit," says Naveen Wadhwa, DGM, Taxmann. So, till the time total interest amount crosses the threshold limit no TDS is deducted but once it goes above the threshold the TDS is deducted not on the amount just above the threshold but on the entire interest amount.

Reduced TDS rate of 7.5% for FY21 Due to coronavirus-led economic action there has been relaxation on the TDS amount. "The government through its "Atmanirbhar Bharat" scheme dated May 13, 2020, reduced the TDS rate under Section 194A to 7.5 per cent from 10 per cent for any payment made or accrued between May 14, 2020 and March 31, 2021," says Kapil Rana, Founder and Chairman, HostBooks. So, this year the TDS amount will be charged at a reduced rate of 7.5 per cent.

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Significance of POS for small retailers to overcome COVID-19 challenges

June 24, 2020

SME’s have been the most affected by this COVID pandemic and as specific segment retail is the worst one. Profitability, liquidity, inefficiencies and visibility are the pain points of SMEs through its business journey and, the single answer to these issues is a strong, agile, sophisticated and automated digital backbone. What is meant by a complete digital back-end is that digitization and automation of all core functions like billing, banking, accounting, tax, payments, expenses, and cash management – over a single application. News

Business dynamics and complexities have changed to a significant extent, and small business is dealing with much larger product categories than it was dealing earlier, larger & different types of customers and platforms, accepts 5-6 different kinds of payments i.e. cash, credit cards, UPI payments, IMPS receipts and even the age-old ‘Udhari’, make payments through multiple modes the list goes on. Managing all these without a single app is next to impossible. Here is the role that comes for as efficient POS. Now, POS is the face of the retails business and it captures the whole business data.

Here are the benefits of the POS and how it can be a special help to the business during this pandemic and in the future.

Data is the king – POS captures a list of data in terms of sales, purchase, customer details, payment terms, payment modes, product list sold and purchase, customer experience ratings to the business and staff, agent sales data, and many more. All these data acquired or captured though out the business can give a great scope for cognitive data analysis. Results of the data analysis can help the business to think on the product line, the customer segment, the behavior pattern of the customer and supplier, the favorable receipt/payment modes and many more and in a nutshell benefit the business in terms of its profitability.

Help in sourcing liquidity – Liquidly is one of the 4 pain pillars and now has become more difficult to source. The informal and secondary sources of capital and lending are significantly drying-of forcing businesses to approach institutional capital and lending for capital and lending needs. To avail funds from institutional one have to maintain proper business data for their business and POS helps in this to a great extent.

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HostBooks Transforming SMEs Ecosystem in India

June, 2020

Even though SMEs form a vital part of the economy, they stumble upon various challenges, managing accounting and tax compliance is one of them. Being technologically less advanced, the SMEs face difficulties maintaining their accounts or filing tax returns like GST. These have become the core issues that are hampering the growth and development of SMEs in India. News

All-in-One Accounting Application: An Optimal Solution In India, accounting and statutory compliance have become more complicated with the changes in the economy and tax regime. SMEs need to invest their valuable resources, time, and money to keep up with these changes, making it difficult for them to focus on their core business.

As technology is evolving, accounting is making a shift to process automation, cloud computing, digital document management, and business intelligence reporting tools.

We at HostBooks are continually working to make the entire accounting and compliance space automated yet simple. With the vision to be a leading automated business solution for every small and medium enterprise by significantly saving their cost and time in accounting, reporting, and compliances; we have put accounting expertise and cutting-edge technology together to integrate all accounting compliance solutions in one platter, empowering SMEs to overcome key accounting challenges.

HostBooks is a cloud accounting application that allows its users to manage compliance seamlessly on the go. Whether preparing accounts or filing GST returns, businesses can do it effortlessly. The best part is you don't need to be an expert or need a manual to understand the process; it's that easy to use! Our application enables SMEs in India to become self-reliant and efficient.

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HostBooks founder calls books his mentors, and an indispensable part of life

JUN 19, 2020

Kapil Rana says that books have helped me take wise decisions for business and life.

Kapil Rana, Chairman and Founder of HostBooks, feels reading has always been an intellectual and mental rejuvenation for him. News

He told ET Panache, "I try to read atleast for 15- 20 minutes daily. I have been reading multiple books like 'Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies' by Reid Hoffman, Chris Yeh, 'Venture Deals', 'Chocolates On The Pillow Aren't Enough: Reinventing The Customer Experience' by Jonathan Tisch, 'Elon Musk: How The Billionaire CEO Of SpaceX And Tesla Is Shaping Our Future' by Ashlee Vance and Measure What Matters."

Books are Rana's mentors and are an indispensable part of his life. "There are many books that have helped me take wise decisions, be it for business or life. Books like Though time never last but tough people do, How to win friends and influence people, Rich dad poor dad and even biographies of highly successful people have inspired me. More than 60 per cent of my learnings are derived from these good books which I have applied in my real life and have got great results," he said.

Books are the HostBooks founder's all-time favourite partners, as they can immensely help amass knowledge, increase creative and innovative faculty in our mind, widen our thought perspective and much more

"I also believe that this time can be utilised to inculcate the habit of reading. Not just for pleasure but to gain experience, form perceptions, and equip ourselves with solutions to the obstacles we face in life. During these days I’ve been able to give focused time in reading and explore other genres of books," he shared.

Rana tries to read at least once a day as it helps him learn about new things and how new challenges can be solved in life and business.

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Effective marketing: an anchor for a business in tough times

JUN 04, 2020

By Kapil Rana, Founder & Chairman, HostBooks Limited

Being declared a pandemic by the World Health Organization, there is still a lot we don't know about the coronavirus outbreak. It is not only affecting the health of the general population, but it's also hurting the economy. Here, we will share some helpful tips for small businesses and marketers who are undergoing a dramatic change in their daily operations. Among internet users, there is a growing interest to get the latest information about coronavirus. Consequently, there has also been an increase in traffic for related products and topics. News

In this moment of crisis, businesses are working remotely to provide uninterrupted service to their customers. We will explore steps that can help you to continue your business processes with as little issues as possible.

Adjusting your marketing strategy during the crisis: Google has made it easier for people about symptoms, prevention, and other information related to the coronavirus. It is also removing content on YouTube that spreads misinformation and claims to provide treatment in place of seeking medical attention. Both Google and Facebook are blocking ads that try to exploit and capitalize on the current situation.

However, as long as your ad copy is not claiming to provide a cure, prevent, or treat COVID-19, this will have minimal effect on your ad accounts. Even if these platform policies don't impact your account, the pandemic and the resulting changes on the market will. Let's explore measures that you can take to prepare and adjust your accounts to minimize such impact.

Examine the changes in ad reports: You need to stay updated on how the change in market and trends is affecting the performance of your paid search and paid social accounts, such as the change in the number of impressions & clicks, and total costs. You should look for drops in traffic in Google Analytics and Google Ads. It might reflect the market changes and help you make changes accordingly to meet your conversion targets. Also, monitor comments made on your social media profiles as people can spread misinformation by making comments and diver your potential customers.

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New ITR forms notified: Tax dept seeks more details of expenditures, gives relief for those with income up to Rs 5 lakh

01 June 2020

The central board of direct taxes under the aegis of finance ministry late on Saturday notified ITR forms for financial year 2019-20 (assessment year 2020-21), bringing in some key changes. News

In the notification, the finance ministry issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms, as per the rule changes in the Income Tax Rules 2020.

The Central Board of Direct Taxation (CBDT) had earlier notified ITR1 & ITR4 forms but they were withdrawn.

This time some of the key changes notified in the forms includes declaration from taxpayers in detail if they have paid over Rs 1 lakh in electricity bills in a year, deposited Rs 1 crore in bank account and if incurred Rs 2 lakh expense on foreign travel, in forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4).

Taxpayers have also been given a dedicated column to declare their expenditures/income/ investments/donations made between April 2020 till June 2020, for which they can claim I-T benefits.

However, these benefits or declarations can be claimed only once, thus, I-T department has left it open for the taxpayers to either claim/declare this for FY20 or for FY21.

"This column was a much needed clarity, which was awaited from the income tax department. The move comes after government had announced that taxpayers can claim their investments/donations and other such expenditures made between April 2020 till June 2020 while filing their income tax returns for last financial year,” said Mukesh Patel, independent tax expert and member of task force on simplification of direct tax legislation formed by the finance ministry.

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Income tax return forms for FY 2020-21 notified

31 May 2020

Taxpayers including individuals, Hindu undivided family, professionals and businesses, will be able to avail benefits of savings or investments made between April 1 and June 30, following the extension timelines provided by the finance ministry owing to Covid 19 pandemic. News

The government has notified income tax return (ITR) forms for taxpayers for filing returns for assessment year FY 2020-21.

Taxpayers including individuals, Hindu undivided family, professionals and businesses, will be able to avail benefits of savings or investments made between April 1 and June 30, following the extension timelines provided by the finance ministry owing to Covid 19 pandemic.

Taxpayers will have dedicated space in each of the ITR forms - Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V – to describe investments of expenditures made during the quarter ended June 30, which will get counted in deductions or exemptions.

The government has extended several timelines under income tax by a quarter from March 31, to allow taxpayers to make investments, payments or donations for claiming exemptions and deductions, besides the roll over benefit of capital gains.

The forms also seek details from taxpayers that have paid over Rs 1 lakh in electricity bills in a year, deposited Rs 1 crore in bank account and if incurred Rs 2 lakh expense on foreign travel, in forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4).

Experts pointed to changes incorporated in the ITR forms. For instance, in ITR-1, government employees have been bifurcated in State, Central Government and a new type as “NA” added to the list.

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SMEs must move their compliance and accounting to cloud: Kapil Rana, Chairman, HostBooks Limited

29 May 2020

Novel Coronavirus is impacting people and businesses around the world and its impact on SMEs is the worst. Most of the SMEs are dependent on desktop-based traditional manual accounting system for their accounting and compliance needs. HostBooks can help the SMEs in this regard with its all-in-one cloud-based business solution, says Kapil Rana, Founder and Chairman, HostBooks Limited, in conversation with Elets News Network (ENN). News

The outbreak of Covid-19 has brought-in several challenges for the MSME and SME sector in India. How are your tax-related solutions helping these sectors during this pandemic situation?

Novel Coronavirus is impacting people and businesses around the world and its impact on SMEs is the worst. Organizations are navigating through a broad range of interrelated issues that span from safekeeping of their employees and customer safety, managing cash and liquidity, reorienting operations and navigating through complicated government support programs and also to be tax compliant.

Most of the SMEs are dependent on desktop-based traditional manual accounting system for their accounting and compliance needs. It was never a focused area for them and they are somehow managing their business accounting and compliance needs. The lockdown due to Covid-19 has raised many questions about their preparedness for required IT infrastructure, IT capabilities and above all their mentalities towards business in such peculiar and uncertain situations. GST implementation has brought tremendous evolution in accounting, compliance, reporting and data management and most of the compliances have now moved or are planning to move to the online system. Reforms in the taxation system and this lockdown has created a thrust for SMEs to move their compliance and accounting needs to cloud.

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How automation is disrupting finance and accounting industry

27 May 2020

Automation technologies have helped to transform the finance and accounting industry, such as banks, insurance firms, and accounting service providers around the world. Businesses are adopting digital transformation as their core strategy to augment revenues and overall profit margins. According to Statista, the overall transaction value in the Indian FinTech market is estimated to reach USD 137.8 billion in 2023. When looking through a global perspective, as per the data published by Statista, the overall transaction value in the global FinTech market is predicted to reach USD 9.82 trillion in 2023. There are several benefits, such as gaining useful insights from existing data and improving financial risk management, for companies that employ automation in their daily operations. News

After adopting digital transformation, companies report an increase in speed, accuracy, and reduction in operational cost. Additionally, automation has also improved the efficiency of business processes that previously require manual interaction and has enhanced customer experience. In today’s competitive world, the roles of people involved in finance and accounting are evolving and require significant investment in technology adoption to stay profitable in the long run. Moreover, the changing needs of consumers and their rising expectations can force any organization to rethink their business models and to start offering their services through digital platforms.

Automation: A solution to put valuable resources into better tasks: Most finance and accounting professionals are tied up with the tedious operational tasks and rarely get time to focus on value-adding activities. There is an increasing necessity for organizations to automate such time-consuming processes, giving finance personnel adequate time to provide analytical insights. Automation, along with cutting-edge predictive algorithms, allows professionals to look into the future and put businesses into the path to success.

It has been shown that leading world-class companies are employing automation in finance and accounting departments, putting their workforce to value-adding activities. In their journey of digitization, they’re starting with finance and accounting processes to get things done faster and more accurately. Automation, in combination with other new technologies like artificial intelligence/machine learning (AI/ML), robotic process automation (RPA), and data analytics, opens more possibilities for businesses to explore.

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How Can Small Businesses Reduce the Impact Of Coronavirus On Their Cash Flow

21 May 2020

Small businesses have been severely hit and are struggling to get through the difficulties posed by the coronavirus outbreak. Although the government has taken various measures to provide relief for small businesses facing economic disruption, many are already witnessing a rough impact on their operations and decline in cash flows. News

Due to the panic among consumers to stock up on essential supplies, many businesses find themselves hurrying to restock. The smaller businesses are, the greater their problems relating to cash flow.

To maintain a stable supply of goods and services, small businesses need to manage their cash flow effectively. They need to maintain liquidity at surplus levels, especially due to the large demand shock caused by panic-buying among consumers. The lack of effective cash flow management means businesses being unable to pay their suppliers, incapable of meeting their immediate needs, and even going bankrupt.

During these uncertain times, predicting cash flow is more important than ever and also more difficult. When you have exhausted all your credit limits through loans and cards, you might have to face the inevitable of closing down your business. Accounting software can help small businesses to efficiently manage their finances and take control of expenses. Moreover, it allows you to stay updated on your stock levels and get better visibility on where your money is going.

Apart from sending invoices to your customers, for effective cash flow management, you need to maintain an accurate record of all the transactions. This allows you to stay updated on how your business is doing in near real-time. Also, maintain a healthy balance when chasing invoices so as not to stifle the incoming of new clients while also not being overly easygoing.

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TDS, TCS rates cut by 25% – What does it mean for taxpayers?

13 May 2020

While there was an expectation of a higher rate of reduction, the longer period of reduction till 31st March 2021 balances the slightly lower rate. The extension of due dates of various compliances provides additional relief given the practical difficulty in undertaking compliances. News

The Finance Minister announced various tax-related measures in her press conference today. She said that the rates of TCS for specified receipts and TDS for non-salaried specified payments made to residents will be reduced by 25 per cent, which will provide more funds at the disposal of individuals and companies.

The reduced TDS and TCS rates will be valid until 31st March 2021. The government said Rs 50,000 crore of liquidity will be introduced by reducing the TDS and TCS rates for certain payments by non-individuals.

Experts believe the reduction in TDS and TCS rates will have a massive positive impact in cash flow for deductor and deductee for the specific payments.

Kapil Rana, Founder and Chairman, HostBooks Ltd, says, “During lockdown business activities are not happening, cash flow is the biggest issue and taxpayers were well aware that they will default in time-bound tax compliances and would end-up up paying huge tax penalties and interests. Extending the due dates for various time-bound activities will allow them to be tax compliant and saving huge penalties and interest burden.”

Vikram Doshi, Partner Tax and Regulatory, PwC India, says, “The immediate reduction of TDS rate by 25 per cent is a direct and practical measure to increase liquidity in the system. While there was an expectation of a higher rate of reduction, the longer period of reduction till 31st March 2021 balances the slightly lower rate. The extension of due dates of various compliances provides additional relief given the practical difficulty in undertaking compliances.”

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Major change in Provident Fund rule! EPF contribution rate cut from 12 pct to 10 pct

13 May 2020

The government has announced several measures for employees on Wednesday evening giving them some relief during the coronavirus crisis. Probably, the most important announcement came in the form of benefits announced for members of Employees' Provident Fund (EPF). News

The government has announced several measures for employees on Wednesday evening giving them some relief during the coronavirus crisis. Probably, the most important announcement came in the form of benefits announced for members of Employees' Provident Fund (EPF). The finance minister informed that those earning a basic salary of more than Rs 15,000 a month can opt to pay 10 per cent instead of the mandatory 12 per cent contribution towards PF for the next 3 months.

Currently, all the employees are required to pay 12 per cent of the monthly pay towards provident fund, with an option to enhance it to up to 100 per cent of the basic pay. The contribution above the designated 12 per cent is called voluntary provident fund (VPF).

"Provident contribution is calculated at 12% of basic wages + dearness allowance + retaining allowance. The announcement on provident fund reliefs is a positive one. The percentage of PF contribution has been reduced to 10%,” Pooja Ramchandani, Partner, Shardul Amarchand Mangaldas & Co said, while explaining that prior to this, the 10 per cent rate was applicable to establishments with less than 20 employees, sick industries, establishments where losses exceed net worth, jute, beedi, brick, coir and gum industries.

“This change will be beneficial for both employer and employees. The decrease in the rate of contribution will reduce employer's financial outlay and conserve cash flow to some extent. For the employees it will increase their take home salary enabling liquidity in their hands - however, this could be coupled with a tax impact for the employees as this additional take home will be deemed to be income. Further the additional 3 months extension of contribution by the government for small industries is an added bolster to weather the storm,” she said.

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Covid-19 Crisis: Will your tax liability go up with no reimbursement or salary getting deferred?

13 May 2020

Many components of tax optimized pay structure might not be suitable or justifiable, because of which people have to move to the liner and simple structures, which will obviously impact the tax liability. News

Lots of people are facing salary cuts, salary delays, retrenchment, layoffs, leave without pay, and partial deferred payout, etc. amidst the COVID-19 crisis. Abhishek Rastogi, Partner, Khaitan & Co, says, “Companies that are most affected belong to the MSME sector or those companies with heavy bank loans with no incoming funds. Hence, these salary cuts are inevitable.” Additionally, there are people who have the element of reimbursements in their salary structure but, since they are not going out, they can’t claim entertainment or transport allowances.

During this lockdown, most organizations have been non-functional or are working from remote places. Experts believe post lockdown, organizations will have to operate with the limited on-premises workforce and the rest will continue working from home or remote places. Therefore, people will not be able to claim reimbursements, which are part of their pay structure, and will have to look case to case basis on how to manage this. Kapil Rana, Founder, and Chairman, HostBooks, says, “We all have adopted, implemented, or have kept it as an option of tax optimized payment structure to save on tax liabilities.”

Will tax liability go up due to no claim on reimbursements? : Experts say many components of tax optimized pay structure might not be suitable or justifiable, because of which people have to move to the liner and simple structures, which will obviously impact the tax liability. Rana says, “Keep in mind the whole calculation will depend on how much gross salary is paid to the employee. Moreover, there are 8 months yet to go for this financial year, hence, people will have ample time to do their tax planning.”

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Chartered accountants shifting to cloud tech for tax, GST filing due to lockdown

12 May 2020

The coronavirus-induced lockdown is changing the way chartered accountants (CAs) do their business of filing income tax returns, GST returns and fulfilling other compliances. Tax filing and investment portal ClearTax has recorded a 30% jump in adoption of its cloud-based platforms for CA firms. News

"In the current situation, neither chartered accountants are able to go to their offices nor can they get documents collected from their clients. This has led to a change in trend. CAs can from anywhere and at anytime using cloud-based fintech softwares," Archit Gupta, Founder and CEO, ClearTax, said.

Even the Institute of Chartered Accountants of India (ICAI) has recommended its members to use cloud-based compliance tools. Earlier this year, another fintech operator HostBooks signed an agreement with ICAI to encourage the use of technology and automation among CAs.

"Covid-19 has changed the way of doing business and professionals like CA’s are not out of that zone. Prior to this pandemic, most of the small and medium CA firms were not putting efforts to make their office digitized or adopt new emerging technology solutions. They were reliant on traditional locational & device-dependent desktop-based manual accounting system and the data was always lying on their premises as they were used to it for a long time," Kapil Rana, Founder and Chairman, HostBooks Limited, said.

HostBooks has also observed a significant increase in users for their cloud-based all-in-one accounting and compliance system.

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Pre-packaged resolution plan to help expedite insolvency process: Experts

10 May 2020

As part of efforts to fast-track processing of cases, the government has been mulling introduction of the provision for pre-packaged (pre-pack) corporate insolvency resolution plan wherein a restructuring plan would be agreed upon in advance between the company and its creditors. News

Pre-packaged corporate insolvency resolution plan will help expedite resolution process for stressed assets as well as reduce the number of insolvency-related cases before the National Company Law Tribunal (NCLT), according to experts. The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution framework. An insolvency resolution has to be approved by NCLT.

As part of efforts to fast-track processing of cases, the government has been mulling introduction of the provision for pre-packaged (pre-pack) corporate insolvency resolution plan wherein a restructuring plan would be agreed upon in advance between the company and its creditors.

Last year, the corporate affairs ministry sought comments on pre-packaged resolution plans but a final decision on the provision is awaited.

"Pre-pack process will cut short time spent at the NCLT, and the consequent delay in implementation of a workable resolution plan.

"If a pre-pack is properly implemented and the court intervention is reduced, it is likely to bring efficiency in the resolution process and in turn have a positive effect on the value maximisation for the creditors," Punit Dutt Tyagi, Executive Partner at Lakshmikumaran & Sridharan Attorneys said.

Under the pre-packaged process, he said main stakeholders like creditors, shareholders and the existing management/ promoter can come together to identify a prospective buyer and negotiate terms of a resolution plan, before submitting it to NCLT for formal approval.

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Coronavirus impact: Chartered accountants, small business houses shift to cloud accounting softwares

30 Apr 2020

Lockdown was announced at a very tricky time for businesses, chartered accountants, small and medium enterprises of the country. News

Coming into effect from March 25, just 6 days before the end of the financial year and with the beginning of the new year, from April, it meant closing all the books, filing of various returns, be it the income tax compliances or the goods and services tax compliances, all needed to be done. Thus, leading to a huge pressure for them.

Though the government has given various deadline extensions, but prolonged lockdown has made it necessary for the businesses, chartered accountants, small and medium enterprises to shift to advanced accounting softwares that help them connect with their clients, buyers, sellers to collate the data, transaction details and a lot more to meet these needs to the best.

These businesses, chartered accountants, small and medium enterprises are now slowly shifting to new tools to comply with their clients and collaborate with their teams effectively.

Thus, making this need to be addressed at the earliest through best possible solutions to be secure and easy to manage.

To help them strengthen their understanding and knowledge of taxes and compliance several new tools are making entry replacing the traditional accounting methods like Bhaikhatas, age old -data entry systems.

Many start-ups and existing accounting tool providers are innovating new software products to cater to this urgent need.

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Covid-19 update: Customs hearings to be held via video conference

29 Apr 2020

According to the guidelines, the new system would also facilitate importers, exporters, passengers, advocates, tax practitioners and authorised representatives to maintain social distancing while performing their work at ease, from a place of their choice. News

The Central Board of Indirect Taxes and Customs (CBIC) has issued detailed guidelines for its offices to conduct hearings on customs related matters via video conference (VC) with the consent of the appellant or respondent to ensure speedy disposal of cases while observing social distancing norms to check the spread of Covid-19.

“With an aim to create a virtual Customs working environment, ensuring #SocialDistancing, reduce physical presence & usage of ICT systems, CBIC issues guidelines for conduct of personal hearings in virtual mode under Customs Act, 1962,” CBIC tweeted on Tuesday.

According to the guidelines, the new system would also facilitate importers, exporters, passengers, advocates, tax practitioners and authorised representatives to maintain social distancing while performing their work at ease, from a place of their choice.

Persons participating in video conference should also be appropriately dressed and maintain the required decorum, the guidelines said.

The guidelines are part of the government’s ongoing reforms -- ‘turant’ (instant) customs -- such as online query module, eSanchit, web based goods registration, electronic processing of licenses, machine release of imported goods based on customs compliance verification and electronic transmission of PDF-based first copy of bill of entry (BoE) to customs brokers and registered importers, a finance ministry official said requesting anonymity.

  • htpress

Government tightens rights issue pricing norms for non-resident Indians

29 Apr 2020

The government has tightened the rights issue pricing norms for non-resident Indians (NRIs) by disallowing acquisition of renounced shares below the fair market value. News

In a notification issued under the Foreign Exchange Management Act (Fema) regulations, the Centre said: “A person resident outside India who has acquired a right from a person resident in India who has renounced it may acquire equity instruments (other than share warrants) against the said rights as per pricing guidelines.”

Experts said the notification provides much-needed clarity on the “acquisition after renunciation of rights” by NRIs. They said the rules will help curb market manipulation and money laundering, which could take place during the transfer of shares between residents and NRIs.

“The government has clarified that NRIs acquiring renounced shares cannot take the benefit of the free-pricing regime applicable to rights issue. While this is an important fix, Sebi should consider relaxing the floor-pricing regime for all companies and only in distress situations. It should move away from a 26-week look back and keep it only a 2-week look back test,” said Atul Pandey, partner, Khiatan & Co.

  • business-standard

Central Board of Indirect Taxes allows video conferencing for personal hearings under Customs Act

28 Apr 2020

Experts said that the move would help the department transition into the new work culture while also helping in clearing a number of pending cases and also the cases like countervailing duty refund, custom duty refund and other refunds. News

Central Board of Indirect Taxes has allowed video conferencing for personal hearings under Customs Act, besides allowing submission of documents through emails, adopting a digital way of working amid the Covid 19 outbreak.

The Board’s judicial cell issued an instruction on April 27, which laid out guidelines to be used by parties and officials for conducting the virtual hearings, including requirement of secure computer network and applications like VIDYO, exchanging e-mail records of personal hearings and admitting submissions of scanned self-attested documents.

Experts said that the move would help the department transition into the new work culture while also helping in clearing a number of pending cases and also the cases like countervailing duty refund, custom duty refund and other refunds.

“Transitioning from traditional personal hearing to technology driven digital hearings by embracing new communication channels shows the Government’s nimble footed approach during these challenging times.” said Harpreet Singh, Partner, KPMG India.

  • economics-times

How to successfully manage cash flow in business?

18 Apr 2020

For long-term sustainability, businesses need to manage cash flow effectively by monitoring their cash flow statements on a monthly or even weekly basis. In case of a small or mid-sized business, cash flow is an important factor to determine whether it will succeed or not. In general, more than half of SMEs don't survive longer than five years and poor cash flow is one of the major contributing factors in that. News

Cash flow management helps you to stay updated about the money coming in and going out of your business. Put simply, if you are spending more than what you earn; you will probably have to borrow money to keep your business running.

The cash flow problem is not just limited to businesses starting up; well-established one can also be hit if they are not prepared. Even if you are edging into such an issue, during the current crisis, it is always better to spend time to improve your cash flow. This might also improve the chances of survival and the overall efficiency of your business. If the amount of cash coming in is not somewhat similar or greater than the cash going out, businesses can end up being bankrupted, even a profitable one. Without good cash management practice, profits are meaningless and continuity can be challenging, especially in this competitive market. Now, let's dive into some of the steps that you can take as a business owner to improve your cash flow.

Regularly monitor your cash flow: If you are only focused on growing your business, you may eventually run into the cash-flow problem. Hence, along with your plan for growth, you should also stay on top of your cash flow. Several online accounting software makes it easier to generate reports, reconcile accounts, and more from wherever you are. Apart from helping you to plan for cash outlays in advance, it can also help you to be prepared for new expenses as you grow.

  • taxman

Adding Ease and Efficiency in Managing Finances: HostBooks

15 Apr 2020

In order to resolve accounting issues for any SME or MSME and bring efficiency in managing business, HostBooks enetered the market. Know more about this platform in an exclusive interaction with Kapil Rana Chairman & Founder of HostBooks. News

While the worlds are locked down there are many innovations happenings to run businesses from home. One such innovative initiative is HostBooks.

Founded in 2017, as a startup from Gurgaon, Hostbooks developed a unique and comprehensive platform for financial management. In an exclusive interaction with Mr Kapil Rana, Chairman and Founder, HostBooks Limited, Faiz Askari found some interesting insights about this startup and fintech’s industry.

FAIZ ASKARI: To begin with, can you give me a brief overview of the core idea behind launching this platform? How did the HostBooks start?

KAPIL RANA: Definitely, that’s a good question to start with. I have an accounting background, and I’m a Chartered Accountant and a CPA. The computer has been my core interest. When I was doing my article ship, (the article ship you do as a CA) and was working with my principal chartered accountant, we used to work on numbers of accounting software for our clients. They were all manual, you had to input every data, transaction again and again. The input was the same but we had to use the same data multiple times. Secondly, we were extremely busy with a hectic schedule due to many compliances every month. Thirdly, every businessman was dependent on us for specialised knowledge about accounting software and we were their point of contact for anything related to accounting. Even recurring entries, we had to do it again, for Income Tax challan, we had to make an accounting entry and then file TDS return. There were various problems and we had different applications for different complaints. Accounting, VAT, Sales Tax, Service Tax, TDS all had different applications and required expertise on all the software.

There was a dependency on location as well as hardware. We also had to physically go to the office and sometimes work till 12 at night to meet deadlines. Sometimes software doesn’t work on particular hardware, the requirement of a different operating system and various other problems. Another issue was the physical filing of documents, with thousands of files it used to take hours to find the file physically.

  • sme-street

Auto Loan Calculator: Surprise! You can claim income tax exemption if your vehicle falls in this category

14 Apr 2020

Auto Loan Calculator: If your are going to file Income Tax Return (ITR), then it is advisable to nurture all possible tax-saving options as a penny saved is penny earned. News

Auto Loan Calculator: If your are going to file Income Tax Return (ITR), then it is advisable to nurture all possible tax-saving options as a penny saved is penny earned. According to the tax and investment experts, if someone has bought an electric bike or car after availing an auto loan, then the interest paid on the electric vehicle while repaying the auto loan EMI is tax exempted. The maximum limit for this tax exemption is Rs 1.5 lakh per annum. What is most important is that this is different from the Section 80C tax deduction benefit.

Speaking on how an electric vehicle loan can help a taxpayer save tax, Kapil Rana, Chairman and Founder at HostBooks Limited said, "An earning individual, who is going to file ITR can claim a tax deduction of up to Rs 1,50,000 for the interest repayment for a loan taken for the purchase of an electric vehicle. To be eligible, the loan should have been sanctioned between 1st April 2019 and 31st March 2023."

Rana went on to add that we all give our best to reduce our tax liability for each financial year. If you have taken one step further to look into tax-saving investment options, you might be familiar with Section 80C of the Income Tax Act, 1961. Being one of the most popular tax-saving options, most individuals claim deductions under this section to lower their taxes. It facilitates deductions of up to Rs 150,000 per annum. However, it might not be adequate to meet your financial goals.

Highlighting the benefit of electric auto loan in Income Tax Return filing; Jitendra Solanki, a SEBI registered tax and investment expert said, "This income tax exemption is different from the Section 80C benefit as the interest repayment of an electric vehicle loan is tax exempted under Section 80EEB of the Income Tax Act 1961. So, if someone has taken loan for purchasing electric vehicle (either two wheeler or four wheeler), then income tax exemption claim can be made under the above-mentioned section on up to Rs 1.5 lakh interest repayment even after exhausting the Section 80C benefit."

  • zee-business

Income Tax Calculator: Want to save money while filing ITR? Top 10 tax-saving investments other than Section 80C that can help you

04 Apr 2020

Income Tax Calculator: When it comes to paying taxes, we all give our best to reduce our tax liability for each financial year. News

Income Tax Calculator: When it comes to paying taxes, we all give our best to reduce our tax liability for each financial year. If you have taken one step further to look into tax-saving investment options, you might be familiar with Section 80C of the Income Tax Act, 1961. Being one of the most popular tax-saving options, most individuals claim deductions under this section to lower their taxes. It facilitates deductions of up to Rs 150,000 per annum. However, it might not be adequate to meet your financial goals which make it only natural for you to look tax-saving benefits beyond Section 80C limit.

As per the Income Tax Act, 1962; there are certain clause that allow you tax-saving investments beyond the maximum limit available under Section 80C. Apart from helping you, these tax-saving investment options help you to reduce the tax burden. Tax and investment experts say these investment options might even have a positive impact on your financial planning.

1) National Pension Scheme (NPS): Under Section 80CCD, you can invest an additional Rs 50,000 in this scheme apart from the contribution of Rs 150,000 available under Section 80C. In short, you can claim a total deduction of up to Rs 200,000 in each financial year by investing in NPS.

2) Interest payment of home loan: The payment of interest part of a home loan is eligible for tax benefit under Section 24 of the Income Tax Act, 1961. In case the property is occupied by the person taking the home loan, the maximum limit under this section is Rs 200,000. However, if you are not staying in the property and is rented out then there is no maximum limit, allowing you to claim the whole interest amount as a tax deduction.

  • zee-business

Cloud solutions for tax compliance gaining popularity

04 Apr 2020

NEW DELHI: Adoption of cloud-based tax compliance solutions has risen among companies, including small and medium enterprises, as many consider going digital as a permanent alternative to on-premise systems as it offers more flexibility and risk mitigation. News

The current lockdown has prompted even fence-sitters to begin using these tools, as they face constraints in accessing critical information that resides on systems in company premises and requires physical presence of executives to access, providers of cloud-based services said.

The shift, industry insiders said, was taking place even as the government had extended compliance deadlines for both direct and indirect taxes by three months to June 30.

“Instead of using some compliance solution which is hosted on the premises of the enterprise on a physical server, companies want to shift to cloud services,” said Archit Gupta, the chief executive of Cleartax, one of the several companies offering cloud services.

The number of companies signing up for cloud services has risen dramatically in March compared with February owing to annual closure procedures, he said. One of the sharpest increases, 31% , came from Maharashtra, which has reported the highest number of Covid-19 cases and was among the first states to go into a lockdown.

Companies are opting for the solutions — referred to as software as a service or SaaS — as they provide scale and elasticity to handle large invoices and real-time reports, while providing high security with low maintenance. “It is for these reasons that implementing cloud-based tax technologies is expected to continue in the future, as it rationalises business risk,” said Rajat Mohan, a senior partner at AMRG Associates.

  • economics-times

Will the removal of DDT from April 1 benefit you? Find Out

02 Apr 2020

Finance Minister Nirmala Sitharaman announced the decision to abolish the dividend distribution tax (DDT) levied on dividends issued by companies. News

In her Union Budget 2020 speech, Finance Minister said that the decision would encourage low-income earners to invest in the capital market and provide relief to a large class of investors. According to the decision, the taxes on income received from dividends will now have to be paid by the shareholders depending on their income tax slab rates.

Presently, companies distributing dividends need to pay DDT at 15%, which after including surcharge and cess comes at an effective rate of 20.35% directly to the government. Hence, out of every ₹100 paid in dividend by a company, ₹20.35 is required to be paid as tax, giving ₹79.65 to shareholders. Additionally, for investors, up to the maximum limit of ₹10 lakh the dividend received is tax-free, after which a tax rate of 10% of the dividend received in a fiscal is applicable.

The total number of GSTR-3B Returns filed for the month of February up to 31 March, 2020 is 7.65 million. Here's a chart that shows trends in monthly gross With the new proposal, all investors are required to treat their divided receipts as income and pay taxes at their applicable tax rates. The government said in a statement that the new system would encourage investment in the debt mutual fund market as most individuals would be liable to pay tax at a lower rate on income received from a debt fund. They further added that the single rate of taxation was only favorable for taxpayers in higher tax slab and worked against those who were in lower slabs.

The government said, "Low-income earners would be encouraged to invest in the capital market as the person with a gross income of up to ₹5 lakh will not have to pay tax on dividend income as against the previous 20.56% paid by them indirectly."

The dividends declared between 1st April 2003 and 31st March 2020 will be subject to DDT under the old regime, whereas those declared after 1st April 2020 will be excluded. After the abolition of DDT, the dividend received by a taxpayer will form the part of the total taxable income under the head "income from other sources".

  • zee-business

GST collections for March fall below ₹1 lakh crore

01 Apr 2020

Until February, GST collections crossed ₹1 lakh crore for four consecutive months. The total number of GSTR-3B Returns filed for the month of February up to 31 March, 2020 is 7.65 million. News

GST Collections: Goods and services tax collections for March, 2020 stood at ₹97,597 crore, lower than ₹1.05 lakh crore collected in February, 2020. Until February, GST collections crossed ₹1 lakh crore for four consecutive months.

Of the total ₹97,597 crore, central GST stood at ₹19,183 crore, state GST at ₹25,601 cr, integrated GST is ₹44,508 cr, which included ₹18,056 cr collected on imports and compensation cess is ₹8,306 crore, which included ₹841 crore collected on imports, the revenue department said in a statement on Wednesday.

The total number of GSTR-3B Returns filed for the month of February up to 31 March, 2020 is 7.65 million. Here's a chart that shows trends in monthly gross GST revenues during the current year.

The GST revenues during the month of March, 2020 from domestic transactions has shown a negative growth of 4% over the revenue during the month of March, 2019. For the full financial year, 2019-20, the GST for domestic transaction has shown a growth rate of 8% over the revenues during last year. During the year, GST from import on goods fell down by 8% as compared to last year. Overall, gross GST revenues grew at 4% over the last year’s GST revenue.

“In spite of the higher target, GST collection for March 2020 is ₹97597 and it is lowest in the last quarter because of lower collections due to pandemic lockdown as expected. We will see a higher fall in GST collection in the coming months as most of the businesses are closed down. The domestic market, as well as the international market, is uncertain, so the government should be more cautious for setting the target for the next quarter," said Kapil Rana, Chairman and Founder, HostBooks Limited.

  • live-mint

Three tax changes to keep in mind in the new financial year

Mar 31, 2020

The new tax regime has lower slab rates but compare your tax liabilities before switching from the old system News

While the finance minister has extended various statutory deadlines related to tax from 31 march to 30 June, the Finance Bill 2020 will get implemented from 1 April, along with it the amendments proposed in the Union budget. Here are three changes in tax rules you should be aware of in the new financial year (FY).

New tax regime: In the new FY, you have the choice to opt for the new tax regime or remain with the old one. Under the new system, there are seven tax slabs for individuals and Hindu Undivided Families—there’s no tax for income up to ₹2.5 lakh, 5% for income between ₹2.5 lakh and ₹5 lakh, 10% for income between ₹5 lakh and ₹7.5 lakh, 15% for income between ₹7.5 lakh and ₹10 lakh, 20% for income between ₹10 lakh and ₹12.5 lakh, 25% for income between ₹12.5 lakh and ₹15 lakh, and 30% for income above ₹15 lakh. Those with income under ₹5 lakh can continue to claim rebate of up to ₹12,500 under Section 87A But the lower tax rates under the new tax regime come with certain conditions such as giving up most of the exemptions and deductions, including house rent allowance (HRA), standard deduction on salaries, deductions under Sections 80C and 80D and those related to your home loan. Calculate your tax under both the systems before making a decision.

DDT rules: The Finance Act, 2020, eliminates dividend distribution tax (DDT) levied on dividends distributed by companies. So far, companies are required to pay DDT at 15%; after taking into account the surcharge and cess, the effective rate is 20.56%. From 1 April, dividend income will be taxed at the applicable slab rates in the hands of the investors. Also, before distributing the dividend, companies are required to deduct tax at source at the rate of 10%, where the dividend paid exceeds ₹5,000.

  • live-mint

How cloud based accounting solution can fight coronavirus lockdown

Mar 31, 2020

While a majority of small businesses are finding it impossible to manage their team, allot work or even oversee accounting and compliance, those companies which have opted for SaaS-based compliance solutions, are faring well. News

By Kapil Rana: The global economy is reeling under the stress of Coronavirus, the pandemic that has reached 193 countries, impacting the livelihood of people worldwide.

"With more than 7, 81,842 positive cases and about 37,000 deaths from COVID-19 across the world, the real concern is how to control the number of patients which is multiplying by the hour. To contain the spread of this highly contagious disease, towns and cities in India have been forced into a lockdown.

As social distancing and staying at home is the best solution to contain this deadly virus, all businesses -- big or small, are finding it difficult to run smoothly. This situation has shattered world economies and trillions of dollars have already been wiped away as markets have tumbled uncertainty looms large.

Trying times for businesses: The businesses are walking on a tightrope; on one hand, they have to ensure the safety of their workforce, whereas, on the other they cannot afford to falter in accounting and compliance. The pandemic has brought about an unprecedented crisis in the companies. But, a good business leader is one who is able to navigate successfully during such adverse twists and turns.

A silver lining for companies: While a majority of small businesses are finding it impossible to manage their team, allot work or even oversee accounting and compliance, those companies which have opted for SaaS-based compliance solutions, are faring well.

  • et-rise

Alert! Three Month Tax Saving Exercise: PPF, loans, insurance to education, top investment options for taxpayers

28 March 2020

Income Tax Alert: The government has extended the tax filing deadline until June 30, 2020. Now, taxpayers have time to complete their tax-saving exercise for Financial Year 2019-20. News

Income Tax Alert: As the Government of India has extended the tax filing deadline until June 30, 2020 from March 31, 2020, taxpayers now have time to complete their tax-saving exercise for Financial Year 2019-20. Amid Covid-19 outbreaks, you will put your efforts to make the best tax-saving investment options available. However, before you put your hard-earned money in buying a tax-saving instrument, it is important to make use of the available deductions and exemptions. In other words, various expenses that you have made come with tax advantages and help you reduce the tax liability for the current fiscal.

Although tax planning is something that should have been done in advance, it's still not too late if you do it correctly in the extended three months. Even if you have not made such expenses, in this article, we will take a look at some of the tax-saving options that will put you on the right track.

Public provident fund (PPF): You can voluntarily invest in this instrument, considered to be one of the best long-term tax-saving schemes under Section 80C of the Income Tax Act, 1961. You can open a PPF account through net banking which might only take a few days for the complete process. It is a government established savings scheme which is available in almost every bank and post office in India. However, if you have already opened a PPF account before, you can simply transfer the desired amount from your savings account.

  • zee-business

What do RBI announcements mean for common man, Indian economy amid coronavirus lockdown

Mar 27, 2020

The Reserve Bank of India (RBI) on Friday massively reduced the key lending rates in response to the Covid-19 outbreak. The Monetary Policy Committee of the central bank in an unscheduled meet reduced the repo rate by 75 basis points to 4.40 per cent from 5.15 per cent. News

The Reserve Bank of India (RBI) on Friday massively reduced the key lending rates in response to the Covid-19 outbreak. The Monetary Policy Committee of the central bank in an unscheduled meet reduced the repo rate by 75 basis points to 4.40 per cent from 5.15 per cent. Consequently, the reverse repo rate was also reduced by 90 basis points to 4 per cent. Besides, the marginal standing facility (MSF) rate and the Bank Rate stand reduced to 4.65 per cent from 5.40 per cent.

"The purpose of this measure relating to reverse repo, is to make it relatively unattractive for banks to passively deposit funds with the Reserve Bank, and instead to use these funds for lending to the productive sectors of the economy," RBI Governor Shaktikanta Das said.

The announcements from the RBI are like a bazooka to deal with the economic pain and uncertainty prevailing in the wake of the COVID crisis, believes Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas. He said that the RBI has used several levers to increase liquidity in the system.

“This empowers banks to commence or continue the emergency COVID credit lines opened up by several of banks. Crucially, in recognition of the inevitable stress in the next few months the RBI has permitted all lenders regulated by it to provide a moratorium on all instalments for term loans and interest payments on working capital loans- specifying that such a payment moratorium will not result in a adverse asset classification. This provides a much needed respite for borrowers and lenders in these trying circumstances and should soften the recovery period,” Shroff said.

  • financial-express

Coronavirus Outbreak: Nirmala Sitharaman took care of the poor, Shaktikanta Das has taken care of middle class by cutting interest rates

Mar 27, 2020

I was waiting for some relief measures on EMI (equated monthly instalments) payments from Finance Minister Nirmala Sitharaman in her announcement yesterday. I was disappointed that the measures announced were all for the poor. News

The government has forgotten the middle class too is affected, I thought. But the RBI governor's announcement today on deferment of EMI payments is a bonus for the middle class. Though I don't know how my organisation will pay me my monthly salary since I am at home and so are the rest of my colleagues. In case my owner does not pay me my salary, I cannot blame him, too. I am aware the government has said that no employee should lose his/her salary over lockdown and coronavirus pandemic. But if there is no input, what can my owner do? And that was a worry for me until the RBI governor's press conference this morning, " said 34 year-old Inayat Akbar.

Talking to Firstpost, Akbar, who works as a senior accountant at a services firm, said, he was relieved to hear Shaktikanta Das, governor, RBI, announce deferred EMI payments. "I am happy now. I was worried a lot about my payments," said the sole-earning member of a family of four.

EMIs are one part of the equally divided monthly outgo to clear off an outstanding loan within a stipulated time frame. It is dependent on various factors, such as principal borrowed, the rate of interest, tenure of the loan and monthly/annual resting period.

Some like Neelam Kadam, a home-maker, was happy that the RBI has given much-needed solace to salaried class by deferring loan EMIs for a three-month period. "Since our prime minister Narendra Modi had announced a complete lockdown for 21 days, my husband has not been able to attend work. We are not sure if his boss will pay him his salary during this period and that worried us a lot. Now RBI has given us some relief regarding the home loan repayment. It's a good thing", she said.

  • financial-express

5 best investment options to save tax

Mar 26, 2020

There are multiple ways for you to save taxes in India. However, the perfect tax planning is made when an individual chooses instruments that best suits his/her needs. News

We are always looking for the best way to make an investment that saves us from paying taxes. Now, with the tax season just around the corner, it is the perfect time to make the tax-saving plans that helps you to achieve your financial goals. There are several instruments out there for you to invest in while also reducing your tax liability. These plans, commonly referred to as tax-saving schemes, work as a go-to option for taxpayers to save tax easily. Some of the popular ones include the National Pension Scheme, Equity Linked Savings Scheme, Public Provident Fund, etc.

In this article, we will look at five of the best tax-saving instruments that help you reduce your tax burden. The contributions that you make to each of these schemes can be claimed as tax deductions under specific sections of the Income Tax Act. However, the options that you choose should be based on your requirements and needs. For more personalized advice, you are suggested to hire and seek suggestions from a financial advisor. Without further delay, let’s dive into the best income tax saving schemes.

1. Equity-Linked Saving Schemes (ELSS): In this investment option, your contribution is invested in equity, providing you with higher returns in the long run. You can start investing in ELLS funds with just Rs 500 and also there is no upper limit on the amount of investment. It offers the lowest lock-in period of just 3 years among all other tax-saving instruments. There are two types of ELSS funds – dividend and growth options. In growth schemes, you get a fixed amount after maturity. On the other hand, in dividend options, you get a payout whenever dividend is declared by the fund or an alternative to reinvest your amount to equity. You can invest either as a lump sum amount or through Systematic Investment Plan (SIP) in this scheme.

However, ELSS might not be suitable for everyone as their returns are based on market performance. It is covered under Section 80C of the Income Tax Act, allowing you to claim deductions of up to Rs 1.5 lakh in a financial year. Moreover, long-term capital gains from ELSS are tax-free till Rs 1 lakh, after which you are taxed at 10%.

  • financial-express

Vivaad Se Vishwas: Deadline extension provides the much-needed breather to taxpayers

Mar 26, 2020

Those roiling under the pressure of being unable to consult their Chartered Accountants and also liquidate investments due to the stock market mayhem after the COVID-19 outbreak heaved a sigh of relief with the extension of the Vivaad se Vishwas scheme. News

The Finance Minister Nirmala Sitharaman on Tuesday extended the deadline for settling disputes under the VSV scheme to June 30, 2020 from the earlier deadline of March 31, 2020.

The additional interest payment of 10 per cent wouldn’t be applicable for those who paid the disputed tax between March 31, 2020 and June 30, 2020. “The government considers the genuine hardship on the taxpayers by extending the dates and waiving off the 10 per cent payment on disputed tax till 30th June 2020 under the VSV scheme,” says Kapil Rana, chairman and founder, HostBooks Limited, which offers accounting software to chartered accountants.

The scheme, which was announced in the Union Budget 2020, had been aiming to garner Rs 9.32 lakh crore linked to 4.83 lakh direct tax cases that have been pending with the commissioner (Appeals), ITAT, high courts and the Supreme Court.

  • financial-express

Tax filing to PAN-Aadhaar linking deadline extension, FM Nirmala Sitharaman’s relief package welcomed by experts

Mar 25, 2020

Experts have welcomed the slew of relief measures announced by Finance Minister Nirmala Sitharaman during her press conference on Monday to combat coronavirus impact. These measures are expected to provide relief to the common man and improve the situation in coming days. News

“The recent announcements regarding several statutory and regulatory compliance relief measures are precursor to the broader economic measures which are being considered as a part of the economic package likely to be proposed by the Government. The measures related to waiver of minimum monthly balance, ATM charges, increasing the threshold for default under IBC, etc. will provide relief to several sections of the economy and indicate Government’s intent to ease the financial implications of the pandemic. These measures will help in ‘flattening the curve’ with respect to immediate impact with respect to statutory deadlines and help businesses to be better geared to meet their commitments,” Monish Shah, Partner, Deloitte India said.

The decision to extend the deadline to link Aadhaar card with PAN card was the need of the hour, believes Kapil Rana, Chairman and founder, HostBooks Limited.

These given reliefs to the taxpayer by extending various deadlines especially to link AADHAAR-PAN from 31.03.2020 to 30.06.2020 will create a positive bonding between taxpayer and government,” he said.

Rana said that the government considered the genuine hardship on taxpayers by extending the dates and waiving off the 10% payment on disputed tax till 30th June 2020 under the VSV scheme. He said that these moves will create a positive bonding between taxpayer and government.

  • zee-business

Waiver of charges on ATM withdrawal to minimum balance: 10 announcements today

24 Mar 2020

Finance Minister Nirmala Sitharaman today announced some relief towards income tax filing to reduce the hardship of the tax payers in view of coronavirus outbreak in the country. The government also offered some relief on GST filing and on maintenance of minimum balance in back accounts. For companies, the government also announced some relief on compliances. News

“Amidst coronavirus panic and lockdown, an extension of various deadlines especially income tax returns filing, Vivad se Vishwas scheme, and GST filing dates was the need of the hour," said Kapil Rana, Chairman and founder, HostBooks Limited.

Here are some key highlights:

1) Debit card holders can withdraw cash free of charge from any other bank ATMs for the next three months

2) Waiver of minimum balance in bank accounts for next three months. Applicable on all banks.

3) Deadline for income tax filing for FY18-19 has been extended to June 30

4) Interest for filing for delayed ITR for FY18-19 reduced to 9%, from 12%

5) Reduced interest rate of 9% on delayed deposit of TDS, as compared to 18% earlier

  • Live Mint

Stock Markets LATEST Updates: Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers

Mar 24, 2020

Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers

Equity benchmark indices failed to retain the sharp recovery in the afternoon trade despite Finance Minister Nirmala Sitharaman announced several relief measures for the industry and ended in the green. News

The Sensex ended 692.79 points or 2.67 percent higher at 26674.03, while Nifty was up 190.80 points or 2.51% at 7801.05.

Infosys, Adani Ports, Britannia Industries, Bajaj Finance and HUL were among major gainers on the Nifty, while losers were Yes Bank, M&M, Grasim, IndusInd Bank and Power Grid Corp.

  • financial-express

14 tax-saving investment options beyond Section 80C limit

March 21, 2020

Most people are aware of claiming tax deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. Now let's take a look at the tax-saving options other than Section 80C to turn you into a smart tax saver. News

Most people are aware of claiming tax deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. The right tax-saving investments help most taxpayers, including salaries individuals and professionals, to save tax. Some of the options to claim the tax benefit under this section include life insurance premium, PPF, EPF, and tax-saving fixed deposits. However, there is a lot more to tax planning than Section 80C which helps you further reduce your tax liability.

2. Section 80D: Payment of health insurance premium: Under Section 80D of the Income Tax Act, you can claim a tax deduction for premiums paid for your family members and your health insurance. This section allows you to claim a maximum deduction of Rs 25,000 per year on premiums paid for yourself, spouse, and your children. You are eligible for an additional deduction of Rs 25,000 if you are paying medical insurance premiums for your parents, taking your total deduction to Rs 50,000.

Moreover, if the person is below 60 years with parents of above 60 years of age, the maximum exemption limit under this section is Rs 75,000. And, if both the individual and his/her parents are above 60 years, then a total of Rs 1,00,000 can be claimed under this section.

  • financial-express
  • Yahoo

The Waterfall Effects Of Integrated SMB Accounting

19 March 2020

Automation in small business accounting can certainly be beneficial, but when a cloud-based accounting platform remains within the confines of its own interface, there can be unexpected friction that prevents business owners from gaining real-time financial insights. News

That’s because the more software solutions a business implements, the more platforms there are for accountants, payroll professionals, financial executives and others in the enterprise to toggle between, opening up the opportunity for manual data entry, recording errors and wasted time.

Indeed, while accounting digitization can solve many challenges, it can create new ones that impede the ROI of these technologies.

Kapil Rana, president of small business cloud accounting platform HostBooks, told PYMNTS that there are several ways in which accounting software can augment its capabilities to better serve the needs of SMBs. But as functionality expands, what is perhaps more important is that accounting solutions can co-exist with other back-office platforms.

Data integration, he said, can have a waterfall effect with wide-ranging efficiencies.

Elevating Functionality: Migrating the accounting function to the cloud can offer a slew of benefits for small businesses, thanks to the flexibility of software to operate across platforms. It’s what enabled HostBooks to recently announce the launch of its mobile app, a key feature for SMBs that must gain access to financial data regardless of location, said Rana.

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Claim tax deduction for GST paid on insurance premium

March 11, 2020

In order to attract new buyers, insurers are taking various steps such as lowering prices by minimizing expenses pertaining to policy and other similar factors that add up to the total cost of the policy. CA Kapil RANA

By CA Kapil RANA : Under Section 80C and 80D of the Income Tax Act, 1961, taxpayers are allowed to claim tax benefit on premiums paid for life insurance and health insurance plans. This helps to promote the habit of investing in an insurance policy among people. While most people are aware of the tax benefit on premiums paid for insurance, they are unfamiliar with a similar benefit for GST paid on insurance premiums. In other words, taxpayers can avail tax benefit on insurance premiums as a whole, including the GST paid as per the policy.

Before buying an insurance policy, it is important to compare prices across various policies. On top of the cost-specific elements of insurance premium such as mortality amount, the insured person also needs to pay Goods and Services Tax (GST). The applicable GST rate will depend on the type of insurance policy that you have chosen.

Benefiting from tax exemption on GST - A person who avails services from a supplier is liable to pay GST along with the actual value of the service. A taxpayer can claim tax benefits under Section 80C and 80D on the entire amount paid as premium for the continuation of an insurance policy. Since the policy would cease to be active without the payment of GST, a taxpayer can automatically claim the entire amount, including GST as tax deduction under insurance policies. Make sure that you keep the documents related to premium payment, showing both GST and premium paid towards your insurance policy as a valid proof.

The amount paid as GST qualifies for tax exemption subject to the limit available for investment under a particular section. For instance, let’s consider a person A has a life insurance plan with an annual premium of Rs 10,000 to which a GST of Rs 1,800 is levied. Hence, the total premium comes to Rs 11,800, which can be claimed as tax deduction under Section 80C for premium paid towards an insurance policy. Similarly, if a person B has a health insurance policy with an annual premium of Rs 8,000, he will pay GST of Rs 1,440. The total premium comes to Rs 9,440, which can be claimed as a tax deduction under Section 80D.


  • financial-express

HostBooks Selected as GST Suvidha Provider (GSP) by GSTN

December 02, 2019

GST Suvidha Providers (GSP) are empowered with technical capabilities to handle multiple service related to GST. With this announcement of GSTN, HostBooks now becomes part of GSTN privileged service providers. GSP

HostBooks, a FinTech Company based out of Gurgaon, with its all-in-one cloud accounting, GST & other compliance solution, has been selected as a GST Suvidha Provider (GSP) by the GST Network (GSTN).

GST Suvidha Providers (GSPs) are selected based on their financial ability and evaluation of IT capability to provide the essential services to taxpayers making them GST-compliant. GSPs are required to provide with a wide range of services, like GST registration, GST Return Filing and GST Reconciliations to ASPs and taxpayers.

HostBooks all-in-one accounting solution helps businesses in managing their sales, purchase and other transactions efficiently and facilitate automatic GST reconciliation of customer's data with GSTN data i.e. GSTR-1A, GSTR-2A and GSTR-3B. HostBooks ensures that all its software upgrades are in sync with GSTN ensuring complete GST compliances by providing innovative and efficient software solutions.

Talking on the achievement, Kapil Rana, Founder of HostBooks said, "Although GST has completed two years, taxpayers and businesses are still facing challenges. HostBooks is continuously working toward providing seamless cloud-based GST solutions to help them managing their compliances, regardless of the size and nature of the businesses. Now, being a GSP will help us to serve businesses and taxpayers even better."


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HostBooks Founder & Chairman Kapil RANA bags the Economic Times Most Promising Entrepreneur Award 2019

The SME Times News Bureau - March 29, 2019

HostBooks Founder & Chairman CA Kapil RANA has been awarded “The Most Promising Entrepreneur 2019” by Economic Times. Bollywood actor Mr. Ashish Vidhyarthi and Ms. Sunita Quadros, Senior Vice President, Times Strategic Solutions Limited, presented the prestigious award to Mr. Kapil RANA on March 29, 2019, at Hotel Sahara Star, Mumbai.

With a vast experience spread across strategic management, corporate development & structuring of multinational organizations, Mr. Kapil RANA began his journey as the founder of HostBooks in 2009. Being a Chartered Accountant, helped him gain a deeper insight into the issues that are affecting the accounting sector. This acted as the driving force behind the development of HostBooks All-in-One Automated Accounting Software.

HostBooks software provides the CAs, small businesses and other accounting professionals with a complete solution for GST, E-Way Bill, TDS, Accounting, and Tax. The inbuilt cloud feature allows users to manage accounting & compliance anywhere anytime. It aims at saving the time spent on compliance by at least 70%.

HostBooks has brought a sigh of relief to CAs, small businesses, and accounting professionals who were otherwise unable to cope up with the manual accounting pressure. With HostBooks accounting software, the user will be able to work smarter while managing his finances in a few clicks. The financial position of the business is displayed in real-time. Auto document management system, smart cash invoicing, and AI-based reconciliations help business owners scrutinize every financial aspect of their businesses. Under the leadership of Kapil RANA, HostBooks has now become one of the best and reliable accounting and tax compliance software.

The Most Promising Entrepreneur 2019, Mr. Kapil RANA says, “HostBooks is the perfect blend of accounting and cutting-edge technology. With the help of automation techniques, we strive to refurbish traditional accounting methods. The introduction of GST return filing and E-Way Bill is posing challenges for small businesses. Hence, we have developed a comprehensive platform that makes GST, E-Way Bill, TDS, and Tax easy and hassle-free."


  • sme-times

How can online GST software make filing easy & seamless?

September 3, 2019

In the era of “Digital India”, a lot of steps have been taken recently to make India a digitally advanced country GST software

The successful GST implementation with a unified tax structure can be a difficult task in some areas, especially when not all Indians are completely yet aware of the benefits and processes related to GST. To simplify and ease the processes related to GST fillings, GST software is a must for all industries so that the new tax process doesn’t divert them from their core business processes.

In the era of “Digital India”, a lot of steps have been taken recently to make India a digitally advanced country. Since GST was introduced in India, it seems we have taken a step closer to Digital India. Eliminating manual filings by promoting paperless transactions, efforts are being made each day towards making various tax compliance almost effortless.

Thus far, one of the most successful steps big businesses have taken is the implementation of GST software. In today’s digital era, with the help of top GST compliance software, one can easily integrate it with the existing Accounting Software or ERP in place and generate GST compliant invoices for GST filing its details with GSTN. Keeping this aside, there are a number of benefits that GST return filing software might offer.

HostBooks is the all in one destination for you, taking care of all your GST filings and returns. The automated top GST software offers you a comprehensive cloud-based platform for all accounting and compliance functions such as GST, E-Way Bill, TDS, Tax, and Point-of-Sale. Striving to simplify the process with easy reconciliation of invoice mismatches, automatic data validation, inbuilt HSN/SAC codes, and tax liability updates, HostBooks promises you a seamless experience.


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HostBooks launches TV show 'GST Par Charcha' to assist businesses on GST related queries

July 24, 2019

HostBooks has launched 'GST Par Charcha' - A TV show, an expert panel discussion on how to effectively manage GST, compliances and related issues faced by business in their day to day operations. GST Par Charcha

A group of industry experts and Chartered Accountants discuss the issues faced by the businesses and also provide solutions to their queries. The show is aired every Saturday on Zee News HPP at 11:30 AM and every Sunday on Zee News-UP/UKD at 3:30 PM.

Since the implementation of GST, people across the nation have been facing various challenges while on registration, cancellation, filing their GST returns or generating e-Way Bills.

Lack of knowledge and exposure regarding the online registration process, reconciliation, ITC and return filing are some of the main issues that have become roadblocks for many. The businesses have been continuously searching for a reliable solution that would make GST related compliances easy for them.

To resolve the issues faced by the businesses, HostBooks has come up with a novel concept of GST Par Charcha. Be it return filing problems, reconciliation of Invoices/GST Returns or generating an e- Way Bill or general queries, this TV show has got you covered.

In addition to expert advice, this show walks you through on how HostBooks - All-in-one automated accounting and compliance solution provider helps you win your GST battles.

"Through this TV show, we aim at making GST and compliances hassle-free for the businesses. We take up all kinds of queries and provide the most appropriate and cost-effective solution", said CA Kapil Rana, HostBooks Founder and Chairman.


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HostBooks GST compliance software launches single-click return filing for GSTR 9

Jul 04, 2019

The All-in-one automated software HostBooks announces the inclusion of a GSTR-9 product for GSTR-9 filing. GSTR-9 is an annual summary of all the sales, tax paid thereon, purchases, input tax credit (ITC) claimed, ineligible credits, demands, and refunds. Compulsory for all regular taxpayers under GST, GSTR 9 is consolidated return for the information furnished in monthly/quarterly GST returns during the financial year for every GSTIN. HostBooks

Similarly, GSTR-9A is to be filed by a composition dealer, GSTR-9B is required to be filed by e-commerce operator and GSTR-9C is the annual audit report.

As, GST council chaired by Finance Minister Nirmala Sitharaman decided in its 35th meeting to extend the deadline to file forms GSTR-9, GSTR-9A and GSTR-9C till August 30, 2019. HostBooks is all geared up to serve as compliance platform from where normal taxpayers can file their annual returns in Form GSTR-9 and composition taxpayers file their returns via Form GSTR-9A.

As this is the first time after the introduction of GST that traders and businesses will be filing the (annual) returns, there are various issues cropping around this return filing. To ease the efforts of its users, HostBooks has developed a remarkably simple procedure where with the help of a simple tool, one can sort and render seamless GST return filing and billing experience. HostBooks is a cloud-based and NSDL approved GST Application Service Provider, has simplified the whole process of GST return filing including the GSTR -9.

The multi-tenant app which is essential for customer management can easily identify mismatches, duplication of entries or match credit/debit notes against respective invoices, and so on with the help of automation.

Fulfilling centre's hope to create a transparent mechanism for taxpaying, HostBooks serve as tool to bring out accurate transaction details for every taxpayer, it ensures input data validation at the sources. Through real-time updates, customers can access the latest changes made within GST, minimizing the efforts being put to meet the new changes as a later stage.


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How HostBooks is pushing seamless GST and Accounting compliance through Automation

By Forbes India - June 04, 2019

Over the last decade, technology has amplified at an exponential rate. It has transformed the way we live our lives, and the way, we execute our work has been even greater. Technology has allowed us to change how we manage many different aspects of business operations, Accounting is no exception. Kapil Rana & Amit Mukherji

Access to accounting dedicated software performing more complex functions has made calculations both easier and more efficient. Creating financial data, managing business finances and bank statements, and measuring economic activity has never been simpler.

The age of technology has truly revolutionized one of man’s oldest task i.e. keeping a track of finances.

One by one, the traditional pen, ledger, and desk calculator had been shunned driving towards more efficient processing tool which is the specialized accounting software allowing quicker input and computation of data.

HostBooks as an accounting software has created a lead in automation for accounting and finance. The act of manually entering information has declined as technology made it possible to manage accounts with a single click.

The Gurgaon-based startup has channelled various aspects of accounting equipment onto a single online platform.

Hostbooks is an integrated All-in-One cloud-based application, which enables users to maintain Accounting, Tax, GST, TDS, E-Way Bill and Payroll records providing statutory compliance and single click filing service for businesses.

Their India journey is about two years old, in which duration they have added a large client base spread across several vertical players in the market including big business setups, MSME’s, retailers, vendors etc.


  • NB

HostBooks among ET Most Promising Entrepreneurs of India

The SME Times News Bureau - March 29, 2019

Economic Times organized the 2nd edition of Most Promising Entrepreneurs of India 2019 on 29th March at Hotel Sahara Star, Mumbai. The event aims at recognizing creative minds determined to ascend to the summit of their respective sectors.

This year HostBooks bagged the title of "The Most Promising Entrepreneur of India". Bollywood actor Mr. Ashish Vidhyarthi and Ms. Sunita Quadros, Senior Vice President, Times Strategic Solutions Limited, presented the award to HostBooks Founder & Chairman Mr. Kapil RANA.

HostBooks is a one-stop solution for all the accounting and compliance needs. It provides a comprehensive solution for GST, E-Way Bill, TDS, Accounting and Tax. The inbuilt cloud feature allows users to manage accounting & compliance anywhere anytime. HostBooks accounting software aims at saving the time spent on compliance by at least 70%.

Under the leadership of Founder & Chairman Mr. Kapil RANA, CEO Mr. Amit Mukherji, and CDO Mr. Biswajit Mishra, HostBooks has become one of the best accounting & tax compliance software. Their knowledge, rich experience, and expertise are the driving forces that help the team build a seamless automated accounting solution. They make sure that the software is designed on structured data flow design, ensuring minimal data input. Being aware of the issues affecting small businesses and accounting professionals, the team focuses on alleviating these issues with cutting-edge technology.

"Being rewarded as the most promising entrepreneur of India 2019 by ET is like a dream come true. We are ready to go an extra mile to provide the users with seamless user experience." - Mr. Kapil RANA, Founder & Chairman, HostBooks.

"It's a great feeling to be among the most promising entrepreneurs of the country. We understand the plight of small businesses. Hence, we have designed our software to meet the accounting needs of small businesses anytime anywhere. We have deployed a combination of automation techniques and accounting expertise." - Mr. Amit Mukherji, CEO, HostBooks.

"To find a place among India's most promising entrepreneurs is a feeling that can't be described in words. With HostBooks accounting and compliance software, we strive to make accounting and compliance automated, easy to understand, and hassle-free. Kudos to Team HostBooks!" - Mr. Biswajit Mishra, CDO, HostBooks.

HostBooks launches integrated accounting software

By Team NB - May 15, 2019

HostBooks functions as a Multi-Tenant App with Database-per-Tenant exploring the financial responsibilities of each client with much precision for bank reconciliation, transactions, imports and payments, GST returns, TDS filing etc.

Where businesses are concerned, maintaining finances in order is imperative. Not only is it necessary to ensure that invoices are sent out and paid on time, but it helps with forecasting cash flow with detailed financial records critical for taxpayers.However, at the end of the long weary day, business owners don’t aspire to struggle with the bookkeeping and finances of their businesses. Above that, small business owners typically don’t have a lot of time, and saving the time they do have is often their top priority. With the help of HostBooks accounting software, the business owners can easily manage their finances by setting up a workflow that automatically updates all the other accounting information each month or at any required time through an integrated all-in-one application.

HostBooks is one such cloud-based accounting software which is built for entrepreneurs to help them monitor their trade from anywhere on any range of devices. By providing automated solutions for accounting, HostBooks help businesspeople transform and streamline their processes and operations. It seamlessly couples core finance and accounting functions with strong compliance management which tremendously improves the company’s performance while reducing back-office costs.

CA Biswajit Mishra, the Chief Development Officer, (CDO) at HostBooks says “The specialized software designed and created by HostBooks provides helpful accounting solutions that clients can access whenever they want for different areas of business and make preferable financial decisions throughout the year.The software is furnished with Multi-tenant technology implying a centralized administration through a common code-based application where the confidential data for each tenant is secured from the rest.”


  • NB

How India’s Leading GST software company HostBooks is transforming the market

Tech Story - May 03, 2019

On July 1, 2017, the country witnessed one of the biggest business changes of our times viz. Goods and Services Tax. The Goods and Services Tax became one of the most significant tax reform post-independence changing the way of doing business in India.

As the multifaceted and multi-layered tax arrangement came to a conclusion with GST, there arrived a dire need for software which can reduce the stress of understanding the brand-new procedure for calculating tax. The GST software is a worthy application which makes the calculation of taxes easy for the owners, warehouse operators, and transporters.

HostBooks is one such accounting software which offers a seamless GST billing and returns filing experience. HostBooks is an all-in-one accounting solutions platform decked with GST billing software making the management of the accounts way simpler than before.

HostBooks is a system which helps an organisation in the bookkeeping of their financial records and cash flow. All activity regarding GST issues such as GST return filing, GST Bill preparation, mismatch reconciliations, penalties and interests can be done electronically through HostBooks.

HostBooks GST application is a well-organised version of comprehensive indirect tax on goods and services and has remarkably cut down the operational costs. The GST solutions at HostBooks is savvy and tussle-free to help maintain the accounting and invoicing system which aims to cater to the business.

HostBooks recognizes the fact that in today’s digital world security is one of the most critical assurances. Thus, HostBooks as a secured software protects confidential business information without making any kind of compromises that may pose a threat to a business. HostBooks thus ensure that as an automated cloud computing accounting software, it is robust not only in return filing but also from the data security point of view as well.


  • techstory

HostBooks- Bringing Automation, Transparency, and Security to your Accounting Needs

Indian CEO - April 1, 2019

HostBooks, a Cloud based Accounting and Compliance application platform with a perfect blend of accounting and cutting-edge technology. The software serves as an all-in-one accounting solution for Accounting, GST, Payroll, E-waybill, TDS returns, business finances, bank transactions etc.

Amit Mukherji HostBooks has taken automation into the next level, it’s simple and conclusive automated workflows helps you to save your precious time immensely. Clients can enter any financial information into the system and set up a workflow that automatically updates all the other accounting information each month or at any required time.

Through AI based automation, HostBooks has been able to solve many time ticking financial responsibilities such as reconciliation, bank transaction imports, and payments, tax returns to quick, simple, effective so, that there’s far less valuable time spent such tasks.

Along with this, HostBooks cloud-based platform gives a complete GST solution in a single enclosure. Helping in overcome the impediments related to GST billing and return filing, an easy import of GSTR-2A, auto-matching, and reconciliation, automatic reminders, and single sign-on authentication, HostBooks works to ease out the burden with the help of automation.

The HostBooks E way bill tool renders an effortless E-way bill generation with an immediate cancellation and rejection facility. The software is integrated with the government portal providing real-time updates. All the applications are also available as mobile apps, enabling users to access the information through its mobile device.


Know why HostBooks is the fastest growing accounting solution for SMEs

NEW DELHI, 19 March, 2019

With an increase in exposure to global markets and changes in the tax structure, small and medium business have evolved. Today, SMEs require a structured approach, tools, automation-in-process to meet the deadlines.

Amit Mukherji An accounting software needs to help in automation, analytics, tax management, billing, data security and payroll system. This not only saves time and resource but adds value to the business. HostBooks, an integrated all-in-one cloud-based application, enables users to maintain Accounting, Tax, GST, TDS, E-Way Bill and Payroll records.

The automated accounting software offers single-click filing service for small and medium businesses with the vision to make the whole process of accounting and compliance hassle-free and easy to understand.
HostBooks comprehensive platform for all accounting needs minimizes time, resource and chances of human errors. Being on the cloud, it is available to the customer on-the-go and helps in reducing the cost of IT infrastructure significantly.

Conventional accounting process revolves around bookkeeping, banking, MIS, reporting, compliances, internal & external audit, and involves a lot of repetitive work. Whereas modern businesses demand to focus on business performance analysis, trend analysis, competition analysis, on the go accessibility, data protection and yet easy to use, hassle free, with simple and multiple data points for external integration.

HostBooks combines the usual accounting practices with cutting-edge technology. A person does not have to be an accountant to use the software unlike other accounting software programs available in the market. In order to start managing your finances with HostBooks, all you need to have is basic knowledge of computers and minimal accounting knowledge.

  • economics-times

HostBooks Founder & Chairman CA Kapil RANA meets ICAI President

Thursday, March 14, 2019, New Delhi – IN

HostBooks Founder & Chairman, CA Kapil RANA met the ICAI President, CA Prafulla P. Chhajed today at ICAI Headquarters, New Delhi. Central Council Member, CA Charanjot Singh Nanda, ICAI Acting Secretary Rakesh Sehgal, and CA Tarun Arora were also a part of the meeting. The main agenda behind the meeting was to discuss the issues that the Chartered Accountants are coming across.

The meeting began with a discussion of the major accounting issues and how IT can play an important role in curbing the same. According to experts, cloud technology and automation can transform the way Chartered Accountants work. The cutting-edge technology if implemented has a capacity to reduce the time spent on compliance by at least 70%. Consequently, this will save an ample amount of time and enable them to channelize their efforts towards the core processes, requiring immediate attention.

HostBooks Founder & Chairman CA Kapil RANA further elucidated that HostBooks began its operations with the same concept in mind. It aims at providing an apt solution to all the problems that are hampering the efficiency of the Chartered Accountants. HostBooks software has been developed with a perfect combination of accounting and the latest technology. It is an integrated All-in-One cloud-based software, which makes Accounting, Tax, GST, TDS and E-Way Bill easy and hassle-free for the CA fraternity.

In the words of CA Kapil Rana, “We have deployed a combination of cutting-edge technology and accounting expertise to provide our users with a seamless experience. Team HostBooks is committed to helping the Chartered Accountants and also the small businesses in addressing their accounting and compliance needs.”

The experts concluded the meeting saying that Information & Technology plays a pivotal role in taking accounting to the next level. And, companies like HostBooks, which are ready to walk the extra mile will help bring a major transformation in accounting.

HostBooks CEO Mr. Amit Mukherji's exclusive interview on "Sangharsh se Shikhar Tak".

Hindi Khabar Mar-08-2019

Amit Mukherji

HostBooks Launches Automated all-in-one Accounting, GST and Tax Compliance Software in India

NEW DELHI, February 21, 2019

HostBooks officially launches its automated cloud accounting software in India on February 21, 2019. It offers a hassle-free accounting and compliance solution blended with advanced technology on a single platform.

After its successful launch in the USA on January 19, 2019, HostBooks is all set to overcome the struggles of Accounting, GST, E-Way Bill & TDS in India. It aims at transforming and enriching accounting and compliance through its structured and automated cloud-based accounting platform. HostBooks combines the usual accounting practices with cutting-edge technology.

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HostBooks Introduces GST And TDS Accounting Software In India

NEW DELHI, January 17, 2018

Hostbooks, a company incorporated in 2009 into accounting solutions for individuals and business unveiled the new accounting suites on the cloud for their B2B business partners. The company’s new software suite is a comprehensive platform for Accounts, GST, TDS and Payroll.

HostBooks with their punch line “The language of business” is all set to transform and redefine the method of maintaining accounts books and tax compliance in India. The initial monthly costing in the Indian market will be in the bracket of INR 1,000 to INR 2,000 and for the USA market, it will be starting from USD 50. The company has a team size of 120+ in India and USA.

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HostBooks Ltd. offers a seamless GST filling experience: Kapil Rana

SME Times-16-Jan-2019

Kapil RANAHostbooks is an integrated All-in-One cloud-based application, which enables users to maintain Accounting, Tax, GST, TDS, E-Way Bill and Payroll records providing statutory compliance and single click filing service for small and medium businesses. Hostbooks is been developed using automation techniques with the latest technology.

In India with the changes in the economy and tax structures, statutory compliance has become more complex and cumbersome and SME’s have to invest their valuable resources/time/money in complying with various recurring (monthly/quarterly/annually) compliances rather than focusing on their core business. In India, Hostbooks envisages making the whole process of accounting and compliance automated, easy to understand and hassle-free.

Hostbooks is a versatile platform catering to all industries focusing on medium and small enterprise (SME’s) in India. It also showcases its expertise to cater needs of the professionals like CA’s, Accountants, Cost Accountants, and Tax Practitioners.

Automation of accounting and compliance function is the unique offering of Hostbooks. Moreover, a person does not have to be an accountant to use our software unlike other accounting software programs available in the market. In order to start managing your finances with HostBooks, all you need to have computer knowledge and minimal or limited accounting knowledge.

  • sme

20 Most Promising Accounting & Bookkeeping Service Providers – 2018

Silicon India - December - 2018

Knowing well about what happens tomorrow and the day after across the financial ecosystem, is one of the primordial aspects which every business currently requires to stand an edge above the spurting competition. Accounting and bookkeeping in fact has the innate advantage to analyse the data and numbers of today to predict the financial status of any business for the next day as well as its imminent future. Clearly, these services drive the businesses even across the uncharted financial waters and generate efficient plans for their prospective growth.

  • silicon-india

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