Frequently asked questions

FAQ Accounting

FAQ1. Why you should outsource accounting to us?
Account outsourcing Product is cost-effective and is designed to save your money. The benefit of outsourcing is that it allows you to get your work done easily at a very less cost.
FAQ2. Which Software is used for accounting?
We generally use ZOHO, Tally, Marg software for accounting. This software is popular, pocket friendly. The software adopt new technologies and deliver the finest solutions.
FAQ3. What are the benefits of account outsourcing to us
You will get your accounting done under the guidance of Experts Like Chartered Accountants at reasonable cost. Some of the major benefits of accounts outsourcing to India include:
• Increases team scalability
• Access training and qualified
• Reduce recruitment costs
• Minimize legislative stress
• Faster jobs turnaround
• Dedication and time to focus on enhancing business
FAQ4. What are covered under accounting Service?
It will cover Bookkeeping, Accounting of Income and expenses, Tax Accounting and compliances such as TDS Return Filing, Income Tax Return Filing, GST Return Filing etc. and assistance in Auditing (if Audit is applicable).

FAQ Auditing and Assurances

FAQ 1: What is an Audit?
Audit is an independent examination of financial information of an entity, irrespective of its form, nature, and objective, with a view to express an opinion on such financial information. In India, some audits are mandatory such as The Companies Act, 2013, Income Tax Act, 1961 and Banking and regulation Act, 1949. Some of the audits are voluntary such as forensic Audit, Due Diligence Audit etc.
FAQ2: What is meant by “Assurance”?
Assurance is all about giving assurance (confidence) as to whether financial statements prepared to provide True and fair view OR not, by an independent auditor to the users of financial statements.
FAQ 3: What is General purpose financial statements and Special purpose financial statements?
Financial statements which are used by varied users like creditors, lenders, government, shareholders are known as general purpose financial statements.
However, if financial statements are prepared only for a specific purpose, such financial statements are known as special purpose financial statements.
FAQ2: What is the Audit and Assurance service is provided by Dexterous Professionals?
We have tied up with network of various experienced Chartered Accountants Firms, We get your financial information audited through our network Chartered accountants’ firms.
FAQ3: Who are the stakeholders of an entity and how are financials useful to them?
Who are the stakeholders of an entity and how are financials useful to them?
Ans: The following table explains the usefulness from the point of view of different stakeholders:

Stakeholders / Users Purpose
Proprietor / Shareholders To analyse performance, profitability and financial position of the entity and accordingly decide whether to hold/sell the shares (in case of shareholders).
Management For day-to-day decision-making and performance evaluation.
Employees To assess their growth prospects as well as bonus entitlement; and ESOPs if they are based on performance.
Lenders (Give money) To determine the financial position of the company to decide whether to give loan or not. It also helps them determine the ability of the entity to make the payments on debts by calculating debt service coverage ratio, interest coverage ratio etc.
Suppliers (Provider goods/services) To determine the credit worthiness of the company in order to give credit.
Customers To know the general business viability before entering into long-term contracts and arrangements.
Government To ensure prompt collection of direct and indirect tax revenues and to decide eligibility for any government grants.
Prospective Investor To assess the solvency and future prospects of the organization. Decides whether to buy the shares or not?

FAQ GST

FAQ1. What is GST? How does it work?
Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
FAQ2. How does GST apply to business?
Answer: Businesses with a turnover exceeding the threshold limit are required to register for GST. Registration is also mandatory for e-commerce operators and certain categories of service providers.
FAQ3: What is scheme for small business who want to do away with complex compliances?
Answer: Small businesses with a turnover below a specified limit can opt for the Composition Scheme, allowing them to pay GST at a fixed rate on their turnover instead of following the regular tax structure. This simplifies compliance.
FAQ4: What are the documents for GST Registration and how long it takes for registration
As per GST provisions, GST registration may take 30 days after submission of the application. Following are the main documents/information required for GST Registration:

Documents / Information Required for GST Registration

  1. Valid Email ID and Mobile No.
  2. Proof of the constitution such as Partnership Firm / Incorporation Certificate.
  3. Photograph of Directors / Partners / Karta of HUF.
  4. Board Resolution / Authority Letter for Authorised Person.
  5. Photograph of Authorized Signatory.
  6. Opening page of Bank Passbook / Statement containing Bank Account Number, Address of Branch, Address of Account Holder and few transaction details.
  7. Address Proof of Business Address – Rental Agreement with Electricity Bill, Ownership Proof.
  8. Service Accounting Code / HSN Code of Goods.

FAQ5: What are GST Returns and Their Due Dates?

Answer: Majorly following returns are to be filed by business in India:

Name of Return Description Due Date
GSTR-1 Return for Outward Supplies 10th of Next Month
GSTR-3B Summary Return for Tax Payment 20th of Next Month
GSTR-4 Return under Composition Scheme 18th of Next Month
GSTR-6 Return for Input Service Distributor 13th of Next Month
GSTR-7 Return of Tax Deducted at Source under GST 10th of Next Month
GSTR-9 Annual Return 31st December of Next Financial Year
GSTR-9C Annual Return reconciliation with financials or Books of Accounts 31st December of Next Financial Year

FAQ-6: How Dexterous Professionals Helps with GST Compliances?

Answer: Dexterous Professionals has Teams of GST Experts such as Chartered Accountants and Advocates who help businesses to get GST registration in a speedy manner and further guide them to comply with GST Compliance without hassle.