Accounting

Flipkart companions with Cleartax to help dealers with tax accounting associated services

To aid its sellers with diverse tax and accounting related services, Indian ecommerce large Flipkart has partnered with online tax and investment platform, Cleartax. This partnership will help Flipkart’s sellers to hook up with expert Chartered Accountants (CAs).

In an announcement, Flipkart said that the partnership with ClearTax comes as the following step to empower its dealers and simplicity their financial submitting to concentrating on developing their companies.

In June this yr, Flipkart additionally remodeled its dealer financing program ‘Growth Capital,’ which lets in its one lakh plus dealers to avail boom credit score at aggressive interest charges from NBFCs and banks.

Through the ClearTax partnership, sellers on Flipkart can now sign in for GST and avail offerings to assist them to check in their enterprise, report returns, recognize GST software for self-use, put together and preserve money owed, document earnings tax returns, and avail RoC compliance services, among a plethora of other economic services.

At present, Flipkart has over 100,000 registered sellers and gives over 80 million products throughout extra than eighty classes such as smartphones, books, media, client electronics, furniture, style, and lifestyle.
Accounting has advanced as human beings have improved and as the ideas of the accounting challenges are without delay coined out from its most essential principle of conservatism, it is not difficult to see why the fashion of accounting at every factor in time has an immediate hyperlink with age. As man has evolved from a primitive age to a modern-day interdependence age, living has superior from being subsistent as a hunter-gatherer to a know-how driven globalised global concept of ‘effectiveness turning to greatness’ and all together with this evolution, self-accounting with the abacus has developed via stewardship accounting to monetary accounting and now managerial accounting; which has a focus on selection making.

The Financial Accounting Standards Board (FASB) of the United States which typically standardized and bolstered the globally adopted Generally Accepted Accounting Principles (GAAP) took enormous strides in the 12 months 2012 to come back collectively with the International Accounting Standards Board (IASB) in a manner termed as ‘International Convergence.’ Such a convergence is expected to step by step harmonize the GAAPs and the IFRS until they turn out to be one and the identical in a bid to movement line company/business enterprise reports right into a uniform procedure globally.

1.1 Statement of the Problem

There is no absolute fact as to what the destiny holds for the Accounting Profession. It for that reason seems, however, that the destiny age which definitely would be one of clinical advancement might pass guy from greatness to something worthier for the time. Spiritualism, Environmentalism, and Developmentalism may be critical factors in the destiny age. This paper is to find out if Accounting itself would be extra of a reality supplying correct solutions to financial issues in which guy’s ability to fee herbal capital pretty might deliver upward thrust to a full-size asset at the stability sheet in comparison to the industrial age whilst even man himself turned into seemed as labor and now not being taken into consideration as essential as the machines he operated.

2. LITERATURE REVIEW

This paper was approached from a content analysis viewpoint – both conceptual and relational. Content evaluation is “a studies method for the goal, systematic, and quantitative description of taking place content material of communications” – (Berelson, 52). The conceptual evaluation becomes indeed to look at the presence of the hassle, i.E. Whether there may be a more potent presence of high quality or terrible words used with recognize to the precise argument at the same time as the relational evaluation built on the conceptual evaluation by using analyzing the relationships among principles. As with other types of inquiry, initial selections concerning what is being studied decided the opportunity of this precise paper.

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