Experts discuss nuances of entrepreneurship during the SURE workshop
Aligarh : Experts dealt with the issues of entrepreneurship development and legal framework, logistics of accounting and taxation etc. in dedicated sessions of the ten-week Stimulating Urban Renewal through Entrepreneurship (SURE 4.0) workshop, that’s been organised by the Department of Commerce, Aligarh Muslim University (AMU), in collaboration with the University of Houston (USA).
The fourth session of the workshop entitled “Accounting, Costing, Pricing and Taxation”, familiarised the participants with basics of accounting, bookkeeping, taxation and GST.
Resource person Mr. Anil Varshney Chartered Accountant discussed the basics of business and types of business organization and elucidated the intricacies of registration procedures and membership structures inherent in each category. He discussed the concept of limited liability, particularly advantageous for companies and limited liability partnerships.
He underscored the pivotal role of meticulous bookkeeping, highlighted various types of costs, explained the concept of break-even point and dedicated a segment to taxation, income Tax, ITR filing, and GST. He concluded by saying that tax planning is a legal way of reducing tax liability and maximising tax benefits.
Ms Nabeela Mirza proposed a vote of thanks.
During the fifth session on Legal Framework and Entrepreneurship Development, resource person Mrs. Shruti Sareen, Vice President-Legal at Indian Financial Services Limited, New Delhi, provided comprehensive insights into various types of business entities, factors concerning the choice of business, Initiating and fostering startups, and offering guidance on entrepreneurial growth. She shared stories of prominent cases like the case of the owners of Mindtree and Forest Essentials, elucidating the challenges and successes within the startup landscape. She also presented an overview of the government’s startup policies.
The other resource person Mr. Parth Raj Parasar, an Associate at Orbit Law Services outlined the requirements for the UDYAM, MSME, TAN and FSSAI registration and licensing, shedding light on the essential paperwork involved in the registration process.
He also explained the registration procedures for GST, GEM portal and discussed the Shop and Establishment Act, Companies Act and important labour laws.
Ms. Zunaiba Khaliq conducted the session and proposed a vote of thanks.
Prof. Asiya Chaudhary, Convenor and Director of the SURE programme welcomed the resource persons and the dignitaries including Prof. Mohammad Mohsin Khan, Chairperson of the SURE Programme, Dr. Anwar Ahmad, and the participants attending the workshop.