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  • Ecommerce GST in India: Complete Compliance Guide

    The ecommerce industry in India operates under a unique GST framework. Every online seller must understand Ecommerce GST rules to ensure compliance and avoid penalties. Whether you sell on Amazon, Flipkart, Meesho, or your own website, GST obligations apply differently.

    This Saving Mantra guide explains ecommerce GST in a simple and practical manner.

    What is Ecommerce GST?

    Ecommerce GST refers to the Goods and Services Tax provisions applicable to online sellers and ecommerce operators in India. These provisions govern registration, invoicing, tax collection, return filing, and reconciliation.

    Ecommerce sellers are governed by Section 9(5) and Section 52 of the CGST Act.

    GST Registration for Ecommerce Sellers

    GST registration is mandatory for ecommerce sellers, regardless of turnover.

    Key points:

    • Threshold exemption does not apply
    • Composition scheme is not allowed
    • Interstate supply requires GST registration

    Without GST registration, sellers cannot sell through ecommerce platforms.

    TCS under Ecommerce GST

    Ecommerce operators collect Tax Collected at Source (TCS) at 1% on net taxable supplies.

    Important aspects:

    • TCS is deducted by marketplace
    • Reflected in GSTR-2B
    • Can be claimed as credit by sellers

    Proper reconciliation of TCS is crucial for GST compliance.

    GST Invoicing Rules for Ecommerce Sellers

    Ecommerce sellers must issue:

    • GST-compliant tax invoices
    • HSN codes on invoices
    • Correct GST rate and place of supply

    Incorrect invoicing can lead to GST notices and penalties.

    GST Returns for Ecommerce Sellers

    Sellers must file:

    • GSTR-1 – Sales details
    • GSTR-3B – Tax payment
    • Annual Return (if applicable)

    Returns must match marketplace sales data to avoid mismatches.

    Common Ecommerce GST Mistakes

    • Wrong GST rate or HSN code
    • Ignoring TCS reconciliation
    • Delayed return filing
    • Mismatch between books and GST returns

    Avoiding these mistakes ensures smooth compliance.

    Ecommerce GST vs Normal GST

    AspectEcommerce SellerNormal Seller
    GST RegistrationMandatoryThreshold-based
    TCS ApplicabilityYesNo
    Composition SchemeNot allowedAllowed
    ReturnsMandatoryMandatory

    How Saving Mantra Helps with Ecommerce GST

    Saving Mantra provides complete ecommerce GST support, including:

    • GST registration for ecommerce sellers
    • Monthly and annual return filing
    • TCS reconciliation
    • GST notice handling
    • Ongoing compliance advisory

    We ensure ecommerce sellers remain compliant and stress-free.

    Conclusion

    Ecommerce GST compliance is mandatory and complex due to TCS, return reconciliation, and invoicing requirements. With proper understanding and professional support, sellers can avoid penalties and focus on growth. Saving Mantra simplifies ecommerce GST compliance for online sellers.

    Disclaimer

    This blog is for informational purposes only and does not constitute legal, tax, or professional advice. GST provisions may change based on government notifications and amendments. Readers are advised to consult qualified professionals before taking any action.

  • Seller Accounting in Zoho: Complete Practical Guide

    Accurate accounting is the foundation of a compliant and profitable business. For Indian sellers, managing seller accounting in Zoho ensures proper GST compliance, clean financial records, and timely tax filing.

    This Saving Mantra guide explains how sellers can effectively maintain accounting records using Zoho Books.

    Why Use Zoho for Seller Accounting

    Zoho Books is a cloud-based accounting solution designed for Indian businesses.

    Key benefits:

    • GST-ready invoicing and returns
    • Real-time financial tracking
    • Automated bank feeds and reconciliation
    • Easy handling of receivables and payables
    • Insightful financial reports

    Zoho helps sellers stay compliant and organized.

    Who Should Use Zoho for Seller Accounting

    Seller accounting in Zoho is suitable for:

    • Traders and wholesalers
    • Retail store owners
    • Service providers
    • Ecommerce sellers
    • Startups and SMEs

    Zoho adapts to different business models.

    Basic Setup for Seller Accounting in Zoho

    Organization Setup

    • Select correct business type
    • Enable GST and tax settings
    • Configure chart of accounts

    Ledger and Contact Creation

    • Customer and vendor masters
    • Sales, purchase, and expense accounts
    • GST output and input ledgers
    • Bank and cash accounts

    Recording Sales and Purchase Transactions

    Sales Invoices

    • Apply correct GST rate and HSN
    • Track receivables
    • Generate GST-compliant invoices

    Purchase Bills

    • Record taxable and exempt purchases
    • Claim eligible input tax credit
    • Handle reverse charge entries

    GST Compliance Using Zoho

    With accurate data, Zoho Books supports:

    • Preparation of GSTR-1
    • Calculation of GSTR-3B liability
    • Input tax credit reconciliation with GSTR-2B
    • Reduction in GST notices

    TDS and TCS Accounting in Zoho

    TDS

    • Deduct TDS on applicable payments
    • Track TDS payable and receivable
    • Reconcile with Form 26AS

    TCS

    • Record TCS on specified transactions
    • Ensure correct classification and reporting

    Bank and Ledger Reconciliation

    Zoho enables:

    • Automated bank reconciliation
    • Identification of mismatches
    • Accurate month-end closing

    Regular reconciliation improves financial accuracy.

    Common Mistakes in Seller Accounting

    • Incorrect GST rates
    • Missing invoices or bills
    • Improper ledger setup
    • Delayed reconciliation

    Avoiding these errors ensures smooth compliance.

    How Saving Mantra Helps with Zoho Accounting

    Saving Mantra provides professional Zoho accounting services, including:

    • Zoho Books setup and configuration
    • Daily and monthly bookkeeping
    • GST, TDS, and TCS compliance
    • Reconciliation and reporting
    • Advisory and audit support

    We help sellers maintain accurate and compliant accounts.

    Conclusion

    Seller accounting in Zoho helps businesses maintain clean books and meet statutory requirements. With proper setup and disciplined accounting practices, sellers can avoid penalties and make informed decisions. Saving Mantra simplifies seller accounting in Zoho so you can focus on business growth.

    Disclaimer

    This blog is for informational purposes only and does not constitute accounting, tax, or professional advice. Accounting treatment may vary based on business nature and applicable laws. Readers are advised to consult qualified professionals before implementation.

  • Seller Accounting in Tally: Complete Practical Guide

    Accurate accounting is the backbone of every successful business. For Indian sellers, managing seller accounting in Tally is essential to ensure GST compliance, correct financial reporting, and smooth tax filing.

    This Saving Mantra guide explains how sellers can maintain proper accounting records in Tally ERP / Tally Prime.

    Why Seller Accounting in Tally Is Important

    Tally helps sellers:

    • Maintain GST-compliant books
    • Track sales and purchase transactions
    • Manage receivables and payables
    • Reconcile bank and tax data
    • Generate accurate financial statements

    Improper accounting may result in GST mismatches and income tax notices.

    Types of Sellers Using Tally

    Seller accounting in Tally is used by:

    • Traders and wholesalers
    • Retail shop owners
    • Ecommerce sellers
    • Service providers
    • Manufacturers

    Tally is flexible and suitable for all business types.

    Basic Accounting Setup in Tally

    Company Creation

    • Select correct financial year
    • Enable GST and taxation features
    • Set appropriate accounting currency

    Ledger Creation

    • Sales and purchase ledgers
    • GST output and input tax ledgers
    • Customer and supplier ledgers
    • Bank and cash ledgers

    Recording Sales and Purchase Entries

    Sales Entries

    • Tax invoice with GST
    • Credit and cash sales
    • HSN-wise GST rates

    Purchase Entries

    • Taxable purchases
    • Expense bills
    • Reverse charge entries (if applicable)

    GST Accounting and Returns in Tally

    With proper entries, Tally helps in:

    • GSTR-1 preparation
    • GSTR-3B liability calculation
    • Input tax credit tracking
    • GSTR-2B reconciliation

    Accurate GST data reduces compliance risks.

    TDS and TCS Accounting in Tally

    TDS Accounting

    • TDS deduction on applicable expenses
    • Challan and return reconciliation

    TCS Accounting

    • Applicable for ecommerce or specified goods
    • Proper ledger classification

    Bank and Ledger Reconciliation

    Regular reconciliation ensures:

    • Correct bank balances
    • Matching receivables and payables
    • Identification of errors or missed entries

    Common Mistakes in Seller Accounting

    • Incorrect GST rates or HSN codes
    • Missing purchase invoices
    • Improper ledger classification
    • Delayed reconciliation

    Avoiding these mistakes improves accuracy and compliance.

    How Saving Mantra Helps Sellers with Tally Accounting

    Saving Mantra offers professional accounting services including:

    • Tally setup and configuration
    • Daily and monthly bookkeeping
    • GST, TDS, and TCS compliance
    • Reconciliation and reporting
    • Advisory and audit support

    We ensure your books are accurate and compliant.

    Conclusion

    Seller accounting in Tally is essential for accurate financial control and statutory compliance. With correct setup, disciplined entries, and regular reconciliation, businesses can avoid tax issues and make informed decisions. Saving Mantra simplifies seller accounting in Tally so you can focus on growth.

    Disclaimer

    This blog is for informational purposes only and does not constitute accounting, tax, or professional advice. Accounting treatment may vary based on business nature and applicable laws. Readers are advised to consult qualified professionals before implementation.

  • Life Insurance Term Plan in India – Complete Guide & Tax Benefits

    Introduction: Understanding Life Insurance in India

    Life insurance is a financial protection tool that ensures your family’s financial stability in case of your untimely death. In India, life insurance plays a critical role in long-term financial planning, income replacement, debt protection, and tax savings.

    Among all life insurance products, Term Insurance Plans are the most affordable and effective way to secure a high life cover at a low premium.

    What Is Life Insurance?

    Life insurance is a legal contract between an individual (policyholder) and an insurance company, where the insurer promises to pay a sum assured to the nominee upon the death of the insured person during the policy term, in exchange for regular premium payments.

    Key Components of Life Insurance

    • Policyholder
    • Insured Person
    • Sum Assured
    • Premium
    • Policy Term
    • Nominee

    What Is a Term Insurance Plan?

    A Term Insurance Plan is a pure protection plan that provides life cover for a fixed period. If the insured passes away during the policy term, the nominee receives the sum assured. If the policyholder survives the term, no maturity benefit is paid.

    Why Term Insurance Is Important

    • High life cover at low premium
    • Financial security for dependents
    • Ideal for salaried individuals, business owners, and self-employed professionals
    • Essential for loan and liability protection

    Life Insurance Companies in India

    India’s life insurance sector is regulated by IRDAI (Insurance Regulatory and Development Authority of India).

    Currently, over 24 IRDAI-licensed life insurance companies operate in India, including:

    • LIC of India
    • HDFC Life
    • ICICI Prudential Life
    • SBI Life
    • Max Life
    • Tata AIA Life
    • Bajaj Allianz Life
    • Aditya Birla Sun Life

    These insurers offer multiple term insurance variants with flexible coverage options.

    Benefits of Term Insurance Plans

    1. Affordable Premiums

    Term plans offer the highest coverage at the lowest cost compared to other insurance products.

    2. Large Sum Assured

    You can opt for coverage up to ₹1 crore or more based on income and liabilities.

    3. Financial Protection for Family

    Ensures family members can manage household expenses, education, and lifestyle.

    4. Loan Protection

    Ideal for covering home loans, business loans, and personal liabilities.

    5. Flexible Payout Options

    • Lump sum payout
    • Monthly income
    • Combination of both

    Tax Benefits on Term Insurance in India

    Term insurance offers multiple tax advantages under the Income Tax Act, 1961.

    Tax Deduction on Premium – Section 80C

    • Premiums paid are eligible for deduction up to ₹1.5 lakh per financial year
    • Applicable to salaried and self-employed individuals

    Tax-Free Death Benefit – Section 10(10D)

    • The sum received by nominee is completely tax-free
    • No upper limit on exemption

    Additional Tax Benefit (Optional Riders)

    • Critical illness riders may qualify under Section 80D

    Who Should Buy Term Insurance?

    • Salaried professionals
    • Business owners & entrepreneurs
    • Start-up founders
    • NRIs with Indian dependents
    • Individuals with loans or dependents

    The earlier you buy, the lower the premium.

    How to Choose the Right Term Insurance Plan

    • Choose sum assured = 10–15 times annual income
    • Select policy term up to retirement age
    • Check claim settlement ratio
    • Opt for riders only if required
    • Buy from IRDAI-registered insurers only

    Why Buy Term Insurance Through Saving Mantra?

    Saving Mantra helps you:

    • Compare multiple insurers objectively
    • Select the right coverage amount
    • Optimize tax benefits
    • Complete policy purchase digitally
    • Get compliance and renewal support

    Conclusion

    A Life Insurance Term Plan is the foundation of financial security in India. It offers peace of mind, protects your loved ones, and delivers powerful tax benefits at minimal cost. Choosing the right term plan at the right age ensures lifelong financial stability.

    Disclaimer

    This article is for informational purposes only and does not constitute financial, insurance, or tax advice. Insurance benefits, tax provisions, and regulations are subject to change as per applicable laws and IRDAI guidelines. Readers are advised to consult a qualified financial advisor or insurance expert before purchasing any insurance policy.

  • Meesho Seller Registration Guide for Indian Sellers

    Meesho has emerged as one of India’s fastest-growing ecommerce marketplaces, especially for small businesses and resellers. To start selling smoothly, sellers must complete Meesho seller registration and follow mandatory tax and marketplace requirements.

    This Saving Mantra blog explains the Meesho seller registration process in a clear and simple way.

    What is Meesho Seller Registration?

    Meesho Seller Registration is the process through which individuals or businesses register on the Meesho Marketplace to list and sell products. The process includes verification of business details, GST validation, bank account setup, and seller profile approval.

    Eligibility for Meesho Seller Registration

    You can register as a Meesho seller if you are:

    • Individual / Sole Proprietor
    • Partnership Firm
    • LLP or Private Limited Company

    Valid GST and bank details are mandatory.

    Documents Required for Meesho Seller Registration

    To complete Meesho seller registration, you need:

    • PAN Card (Individual or Business)
    • GST Registration Certificate
    • Active Bank Account
    • Business Address Proof
    • Email ID and Mobile Number
    • Cancelled Cheque

    GST Requirements for Meesho Sellers

    GST registration is mandatory for selling on Meesho.

    Key GST obligations:

    • Correct GST registration type
    • Accurate HSN codes and GST rates
    • GST-compliant invoices
    • Timely filing of GSTR-1 and GSTR-3B
    • Reconciliation of TCS collected by Meesho

    Step-by-Step Meesho Seller Registration Process

    1. Visit Meesho Seller Panel
    2. Sign up using email and mobile number
    3. Enter business and GST details
    4. Upload required documents
    5. Complete bank account verification
    6. List products and start selling

    Once approved, your seller account becomes active.

    Meesho Seller Fees and Charges

    Meesho may charge sellers for:

    • Commission or service fees
    • Shipping and logistics charges
    • Payment processing fees

    Understanding charges helps sellers price products profitably.

    Common Mistakes During Meesho Seller Registration

    • Incorrect GST or PAN details
    • Wrong bank account information
    • Incomplete document uploads
    • Choosing incorrect product categories

    Avoiding these mistakes ensures faster registration approval.

    How Saving Mantra Helps with Meesho Seller Registration

    Saving Mantra offers end-to-end support for Meesho sellers, including:

    • GST registration and validation
    • Meesho seller account setup
    • Documentation and compliance support
    • Tax return filing and advisory
    • Ongoing business consulting

    We simplify Meesho seller registration so you can focus on growth.

    Conclusion

    Meesho seller registration is the first step toward building a successful online business. With proper documentation, GST compliance, and expert guidance, sellers can start selling smoothly. Saving Mantra ensures a hassle-free registration process and long-term compliance support.

    Disclaimer

    This blog is for informational purposes only and does not constitute legal, tax, or professional advice. Registration requirements and marketplace policies may change as per Meesho rules and government regulations. Readers are advised to consult qualified professionals before taking any action.

  • Ecommerce Seller Accounting in Xero: Complete Guide

    Ecommerce sellers in India handle complex accounting due to GST compliance, marketplace commissions, returns, TDS, and TCS deductions. Proper ecommerce seller accounting in Xero ensures accurate books, smooth compliance, and better financial control.

    This Saving Mantra guide explains how ecommerce sellers can manage accounting efficiently using Xero Accounting Software.

    Why Use Xero for Ecommerce Seller Accounting

    Xero is a globally trusted cloud-based accounting platform suitable for ecommerce businesses.

    Key advantages of Xero:

    • Real-time financial visibility
    • Automated bank reconciliation
    • Marketplace-wise income tracking
    • Easy handling of multi-channel sales
    • Accurate financial reporting

    Xero is ideal for sellers operating across multiple ecommerce platforms.

    Ecommerce Marketplaces Managed in Xero

    Xero can be used effectively for accounting of sales from:

    • Amazon
    • Flipkart
    • Meesho
    • Paytm
    • Myntra

    Each marketplace follows a net settlement model, which requires correct accounting treatment.

    Recording Ecommerce Sales in Xero

    Sales Invoicing

    • Record gross sales value
    • Apply correct GST rate and HSN
    • Create marketplace as customer or clearing account

    Marketplace Deductions

    • Commission and referral fees
    • Shipping and logistics charges
    • Payment gateway fees
    • Reverse GST on commission where applicable

    TDS and TCS Accounting in Xero

    TDS under Section 194-O

    • Deducted by ecommerce operator
    • Recorded as TDS receivable
    • Reconciled with Form 26AS

    GST TCS

    • Collected by marketplace
    • Recorded separately in Xero
    • Adjusted while filing GST returns

    Settlement Reconciliation in Xero

    Xero enables accurate settlement reconciliation by:

    • Matching marketplace settlement reports
    • Adjusting returns, refunds, and penalties
    • Identifying short or excess payments
    • Ensuring correct month-end closing

    Regular reconciliation reduces GST mismatches and tax notices.

    Handling Returns and Refunds

    Returns should be recorded using:

    • Credit notes in Xero
    • Correct GST reversal
    • Settlement adjustment entries

    Accurate return accounting ensures clean financial statements.

    GST Compliance Using Xero Data

    With proper setup, Xero supports:

    • Accurate preparation of GSTR-1
    • Correct GST liability in GSTR-3B
    • Reconciliation with GSTR-2B
    • Reduced risk of compliance errors

    How Saving Mantra Helps Ecommerce Sellers

    Saving Mantra provides specialized support for ecommerce sellers using Xero, including:

    • Xero accounting setup for ecommerce
    • Marketplace-wise ledger configuration
    • GST, TDS, and TCS reconciliation
    • Monthly accounting and compliance
    • Advisory and audit support

    We ensure your ecommerce accounting is accurate, compliant, and scalable.

    Conclusion

    Ecommerce seller accounting in Xero requires structured setup and disciplined reconciliation. With correct accounting practices, sellers can ensure compliance, avoid penalties, and make informed decisions. Saving Mantra simplifies ecommerce accounting in Xero so you can focus on business growth.

    Disclaimer

    This blog is for informational purposes only and does not constitute accounting, tax, or professional advice. Accounting treatment may vary based on business model, marketplace policies, and applicable laws. Readers are advised to consult qualified professionals before implementation.

  • Ecommerce Seller Accounting in QuickBooks Guide

    Ecommerce sellers in India face unique accounting challenges due to GST, marketplace commissions, returns, TDS, and TCS deductions. Proper ecommerce seller accounting in QuickBooks is essential to maintain accurate books, ensure compliance, and improve profitability.

    This Saving Mantra guide explains how Indian ecommerce sellers can manage accounting efficiently using QuickBooks.

    Why Use QuickBooks for Ecommerce Seller Accounting

    QuickBooks is a popular cloud-based accounting solution that helps ecommerce sellers manage finances efficiently.

    Key benefits:

    • Easy sales and expense tracking
    • Marketplace-wise accounting
    • Automated reports and dashboards
    • Integration with ecommerce platforms
    • Simplified reconciliation process

    QuickBooks is ideal for growing ecommerce businesses.

    Popular Ecommerce Marketplaces Managed in QuickBooks

    Ecommerce sellers commonly use QuickBooks to manage accounting for:

    • Amazon
    • Flipkart
    • Meesho
    • Paytm
    • Myntra

    Each marketplace follows a settlement-based payment model that must be recorded correctly.

    Recording Ecommerce Sales in QuickBooks

    Sales Recording

    • Record gross sales invoices
    • Apply correct GST rate and HSN
    • Create marketplace as customer

    Marketplace Charges

    • Commission and referral fees
    • Shipping and logistics charges
    • Payment gateway fees
    • Reverse GST on commission where applicable

    TDS and TCS Accounting in QuickBooks

    TDS under Section 194-O

    • Deducted by ecommerce operators
    • Recorded as TDS receivable
    • Reconciled with Form 26AS

    GST TCS

    • Collected by marketplace
    • Recorded separately
    • Adjusted in GST returns

    Settlement Reconciliation in QuickBooks

    QuickBooks helps in:

    • Matching settlement reports with sales invoices
    • Adjusting returns, refunds, and penalties
    • Identifying short payments
    • Month-end closing and reporting

    Regular reconciliation reduces tax risks.

    Handling Returns and Refunds

    Returns should be:

    • Recorded through credit notes
    • GST reversed accurately
    • Adjusted in settlement reconciliation

    Proper handling avoids GST mismatches.

    GST Compliance Using QuickBooks Data

    With accurate entries, QuickBooks supports:

    • Correct GSTR-1 reporting
    • Matching GSTR-3B liability
    • Reconciliation with GSTR-2B
    • Reduced chances of GST notices

    How Saving Mantra Helps Ecommerce Sellers

    Saving Mantra provides expert accounting and compliance services for ecommerce sellers, including:

    • QuickBooks setup and configuration
    • Marketplace-wise accounting structure
    • GST, TDS, and TCS reconciliation
    • Monthly accounting and return filing
    • Advisory and audit support

    We ensure your ecommerce accounting is accurate and compliant.

    Conclusion

    Ecommerce seller accounting in QuickBooks requires structured accounting and regular reconciliation. With proper setup and expert guidance, sellers can avoid penalties and make informed business decisions. Saving Mantra simplifies ecommerce accounting in QuickBooks so you can focus on growing your business.

    Disclaimer

    This blog is for informational purposes only and does not constitute accounting, tax, or professional advice. Accounting treatment may vary depending on business model, marketplace policies, and applicable laws. Readers are advised to consult qualified professionals before implementation.

  • Ecommerce Seller Accounting in Zoho: Complete Guide

    Ecommerce sellers in India deal with complex accounting due to GST, marketplace commissions, returns, TDS, and TCS deductions. Proper ecommerce seller accounting in Zoho helps maintain accurate records, ensure compliance, and improve profitability.

    This Saving Mantra guide explains how ecommerce sellers can manage accounting efficiently using Zoho Books.

    Why Use Zoho for Ecommerce Seller Accounting

    Zoho Books is a powerful cloud-based accounting software designed for Indian GST compliance.

    Benefits include:

    • Automated GST calculations
    • Marketplace-wise sales tracking
    • Easy reconciliation of settlements
    • Real-time financial reports
    • Seamless integration with ecommerce platforms

    Zoho simplifies accounting for growing ecommerce businesses.

    Popular Ecommerce Marketplaces Managed in Zoho

    Ecommerce sellers commonly use Zoho Books to manage accounting for:

    • Amazon
    • Flipkart
    • Meesho
    • Paytm
    • Myntra

    Each marketplace follows a net settlement model, which must be recorded correctly.

    Recording Ecommerce Sales in Zoho

    Sales Invoices

    • Record gross sales value
    • Apply correct GST rate and HSN
    • Create marketplace as customer

    Marketplace Charges

    • Commission and referral fees
    • Shipping and logistics charges
    • Payment gateway fees
    • Reverse GST on commission (RCM where applicable)

    TDS and TCS Accounting in Zoho

    TDS under Section 194-O

    • Deducted by marketplace
    • Recorded as TDS receivable
    • Reconciled with Form 26AS

    GST TCS

    • Collected by ecommerce operator
    • Shown separately in Zoho
    • Adjusted in GST returns

    Settlement Reconciliation in Zoho

    Zoho Books enables:

    • Matching settlement reports with invoices
    • Adjusting returns, refunds, and penalties
    • Identifying short payments
    • Accurate month-end closing

    Regular reconciliation avoids GST mismatches and tax notices.

    Handling Returns and Refunds

    Returns are recorded using:

    • Credit notes
    • Automatic GST reversal
    • Settlement adjustment

    Correct handling ensures accurate sales and tax figures.

    GST Returns Using Zoho Data

    With proper entries, Zoho Books helps:

    • File accurate GSTR-1
    • Match GSTR-3B liability
    • Reconcile GSTR-2B
    • Reduce chances of GST notices

    How Saving Mantra Helps Ecommerce Sellers

    Saving Mantra provides expert Zoho accounting services for ecommerce sellers, including:

    • Zoho Books setup and configuration
    • Marketplace-wise ledger creation
    • GST, TDS, and TCS reconciliation
    • Monthly accounting and compliance
    • Advisory and audit support

    We help ecommerce sellers stay compliant and profitable.

    Conclusion

    Ecommerce seller accounting in Zoho requires proper configuration and disciplined reconciliation. With accurate accounting, sellers can ensure compliance, avoid penalties, and make better business decisions. Saving Mantra simplifies ecommerce accounting in Zoho so you can focus on growth.

    Disclaimer

    This blog is for informational purposes only and does not constitute accounting, tax, or professional advice. Accounting treatment may vary based on business model, marketplace policies, and applicable laws. Readers are advised to consult qualified professionals before implementation.

  • Term Life Insurance in India Explained

    What Is Insurance?

    Insurance is a financial arrangement where an individual pays a fixed amount called a premium to an insurance company. In return, the insurer provides financial protection against unexpected events such as death, illness, accident, or loss.

    In India, insurance helps families:

    • Manage financial risks
    • Protect dependents from income loss
    • Handle emergencies without selling assets
    • Maintain long-term financial stability

    What Is Life Insurance Term Plan?

    A Life Insurance Term Plan is the simplest and most affordable form of life insurance. It provides pure risk cover for a specific period called the policy term.

    • If the policyholder dies during the term, the sum assured is paid to the nominee
    • If the policyholder survives the term, no maturity benefit is paid

    Because term plans focus only on protection and not savings or investment, they offer high life cover at low premiums.

    Importance of Term Insurance in Indian Context

    Term insurance is extremely important in India because:

    • Many households depend on a single earning member
    • Education, healthcare, and living costs are rising
    • Home loans and personal loans are common
    • Social security benefits are limited

    A term plan ensures your family can repay loans, meet daily expenses, and achieve future goals even in your absence.

    How Many Insurance Companies Offer Life Insurance in India?

    As regulated by the Insurance Regulatory and Development Authority of India (IRDAI):

    • 24 Life Insurance Companies operate in India
      • 1 Public Sector Insurer – Life Insurance Corporation of India (LIC)
      • 23 Private Life Insurance Companies

    All these insurers offer term insurance plans with different coverage options, premium structures, and rider benefits.

    Key Features of Term Life Insurance

    • High life cover at affordable premium
    • Flexible policy tenure
    • Multiple payout options (lump sum or monthly income)
    • Optional riders like accidental death benefit
    • Easy online purchase with minimal documentation

    Tax Benefits of Term Insurance in India

    Section 80C – Premium Deduction

    • Premium paid is eligible for tax deduction up to ₹1.5 lakh per year
    • Available for self, spouse, and children

    Section 10(10D) – Tax-Free Death Benefit

    • Death benefit received by nominee is fully tax-free
    • No maximum limit on exemption

    Section 80D – Additional Benefit

    • Extra tax deduction if health or critical illness rider is included

    Who Should Buy a Term Insurance Plan?

    • Salaried professionals
    • Business owners and self-employed individuals
    • Parents with dependent children
    • Individuals with home or personal loans
    • NRIs with families dependent in India

    How Much Term Insurance Cover Is Ideal?

    A commonly used guideline:

    10 to 15 times your annual income

    The right cover should also consider:

    • Existing loans and liabilities
    • Monthly family expenses
    • Children’s education and future needs
    • Inflation impact

    Why Choose Saving Mantra for Term Insurance?

    Saving Mantra helps you:

    • Compare term plans across multiple insurers
    • Choose the right coverage and policy term
    • Understand tax benefits clearly
    • Avoid mis-selling
    • Get expert claim support assistance

    Conclusion

    A life insurance term plan is the foundation of financial protection in India. It is affordable, easy to understand, and ensures your family’s financial security. Buying a term plan early helps secure lower premiums and long-term peace of mind.

    Disclaimer

    This content is for informational purposes only and should not be considered insurance or tax advice. Policy features, premiums, and tax benefits are subject to change as per insurer terms and applicable laws. Saving Mantra recommends reading policy documents carefully or consulting a qualified advisor before purchasing any insurance policy.

  • Ecommerce Seller Accounting in Tally: Complete Guide

    Ecommerce sellers in India face complex accounting challenges due to GST, marketplace commissions, TDS, and TCS deductions. Proper ecommerce seller accounting in Tally is essential for accurate books, compliance, and profitability.

    This Saving Mantra guide explains how ecommerce sellers can manage accounting in Tally effectively.

    Why Ecommerce Accounting in Tally Is Important

    Tally helps ecommerce sellers:

    • Maintain GST-compliant books
    • Track marketplace-wise sales
    • Record commission, shipping, and penalties
    • Reconcile settlements with marketplaces
    • Prepare accurate tax returns

    Without proper accounting, sellers may face GST mismatches and income tax notices.

    Common Ecommerce Marketplaces Covered in Tally

    Ecommerce sellers usually operate on:

    • Amazon
    • Flipkart
    • Meesho
    • Paytm
    • Myntra

    Each marketplace follows a settlement-based payment system, which must be correctly recorded in Tally.

    Accounting Treatment of Ecommerce Sales in Tally

    Sales Entry

    • Record gross sales invoice
    • Apply correct GST rate and HSN
    • Create marketplace as debtor

    Commission & Charges Entry

    • Marketplace commission
    • Shipping & packaging charges
    • Payment gateway fees
    • Reverse GST on commission (RCM where applicable)

    TDS and TCS Accounting in Tally

    TDS (Section 194-O)

    • Deducted by marketplace
    • Shown as receivable in Tally
    • Reconciled with Form 26AS

    TCS under GST

    • Collected by marketplace
    • Recorded separately
    • Adjusted in GST returns

    Settlement and Reconciliation Process

    Ecommerce sellers receive net settlements after deductions.

    Proper reconciliation includes:

    • Matching settlement reports with sales invoices
    • Adjusting commission, returns, and penalties
    • Verifying GST, TDS, and TCS deductions
    • Identifying mismatches and short payments

    Regular reconciliation ensures accurate financial reporting.

    Handling Returns and Refunds in Tally

    Returns must be:

    • Recorded through credit notes
    • GST reversed correctly
    • Adjusted in settlement reconciliation

    Incorrect return accounting may lead to GST mismatches.

    GST Returns from Tally Data

    With proper entries, sellers can:

    • File GSTR-1 accurately
    • Match GSTR-3B liabilities
    • Reconcile GSTR-2B
    • Avoid GST notices

    Tally becomes a strong compliance tool for ecommerce sellers.

    How Saving Mantra Helps Ecommerce Sellers

    Saving Mantra offers specialized accounting support for ecommerce sellers, including:

    • Tally setup for ecommerce accounting
    • Marketplace-wise ledger configuration
    • GST, TDS, and TCS reconciliation
    • Monthly accounting and return filing
    • Compliance and audit support

    We ensure accurate books and stress-free compliance.

    Conclusion

    Ecommerce seller accounting in Tally requires a structured approach to handle GST, marketplace deductions, and settlements. Proper accounting helps avoid tax notices and improves business decision-making. With expert assistance from Saving Mantra, ecommerce accounting becomes simple, accurate, and compliant.

    Disclaimer

    This blog is for informational purposes only and does not constitute accounting, tax, or professional advice. Accounting treatment may vary based on business model and marketplace policies. Readers are advised to consult qualified professionals before implementation.