If you’re a businessman, you know that every rupee matters so it essential for managing taxes effectively and improving cash-flow efficiency. Understanding GST and Input Tax Credit (ITC) is important because it not only ensures compliance but also helps in managing cash flow more effectively. GST stands for Goods and Services Tax. It is a
Input Tax Credit and Key GST Return Forms—You Must Know Read More »
The income tax assessment procedure is a systematic process undertaken by the Income Tax Department to determine the correct tax liability of an individual or entity based on their income and other financial information. This blog is going to give you an idea of the assessment procedure through a short story. Ronita and Rohon, two
Understand Income Tax Assessment for your Benefit Read More »
Tax planning plays an important role in managing finances effectively. It involves arranging financial affairs in ways that comply or avoid taxes by taking advantage of tax deductions, credits, and exemptions legally. Beginning April 1, 2020 (FY 2020-21), the Government of India implemented a new optional tax rate system for individuals and Hindu undivided families (HUF).
Deductions & Taxable Income — Old vs New Tax Regime Read More »
Accounting is a process of recording an organization’s financial transactions in order to make important decisions. In accounting, every financial transaction must be recorded in the books following a standard and consistent format. If there were no common standards, different firms might follow their own rules and formats to record transactions and present financial statements.
AS or IND AS – What’s the difference? Read More »
Accounting is simply the language of business. Just as people keep a personal diary to remember daily events, businesses use accounting to record every rupee that comes in and every rupee that goes out. The output is financial statements like Profit and Loss Account, Balance Sheet, and Cash Flow. Anand & Neha’s Final Accounts Dilemma
Final Accounts vs. Financial Statements Dilemma Read More »
Background Before GST was implemented, the VAT system was being followed in the country. The previous tax structure has been replaced by GST and a number of changes have taken place as a result. Introduced on July 1, 2017, GST a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as
NEW-GEN GST – A Revolutionary Approach Read More »
For India, “individuals with 60 years of human life and above are “recognised” as elderly people. The usual conditions of elderly people either they are retired (if they are employed) or semi-retired, health problems show more and more. At this stage, their financial needs and responsibilities change, making it essential to understand the incomes available
Common Perception- Know Income from Other Sources! Read More »
Be alert before filing your tax return! My student, Ankit, has always been a serious during his college days – MBA in Finance working in a Fintech company He is always well-organized in filing his ITR before the due date. But this financial year he is looking bit concerned. One day he was telling me
Set Off and Carry Forward of Losses — Every Tax Payer must Know Read More »
Understanding the head ‘Income from Salary’ is important for students because when students after graduating step in their first dream job, their enthusiasm turns into a query – What is my actual salary? A few new terms like Basic, DA, HRA, Conveyance allowance, PF and Professional Tax deduction seem very perplexing. They can’t understand why
Income from Salary — Understand Real World Pay Roll Structure Read More »
Imagine you are going to appear for an interview for the post of ‘Tax Associate’ without knowing properly the ‘Heads of Income” under the Income Tax Act, 1961 chaos! So, when you sit for interviews for such a job role, interviewers often test your basic knowledge of such subject. Let study one story of Miss
One Business with Two Profits—The Puzzle Read More »
