Dr. Sujit Dutta

Input Tax Credit and Key GST Return Forms—You Must Know

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

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Deductions & Taxable Income — Old vs New Tax Regime

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).

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AS or IND AS – What’s the difference?

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.

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Common Perception- Know Income from Other Sources!

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

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Set Off and Carry Forward of Losses —   Every Tax Payer must Know

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

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Income from Salary — Understand Real World Pay Roll Structure

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

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