India has entered a new phase in direct taxation. The Income-tax Act, 2025 replaces the Income-tax Act, 1961, bringing a new legislative framework for taxation in India. The new Act came into force on 1 April 2026 and applies to income relating to Tax Year 2026–27 onwards. At the same time, the earlier law continues
Income-tax Act, 2025: What Has Changed? Read More »
After understanding the basics of C Corporations and S Corporations and then exploring Schedule K-1, it is time to look at how a C Corporation reports and pays federal income tax. Unlike a partnership or S Corporation, a C Corporation is generally treated as a separate taxpayer for U.S. federal income-tax purposes. Andrew: Professor, does
C Corporation Taxation: Form 1120 Read More »
After understanding the basic differences between a C Corporation and an S Corporation, the next important concept in U.S. business taxation is Schedule K-1. For students, accountants, and professionals preparing for careers in U.S. tax, accounting, audit, or consulting, K-1 is an essential concept because it connects a pass-through entity with its owner’s tax reporting.
Schedule K-1: Partnership & S Corporation Read More »
Andrew came into the Professor’s office with his notebook. He had understood the basics of partnerships, but now he wanted to understand the Form 1065 Tax Return and how a partnership reports its income to the IRS. He opened it to the page where he had written: Andrew: Professor, I think I finally understand the
Form 1065 — The Partnership Tax Return Read More »
STUDENT: Professor, whenever I hear the words Australian Taxation, I feel there are too many terms to remember. Where should I start? PROFESSOR: Don’t start by memorising terms. Start by asking a simple question: Why does a government need taxes? STUDENT: To collect revenue? PROFESSOR Exactly. Governments need revenue to provide public services such as
Tax Powers & Business Identities in Australian Taxation Read More »
Fundamentals, Tax Impact and the Role of M-1 and M-3 Adjustments Student: Professor, I understand that corporations are separate legal entities, but I still get confused when interviewers ask me to distinguish between a C corporation and an S corporation. Where should I begin? Professor: Begin with one fundamental idea: both are incorporated business entities,
C Corporation vs S Corporation Read More »
Understanding the Basics Andrew had just started working on a project involving US partnership taxation. He opened his notebook, looked at a list of forms, and frowned. Andrew: Professor, I have a question. Professor: Of course, Andrew. What is confusing you? Andrew: I keep seeing terms like partnership, flow-through entity, TIN, EIN, Form 8832, Form
US TAX PARTNERSHIPS Read More »
When we think about U.S. federal income tax returns, Form 1040 usually comes to mind. But what happens when the taxpayer is not an individual? A nonprofit organization, a deceased person’s estate, or a trust may have completely different federal filing obligations. Two important forms in this area are: Form 990 — Return of Organization
Trusts vs. Non-Profits – Decoding Form 1041 and Form 990 (With Case Study) Read More »
1. Backdrop Good morning, everyone. Professor: Today I don’t want you to write any formula , just a simple story about school bags. Student 1: Sir, no formula? That’s unusual for Costing! Professor: Exactly! Today, I want you to think like a business owner. Suppose you manufacture 1,000 school bags. You spend ₹2,00,000
UNDERSTANDING Cost of Goods Sold (COGS) in the Manufacturing Industry Read More »
Transforming Financial Data into Business Intelligence Many finance professionals assume that accounting ends when journal entries are posted and financial statements are prepared. However, in modern organizations, accounting is no longer a mere record-keeping function. It has evolved into a strategic business process that supports managerial decision-making, operational control, regulatory compliance, and business growth. Record-to-Report
RECORD-TO-REPORT (R2R) Read More »
