Importance of tax compliance Importance of tax compliance, Tax compliance is important for several reasons: Legal Requirement: Tax compliance is a legal obligation. Individuals and businesses are required by law to accurately report their income, calculate their tax liabilities correctly, and submit tax returns within specified deadlines. Non-compliance with tax laws can result in… Read More »
Cost control Cost control is the process of overseeing and managing expenses in an organization, ensuring they remain within predetermined boundaries. It encompasses activities such as monitoring, analyzing, and reducing costs to optimize profitability and attain financial stability. Implementing effective cost measures is crucial for businesses to remain competitive, enhance operational efficiency, and meet their… Read More »
Filing income tax returns Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »