How to claim GST refund To initiate a GST refund claim, please follow these steps: Access the GST portal by logging in with your provided username and password. Navigate to the ‘Services’ tab and select ‘Refunds’. For site: https://www.gst.gov.in/ Click on ‘Application for Refund’ and choose the appropriate refund type. Complete the application form by… Read More »
Advantages of EPF and EPS Advantages of EPF and EPS, The Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are social security schemes designed to provide financial security to employees during retirement or in the event of their unfortunate demise. These schemes offer several benefits, including: Retirement benefits: Upon retirement, employees receive a… Read More »
What Are the Implications of Non-Registration with GST? Introduction Goods and Services Tax (GST) is a comprehensive tax levied on the supply of goods and services in many countries, including India. It is mandatory for businesses that meet the prescribed turnover threshold to register under GST. Non-registration can have serious legal, financial, and operational consequences.… Read More »
What if I do not pay my income tax If you do not pay your income tax, it will be considered as taxes evasion, which is a serious offense under the Income Tax Act in India. If the Income Tax Department finds out about the non-payment of tax, it can take various legal actions against… Read More »
Introduction Taxpayers in India often seek ways to reduce their taxable income through various exemptions and deductions provided under the Income Tax Act. One such provision is Section 80TTA, which offers tax benefits on interest income earned from savings accounts. This article provides an in-depth explanation of the 80TTA exemption, covering its definition, benefits, usage,… Read More »
Is fee paid to Non-Professional accountant subject to TDS TDS on fee of Non-Professional accountant is mandatory. The payment made to a non-professional accountant is subject to Tax Deducted at Source (TDS) as per Section 194J of the Income Tax Act, 1961. The applicable TDS rate for non-professional services is 10%, with a reduced rate… Read More »
User Intent Taxpayers in India often struggle to decide between the Old Tax Regime and the New Tax Regime. With frequent changes in tax policies, selecting the most beneficial regime requires careful evaluation. This article provides a detailed, step-by-step comparison to help individuals and businesses make an informed decision for FY 2023-24. Introduction… Read More »
Difference between Revenue and Valuation Revenue and Valuation: Revenue refers to the income earned by a company through its core operations, such as the sale of goods or services, while valuation is the process of estimating the worth of a company or an asset. Visit for more information: https://www.mca.gov.in/ It is a measure of a… Read More »
What is advance tax Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability… Read More »
What are Revenues? What Are Revenues? Revenues, often referred to as sales or turnover, are the income generated from normal business operations. They are a crucial component of a company’s financial health and are a key indicator of its performance. Understanding revenues is essential for stakeholders, including investors, managers, and analysts, as they provide insight… Read More »