User Intent People searching for “TDS vs TCS” want to understand the fundamental differences between Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). They may be business owners, accountants, finance students, or individuals looking to comply with tax laws. This guide provides a step-by-step breakdown to clarify these two… Read More »
Standard Deduction in income tax The meaning of “standard deduction” in the context of income tax rules, refers to a fixed amount of deduction that is applicable to the gross income of salaried individuals, regardless of the actual expenses incurred. The purpose of the standard deduction is to reduce the tax liability and provide relief… Read More »
What is the Meaning of Corporate Assessee and Non-Corporate Assessee? Introduction Taxation plays a crucial role in a country’s economic system, ensuring revenue generation for developmental activities. In India, tax laws classify taxpayers into various categories based on their legal structure and operations. Among these classifications, corporate and non-corporate assessees stand out as two primary… Read More »
Terminal tax It refers to the ultimate tax payment that must make by an individual or entity prior to the conclusion of a tax period. This scenario commonly arises for businesses or self-employed individuals who obligate to pay provisional tax throughout the year, estimated based on their projected income. When the tax year concludes, the… Read More »
Why is the Output GST a Liability? Introduction In the world of modern taxation, Goods and Services Tax (GST) plays a pivotal role in shaping the financial landscape for businesses. GST is a value-added tax imposed on the supply of goods and services, and it is collected by businesses on behalf of the government. One… Read More »
Indirect Tax Indirect tax is a type of tax that is imposed on goods and services rather than on individuals or companies directly. The taxes often embed in the price of goods and services and typically collect by the supplier or seller of the goods or services on behalf of the government. Examples of the… Read More »
Tax Inclusive vs Tax Exclusive Both Tax inclusive and tax exclusive are two different methods of presenting the price of a product or service that includes or excludes taxes. Tax exclusive vs Tax inclusive can explain in details as follow: For more information to visit https://www.mca.gov.in Tax inclusives refers to the price of a product… Read More »
How to Make TDS Entries in Accountancy: A Step-by-Step Guide Tax Deducted at Source (TDS) is a critical aspect of tax compliance for businesses and individuals in many countries. It involves deducting a specified percentage of tax from payments made to vendors, contractors, or employees and depositing it with the tax authorities. Accurate TDS entries… Read More »