Statutory Audit and Tax Audit Tax audit and Statutory audit are two distinct types of audits conducted for different purposes. Statutory audit Statutory audit aims to verify a company’s financial statements to ensure they present a true and fair view of its financial position. It is a legal requirement under the Companies Act, 2013,… Read More »
Difference between TDS vs TCS Difference between TDS vs TCS, TDS and TCS are both types of tax collection mechanisms in India, but they differ in their nature, purpose, and applicability. TDS TDS (Tax Deducted at Source) is a tax collection mechanism that requires a person to deduct tax at a prescribed rate from the… 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 »
Difference land revenue and Land Tax Difference land revenue and Land Tax, It’s distinct terms used in the realm of land ownership and taxation. Land revenues denotes the payment made by the landowner to the government for utilizing and occupying the land. It is a periodic payment remitted by the landowner to the… Read More »
Taxable allowances Taxable allowances, Under the Income Tax regulations in India, certain allowances are subject to taxation. Some of the commonly taxable allowances include: Dearness Allowance (DA): DA is an allowance provided to employees to offset the impact of inflation. It is fully taxable. House Rent Allowance (HRA) HRA is an allowance provided by employers… Read More »
