Tag Archives: #TaxationClarified

What is the difference between statutory audit and tax audit?

  Introduction Audits play a crucial role in ensuring transparency, accuracy, and compliance in financial reporting. Businesses and organizations undergo different types of audits to verify their financial records. Among the most common are statutory audits and tax audits. Though both serve regulatory purposes, they have distinct objectives, applicability, and legal requirements. This article explores… Read More »

What is the difference between TDS vs TCS?

      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 »

What is the meaning of corporate assessee and non-corporate assessee?

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 »

Which allowances are taxable under the Income Tax rules of India?

   Introduction Allowances are additional financial benefits given by employers to employees apart from their basic salary. While some allowances are fully taxable, others enjoy partial or complete exemption under the Income Tax Act, 1961. Understanding the taxability of various allowances is crucial for both employers and employees to ensure proper tax planning and compliance.… Read More »