GST in final accounts GST in final accounts, In the final accounts of a business, GST (Goods and Services Tax) is treat as follows: 1. Sales: The GST collected on sales is not consider as revenue, but rather a liability to be paid to the government. The total sales value should be record separately… Read More »
Filing ITR Filing ITR, In India, not everyone is required to file an income tax return (ITR). The requirement to file an ITR depends on various factors, including the individual’s age, income level, and the type of income earned during the financial year. Here are some general guidelines regarding who needs to file Filing ITR:… Read More »
Indirect and Direct Tax Indirect and Direct tax is a type of tax that is imposed on the income or wealth of an individual or entity. It is called “direct” because the tax is levied directly on the person or entity that is liable to pay it. The tax liability cannot be shifted to… Read More »
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 »