ESIC Payment Challan Employers use the ESIC payment challan to deposit their ESIC contributions with the designated bank. It serves as proof of payment and contains essential details such as the employer’s name, address, ESIC code, the amount to be deposited, and the period for which the payment is being made on ESIC portal. … Read More »
New vs Old Tax Regime The new tax regime under the Income Tax Act in India, introduced in the Union Budget 2020-21, offers taxpayers an alternative tax structure with lower tax rates but without various deductions and exemptions available under the old tax regime. New tax regime: 1. Lower Tax Rates: The new tax regime… Read More »
Goods and Services Tax (GST) Goods and Services Tax (GST): The GST is a comprehensive indirect taxation system imposed on the provision of goods and services across India. It is a destination-base tax system that aims to replace multiple indirect taxes like excise duty, service tax, VAT (Value Added Tax), and others. 1. Introduction: GST… Read More »
Tax Compliance for Mall Owners Tax Compliance for Mall Owners to avoid tax compliance and audit issues in India: 1. Tax Registration And Filing: Tax Compliance for Mall Owners in India must ensure timely and accurate registration under the Goods and Services Tax (GST) regime. They should regularly file GST returns, including GSTR-1 (outward supplies)… Read More »
Account Finalization for the Freelancers Account finalization for the freelancers in India involves the process of preparing and organizing financial records to accurately report income, expenses, and tax liabilities. Here’s a step-by-step explanation with relevant hashtags: 1. Maintain Detailed Records: Freelancers should maintain meticulous records of all financial transactions, including income earned from clients,… Read More »
ITR for Computer Repair Running a computer repair and maintenance service business can be both rewarding and challenging. As a business owner in this industry, it’s crucial to understand your tax obligations and whether you need to file an Income Tax Return (ITR). This article delves into the eligibility and requirements for filing ITR… Read More »
Bookkeeping Mandatory for Freelancers Yes, bookkeeping is mandatory for freelancers in India. Bookkeeping involves systematically recording and organizing financial transactions related to your freelance activities. It is crucial for several reasons. 1. Income Reporting and Tax Compliance: Maintaining accurate and detailed records of your income and expenses helps you report your earnings correctly in… Read More »
Balance Sheet Mandatory for Freelancers Yes, drafting a balance sheet mandatory for freelancers in India under certain circumstances. A balance sheet is a financial statement that provides a snapshot of a freelancer’s financial position at a specific point in time, showcasing their assets, liabilities, and owner’s equity. Here’s an explanation with hashtags: 1.… Read More »
Expense Recording Methods Expense Recording Methods for Motor and truck rental service providers in India categorize and record expenses in their bookkeeping to effectively manage their business finances. They follow a systematic approach to ensure accurate accounting and compliance with taxation regulations. 1. Expense Categorization: Motor and truck rental service providers categorize expenses into… Read More »
Eligibility for ITR Yes, motor and truck rental services are Eligibility for ITR filing in India. When you provide motor and truck rental services, the income earned from these services is considered as business income and needs to be reported in your ITR. This income should be reported under the relevant head, which… Read More »
