Taxpayer status Taxpayer status, The term “taxpayer” seems straightforward at first glance: an individual or entity that pays taxes. However, tax law and definitions within the tax system are often more nuanced than they initially appear. The question of whether a person or entity can still be considered a “taxpayer” even if they do… Read More »
TDS on Interest on late payment TDS on Interest on late payment, No, Tax Deducted at Source is not applicable on interest due to late payments made to creditors. Tax Deducted at Source is specifically applicable to certain types of payments such as salaries, rent, professional fees, etc., as outlined in the Income Tax… Read More »
Change State Jurisdiction in GST Website link Change state jurisdiction in GST: One of the critical aspects of GST compliance is the jurisdictional assignment, which determines which state authority will oversee the taxpayer’s registration and compliance. There are instances when businesses may need to change their state jurisdiction due to various reasons, such as relocation… Read More »
LLP compliance requirements in India LLP compliance requirements in India: The following are the compliance requirements that LLPs in India must fulfill: Annual Compliance: LLPs must file an annual return in Form 11 with the MCA within 60 days from the end of the financial year. Furthermore, LLPs are obligated to submit their Statement… Read More »
Is the provision for taxation a liquid asset or not The provision for taxation is not considered a liquid asset. In financial terms, a liquid asset refers to an asset that can easily convert into cash without significant loss in value. While the provision for taxation represents an estimated amount set aside by a company… Read More »
What is Tax Avoidance? Tax avoidance involves legally structuring one’s financial affairs to reduce tax liabilities while staying within the law. It involves using various strategies and methods to take advantage of deductions, credits, exemptions, and other provisions in the tax code to reduce the amount of taxes owed. Characteristics of Tax Avoidance: Legal… Read More »
Statutory Compliance Statutory compliance refers to the process of ensuring that a company or an organization is following all the rules, regulations, and laws set by the government and relevant regulatory authorities. These laws and regulations can include tax laws, labor laws, environmental laws, and other applicable laws that govern business operations. Compliance is important… 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 »
The services offered by bookkeeping firms Bookkeeping Firm Bookkeeping firms typically offer a range of services related to managing a company’s financial records. Here are some of the services commonly offered: Bookkeeping This involves maintaining accurate and up-to-date financial records for a company, including recording transactions, reconciling accounts, and producing financial statements. Accounts payable and… Read More »
Benefits of bookkeeping Website link content link Benefits of bookkeeping in an Organization: Accurate financial records: Bookkeeping ensures precise documentation of all financial transactions, encompassing sales, expenses, and payments. This guarantees the integrity and reliability of financial records, enabling informed financial decision-making and compliance with regulations. Enhanced financial management: It provides vital financial information… Read More »
