What is an income tax refund? What is an income tax refund? The refund amount is calculated by subtracting the actual tax liability from the total taxes paid. If the total taxes paid exceed the actual tax liability. The excess amount refund to the taxpayer as a reimbursement. If any individual or business entity has… Read More »
Difference between ITR and TDS ITR (Income Tax Return) and TDS (Tax Deducted at Source) are distinct concepts related to income tax in India. ITR refers to the document filed annually by individuals or entities with the Income Tax Department. It includes the declaration of their income earned during a financial year, deductions claimed, and… Read More »
Features of Tax Audit A tax audit is a critical process conducted by a tax professional or authority to ensure that taxpayers’ financial records and returns are accurate and compliant with tax laws. In India, the tax audit is mandated under Section 44AB of the Income Tax Act, for certain taxpayers. Understanding the key features… Read More »
Special Features of Tax Audit: Understanding Its Importance and Key Aspects A tax audit is a systematic examination of a taxpayer’s financial records and accounts to verify that they have accurately reported their income, deductions, and other related items on their tax returns. It is a critical process conducted by tax authorities to ensure… Read More »
HRA Tax Exemption Calculation HRA tax exemption calculation: HRA, short for House Rent Allowance, is a salary component provided by employers to assist employees in covering their rental expenses. The exemption for House Rent Allowance (HRA) is determined by considering The following three factors: Actual HRA received from the employer. Rent paid by the employee… Read More »
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 »
Is bookkeeping a part of accounting Bookkeeping is considered a part of accounting because it is the foundation on which accounting is built. Bookkeeping involves the day-to-day recording and organizing of financial transactions such as sales, purchases, payments, and receipts. The goal of book-keeping is to maintain accurate and up-to-date financial records that can be… Read More »
Bookkeeping for Financial Management Bookkeeping for Financial Management services that help businesses keep track of their financial transactions and ensure their financial records are accurate and up-to-date. Here is an overview of bookkeeping and accounting services for businesses: 1. Bookkeeping: Bookkeeping involves the day-to-day recording and organizing of financial transactions such as sales, purchases,… Read More »
