Tax planning is important for business Tax planning holds significant importance for businesses for the following reasons: Minimizing Tax Liability: Effective tax planning allows businesses to minimize their tax liability by taking advantage of available deductions, exemptions, credits, and incentives. By optimizing their tax position, businesses can… Read More »
GST on raw material input If there is no GST on raw material input, then there will be no GST charged on the sale of the. However, if raw material use in the production of a taxable good or service. Then GST will charge on the value of the final product or service at the… Read More »
GST Due date Businesses usually make the payment of Goods and Services Tax (GST) when they file their GST returns. The GST due date tax payment can vary depending on the jurisdiction and the frequency of return filing. In most cases, businesses are required to pay the GST liability within a specified period after the… Read More »
Terminal tax It refers to the ultimate tax payment that must make by an individual or entity prior to the conclusion of a tax period. This scenario commonly arises for businesses or self-employed individuals who obligate to pay provisional tax throughout the year, estimated based on their projected income. When the tax year concludes, the… Read More »
Introduction Filing an Income Tax Return (ITR) is a crucial financial responsibility for individuals and businesses alike. Many people perceive it as a tedious task, but it offers significant benefits that go beyond mere compliance. Whether you are a salaried employee, a business owner, or a freelancer, filing your ITR can help in financial planning,… Read More »