The implications of non registration with GST Non-registration with GST can have various implications, such as: If a business is not registered under GST, it cannot collect GST from its customers. This means that the business will have to bear the tax burden on its own, which could impact its profitability. To visit:https://www.gst.gov.in/ Penalty for… Read More »
If toll tax is added to car hire bill on which amount TDS will be deducted Yes, you are correct. TDS is not applicable on toll tax as it is not considered as income. Therefore, when toll tax is included in a car hire bill, TDS will not be deducted on it. TDS is only… Read More »
The benefits of filing Income Tax Return The benefits of filing Income Tax Return provides several benefits, including: Avoiding Penalties: Timely filing of ITR helps you avoid penalties and interest on unpaid taxes. Carry forward of losses: If you have incurred losses from business, profession, or capital gains, filing ITR allows you to carry forward… Read More »
Income Tax Regime Income Tax Regime, Here We are providing general information about the two income tax regimes in India, but please note that It’s always recommend to consult with a tax professional or financial advisor for advice tailored to your specific circumstances. The Old Tax Regime: This regime allows individuals to claim… 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 advance tax Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability… Read More »
Is corporate tax a direct or an indirect tax Direct taxes are taxes that are levied on individuals or entities based on their income, profits, or assets. Corporate tax is a direct tax that is imposed on the profits earned by corporations and other business entities. The tax is calculated based on the net income… 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 »
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 »
