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Who Should Pay TDS Under Section 194K of Income Tax Act?
Investors happen to get confused with TDS on income from mutual fund units and specified securities. Understanding the rule under 194K of Income Tax Act avoids errors at the time…
How Does the Accounting Period Concept Affect Your Business Accounts?
Indian businesses take thousands of financial decisions every year. These decisions require clarity, structure and consistent timetables. The Accounting Period Concept provides for that stability. It accounts financial activities in…
What are the Key Compliance Requirements Under GSTR 11?
Foreign diplomatic missions, consulates and un-related to UN bodies who have their registrations under GST are obliged to provide their GST cum refunds on inward supplies by filing their GSTR…
Why Do Modern Businesses Rely on EOQ in Inventory Management?
India’s ever-increasing trading environment means that stock planning is day-to-day for retailers, wholesalers and manufacturers. Many businesses have pressure from transporters when materials are not turning over quickly enough under…
What Documents Are Needed for Section 54b of Income Tax Act?
The issuance of a notice under Section 54b of Income Tax Act often indicates that there are problems in previous incomes and their data need to be given fresh look.…
How Are Liabilities in Accounting Recorded in the Balance Sheet?
The understanding of Liabilities in Accounting is crucial for every one business in India whether trading set up, manufacturing set up or service enterprise set up in India. Every liability…
What Fixed Assets Accounting Entries Are Needed at Year-End Closing?
Year-end brings some tough pressure on finance teams and one aspect requiring careful attention is Fixed Assets Accounting Entries. Many Indian businesses have a rush towards closing their work and…
Which Accounts are Affected in a Journal Entry for Depreciation?
Businesses account for the wear and tear of assets in a Journal Entry for Depreciation. This entry makes the asset values honest, which helps to avoid inflated profit figures. Many…
How to Apply for Concessional Taxation in Section 115H of Income Tax Act?
Understanding the rules and procedures of benefiting consecisional taxation under Section 115H of Income Tax Act is essential for taxpayers who wish to follow these requirements. This section is applicable…
Who Should Opt for Section 115BAC of Income Tax Act and Why?
Choosing the appropriate tax regime will have a strong impact on your savings and financial planning. For many Indian taxpayers and small business owners, it is very important to understand…