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…
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…
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.…
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…
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…
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…
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…
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…
Claiming exemptions as per section 54F of Income Tax Act can help you to save a lot of money on capital gains tax in India. This section is applicable when…
Receiving a notice under Section 148 of Income Tax Act can cause apprehension to any taxpayer, either an individual, small business owner or a corporate entity. The notice does not…
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