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What is the Procedure Prescribed Under Section 61 of CGST Act?
GST Compliance does not end with the submission of returns. Tax authorities take an active interest in doing a data audit to check correctness and tax-discipline. The section 61 of…
gst billing software
How to Make Advance Tax Payment Online Step by Step?
Paying taxes on time is one of the responsibilities every earning Indian must know clearly. When the advance tax payment not fully covered under TDS then according to Income Tax…
What Happens If the GST Exemption Limit is Crossed?
The GST exemption limit determines whether a business should register for GST or not and if the business is allowed to carry out the business without tax charges. This limit…
How to Respond After Receiving DRC 07 in GST Notice?
A receipt of demand of GST can put pressure immediately on any business owner or finance team. When DRC 07 in GST is shown in the portal, it means the…
What Happens If TRN in GST Expires Before Submission?
GST registration begins with a Temporary Reference Number. This number takes applicants through the beginning registration process. The TRN in GST Data entry, document uploading, OTP validation before final submission.…
Who Can Claim Benefits Under Section 90 of Income Tax Act?
The section 90 of Income Tax Act has been enacted to avail relief from double taxation for Indian resident based on income sources of income received among other countries. The…
How to Adjust a Deferred Revenue Journal Entry at Period End?
The deferred revenue journal entry is a concept that is very essential for Indian businesses that receive payment before rendering goods or services. It is an obligation to provide products…
What Problems Arise Without the Business Entity Concept in Accounting?
Accounting operates on clear principles which safeguard the clarity of businesses as well as lawfulness. One of these rules is the business entity concept in accounting. It mentions that a…
Why Must Debit and Credits in Accounting Always Balance?
The debit and credits in accounting are the basis of proper financial record keeping. Every business dealings in India be it retail shop dealing in goods. A manufacturing unit that…
Why are Inventory Reports Critical for Decision-Making?
Business decisions are based on facts and not found upon assumptions. The inventory reports translate the activity in stock on daily basis into understandable business signals. Stock sitting on shelves,…