Three Depreciation Methods Explained Simply 📉 DEPRECIATION 🚗 🤖 🏭 An accounting method that spreads out the cost of a tangible asset over its useful life. It represents the systematic reduction in the value of an asset due to wear and tear, obsolescence, or other factors. Depreciation is the process of allocating the cost of …
Overview on Setting up a Fintech Company in India The Fintech Company In India : Fintech businesses operating in India are subject to various laws and regulations that govern their operations. Under the Companies Act 2013, fintech businesses are required to register and comply with all applicable laws and regulations like any other business in …
How do you calculate your income tax under each slab in India? Do you know how much you pay as taxes each year from your income? If you get your auditing done from an external source or have the firm you are working for make the deductions, there’s not much you would know about it. …
Overview on Eligibility For claiming a refund of Tax Collected at Source Tax Collected at Source (TCS) is a tax that is collected by the seller from the buyer at the time of sale. The seller then deposits this tax with the Income Tax Authorities. Section 206C of the Income-tax Act, 1961 in India governs …
Taxpayer should avoid all the mistake in Income tax return filling to be avoided while Filing ITR, The process for correcting errors depends on the nature of the mistake and the stage of the filing process you’re in. Here’s what you can do: Before submitting the ITR return: If you haven’t submitted your return yet, you …
Input tax credit mismatch as per GSTR-2A and GSTR-3B Top 5 High Court judgments of 2024 related with GST mismatch as per GSTR-2A and GSTR-3B, In the Matter of NRB Bearings Ltd. vs Commissioner of State Tax (14-Feb-2024) Bombay High Court allowed the rectification of clerical error in GSTR-1 to restore Input Tax Credit, prioritizing fairness …
Indian Cryptocurrency Exchanges & FIU Notices Decoded: Indian regulators are attempting to strike a balance between innovation and financial stability while the world of cryptocurrencies is experiencing extreme volatility. Leading cryptocurrency exchanges, including Binance, have received notifications from India’s Financial Intelligence Unit (FIU) for allegedly doing illegal business through offshore companies. The action underscores the …
Objectives of an Annual Information Statement (AIS) Objectives of an Annual Information Statement (AIS) typically revolve around enhancing transparency, compliance, and effectiveness in tax administration. Here are some common objectives like Improving Taxpayer Compliance, Detecting Tax Evasion, Facilitating Risk Assessment, Promoting Transparency, Enhancing Data Analytics, Supporting Policy Formulation, The objectives of AIS are aligned with …
All about updated Income Tax Return ITR-U U/S 139(8A) What is updated Income Tax Return ITR-U & how can submit it. We can say that increase voluntary compliance by that person who pay tax to government. The government announced the concept of updated income tax return (ITR) in budget 2022. This concept in, section 139(8A) …
All About the Public Provident Fund Account When it comes to financial planning, the Public Provident Fund (PPF) is one investment that is often recommended by financial experts. A government-backed investment scheme, the PPF offers a safe and reliable way to build wealth over the long term. By investing in a PPF account, you can …