Basic terms in taxation Assessee- In simple words, assessee means a Person by whom any tax or any other sum of money is payable is called assessee. E.g. Mr. Shyam is liable to pay income tax so he is assessee. So any person who is liable to pay tax or any sum of money under...
According to section 44AA and Rule 6F of the Income Tax Act, freelancers must maintain accounts book for taxation purpose.Availing Tax Exemption on Income Tax in India Get DetailsExpenses allowed as a deductionThe expenses incurred during fulfilling a freelancing job are eligible to deduct from ...
In this guide, we have explained the payroll process step-by-step so you can feel confident while processing payroll and complete the process in less time. We have also covered the basics of payroll calculation in India, including gross salary, deductions, and net pay. The guide also explains...
Your Income Tax return is the most authentic proof of your income earned. In India, we have a system of self declaration, wherein you are required to file your tax returns within the due date showing your income details. But, many of us do not file tax returns, the reason of which ma...
Each bank has a minimum income requirement for an applicant to be eligible for their loans. In the case of Standard Chartered, this amount is INR 22,000 per month. This criterion is important; the higher your income, the better your chances of acquiring a larger loan. ...
I like to check sales, revenues, net income, and EPS. Instead of fixating on the number in isolation, compare it to the same quarter last year, as well as the previous quarter. If the numbers are going down, you’ll want to find out if it’s due to a one-time thing or a sign...
It would be intra-State supply and TDS (Central plus State tax) shall be deducted. It would be possible for the supplier (i.e. the deductee) to take credit of TDS in his electronic cash ledger. (b) Supplier as well as the place of supply are in different states. In such cases, ...
Put money in a company-run excluded fund, which is not EPFO regulated, but is set up with approval from the resident income tax commissioner. This type of fund looks after all investments and fund management itself and is self-regulated. ...
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For meeting these objectives, financial accountants mainly prepare three types of documents, as briefly mentioned in the introduction above—the balance sheet, which reflects the assets and liabilities; income statement, which shows the profit and loss; and, cash flow statement, which charts the cash...