There are statutory deductions that businesses need to calculate such as TDS (Tax Deducted at Source), PF (Provident Fund),ESI (Employee State Insurance)in payroll execution. These amounts are calculated and then filed at appropriate government portals. If you do not pay these on the due dates...
Gather Required Documents:Collect all necessary documents, such asForm 16, investment statements, and any other income-related documents. This ensures you have all the information required to accurately calculate your total income and tax liability Calculate Your Tax Liability:Determine your total income...
A GST number is also necessary to claim the input tax credit, which is the amount of GST paid on the goods or services purchased for business purposes. Input tax credit claim is likely for a GST-registered person only if the supplier has uploaded the invoice details in the GST portal and...