Income Tax Return Filing: Old Regime vs. New Regime (FY 2024-25) For the Financial Year (FY) 2024-25 (Assessment Year AY 2025-26), taxpayers in India have the option to choose between the Old Tax Regime and the New Tax Regime while filing their Income Tax Return (ITR). Bo...
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Input Service Distributor (ISD) in GST (Goods and Services Tax) is a mechanism for businesses to distribute the input tax credit (ITC) on services to their branches or units that use those services. ISD is a registered office or head office that receives invoices for input services and distribute...
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TDS and TCS - Importance for Accountants 1. Importance of TDS & TCS for Accountants TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are key tax compliance areas. Accountants must understand TDS/TCS to ensure proper tax deductions, filings, and compliance....
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An MIS report (Management Information System report) is a document that provides key data and insights to help management make informed decisions. These reports are typically used to monitor, analyze, and improve business processes and performance. They summarize raw data into actionable information...
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Avoiding a tax audit is frequently a matter of being careful, organized, and following the regulations established by tax authorities. Here are expert recommendations to help you avoid getting a tax audit: Be Honest and Accurate Report all sources of income, including salary, freelance income,...
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The Indian government has changed the Goods and Services Tax (GST) regime. Goods and Services Tax (GST) is a comprehensive indirect tax system in India that was implemented in July 2017 to replace other taxes such as VAT, Excise Duty, and Service Tax. GST is charged on the supply of goods and servic...
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