Category: Finance

1) Maintaining accurate records:  Maintaining accurate records is an essential tip to avoid common mistakes in GST filing in India. Keeping detailed and organized records of invoices, purchases, expenses, and taxes helps ensure accurate reporting and reconciliation. Accurate records also facilitate smooth audits and enable the proper claiming of input tax credits. 2) Timely reconciliation of… Continue reading Tips to Avoid Common Mistakes in GST filing

The Indian economy functions with a banking system that plays a crucial role in channeling funds, facilitating transactions, and supporting economic growth and development. Here’s an overview of how the Indian economy operates with its current banking operations: Banking Sector Structure: India’s banking sector is divided into two main categories: scheduled and non-scheduled banks. Scheduled… Continue reading How the Indian economy functions with its current banking operations

Income Tax Returns (ITR) in India are filed by individuals and entities to report their income and tax liabilities to the Income Tax Department. The type of ITR you need to file depends on your income sources, the nature of your income, and your eligibility. Following are some common types of ITR forms in India:… Continue reading Types of Income Tax Returns (ITR)

The Capital Asset Pricing Model (CAPM) is a widely used framework for estimating the expected return on an investment based on its risk relative to the overall market. However, it has several inadequacies and limitations. Here are some possible solutions or alternative models that address these inadequacies: Consideration of Additional Risk Factors: Multifactor Models: One… Continue reading Capital Asset Pricing Model: Possible Solutions to its Inadequacies

Manipulating commodity markets can have significant and far-reaching impacts on future commerce, both in the short term and the long term. Commodity markets are essential components of the global economy, as they provide a mechanism for price discovery and risk management for various raw materials and resources. When these markets are manipulated, it can disrupt… Continue reading The Impact of Manipulating the Commodity Market on Future Commerce

e-Invoicing currently applies to- Supplies to registered persons (i.e., B2B supplies), Supplies to SEZs developers (with/without payment of tax), Exports (with/without payment of tax), and Deemed exports, that are made by the notified class of taxpayers. It does not cover Free Trade & Warehousing Zones (FTWZ), import transactions, input service distributors, high sea sales and… Continue reading Supplies currently covered under einvoicing

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax. Here are some of the income sources that qualify… Continue reading Types of TDS

The Goods and Services Tax (GST) audit procedure in India involves a systematic examination of a taxpayer’s financial records, accounting systems, and GST compliance. The objective is to ensure that the taxpayer has accurately reported and paid their GST liabilities and has adhered to GST laws and regulations. Here is a general overview of the… Continue reading GST Audit Procedure

The exit date should be mentioned for PF withdrawal. The Employees’ Provident Fund Organization (EPFO) has introduced a facility where employees can enter the date of exit from their previous employer in the Unified Member Portal. Previously, only the employer could enter the date of exit, but now even employees can enter the exit date. Below… Continue reading Process to Enter Exit Date for PF Withdrawal