Category: Finance

Corporate tax is a tax levied on the profits or income of corporations and other legal entities that are recognized as separate entities for tax purposes. These entities may include corporations, limited liability companies (LLCs), and other business structures. The corporate tax rate and regulations vary from country to country, and in some cases, from… Continue reading Corporate tax

Service Accounting Code, also known as SAC, is the code issued by the Central Board of Indirect Tax & Customs (Service Tax Department) to classify and identify the services offered. Each Service provided has a unique SAC code precisely like a unique HSN for different categories of products. People involved in providing services can and… Continue reading HSN and SAC Codes in Business

Auditing is a systematic and independent examination of financial information, records, statements, and operations of an organization to ensure accuracy, transparency, and compliance with applicable laws and regulations. The primary objectives of auditing include: Verification of Financial Information: Auditing aims to verify the accuracy and reliability of financial information presented in the organization’s financial statements.… Continue reading Objects of Auditing.

Artificial Intelligence (AI) is a technology that has transformative potential for the accounting industry. AI refers to the simulation of human intelligence in machines, allowing them to perform tasks that typically require human intelligence. Here’s how AI can impact accounting: Automated Data Entry: AI-powered systems can automate the data entry process by extracting information from… Continue reading Artificial Intelligence in Accounting

Salaried individuals whose annual income is included under the taxable slabs are eligible for Form 16. Regardless, an employee must issue Form 16 to an employee if he/she has deducted tax at source from salary.The said form comes in handy for salaried employees and helps them to file an ITR Taxable salary Exemption on allowance under Section… Continue reading Details Required from Form 16 When Filing IT Return

Section 195 of the Income Tax Act, 1961, deals with the deduction of Tax Deducted at Source (TDS) on payments made to non-resident individuals or foreign companies. Under this section, when certain specified payments are made to non-residents, the payer is required to deduct TDS at the applicable rates before making the payment. The purpose… Continue reading Section 195 of the Income Tax Act, 1961

Accrual basis accounting is an accounting method that recognizes revenues and expenses when they are earned or incurred, regardless of when the actual cash transactions occur. In this approach, financial transactions are recorded as they occur, and revenues are recognized when they are earned, not necessarily when the payment is received. Similarly, expenses are recognized… Continue reading Accrual base accounting

The Minimum Alternative Tax (MAT) is a provision in the Income Tax Act of India that ensures companies with significant profits and substantial operations do not avoid paying taxes by taking advantage of various deductions, exemptions, and incentives provided by the tax laws. The MAT was introduced to address the issue of certain companies showing… Continue reading Minimum Alternative Tax (MAT) in Income Tax

‘e-Invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices and a few other documents are authenticated electronically by GSTN for further use on the common GST portal. In its 35th meeting, the GST Council decided to implement a system of e-Invoicing, covering specific categories of persons, mostly large enterprises. Later on, it has… Continue reading e-invoicing under GST

Financial markets and economic trends are closely interrelated. Financial markets are the mechanisms through which money and capital are allocated in an economy, and economic trends can have a significant impact on the performance of financial markets. For example, if the economy is growing, businesses are more likely to invest and hire new employees, which… Continue reading Financial Markets and Economic Trends