Understanding Tax Collected at Source (TCS) and Its Accounting Entries
Introduction Tax Collected at Source (TCS) is a provision under the Income Tax Act, 1961, where the seller collects tax at the time of sale and deposits it with the government. This system ensures tax compliance, minimizes evasion, and promotes accountability. For businesses, accurate accounting of TCS is essential for both financial management and legal […]
TDS Entries: How They Affect Accounting
Tax Deducted at Source (TDS) is a vital component of the Indian tax system. Understanding TDS is essential for businesses and accountants because it impacts cash flow, compliance with tax laws, and the accuracy of financial records. This blog will explain what TDS is, its importance, how it affects accounting practices, and how to manage […]
Archival of GST Returns Data on GST Portal: What You Need to Know
Keeping up with tax updates is essential for every taxpayer. A new data archival policy on the GST portal could affect how long you can access your past GST returns. Let’s break down the key points and what actions you need to take. Key Update: Section 39(11) of the CGST Act, 2017 From October 1, […]
Understanding Tax Audits and Form 3CA-3CD: A Comprehensive Guide
Tax audits and form 3CA-3CD are vital for ensuring compliance with tax laws and preventing tax evasion. Established by the Finance Act of 1984 under Section 44AB, this requirement took effect from the Assessment Year 1985-86. The goal is to enhance the accuracy and transparency of income reporting. What is a Tax Audit? A tax […]
New TDS Rules for Partner Payments: What You Need to Know!
Introduction: Starting April 1, 2025, a new section called 194T will change how partnership firms and Limited Liability Partnerships (LLPs) handle payments to their partners. Under this rule, firms must deduct 10% Tax Deducted at Source (TDS) on payments made to partners if the total amount exceeds ₹20,000 in a financial year. Let’s explore what […]
India’s New Income Tax Act: What It Means for You
India is set to introduce a new Income Tax Act within the next six months. Union Finance Minister Nirmala Sitharaman announced that this new law will replace the Income Tax Act of 1961. The primary goal is to simplify the tax code, making it easier to understand and comply with. Why a New Income Tax […]
The Role of Accounting in Business Growth: Why Accounting is Important
Accounting is crucial for running a business because it helps you track income and expenses, ensures compliance with laws, and provides financial information to investors, management, and the government. This information is essential for making business decisions. Here are three key financial statements generated by your accounting records: Keeping your financial records clean and up-to-date […]
Strategic Tax Planning: For Business Success
Managing taxes can be challenging for any business, but strategic tax planning can make a significant difference. This approach helps companies save money, stay compliant with tax laws, and make informed financial decisions. One effective strategy is outsourcing to professionals.Let’s explore the importance of strategic tax planning, the benefits of outsourcing, and how to choose […]
June 2024 Tax Compliance Calendar: Key Deadlines and Tips
As we approach June 2024, it’s critical for both businesses and individuals to remain vigilant about their tax compliance obligations. This month brings several significant deadlines that must be met to ensure the timely and accurate filing of taxes and related forms. Below, we offer a comprehensive overview of the key tax compliance dates for […]
Navigating the Tax Maze: Your Ultimate Guide to GST Insights (Feb 2023 – Jan 2024)
Description: Dive into the dynamic world of Goods and Services Tax (GST) with our comprehensive blog series. From the latest regulatory updates to expert insights on compliance, our curated collection of articles covers everything you need to know about GST. Stay informed, make strategic decisions, and empower your business with the knowledge to navigate the […]