The ITR filing session for the financial year 2022-23 (Assessment Year 2023-24) has officially begun. Taxpayers across the country are gearing up to file their income tax returns before the deadline. To make the process smoother for you, we are here to discuss the details of the ITR 1 form. ITR-1, also known as Sahaj, …
Books of accounts refer to the systematic and comprehensive record-keeping of financial transactions of a business. They are a critical part of maintaining accurate financial records and complying with tax laws and regulations. Essentially, they serve as a company’s financial diary, documenting every financial transaction that the business engages in. The term “books of accounts” …
Presumptive taxation is a tax system that uses indirect means to determine an individual’s tax liability instead of traditional rules based on their financial records. This method assumes that an individual’s income is at least equal to the amount resulting from applying the indirect method, hence the term “presumptive.” By implementing presumptive taxation, taxpayers can …
The Indian government’s Startup India initiative aims to establish a strong startup ecosystem that fosters innovation and offers opportunities to aspiring entrepreneurs. The initiative was launched on January 16, 2016, and includes an action plan comprising 19 points. The action plan lays out a blueprint for creating a favorable environment for startups in the country. …
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ABOUT SCHEME The MSME Innovative Scheme will merge the Incubation, Design, and IPR Schemes of the Ministry of MSME. These three schemes will operate as separate verticals with connections and be integrated into a singular formulation for higher efficiency and synergy. The MSME Innovative Scheme aims to promote and encourage innovative activities, creating awareness among …
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Tax planning is an essential aspect of personal financial management, and can help individuals minimize their tax liability while maximizing their financial resources. In this article, we will discuss some effective tax planning strategies that individuals can use to reduce their tax burden and achieve their financial goals. The first step in effective tax planning …
What is Tax Planning Tax planning is the process of organizing and managing your finances in a way that minimizes your tax liability. It involves analyzing your income, expenses, and investments in order to identify opportunities to reduce your tax burden. The goal of tax planning is not to evade taxes, but rather to make …
Tax planning is an important aspect of personal finance in India. With the increasing complexity of the tax system in the country, it has become essential for individuals to plan their taxes in a way that minimizes their tax liability while maximizing their financial resources. In this article, we will discuss some of the key …
According to the GST law, a registered person is allowed to provide travel benefits to their employees. However, if such benefits are given in the form of leave or home travel concession, the company cannot claim input tax credit on the expenditure. This is because such benefits are considered to be personal travel expenses provided …
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Under the CGST Act, a non-resident taxable person who has registered under section 25 is not eligible to claim Input Tax Credit (ITC) on goods or services, except for goods imported by them. A non-resident taxable person is an individual who conducts temporary business in India but does not have a place of business in …
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