The 2023 Budget has confused taxpayers about choosing between old and new tax regirme tax rules. The government of India has added incentives to promote the new system, aiming to phase out the old one. Even though the new system is default now, the old one still exists. Let’s compare both for the best choice in 2023. New Tax Regime In Budget 2020, a new tax system changed tax slabs and offered lower rates. But it didn’t attract many due to limited exemptions like HRA, LTA, 80C, 80D, etc. In Budget 2023, the government made 5 changes to encourage people to choose this system: Higher Tax Rebat ..read more

What is a HUF? HUF stands for Hindu Undivided Family. To reduce taxes, you can establish a family group by combining assets to create a HUF. The HUF is subject to taxation separately, distinct from its members. Not only Hindu families but also Buddhist, Jain, and Sikh families can create an HUF. A HUF obtains its unique PAN (Permanent Account Number) and submits tax returns independently of its members. Tax implications of forming a HUF How to save tax by forming an HUF? A HUF is subject to taxation independently of its members, which enables it to apply for deductions or exemptions provided ..read more

As per the latest recommendation by GST council and notification by CBIC, GST department has given much needed relief for the small Taxpayers and all taxpayers in general by reducing and waiving late fees for some of the important filings which are missed by many Filers. The amnesty scheme is active and valid between 01/04/2023 to 30/06/2023. Following are the few benefits for the taxpayers. Has Your GST Been Canceled and You Missed Filing Your Final Return? Amnesty scheme for Filing Final Return under GST Registration in Form GSTR 10 by paying reduced Late fees of Rs.1,000/- instead of R ..read more

Key Points FY-2024 fiscal deficit target at 5.9% of GDP Outlay for capital spending increased 33% to 10 trillion rupees in 2023/24 Cigarettes to get costlier as Budget proposes 16% hike in duty To set up agriculture accelerator fund Increases budget allocations to 790 billion rupees for affordable housing in 2023/24 Finance Minister says increase in public capex key to crowding in private investments Indian economy has become the fifth-largest economy in the world in last nine years Budget adopts seven priorities including inclusive, green growth Agricultural credit target raised to 20 tril ..read more

What is an MIS Report? MIS Report stands for Management Information Systems, it may help you for valuable insights from your data. It’s crucial to have access to the relevant data in your firm at the correct moment if you want to make smart decisions or  judgements about your business. They should be present and a must in any company. What is an MIS Report A management information system, or MIS, is a term used in computerised administration. In its most basic form, a management information system (MIS) report is just a system that supplies useful data to the upper echelons of your or ..read more

What Are Accounting Principles? The term “9 principles of accounting” refers to a set of generally accepted rules and guidelines that accountants and businesses must adhere to when preparing financial accounts. These guidelines aid in keeping all businesses’ books in the same order. Accounting in India is governed by the Indian Accounting Standard (Ind AS). By establishing uniform guidelines, these 9 principles of accounting help to guarantee that all businesses in India are being forthright and honest when presenting their financial data. These ideas are extremely illuminating and clea ..read more

What are accounting concepts? Concepts in accounting are the theoretical building blocks of the study of economics, finance, and accounting. Accounting terminology like these facilitate the methodical recording of monetary data and transactions for people, firms, and other organizations.  These ideas serve as frameworks for accountants to work within when putting together financial papers for clients. Firms typically adhere to the accounting principles, rules, and regulations of the jurisdictions in which they are based. Companies can more correctly report financial transactions with th ..read more

The financial records you keep are crucial if you want to know how your company is doing. It’s also crucial for fulfilling a variety of legal responsibilities, including filing of Income tax returns or Filing GST Returns. It’s for this reason that precision is crucial.  Accounting errors are unfortunately possible with either a cloud-based or local solution. It’s crucial to think about the worst-case scenarios and how they can affect your company. What’s more, you need to know how to fix accounting mistakes and prevent them from happening again.  How Prevalent are Different Catego ..read more

TCS on GST For E-commerce Operators : Applicability and Rates Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are very similar concepts, however TCS has several important distinctions. Tax Deducted at Source (TDS) refers to the amount of tax withheld from a payment made by a contract’s recipient. On October 1, 2018, with a few exceptions, all online merchants will be required to collect TCS. In this piece, we’ll break down how TCS relates to GST. Take, as an illustration: When a vendor sells its wares or provides its services over an e-commerce platform and the operator collec ..read more

Federal Decree-Law No. 47 of 2022 – Issued 3 October 2022 (Effective 15 days after publishing in the Official Gazette) Chapter One – General Provisions Article 1 – Definitions In the application of the provisions of this Decree-Law, the following words and expressions shall have meanings assigned against each, unless the context otherwise requires:   State United Arab Emirates. Federal Government The government of the United Arab Emirates. Local Government Any of the governments of the Member Emirates of the Federation. Ministry Ministry of Finance. Minister Minister of Fin ..read more