Introduction Small business owners play a vital role in the economy by contributing to job creation and economic growth. To support and incentivize their efforts, governments often provide various tax benefits and deductions. In the financial year 2024-25, the Indian government has introduced a range of provisions aimed at helping small business owners reduce their …
In India, determining an individual’s income tax liability hinges significantly on their residential status. This complex subject has several categories and conditions that determine whether someone is considered a resident or non-resident for tax purposes. To unravel this intricate web, we’ll delve into each category in detail. 1. Indian Citizens Visiting India with Income Less …
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Introduction The taxation landscape is a complex and ever-evolving domain, and one crucial aspect that taxpayers need to navigate is the tax audit. Under the Indian Income-tax Act, taxpayers are required to maintain proper books of accounts and undergo a tax audit if their gross turnover or receipts during the previous year exceed the prescribed …
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In the modern business landscape, keeping accurate and comprehensive books of accounts is not just good practice; it’s a legal necessity and a cornerstone of financial management. The relationship between maintaining books of accounts and Goods and Services Tax (GST) compliance is particularly vital for businesses operating in countries with a GST or Value Added …
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In the realm of business, keeping a record of financial transactions has been a practice as old as commerce itself. From the earliest days of barter systems to the complex financial landscapes of today, the meticulous maintenance of books of accounts has played a pivotal role in the success and sustainability of enterprises. In this …
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