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Mahak
Introduction Goods and Services Tax (GST) has become an integral part of India's indirect taxation system. For businesses, compliance involves more than filing returns on time; it also requires accur ........ View More
Megha
In the Goods and Services Tax (GST) framework, businesses usually pay tax on raw materials (inputs) and collect tax when selling their finished goods (output supplies). Normally, output tax liability ........ View More
Ashish
Introduction Have you ever wondered how businesses decide whether to launch a new product, buy another company, or figure out how much they are worth? The secret weapon isn't a crystal ball—it's fin ........ View More
Geetika Rathore
Introduction In a competitive business environment, maintaining proper books of accounts is only the starting point. Business owners and management also need timely information that explains what is ........ View More
Rahul
1. What is Section 43B and Why Does It Matter? Under standard business accounting, companies follow the accrual basis—recording expenses as soon as an invoice is received, even if the bill remains u ........ View More
Mamta
Search and seizure operations—commonly referred to as tax raids—represent one of the most stringent enforcement mechanisms available to direct tax authorities. Under Section 247, the statutory framewo ........ View More
Alpa Khurana
A simple guide for business owners on the 45-day rule You buy goods from a small manufacturer in February, book the expense in your accounts, and plan to pay him “sometime next quarter.” Simple enou ........ View More
Govind Kant
Introduction Filing an Income Tax Return (ITR) is an important annual compliance requirement. However, taxpayers often make small mistakes while filing their returns, which may lead to tax discrepan ........ View More
Introduction The Income-tax Act, 1961 provides a specific framework for computation of taxable income. While financial statements are prepared in accordance with the applicable accounting framework, ........ View More
The Short Answer If your buyer rejects a credit note on IMS (Invoice Management System), you don't lose the benefit forever — but you also can't keep it permanently in the same period. The GST system ........ View More