What is Cess: A Comprehensive Guide for Taxpayers
A special tax known as a cess is imposed in addition to other taxes already in place. Funds are raised by the central government for...
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Asharam Swain
Sep 98 min read
Balance Sheet: Understanding the Importance, Format, Components, and More
A balance sheet is defined as a type of financial statement that determines the assets and liabilities of a business as of a specific...
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PRITI SIRDESHMUKH
Sep 68 min read
Additional Depreciation: A Comprehensive Guide for Businesses in India
Additional depreciation is a tax deduction that allows businesses to claim an extra percentage of depreciation on top of the regular...
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PRITI SIRDESHMUKH
Sep 58 min read
Books of Accounts under Section 44AA: Essential Record-Keeping Guide
The government is very worried about tax evasion, and one of the many strategies used to monitor citizen incomes is keeping a book of...
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Rajesh Kumar Kar
Aug 1610 min read
Cheque Bounce Notice: Understanding the Consequences
According to Section 138 of the Negotiable Instruments Act, 1881 ("Act"), bouncing a cheque is a crime that carries a maximum two-year...
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Rashmita Choudhary
Aug 1610 min read
Section 43B of Income Tax Act: Deductions on Actual Payments Basis
Section 43B of the Income Tax Act plays a crucial role in regulating how businesses claim deductions for certain expenses, such as...
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Nimisha Panda
May 238 min read
Section 115BAA of the Income Tax Act- A Comprehensive Overview
On September 20, 2019, the Government of India implemented Section 115BAA using the Taxation (Amendment) Ordinance 2019. The Income Tax...
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PRITI SIRDESHMUKH
May 149 min read
Residential Status Under Section 6 Of Income Tax Act
The residential status of a taxpayer is a crucial factor in determining their tax liability in India. Under Section 6 of the Income Tax...
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PRITI SIRDESHMUKH
May 149 min read
Depreciation as Per the Income Tax Act: What Taxpayers Should Know
Depreciation is the inevitable deterioration that assets experience over time. It may seem straightforward in ordinary situations, but it...
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Dipali Waghmode
May 88 min read
Unabsorbed Depreciation: Section 32(2) of the Income Tax Act
Depreciation is a reduction in the value of assets because of regular usage. It is recorded in the books of accounts as an expense and is...
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