The management needs MIS reports to evaluate the organization’s performance and facilitate quicker decision-making. Understanding a management information system, often known as MIS, requires understanding each of the words that make up the name. The management, the information, and the system are all present. Such a system, at its core, is one that will give …
Introduction The tax that the government imposes on a taxpayer in exchange for goods and services is known as an indirect tax. In contrast to direct taxes, indirect taxes can be transferred from one person to another because they are not assessed against the taxpayer’s income, revenue, or profit. Types of Indirect Taxes In India, …
DEFINITION Cooperative societies are a type of business organisation that are established with the purpose of assisting the members of the society. CHARACTERISTICS A cooperative society has a different legal identity from its members because registration is required. A cooperative society may own property in its name, enter into contracts, bring legal actions, and bring …
In normal usage, the term “stock audit” refers to the physical inspection of the inventory and is regarded as a crucial auditing term. However, depending on the assignment’s terms of reference or engagement letter, it could occasionally additionally involve inventory value. The reason the audit is being undertaken must be kept in mind as you …
ITR-1 ITR-1 forms, sometimes referred to as ITR-1 Sahaj forms, are only for those with incomes up to Rs. 50 lakhs. This suggests that the majority of salaried people must file the ITR-1. One must understand the ITR-1’s meaning in addition to its appearance. What is the ITR-1 Form’s structure? The ITR-1 is split into: …
Section 44AB Conditions Every person trying to do business must have his accounts audited in accordance with section 44AB of the Act if his total sales, turnover, or gross receipts in business exceed or surpass one crore rupees in any prior year. If a person’s gross income from their profession exceeded Rs. 50 lakhs in any …
The GST is typically borne by the provider of the products and services. With the Reverse Charge Mechanism, the tax responsibility is reversed because the recipient of the goods and services must pay the tax. As a general rule, GST works as follows: The recipient purchases the goods or services from the supplier, who is …
Manufacturers of goods, dealers, and restaurant operators who do not provide alcohol may make use of the composition system. Compared to business owners under the conventional GST scheme, those registered under the plan pay a substantially lower tax percentage. One percent of the annual turnover is the tax paid under the composition plan. Based on …
A tax return is a form, or a variety of forms, submitted to a taxing body that detail one’s income, expenses, and other crucial tax data. Tax returns make it simple for taxpayers to determine their tax liability, set up their tax payments, and ask for refunds for any taxes they have paid in excess …
ITR not filled within the due date- NOT TO WORRY Read More »
House Rent Allowance(HRA) The house rent allowance (HRA) is a tax-related term. It refers to the salary portion of the rent payment that was received and is permitted as a deduction from taxable salary under Section 10(13A). How Are HRA Tax Exemptions Calculated? – The smallest of the following amounts is the deduction that is …
