1. What is the difference between gross income and taxable income? Answer: Gross Income: Total income before any deductions (salary, rental, business income, etc.). Taxable Income: Gross income minus deductions under Chapter VI-A (like 80C, 80D, etc.). 2. What are the income ...
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1. What is GST? Explain its types. Answer: GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. It replaced multiple indirect taxes like VAT, excise, and service tax. Types of GST: CGST (Central GST): Collected by the Central Government ...
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Income Tax Return Filing: Old Regime vs. New Regime (FY 2024-25) For the Financial Year (FY) 2024-25 (Assessment Year AY 2025-26), taxpayers in India have the option to choose between the Old Tax Regime and the New Tax Regime while filing their Income Tax Return (ITR). Bo...
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Input Service Distributor (ISD) in GST (Goods and Services Tax) is a mechanism for businesses to distribute the input tax credit (ITC) on services to their branches or units that use those services. ISD is a registered office or head office that receives invoices for input services and distribute...
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TDS and TCS - Importance for Accountants 1. Importance of TDS & TCS for Accountants TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are key tax compliance areas. Accountants must understand TDS/TCS to ensure proper tax deductions, filings, and compliance....
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An MIS report (Management Information System report) is a document that provides key data and insights to help management make informed decisions. These reports are typically used to monitor, analyze, and improve business processes and performance. They summarize raw data into actionable information...
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