Almost all accounting tasks, including payroll, tax, audits, and banking, have been automated using AI, disrupting the accounting industry and causing important changes in how business is conducted. 1. AI boosts productiveness and quality while enhancing translucency and auditability. 2. ...
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Importing and exporting goods involves a series of procedures and requires various documents to comply with international trade regulations. Here is an overview of the documents and procedures involved in import-export activities: Documents for Import-Export A commercial invoice is a bil...
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To apply for a Tax Deduction and Collection Account Number (TAN) in India, you need to submit specific documents and follow the prescribed procedures. Here is a list of the key documents and information typically required for a TAN application: Form 49B: The application form for TAN. This can be ...
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Goods and Services Tax (GST) is India's comprehensive indirect tax system, which was implemented in July 2017 to replace multiple taxes such as VAT, Excise Duty, and Service Tax. GST is levied on the supply of goods and services, with the tax rate varying depending on the type of goods and servi...
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Investing in a house property is one of the most popular investments, primarily because you get to own a home. Others may invest with the intention of profiting from the property when they sell it. It is important to note that a residential property is considered a capital asset for income tax purpo...
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According to the Income Tax Act, depreciation is the reduction in an asset's value brought on by use, deterioration, aging, or obsolescence. The Income Tax Act permits an entity's depreciation costs to be subtracted from its taxable income. Since depreciation is a non-cash expen...
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