Accounting Resources

Understanding the Tax Exemption Limit of ₹12 Lakh in the Union Budget 2025

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Understanding the Tax Exemption Limit of ₹12 Lakh in the Union Budget 2025 In the Union Budget 2025, Finance Minister Nirmala Sitharaman introduced significant tax relief for middle-class taxpayers. Under the new tax regime, individuals with annual earnings up to ₹12 lakh are exempt from income tax. For salaried taxpayers, this exemption extends to ₹12.75 […]

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Types of Audit Under GST

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Different Types of Audit Under GST The Goods and Services Tax (GST) regime in India has transformed how businesses function, bringing transparency, efficiency, and consistency to the tax system. The audit process is an important component of GST compliance since it guarantees that firms follow the government’s laws and regulations. Businesses may face many types

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Payroll and Compliance

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Understanding Payroll Compliance: How to Avoid Fines Payroll compliance is an important part of business since it guarantees that organizations follow labor laws, tax rules, and employee compensation standards. Failure to conform might result in legal consequences, restrictions, and reputational harm. If payroll tax compliance is ignored, businesses can face costly penalties and legal trouble.

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Section 145 of Income Tax Act 1961

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The Role of Section 145 of Income Tax Act 1961 Ever questioned how businesses and professionals are required to keep their books of account for tax purposes? The Income Tax Act of India provides a structured method under Section 145 of the Income Tax Act 1961 to ensure transparency and consistency in accounting methods. In this article, we’ll look at Section 145 of the Income Tax Act, its sections, and how

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What is Section 44 AB of Income Tax Act?

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Income Tax Audit under Section 44AB: Criteria, Processes, & Due Dates If you’re a business owner or a professional in India, you’ve possibly come across the term Section 44 AB of the Income Tax Act. It might seem difficult, but understanding this section is important for keeping your tax legal. In simple terms, Section 44

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What is the Time Limit for GST Audit Under Section 65? | Key Insights & Guidelines

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Understanding GST Audit and Its Importance The Goods and Services Tax (GST) system plays a crucial role in ensuring a seamless tax structure for businesses across India. One of the key elements of this system is the GST audit, which helps verify the correctness of a business’s tax records. Under Section 65 of the CGST

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How to Register a Startup Company in India: Eligibility, Process & Complete Guide

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Starting a new business in India is an exciting venture, especially with the government’s strong focus on fostering entrepreneurship through initiatives like Startup India. However, registering your startup company requires a clear understanding of the process and eligibility criteria. In this comprehensive guide, we’ll walk you through the steps to register a startup company in

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What is Statutory Compliance? Understanding Legal Requirements for Businesses in India

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In today’s competitive business environment, statutory compliance is a critical concept that every business must understand and adhere to. Whether you’re a startup, small enterprise, or large corporation, complying with statutory laws ensures that your business operates legally and efficiently. But what exactly is statutory compliance and why is it crucial for businesses, especially in

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How File Income Tax Return (ITR) Online Without Form 16

How to File Income Tax Return (ITR) Online with or without Form 16: A Complete Guide

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Filing your Income Tax Return (ITR) online has become a seamless process, thanks to the digital platforms provided by the Indian Income Tax Department. However, many taxpayers often face confusion about filing ITR, especially when they don’t have Form 16. In this comprehensive guide, we’ll walk you through the process of filing your ITR, whether

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Benifits of TDS Filing for Businesses

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Importance of TDS Filing for Businesses Tax Deducted at Source (TDS) is a significant aspect of tax compliance for businesses in India. It ensures that taxes are collected at the point of transaction, streamlining the tax collection process for the government. Whether your business is large or small, understanding the benefits of TDS filing and

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