Assessee means i) a person by whom any tax or any other sum of money is payable under income tax act. ii) Every person in respect of whom any proceeding under this act has been taken for the assessment of his income or loss or the amount of refund due to him. iii) a person […]
What is Assessee? What is an assessee under the Income Tax Act section 2(7)? Read More »
Financial Year It is a period which start from 1st April & end on 31st March. It is the year in which the taxpayer earned the Income. As per Income tax Act – It is known as a Previous Year Assessment Year Assessment year (AY) is the year following the financial year, in which your
What is Financial Year (FY), Previous Year (PY) & Assessment Year AY)? Read More »
The break-even point or Break-even analysis can be defined as a point where total costs (expenses) and total sales (revenue) are equal. Break-even point can be described as a point where there is no net profit or loss. The firm just “breaks even.” Any company which wants to make abnormal profit, desires to have a
What is the BEP (Break-even point)? Read More »
The Profit Volume (P/V) Ratio is the measurement of the rate of change of profit due to a change in volume of sales. It is one of the important ratios for computing profitability as it indicates contribution earned with respect to sales. P/V ratio establishes the relationship between contribution and sales. It is importance for
What is P/V (Profit Volume) Ratio? How to Calculate P/V Ratio? Read More »
“CSR Policy” is a statement which containing the approach and direction given by the board of a company, for doing the activities in areas or subjects specified in Schedule VII of the Act. Activities which may be included by companies in their Corporate Social Responsibility Policies Activities relating to:— (i) eradicating extreme hunger and poverty;
What are CSR (Company Social Responsibility) Policy and Its applicability? Read More »
QRMP scheme means the business which turnover below or up to 5 crore in preceding financial year no need to file GST Returns GSTR-1 & GSTR-3B on Monthly Basis. But, to facilitate the reflection of B2B supplies that are made during the first month and second month in GSTR-2A and GSTR-2B and allow the customer
What is the QRMP (Quarterly Return Monthly Payment) Scheme? Read More »
QRMP (Quarterly Return Monthly Payment) scheme means the business which turnover below or upto 5 crore in preceding financial year no need to file GST Returns GSTR-1 & GSTR-3B on Monthly Basis. But, to facilitate the reflection of B2B supplies that are made during the first month and second month in GSTR-2A and GSTR-2B and
What is the invoice furnishing facility (IFF) under the QRMP scheme? Read More »
TDS / TCS Amendments in Budget, 2021 A. Section 194 -TDS on Dividend (w.e.f 01st April 2020) In section 194 of the Income-tax Act, in the second proviso, after clause (c), the following clauses shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2020, namely:––
TDS Changes in Budget, 2021 | TDS Amendment | TCS Changes in Budget, 2021 Read More »
GST Audit has been abolished in Budget 2021. Finance Minister has Discontinue GST Audit in the Budget 2021 proposal. GST Audit has been scrapped as Budget 2021 through omitted section 35(5) from CGST Act and allow self-certification to the taxpayer in CGST section 44. As per budget presented on 1st Feb 2021 abolished GST audit.
GST Audit has been abolished in Budget 2021. Read More »
बजट 2021 में इनकम टैक्स हाइलाइट्स 1. सीनियर सिटीजन 75 वर्ष का हो चुका हो। रिटर्न फ़ाइल की जरूरत नहीं, बशर्ते कि, सिर्फ पेंशन व ब्याज की इनकम हो। पेंशन वाले बैंक के अलावा कहीं खाता नहीं हो। सरकार करेगी सिर्फ कुछ बैंकों को नोटिफाई। डिक्लेरेशन देना होगा ताकि सही टैक्स कैलकुलेट हो सके। 1A.
बजट 2021 में इनकम टैक्स हाइलाइट्स Read More »
