by CA Chinmay Shirish Agate | May 20, 2024 | Taxation
While computing income for the source of income from business and profession, certain expenses are allowed as deduction from such incomes or receipts. While doing accounting of such businesses expenses are recorded on accrual or receipts whichever is earlier. Income...
by CA Chinmay Shirish Agate | May 19, 2024 | Taxation
Public Provident Fund (PPF) is a long terms saving cum investment plan, generally implemented by individuals for planning their retirement savings. PPF fund is a facility provided by government of India to every citizen of this country. PPF is one of the safe...
by CA Chinmay Shirish Agate | May 19, 2024 | Taxation
Everyone loves to receive gifts from their near and dear ones. However, income tax act has some key points to mention for people about to receive gifts. There are certain gifts on which tax is applicable and some gifts on which no tax is applicable. Gifts can be in...
by CA Chinmay Shirish Agate | May 19, 2024 | Taxation
A tax audit involves an expression of the tax auditor’s opinion on the truth and correctness of certain factual details, furnished by the assessee to the Income Tax Authorities. This is done to ascertain the correctness of details of income as provided by the...
by CA Chinmay Shirish Agate | May 19, 2024 | GST
Accounting is the most critical aspect of the financial activities. A proper accounting system ensures the smooth functioning of the organization. Accounting activities are subject to the accounting standards mentioned by accounting authorities or government bodies....
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