Author: Daniya Kurian

RFD-01 is an application for the online processing of refunds under GST. It is to be e-filed on the GST portal to claim the refund of: Taxes, cess and interest paid in case of zero-rated supplies (except the export of goods with tax payment). Balance of excess cash paid into the electronic cash ledger. Unutilised Input tax credit… Continue reading Form RFD-01 in GST

MSME stands for Micro, Small, and Medium Enterprises. It is a classification used by governments and organizations in various countries to categorize businesses based on their size and financial metrics. The specific criteria for classifying businesses as MSMEs can vary from one country to another, but the general idea is to provide a framework that… Continue reading Micro, Small, and Medium Enterprises

Management accounting provides financial and non-financial information to managers to help them make informed decisions about the business. The main functions of management accounting include: Communicating financial information: Management accountants gather and analyze financial data from the business’s financial statements and other sources, and then communicate this information to managers in a way that is easy… Continue reading How Management Accounting Works

In economics, the marginal cost is the change in total production cost that comes from making or producing one additional unit. To calculate marginal cost, divide the change in production costs by the change in quantity. The purpose of analyzing marginal cost is to determine at what point an organization can achieve economic of scale to… Continue reading Marginal Cost

There are two types of credit notes:  Those issued for incoming payments Those issued for outgoing payments What this therefore means is that a credit note can be both issued and received by a business. For small business owners, both types are common. There are several situations in which a credit note should be issued.… Continue reading When to issue a credit note

A primary benefit of account payee cheques is that they might be the safest variant of cheques. That is because the written sum on the cheque can only be deposited into the account of the payee, ensuring that the chances of misuse are very low. After receiving the payment through this cheque, the payee can’t… Continue reading Why write an account payee cheque

A rebate under section 87A is one of the income tax provisions that help low income earning taxpayers reduce their income tax liability. Taxpayers earning an income below a certain limit have the benefit of paying marginally lower taxes. A Taxpayer can claim the benefit of rebate under section 87A for FY 2022-23 and 2023-24… Continue reading Rebate u/s 87A

1) Maintaining accurate records:  Maintaining accurate records is an essential tip to avoid common mistakes in GST filing in India. Keeping detailed and organized records of invoices, purchases, expenses, and taxes helps ensure accurate reporting and reconciliation. Accurate records also facilitate smooth audits and enable the proper claiming of input tax credits. 2) Timely reconciliation of… Continue reading Tips to Avoid Common Mistakes in GST filing

e-Invoicing currently applies to- Supplies to registered persons (i.e., B2B supplies), Supplies to SEZs developers (with/without payment of tax), Exports (with/without payment of tax), and Deemed exports, that are made by the notified class of taxpayers. It does not cover Free Trade & Warehousing Zones (FTWZ), import transactions, input service distributors, high sea sales and… Continue reading Supplies currently covered under einvoicing

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax. Here are some of the income sources that qualify… Continue reading Types of TDS