Category: Finance

Artificial Intelligence (AI) is a technology that has transformative potential for the accounting industry. AI refers to the simulation of human intelligence in machines, allowing them to perform tasks that typically require human intelligence. Here’s how AI can impact accounting: Automated Data Entry: AI-powered systems can automate the data entry process by extracting information from… Continue reading Artificial Intelligence in Accounting

Salaried individuals whose annual income is included under the taxable slabs are eligible for Form 16. Regardless, an employee must issue Form 16 to an employee if he/she has deducted tax at source from salary.The said form comes in handy for salaried employees and helps them to file an ITR Taxable salary Exemption on allowance under Section… Continue reading Details Required from Form 16 When Filing IT Return

Section 195 of the Income Tax Act, 1961, deals with the deduction of Tax Deducted at Source (TDS) on payments made to non-resident individuals or foreign companies. Under this section, when certain specified payments are made to non-residents, the payer is required to deduct TDS at the applicable rates before making the payment. The purpose… Continue reading Section 195 of the Income Tax Act, 1961

Accrual basis accounting is an accounting method that recognizes revenues and expenses when they are earned or incurred, regardless of when the actual cash transactions occur. In this approach, financial transactions are recorded as they occur, and revenues are recognized when they are earned, not necessarily when the payment is received. Similarly, expenses are recognized… Continue reading Accrual base accounting

The Minimum Alternative Tax (MAT) is a provision in the Income Tax Act of India that ensures companies with significant profits and substantial operations do not avoid paying taxes by taking advantage of various deductions, exemptions, and incentives provided by the tax laws. The MAT was introduced to address the issue of certain companies showing… Continue reading Minimum Alternative Tax (MAT) in Income Tax

‘e-Invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices and a few other documents are authenticated electronically by GSTN for further use on the common GST portal. In its 35th meeting, the GST Council decided to implement a system of e-Invoicing, covering specific categories of persons, mostly large enterprises. Later on, it has… Continue reading e-invoicing under GST

Financial markets and economic trends are closely interrelated. Financial markets are the mechanisms through which money and capital are allocated in an economy, and economic trends can have a significant impact on the performance of financial markets. For example, if the economy is growing, businesses are more likely to invest and hire new employees, which… Continue reading Financial Markets and Economic Trends

The Employees’ Provident Fund or EPF is a popular savings scheme that has been introduced by the EPFO under the supervision of the Government of India. The employee and employer each contribute 12% of the employee’s basic salary and dearness allowance towards EPF Individuals may opt for either partial or complete withdrawal of EPF. But… Continue reading EPF Withdrawal Rules

The government, through EPF regulations, aims to provide employees with an emergency fund which can cater to their retirement and other exigencies. EPF is managed by the Employees’ Provident Fund Organization (EPFO). EPF compliance entails regular filing of EPF returns. The due date to file EPF return is 15th of the subsequent month. The return… Continue reading Procedure to file EPF Return Online

Be it an individual or any business/organization, all have to pay the respective taxes in various forms. These taxes are further subcategorized into direct and indirect taxes depending on the manner in which they are paid to the taxation authorities. Direct tax Direct tax is one that is levied directly on a taxpayer. It is… Continue reading Types of Taxes