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A tax is a compulsory payment imposed by a government on individuals or organizations to generate revenue for public services and infrastructure. Here taxes are divided into direct taxes, levied on individuals or businesses directly, and indirect taxes, collected by intermediaries and passed on to consumers through goods and services.
GST stands for Goods and Services Tax, is a comprehensive indirect tax levied on the supply of goods and services in India.
Golden Rules of Accounting means guiding principles for recording transactions correctly. The 3 main Golden Rules are Personal Accounts, Real Accounts and Nominal Accounts.
GSTR-9 is a summary report that businesses file annually, consolidating details of their sales, purchases, tax liability, and input tax credit for the entire financial year.
Director's remuneration refers to the compensation or payment that directors of a company receive for their services and responsibilities. Remuneration for directors (including managing or whole-time directors) is decided by the articles of the company or by a resolution in a general meeting.
Fake invoices refer to documents that falsely represent a transaction between two parties, typically involving the exchange of goods or services for payment. These invoices are deliberately created to deceive and can be used for various fraudulent purposes.
Stamp Duty on Shares is a government-imposed tax on the exchange of financial securities, as outlined in the Companies Act, 2013. This duty is applicable to transactions involving a transfer deed, such as the exchange or transfer of shares, or a change in ownership of property.
ESIC is a self-financing scheme where both employers and employees contribute to the fund. The scheme is designed to provide financial protection to employees in case of sickness, maternity, disablement, or death due to employment injury.
Aadhaar is a unique identification number issued to Indian citizens. The Aadhaar card, which contains personal information like name, address, gender, age, photograph, fingerprints etc which serves as a crucial proof of identity.
The ITR-U form plays a significant role in allowing taxpayers to correct and revise their financial information, ultimately contributing to a more precise and reliable tax reporting system.
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