Every working individual knows about the CTC (cost to the company) as salary, and some people don't worry about various deductions after seeing them in CTC. Still, some become skeptical after seeing that a chunk of the salary will be deducted as Provident Fund (PF) or EPF (Employees Provident Fund).
The National Pension Scheme is a national social security initiative launched by the Central Government with a motive to encourage many salaried employees to invest a small amount of money in their pension account during their course of employment. After retirement, the subscribers can take out a certain percentage of money as a monthly pension.
FAME is an incentive scheme for adoption and manufacturing of electric and hybrid vehicles in India. Electric vehicle manufacturers and infrastructure providers receive subsidies as part of this incentive.
Refunds can be claimed under GST when the taxpayer pays a tax more than he is liable to pay. The process of claiming refund under GST is systemized so that no confusion arises. The whole process of refund is online and they have given some time limit for claiming refund.
Income is the money an individual receives in compensation for their work, services, or investments. For businesses, Income means revenue that a business generates by selling its goods and services. Revenue is the money earned by a company from selling goods or services throughout its operations.
The Goods and Services Tax Network (GSTN) is a non-profit, non-government organization that provides IT infrastructure and services to the central government, state governments, taxpayers, and other stakeholders.
TDS and TCS are the government's most important sources of revenue. It's also critical for businesses to pay their taxes on time to avoid penalties and remain compliant.
Financial Planning and Tax planning are considered to be the same tax, but these concepts are not similar. Both financial planning and tax planning are interconnected.
If a company is earning profit then they provide it to the shareholders of the company which is known as dividend. Dividend is income for shareholders so it is taxable in the hands of tax payer.
There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English