The Reserve Bank of India aims to boost its credit discipline. Therefore, on October 29, 2021, it introduced new RBI guidelines for opening current accounts. By reviewing and revising the RBI guidelines for current account with the bank, it has altered a few changes. Now, the borrowers can create a current account without limitations on …
Which type of account —a checking account or current account—is best for you if you’re new to banking? However, did you know that a checking and a current account are synonymous with each other in many ways? A checking account is sometimes known as a current account or a transactional account. One or more individuals …
Checking Account vs. Current Account: What’s the difference? Read More »
If you visit a bank, you will notice they have different counters. Each counter or dedicated department caters to different people’s needs to ease their banking experience. Similarly, in India, there are 4 different types of bank accounts. They are savings, current, fixed deposits, and recurring accounts. Each of them serves a specific audience and …
Current Account Benefits : Know The 5 Benefits of Current Account and its Features Read More »
Professional Tax, often overlooked amidst income tax and other financial obligations, is a crucial component of the Indian tax system. The government imposes a state-level tax on individuals and entities earning an income using a profession, employment, or any other source. So, let’s find out all about professional Tax in detail. What is Professional Tax …
What is Professional Tax, Rates, Due Date, and Compliance? Read More »
Income tax is a primary source of money for the government that helps them to offer important services to citizens. In India, income tax is governed by a comprehensive legal framework that outlines various components and regulations. This article delivers a detailed overview of the key components of income tax law in India, shedding light …
What Are the Components of Income Tax Law in India? Read More »
In a bid to stimulate economic growth and boost a business-friendly environment, the Indian government introduced many reforms or acts, one of which was the implementation of Section 115BAA of Income Tax Act 1961. This significant amendment assist a new era for domestic companies, delivering them a significant reduction in tax rates. Keeping this in mind, …
Section 115BAA of Income Tax Act: Features, Eligibility & Economic Impact Read More »
Operating a business entails a multitude of tax obligations and regulatory requirements that must be diligently addressed. Managing a business is a challenging endeavour, demanding substantial effort from the entrepreneur. Beyond the tasks of customer acquisition, competition management, and customer support, equal attention must be given to handling the tax and compliance aspects. We have …
Tax Compliance: Managing Taxes and Compliances for your Business Read More »
As per the 1961 Income Tax Act, foreign and domestic companies are liable to pay corporate taxes. The act makes it mandatory for the foreign business to pay tax on revenue earned or received within India. Contrarily, domestic companies must pay their tax based on their universal income. This blog will provide you with a …
Corporate Tax – Definition, Types, Calculation and Tax Rate in India Read More »
Running a small business or offering professional services entails a multitude of responsibilities beyond just managing the operations. Presumptive taxation is a valuable asset within your busy schedule, as it offers significant time and effort savings. Nevertheless, as with most beneficial arrangements, there are certain conditions to consider. That is to say, Section 44D of …
Presumptive Taxation For Business: Meaning, Eligibility, Benefits Read More »
Businesses rely heavily on tax invoices as a cornerstone of their financial operations. These documents are not merely administrative paperwork but are instead the lifeblood of financial transparency and regulatory adherence. These documents ensure your business stays on the right side of the law and maintains financial transparency. Without them, chaos would reign in the …
Tax Invoice: A Comprehensive Guide for Businesses Read More »
