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Understanding the Creditor-Debtor Relationship When creditor provides debt to a debtor, then in the process of credit transfer, money is lent out or credit is extended with a view of its repayment in the future. Here’s a breakdown of what happens when a creditor gives debt to a debtor: Maintaining proper documentation and Communication records […]
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GST amnesty scheme for 2017-18,2018-19 & 2019-20 In the GST Notification No. 21/2024–Central Tax issued on October 8, 2024 taxpayers are granted substantial relief removing interest and penalties with regard to tax demands claimable under section 73 of the CGST act for the three financial years ending 2017-18, 2018-19 and 2019-20. This notification helps to […]
Read More7 Major Changes in TDS Rates, STT and Aadhaar Amendments Applicable from October 1 2024 Income Tax Update: Starting October 1, 2024, several important changes in tax rules will take effect in India, covering TDS rates, STT, and Aadhaar usage: Securities Transaction Tax (STT): The STT on futures will rise to 0.02% while on options […]
Read MoreCompany Limited by Shares vs Limited by Guarantee: Key Differences Explained Limited by Shares and Limited by Guarantee are two common types of company structures. Here’s how they differ: Nature of Ownership and Purpose Limited by Shares: These companies are owned by shareholders. Shareholders own a portion of the company through their shares and have […]
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Income Tax Updates: 7 Major Changes in TDS Rates, STT and Aadhaar Amendments Applicable from October 1 2024 Starting October 1, 2024, several important changes in tax rules will take effect in India, covering TDS rates, STT, and Aadhaar usage: Securities Transaction Tax (STT): The STT on futures will rise to 0.02% while on options […]
Read MoreCheck Ratios! Keeping a Bankable Balance Sheet Achieving and sustaining a bankable balance sheet is very important for the borrowing organizations, attracting investors or for expected long-run solvency. Banks prefer to work with strong balance sheets that prove a concern’s short-term and long term liabilities or financial solvency and long-term revenue generation capability and profitability. […]
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Tax Compliance Calendar Deadline For October FY – 2024-25 For October 2024, businesses and taxpayers in India must adhere to several important compliance deadlines: TDS (Tax Deducted at Source) Payment: Despite due date being October 7, this applies to TDS deductions for September 2024.o GSTR-1 (for September) due on October 11 (monthly taxpayers) for filing […]
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Complete Guide to Vivad Se Vishwas Scheme 2024 (VSV – 2.O) The Vivad Se Vishwas Scheme 2024 is a new plan introduced by the government for direct tax litigations for settling of the pending cases so as to reduce the litigations. The scheme was introduced in the Union Budget 2024 and the earlier Vivad Se […]
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What is mean by E – Invoicing System under GST E-Invoicing for GST means the electronic invoices, which are issued between business entities and are authenticated by the GSTN for the purpose to be used on the common GST portal of India. It is intended to rationalise the procedures for issuing invoices, combating evasion of […]
Read MoreWhat is E – Invoicing System? An E-Invoicing system is a digital solution for generating, sending, receiving, and storing invoices electronically. It replaces conventional paper forms of invoices by an electronic format that is accepted across organizations, suppliers and government departments. The system is effective in streamlining the process of creating invoices and the accuracy, […]
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