Income Tax for Self EmployedEvery Indian citizen is required to pay an income tax if he earns an income. An income generating entity is called an assessee which, under Section 2 (7) of the Income Tax Act, 1961, is defined as a person or entity by whom any tax or any other sum of money is payable under this Act. Assessee includes the following –Salaried individualSelf-employed individual or a proprietor of a sole-proprietorship businessHindu Undivided FamilyPartnership firmLimited Liability Partnership (LLP)A company which has been registered with the Registrar of CompaniesSEE DETAILS

 Money has become as important as natural resources to survive in this world. Prices of almost everything are touching the sky and it is making survival of a common man extremely difficult. Food is the most basic commodity for survival and the prices of the same fluctuate the most. It directly affects the economy and lifestyle of the common man. Since inflation occurs due to market forces, the government tries to stabilise the prices by introducing several tools. Amongst the tools introduced by the government, Dearness allowance is one ofSEE DETAILS

    The introduction of the biggest indirect taxation reform in India namely Goods and ServicesTax (GST) has impacted the functioning of all the sectors of the economy. The impact of the radical shift can also be tracked in the segment of Finance and Accounting as well. Prior to the introduction of GST in India Separate accounting entries for each indirect tax law like service tax, excise, VAT etc was required to be made separately. Now only entries under the goods and services tax are required to be taken onSEE DETAILS

  Every person who is involved in the field of accounting or even uses the accounting information knows the importance of bank reconciliation statement and the purpose it serves for the user of such information. So let’s understand the meaning and why this tool of accounting is important. Meaning Bank reconciliation statement is a statement which reflects the differences between the balance of bank as per the passbook and the same as per the cashbook. It shows the transactions for which the amount is not reflected either in Passbook orSEE DETAILS

 Ravi: Hello Aman, how is your startup business these days?Aman: It is good and sales are increasing, but I am finding trouble while filing GST returns.Ravi: Come On, Aman! Haven’t you heard of GST Seva Kendra? They will provide all the required information and assistance regarding GST.GST Seva KendraGST Seva Kendra centres are GST facilitation Centre which was established by the Ministry of Finance in 2017. GST Seva Kendras were established to serve the GST taxpayers and businesses by providing required assistance on GST laws and GST filings. Any GSTSEE DETAILS