India’s robust taxation system is the backbone of its economic growth, enabling funding for critical public services and infrastructure projects that uplift the country. With a complex mix of direct and indirect taxes, it’s essential to grasp the various categories of taxpayers and the way taxation functions in India. Who are Taxpayers in India? Anyone who earns an income within the taxable threshold mandated by Indian tax laws must pay income tax. Taxpayers are categorized based on their nature of …
Author: subhash-modi
In today’s fast-paced business world, companies are constantly evolving to meet the market’s demands. As a result, it has become increasingly crucial for businesses to have a sound internal audit function in place. In this article, we will discuss the importance of internal audits and how they can help businesses to achieve their goals. What is an Internal Audit? Internal audit is a process of evaluating and improving the effectiveness of an organization’s risk management, internal control, and governance processes. …
Export Promotion Capital Goods (EPCG) is a scheme introduced by the Indian government to promote exports of capital goods. It provides an opportunity for Indian manufacturers to import capital goods at a reduced cost and with a deferred payment option. The EPCG scheme is aimed at making Indian manufacturers more competitive in the global market and encouraging them to export more. If you’re a business owner in India looking to expand your exports, understanding the EPCG scheme can be crucial. …
Ledger scrutiny is crucial for businesses to ensure accurate and reliable financial records. It involves examining and verifying ledger accounts to identify errors, inconsistencies, or fraudulent activities. The process helps businesses maintain transparency and accountability in their financial transactions, which is essential for building trust with stakeholders. In this article, we’ll dive more profound into ledger scrutiny, its importance for businesses, the different types of ledger scrutiny, and how it helps organizations maintain accurate financial records. What is Ledger Scrutiny? …
Tax Deduction at Source (TDS) is a system implemented by the Indian government to ensure that taxes are paid on income earned by individuals and entities in a timely manner. This system requires a certain percentage of tax to be deducted by the person making the payment to the individual or entity and deposited with the government. In this blog post, we will delve deeper into the concept of TDS, its purpose, and how it affects various types of income. …
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