What is a recession?A recession is a macroeconomic term referring to a substantial decrease in the general economic activity that lasts several months and sometimes even years. A decline is seen in real income, industrial production, wholesale and retail trade, and employment. Generally, this term is used to define
Businesses should understand various payment-associated processes to avoid any hassles. Non-compliance or errors may result in penalties, failed audits, and other charges. Therefore, while making payments for the business, understanding every aspect of cash flow is important. Disbursement is a cash outflow either to make a purchase or for any
Buying your home is one of the biggest achievements in life. However, it is also one of the most important financial decisions. Therefore, you should take your time and not rush into any decision. With the rising real estate costs, it is most likely that you may not have the
As an employer, it is important to know that compensation to your personnel includes more than their basic pays. It comprises several potentially taxable benefits. Having an understanding of which types of compensations are included in remuneration and its tax implications is beneficial. It helps you to make an informed
To reduce the tax burden and offer relief to taxpayers from multiple compliances, the Government of India incorporated a simplified scheme for businesses. Companies that opt for this presumptive tax scheme do not need to maintain regular books of accounts. The presumptive scheme allows taxpayers to declare income at a
Chapter VI A of the Income Tax Act, 1961 provides the details on the permissible deductions from your gross total income under sections 80C to 80U. According to section 80A, the permissible deductions cannot be more than your gross total income. Medical expenses are subject to taxes and can be
The Income Tax Act, 1961 offers several deductions and exemptions that allow you to reduce your taxes. Chapter VI A of the act lists down the various deductions that help you enjoy tax benefits. These deductions are available by putting money in different types of financial instruments. Such investments reduce
The Income Tax Department issues a Permanent Account Number (PAN) to all taxpayers. It is a unique identification number that helps simplify the taxation system in the country by providing adequate transparency and information in all financial transactions. You may apply for a PAN card either with the National Securities
The government aims to reduce your tax liability by offering several exemptions and deductions through different sections under the Income Tax Act, 1961. If you plan your taxes well, these deductions and exemptions can help reduce your liability by a significant amount, especially if you are salaried. The most popular