Financial statements are written records that convey the business activities and the financial performance of a company. Government agencies, accountants, firms, etc., often audit these to ensure accuracy and for tax, financing, or investing purposes. Financial statements include: Balance sheet Income statement Cash flow statement Balance sheet It shows the company's assets, liabilities, and [...]

Goods and Services Tax or GST is an indirect tax used in India on the supply of goods and services. It is a destination-based tax and comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Who should Register for GST? Individuals registered under the Excise, VAT, and Service [...]

Income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them. Income tax generally is computed as the product of a tax rate times the taxable income. It can pay under https://www.incometax.gov.in/iec/foportal Who is liable to pay income tax? Any Indian citizen aged below 60 years [...]

In India, tax deduction at source (TDS) is a way of collecting taxes from income, dividends, or asset sales. It works by requiring the payer to deduct the tax amount before giving the remaining money to the recipient. Advantages of TDS It prevents people from evading taxes. It ensures a steady source of revenue [...]

An audit is an official check of an organization's accounts by an independent body to ensure departments are following a documented system for recording transactions. Importance of Audit It helps in the detection and prevention of errors and fraud. Helps in maintaining the records and verification of books of the books of accounts. Provides [...]