Unravel the complexities of leave encashment with a comprehensive guide. Understand the types of leaves – earned, sick, maternity, etc., and explore the tax implications of leave encashment. Delve into the Income Tax Acts provisions, exemptions, and taxable amounts. Learn the computation process and exemptions for government and non-government employees. Stay informed about thresholds, salary averages, and other key factors influencing leave encashment taxation.
Provident fund is a scheme intended to give substantial benefits to an employee at the time of his retirement. Under this scheme, a specified sum is deducted from the salary of employee and also same amount is contributed by employer as a contribution towards the fund.
Learn about gratuity: eligibility criteria, taxability, and exemption. Find out how this voluntary payment can benefit retiring employees.
Understanding the new TDS on benefits and perquisites u/s 194R introduced in the Finance Act, 2022. Learn about the 10% TDS deduction and its applicability.
Discover everything you need to know about MSMEs – Micro, Small and Medium Enterprises. Learn about their contribution to the economy and their impact on employment.
Explore the intricacies of GST Audit, including types (Mandatory, Departmental, Special), objectives, and applicability. Unveil the process, thresholds, and key insights to ensure compliance and accurate reporting.
Understanding Maximum Retail Price (MRP) under GST: Learn how MRP is calculated and the factors included in its calculation for products sold in India and Bangladesh.
Understanding the concept of set off and carry forward of loss under the Income Tax Act, 1961. Learn how to adjust losses against profits and maximize tax benefits.
Article explains Who is liable to get register in GST,What is the threshold limit for GST registration, Special category of States for GST Registration Requirement, What is aggregate turnover for GST, Who is Casual Taxable Person under GST and Who is non-resident taxable person under GST. Who is liable to get GST registration ?? Any […]
Finalization of account means check and reconciled books of accounts is correct, perfect and accurate. Normally, books of account finalize at the end of the year. But best practice is check and reconcile accounts periodically i.e. monthly or quarterly. Steps to be taken at the time of Finalization of books of account 1. Opening balances […]
