Input Tax Credit under GST – Important Points.
Introduction
In the GST regime, Input Tax Credit (ITC) plays a crucial role in avoiding the cascading effect of taxes. ITC refers to the credit of the GST paid on purchases of goods and services which can be used to offset the GST payable on sales. Understanding the eligibility, conditions, and restrictions for availing ITC is essential for businesses to optimize their tax...
When Should a Company Upgrade Its HR Software Management System?
This is appropriately done when the current system in a company’s human resource management is inadequate for the organization. As organizations expand it gets challenging to handle data, the employee’s payment, compensation, and ensure that they meet regulatory requirements. Inadequate and old HR software causes several challenges and hiccups in the organization especially...
Why Is Employee Self-Service Super-Important In SME Businesses?
Employee self service portals (ESS) are a crucial component for small and medium-sized enterprises (SMEs) due to their significant impact on operational efficiency and employee satisfaction. These portals also enable the employees to be self-sufficient as they are able to directly arrange their own personal details and other employment related details including changing...
How Payroll Efficiency Shapes Small Businesses in India
That is why small business management pays particular attention to the issue of payroll management and its efficiency. So, when there are proper and efficient payroll system structures in an organization, then this facilitates the timely and correct payments to be made to the employees hence improving morale and retention. Businesses are in a position to minimize human...
What is Capital Gains Tax in India: Types, Tax Rates, Calculation, Exemptions & Tax Saving.
Capital gains tax in India is a significant aspect of the income tax system, affecting both individuals and businesses. This comprehensive guide will delve into the nuances of capital gains tax, including its types, tax rates, calculation methods, exemptions, tax-saving strategies, and planning tips. We will also use real-life examples to illustrate these concepts....
Deferred Tax Asset & Deferred Tax Liability: A Complete Guide
Deferred Tax Liabilities and Assets (AS 22):
Deferred Tax Liability (DTL): Arises when taxable income is lower than accounting income due to temporary differences. These differences will reverse in future periods, leading to higher tax payments.
Taxable Income <Accounting Income.
The above difference will reverse in tax years yet to come.
Deferred Tax Asset (DTA):...