A few years ago, I worked with a business owner who proudly showed me the beautiful budget he’d built at the start of the year. Every line item was perfect. Revenue targets, marketing costs, even the coffee budget—it was all there. But when I asked him how often he checked his actual results against that…
Do You Have a Clear Annual Budget and Financial Forecast? Here’s Why It Matters for Your Business Running a business can feel like juggling flaming swords while riding a unicycle. There’s always something demanding your attention—clients to serve, fires to put out, new opportunities to chase. But there’s one question every business owner needs to…
When individuals sell personal assets like a car, questions often arise about whether any income tax liability is triggered. This article clarifies the income tax treatment of proceeds from the sale of a motor vehicle under Indian law. 1. Sale of Personal Vehicle by an Individual Under Section 2(14) of the Income Tax Act, 1961,…
AMENDMENT IN ITC REVERSAL DISCLOSURE OF 180 DAYS TO ALIGN THE SUB-SECTIONS WITH RETURN FILING STATUS: [ 2ND AND 3RD PROVISO TO SEC 16 (2)] → Second and third provisos to of Sec 16(2) of the CGST Act are being amended to align the said sub-section with the return filing system provided in the said…
Types The Organisation for Economic Co-operation and Development (OECD) publishes an analysis of the tax systems of member countries. As part of such analysis, OECD has developed a definition and system of classification of internal taxes,[12] generally followed below. In addition, many countries impose taxes (tariffs) on the import of goods. Income Income tax Main…
History The first known system of taxation was in Ancient Egypt around 3000–2800 BC, in the First Dynasty of the Old Kingdom of Egypt.[3] The earliest and most widespread forms of taxation were the corvée and the tithe. The corvée was forced labor provided to the state by peasants too poor to pay other forms…
Lets Know about Tax a little, Shall we ! A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities.[1] Tax…