What is Sole Proprietorship? A sole proprietorship also referred to as a sole trader or a proprietorship is an unincorporated business with one owner. So such a firm is a one-person operation. “Sole” means only and “proprietor” refers to the…
One Person Company (OPC) in India introduced through the Companies Act, 2013 support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. It is a step forward to facilitate more business…
Audits are an extremely important part of business accounting and provide a lot of benefits. There is also a range of different types, each conducted for different reasons and to gather different results. Many people get confused amidst statutory audit and tax audit in…
Meaning of a Statutory Audit: Statutory Audit means a type of audit mandated by the law or a statute to make sure that the book of accounts is true and fair which is presented to the public and regulators. A…
What is a tax audit? Tax audit refers to the verification of the books of accounts maintained by a taxpayer. The purpose of a tax Audit is to find an audit of the accounts of the taxpayer. The audit is…
Recently, a new scheme has been launched in Bihar with the name of the Bihar Startup Policy 2022. Bihar Startup New Policy Scheme has been started by the Government of Bihar. Under this scheme launched by the government, the young entrepreneurs of…
What is the ITR 2 Form? ITR-2 form is one the form that must be completed as part of the tax filing procedure. ITR-2 form can be used by an individual or a Hindu Undivided Family (HUF) who is not eligible…
Definition of Allowance Allowances are fixed amount given by the employer to the employee for carrying out the job responsibilities in an efficient manner. Allowances are the financial benefits that are provided to the employees by the employers over their…
The Income Tax Department has categorised taxpayers into many groups based on income and its source. The income tax return (ITR) form used by many, if not most, salaried individuals is ITR-1. This ITR form is also known as Sahaj.…
The Income Tax Department announced a new Form ITR-U for filing of Updated Income Tax Returns in Budget 2022. It allows taxpayers to amend their ITRs within two years from the end of the relevant assessment year. The new Form…