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Introduction TDS under section 194R was introduced in the Union Budget 2022, and it was made effective from 1st July 2022. Section 194R was introduced to avoid tax evasion in case of income received in the form of any perks or other non-monetary benefits from the business or profession. Before this section was introduced people
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Accurate bookkeeping and accounting are not optional for successful businesses, but hiring a full time accounting staff to keep your company’s books can be expensive. While every business needs the financial data that accountants and bookkeepers prepare in order to fulfill regulatory obligations and make solid business decisions, incurring the cost of a full time
Learn MoreAssessment of impact on digital advertising companies Present Scenario For services rendered by a digital advertising company, it charges a service tax @15% For input services availed by a company, it claims an input tax credit (“ITC”) However, a digital advertising company is not eligible to claim ITC on any products used in producing digital
Learn MoreCost accounting involves the techniques for: 1. determining the costs of products, processes, projects, etc. in order to report the correct amounts on the financial statements, and 2. assisting management in making decisions and in the planning and control of an organization. For example, cost accounting is used to compute the unit cost of a
Learn MoreAccounting is a vast and dynamic profession and is constantly adapting itself to the specific and varying needs of its users. Over the past few decades, accountancy has branched out into different types of accounting to cater for the diversity of needs. Financial Accounting, or financial reporting, is the process of producing information for external
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